EXECUTIVE PROFILE
Chief Financial Officer for a $2.5 billion overseas sourcing and product development business segment. Responsible for providing both domestic and international financial, accounting, and logistics management with a successful track record in consolidation and restructuring, innovative expense control, international letter of credit transactions, lease and contract negotiations, and international supply chain management. Established key relations within the banking and auditor communities insuring compliance with highest ethical business practice.
CORE COMPETENCIES
* General Management /
Domestic & International Operations
* Foreign Currency / Government Regulations
International Financing / 35 Countries
* Profit & Loss Responsibility
* Wholesale and Retail Trade
* Consolidation and Restructuring
* Process Management
* Strategic Planning
* Financing and Capitalization
PRACTICAL EXPERIENCE
Associated Merchandising Corporation, New York, NY
9/1990 - 5/2003
Senior Vice President / Chief Financial Officer
Reported directly to the President and Chief Executive Officer; global responsibility for financial management, operational controls and supply chain management; annual revenues of $2.5 billion.
* Enhanced profitability by $21 million over a five-year time horizon by implementing process improvements that accelerated cash flow and increased foreign exchange gains, while initiating a proprietary, standardized budget and financial model which highlighted key Return On Investments / Return On Assets.
* Improved Economic Value Added by $4 million in one year by enhancing accounts payable and general ledger processes, improving cash flow, and initiating standards and controls related to overseas leases.
* Achieved annual expense savings of $500,000 and a 30% global reduction in headcount by reorganizing and standardizing the worldwide network of accounting, finance and control processes and upgrading the staff, while ensuring compliance with local laws and regulations for 50 offices in 35 countries.
* Established an in-house legal department, saving $500,000 in annual legal costs.
* Broadened role of Internal Audit and reduced external annual audit fees by $150,000.
* Reduced tax assessments by $250,000 in six countries by successfully negotiating local office legal status changes with government officials.
* Decreased overseas shipment transit time by an average of one week by developing concurrently with overseas freight forwarders a comprehensive merchandise consolidation process and system.
* Implemented comprehensive annual budgeting process, providing accurate and timely operating reports to control budget overruns, while reducing annual operating costs by $30,000.
Macy's South, Atlanta, GA
2/1979 - 8/1990
Vice President / Assistant Controller
Reported to the Senior Vice President/Controller with responsibility for all Accounting and Loss Prevention, including accounts payable, payroll, price change control, store credit and vendor relations for this 50 store, $2 billion retail division of Macy's.
* Implemented shortage control programs and processes resulting in a reduction of inventory shortage from 3.9% in 1985 to 3.1% in 1990 on a retail sales base that increased from $500 million to over $2 billion.
* Reorganized and improved the accounting and financial reporting process thus accelerating monthly closings and reducing annual costs by $25,000.
* Improved daily average availability of corporate cash flow $500,000 by revising the store deposit preparation process, resulting in an improvement of 3 days of bank credit availability.
Wieboldt Stores, Inc., Chicago, IL
10/1975 - 1/1979
Controller and Assistant Secretary
Reported directly to the Chief Financial Officer with responsibility for all financial systems including accounting, accounts payable, credit and control, internal audit, payroll, sales audit, statistics and treasury for this $160 million retail business with 15 stores in and around Chicago.
* Achieved staffing reductions and annual savings of $150 thousand by implementing a new financial and merchandise accounting system, resulting in more efficient, effective and timely financial accounting and reporting.
* Initiated semi-annual store operational audits, resulting in significant process changes and annual expense savings of $100,000.
Touche Ross & Co., New York, NY
1/1973 - 9/1975 & 1969
Senior Auditor
* Directed annual audits of department stores, insurance and manufacturing companies.
* Initiated a proprietary audit process for determining the cost value of gold-plated electronics components, which was still being used by Deloitte Touche 20 years later.
MILITARY SERVICE
1st Lieutenant, U.S. Marine Corps, 1969 - 1972
Camp Lejeune, NC and Okinawa, Japan
EDUCATION
DePaul University, Chicago, IL
MBA in Finance - 1981
Villanova University, Villanova, PA
BS in Accounting - 1969 |
