CONFIDENTIAL
WORK EXPERIENCE:
A publicly held $4.2 billion global Tier 1 fully integrated automotive parts supplier.
Executive Vice President Finance Global Plastics Division
March 2005 – April 2006
Reporting directly to the President and CEO of the Company and, with recent new hire, to President of Plastics, a $2.5 billion global Division, with responsibility for Balance Sheet, Income Statement, Capital Budgeting and Operational Budgeting/ Forecasting including all internal financial reporting. Leader of executive management team directing Division in meeting corporate objectives for lean manufacturing, best practices and cost reduction activities for improved profitability including establishing new plant level procedures for costing, reporting, planning and financial analysis with emphasis on corrective actions.
In addition, as a result of the Company seeking protection under Chapter 11 of the bankruptcy code and dismissal of other Corporate Officers, temporally was assigned the additional responsibilities of:
· Cash and risk management for the entire Company.
· Assisting with assessment of the Division in developing overall strategic plan.
· Leading sale of unprofitable Joint Venture to minority partner.
Vice President Finance Global Plastics Division
November 2004 - March 2005
Reported to the Executive Vice President of Finance Plastics Division responsible for advising on GAAP accounting treatment, implementation and compliance with Sarbanes Oxley, coordinate the delivery of corporate financial direction and obtaining treasury, tax and legal services for the Division. Responsibilities included co-ordination of Division and plant budgeting, monthly reporting, variance analysis, planning, forecasting and disseminating such information to the Chairman and CEO, President of Plastics Division and all members of the corporate Plastic Division. Was also assigned the following special projects by Chairman and CEO:
· Lead negotiator of a $6 million customer dispute.
· Coordinated company relationship with Lessor for a $90 million construction and operating lease for a new facility in Mexico.
· Led negotiations and recovery of $1.2 million warranty claim from major customer.
BBMC Investments LLC., Michigan
December 2003 to November 2004
President
Investment and business advisory firm providing buy sell and other financial advisory services, consulting on lean practices and product marketing and sales primarily in the automotive supplier segment to equity funds, private investors and operating businesses.
· Advised Private Equity fund on investment in $750 million auto supplier.
August 1994 to November 2003
Joined the privately held company when it had $175 million in sales and as an integral part of a team, built it to a $1.8 billion ($2.4 billion including affiliates) global Tier 1 fully integrated plastics automotive supplier.
Chief Financial Officer, Chief General Counsel, Executive Vice President, Secretary and Treasurer
December 2002 - November 2003
Reported directly to the Board of Directors and acted as interim CEO for four months in 2003. Responsible for the company’s business planning process; accounting and treasury policies and reporting (internal and external with Banks and SEC); information systems; investor relations; tax compliance and planning and legal affairs. These responsibilities required leadership in all other areas of the business particularly human resources, risk management, costing, lean manufacturing initiatives for all business segments and customer negotiations and pricing.
· Sole company executive advising and working with the Board of Directors, 3 financial advisors and 7 law firms to manage and control all aspects of the company’s insolvency and exit from Chapter 11. Led company efforts in exit planning, creditor negotiations, financial reporting and customers’ support.
· Negotiated and closed DIP financing of $50 million along with several amendments and a commitment term sheet, subject to due diligence, for $110 million of exit financing.
· Negotiated accommodations and settlement of commercial issue with customers involving over $40 million of value.
· Negotiated a letter of intent for a $100 million joint venture for a new manufacturing facility to supply new foreign OEM automobile manufacturer.
· Oversaw the reestablishment of corporate action plans to manage the business and to achieve business plans and eventual exit from Chapter 11.
Chief General Counsel, Executive Vice President, Secretary and Treasurer
April 2001 - December 2002
Responsible for new business development and acquisitions, coordinating all legal and tax needs both domestically and internationally including selection and hiring of all outside vendors. Primary contact with outside auditors and internal staff for all technical position papers relating to GAAP and SEC reporting standards along with advising on banking, financing and investor relations.
· Structured and negotiated long-term supply agreement with customer that added $35 million in annual sales in conjunction with a cross licensing agreement.
· Managed outside litigation seeking over $140 million in damages from a customer and competitors for breach of contracts, breach of warranty and patent infringements. A jury awarded the company in December 2003, $27 million in damages for one case.
· Negotiated terms for reestablishment of European supplier credit insurance.
· Negotiated and settled litigation associated with a $9 million acquisition for $7 million.
· As part of a team developed and then solely coordinated and implemented an accounting change that reduced related party receivables by approximately $48 million and then obtained the consent of Board of Directors Fairness Committee and outside auditors to the treatment.
Chief Financial Officer, Executive Vice President, Secretary and Treasurer
May 1999 - April 2001
· Oversaw the implementation of new internal management reporting systems to focus and direct attention to key measurement items, identifying trends and focusing management on lean practices and cost reduction action plans.
· Company consistently achieved double-digit EBITDA margins and returns above competitors.
· Arranged as part of an acquisition, cross currency-hedging transactions reducing interest cost by 175 basis points and achieved a $75 million cash gain from the transaction.
· Oversaw the evaluation, and implementation of new information systems for the domestic operations and upgrading overall financial systems for purposes of international reporting including revisions to internal reporting process for foreign operations as part of acquisition integrations
· Personally directed all due diligence activities, purchase accounting adjustments and negotiated all purchase and financing documents, including investor presentations associated with the $475 million acquisition and $725 million of new bank and Section 144 bond financing.
Executive Vice President Finance
May 1996 - April 1999
· Coordinated all external advisors for tender offer of publicly traded corporation with sales of $150 million, a Section 144 bond offering of $205 million along with establishing all purchase accounting adjustments and new reporting systems and procedures as part of integration plan.
· Assisted in the acquisition of first foreign affiliate from Ford Motor Company Australia and set up the proper financial and tax structures including intercompany agreements.
· Established and conducted regular bank and investor meetings and presentations.
Vice President Finance and Tax
April 1996 - August 1994
· Established the initial financial and tax reporting systems required to comply with SEC / GAAP accounting and reporting requirements.
· Worked with plants and commercial groups on product costing and customer pricing.
· Primary contact with outside auditors, tax advisors and other professionals
Certified Public Accountant Big 4
August 1981 to July 1994
July, 1985 – July, 1994 TAX MANAGER
July, 1983 – July, 1985 SUPERVISING TAX SPECIALIST
August, 1981 – July, 1983 TAX SPECIALIST
Increasing levels of responsibilities in the overall coordination and delivery of tax services to SEC registered corporations, partnerships and high wealth individuals requiring identifying, researching, designing, implementing and managing tax strategies consistent with the client's goals and changing tax legislation. This required involvement and understanding of GAAP requirements, domestic and foreign reorganizations, transfer pricing, leverage buy-outs, international tax planning, treaties, leverage leases, accounting methods, cost accounting, planning for start-up businesses, large case audits, tax litigation and obtained a working knowledge of custom duties and foreign trade agreements.
EDUCATION:
THOMAS M. COOLEY LAW SCHOOL, Lansing, Michigan
Juris Doctor, May, 1981
UNIVERSITY OF DETROIT, Detroit, Michigan
Masters in Business Administration, December, 1976
GEORGETOWN UNIVERSITY, Washington, D.C.
Bachelor of Science in Business Administration; Accounting, May 1975
Certified Public Accountant
Admitted to practice law in State of Michigan and Eastern Division of Michigan U.S District Court
PROFESSIONAL AFFILIATIONS:
American Institute of Certified Public Accountants
Michigan Association of Certified Public Accountants
Michigan Bar Association; member of Taxation Section and Business Law Section |
