FINANCE EXECUTIVE / CHIEF FINANCIAL OFFICER
CFO with extensive insurance industry experience. Possess life, annuity/retirement savings, health, and property/casualty experience, plus a carrier and a distributor perspective. Career highlights:
-- Price Waterhouse (10 years to 1991); primarily served insurance clients.
-- Travelers/Citigroup (13+ years to 2004); gained extensive insurance/global banking exposure.
-- Access Plans (5 years to 2009); broadened capital markets skills while leading this small NASDAQ insurance agency/services provider (sold company in 2009, then exited).
Summary of Credentials
-- M&A Transaction Execution.
-- Sourcing Funding and IPO Experience.
-- Strategic/Risk Assessment - managing insurance, investment, distribution, retention, expense, and capital risks.
-- Operational/P&L Responsibility - driving revenue growth; improving cost structures.
-- Cash/Treasury Management - included asset/liability management and focusing on free cash flow.
-- Regulatory Capital Management.
-- Directing/Coordinating Actuarial Projects.
-- SEC Reporting - included SOX 302/906 certification of Form 10-K/10-Q Filings.
-- Managing large teams - attraction/developmen/retention of top talent.
-- Investor Relations - including Rating Agency relationships.
-- Board of Director Accountability.
Track record reflects partnering with senior business leaders to improve performance. Examples:
-- Leadership of a small NASDAQ company - averted a liquidity crisis; grew 2008 revenue by 20%; cut prior year EBITDA deficit by 90%; concluded turnaround with a 2009 sale transaction.
-- Realization of $50 million of annualized savings at one Citigroup division in 2002.
-- Key member of Travelers team that grew income 10-times, over 7-years, to $500 million in 1998.
PROFESSIONAL EXPERIENCE
Currently augmenting Finance/CFO search with consulting/advisory projects:
-- In 2010, focused on Dallas marketplace - included part-time Green Auto CFO role.
-- In 2011, emphasizing insurance credentials and relocation flexibility across North America.
2007 to 2009: ACCESS PLANS and ICM (Dallas, TX) - a $35M revenue NASDAQ listed healthcare insurance agency and services provider
Held several roles. Progressed from CFO of start-up to CFO/Interim President and CEO of a NASDAQ company:
-- ICM (2004 to 2006): CFO of start-up insurance agencies; merged into Access Plans January 2007.
-- Access Plans (2007 to 2009): Promoted from COO to Interim President/CEO after death of high-profile CEO. Assumed CFO duties 2008; exited after 2009 company sale.
Access Plans accomplishments:
-- Averted a liquidity crisis - secured $6M of new funds and renegotiated debt repayment terms.
-- Grew 2008 revenue 20% to $35M; reduced the prior year $1.7M EBITDA based loss by 90%.
-- Resolved the complex El Paso legal exposures (arising from 2Q07 Federal investigation of 2004 marketing activity, and from a 2008 hospital provider dispute) and then sold this TPA subsidiary.
-- Acquired a discount card platform 3Q07 - improved service capability; broadened the portfolio.
-- Supported distribution expansion/product development - both gained national recognition.
-- Created an investor relations strategy and presented at investor conferences.
-- Sold the company effective 2Q09 - in a challenging M&A environment, identified potential acquirers, negotiated a definitive agreement, and secured a good price for Access shareholders.
At ICM, partnered with the owner in 4Q04 to recapitalize an affiliate; secured bank financing; steered agencies to profitability; in 2006, negotiated terms of reverse-merger into Access Plans.
1991 to 2004: TRAVELERS/CITIGROUP (headquartered in New York, NY) - was the #1 global financial services company after the 1998 merger of Travelers Group and Citicorp
Held several roles with multi-billion dollar asset based business units:
-- 1991 to 1998: Divisional CFO, Travelers Life & Annuity (Hartford, CT) - $50B life insurer - promoted to CFO in 1993; managed a 60 person domestic finance team. Responsible for SEC filed subsidiary financials and reporting to the Travelers Life Audit Committee. Gained life, annuity/retirement savings and health experience; also worked with P&C team.
-- 1999 to 2000: Divisional CFO, Citibank Private Bank (New York, NY) - $153B of customer accounts - managed a 100 person global team located in New York/London/Geneva/Singapore/Tokyo.
-- 2000 to 2001: Managing Director, Corporate & Investment Bank (New York, NY) - reported to the CFO of this division; assets exceeded $500B.
-- 2001 to 2004: Divisional CFO, CitiCapital (Dallas, TX) - $23B commercial loan/leasing unit - managed a 130 person finance team located in Dallas/New York/Toronto/London.
Divisional CFO roles included responsibility for all aspects of business line management within broad matrix environments - and also closely interacted with treasury, investment, tax, corporate accounting, risk management, and investor relations departments. Significant accomplishments:
-- Key member of the Travelers team that drove net income from $50M in 1991 to $500M in 1998 (reflected revenue growth from distribution channel expansion, exercising pricing discipline, expense leverage/productivity gains and turnaround in investment portfolio performance).
-- Generated $50M of annualized margin improvement at CitiCapital ¡V cut funding costs by 50bp and administrative costs by 15%, without increasing the risk profile of the business.
-- Partnered with peers to implement change. Included shifting from a volume driven culture to a profit focused business; promoting partnership with affiliates; enhancement and global roll-out of a private banker incentive compensation model; modifying agent compensation structures.
-- Undertook extensive M&A due diligence and transaction analysis.
-- Compiled complex analysis to drive business decisions. Examples: disaggregation of earnings to facilitate comparison to insurance product pricing models; assessing distribution channel profitability; creating vintage analysis (including good vs. bad bank reporting).
-- Directed/coordinated actuarial related projects. Included validation of pricing models; asset/liability duration analysis; regulatory capital stress testing analysis; implementation of insurance risk based capital and economic capital models at business unit levels.
-- Developed rating agency and equity analyst relationships; coordinated with State regulators.
-- Improved the integrity/transparency of reported results; strengthened accounting controls.
-- Reorganized finance teams - upgraded caliber of talent; retained top performers.
Pre 1992 - Public Accounting:
PRICE WATERHOUSE (1981 to 1991): Progressed to partner track after transferring from Bermuda to Hartford, CT in 1985. Majority of clients were in the insurance sector - these included Bermuda reinsurers, the CIGNA and National Life audit engagements; audit and IPO support work for Phoenix Re and Covenant Insurance; and AXA-Midi acquisition due-diligence.
Commenced career with Buzzacott & Co., a small London (UK) accounting firm.
PROFESSIONAL QUALIFICATIONS / EDUCATION
In 1989, obtained a Certified Public Accountant designation.
UK education is equivalent to a Bachelor Degree in Business Administration with a concentration in Accounting (includes completion of a Hatfield College accounting program and obtaining a Chartered Accountant designation). |
