BUSINESS EXPERIENCE
1995 to 2002
"NEW DEVICE COMPANY" - U.S.
PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR - 1999 to 2002
The key motivating factor in my joining this company was the opportunity to help build the first company of its kind in the United States. The Company's hybrid semiconductor and assembly process technology involved the development and use of over 250 manufacturing process steps employing a number of new technologies in ceramics, process technology, assembly, test and other material sciences. After the company experienced a number of delays, however, the Board promoted to this position to lead a turnaround effort. While the company subsequently met or exceeded all of the technical and business milestones necessary to commence product commercialization, the recent economic downturn impaired the company's future prospects. Some of my other key accomplishments included:
>> Initiated a number of major development programs to resolve certain fundamental technology issues. Our efforts resulted in the first ever demonstration of commercial product with best in class performance, low power, and demonstrated long life and reliability.
>> As part of the first step in our turnaround efforts I restructured the executive management team, recruited a number of seasoned industry professionals from Asia and created career development opportunities for our top-rated performers in the company. These efforts brought renewed focus and passion into accomplishing our business objectives on schedule and virtually eliminated turnover at the senior executive, management and engineering levels during this time period.
>> Implemented a number of programs to improve cycle time, yields, design of experiments and capacity utilization which taken together increased our development "learning rate" by a factor of 4.
>> Protected the resulting technology with over 200 U.S. and 300 foreign patents issued or pending.
>> Initiated customer marketing development activities closing relationships with a major subsystem supplier to the Japanese gaming industry for one million units per annum, a revenue value of approximately $150 million, along with an equity investment, concept cars at three automotive companies and early development reference platforms at three other companies.
>> With support from the Board of Directors, recruited two senior executives to the Board with experience relevant to the challenges facing the company and additionally worked with the Board in soliciting and cultivating new customer/partner relationships, particularly with companies located in Asia.
>> Closed a significant partnership arrangement with major International Fortune 100 electronics company that netted to the company approximately $170 million in funding comprised of an equity investment, licensing fees and joint development co-funding. The relationship additionally provided the Company with a royalty-free license to all of our partner's related technologies, exclusive worldwide sublicensing rights and minority interest rights in our partner's first plant employing our technology.
>> Cumulatively raised in excess of $700 million from corporate, venture, private, public and government sources.
SENIOR VICE-PRESIDENT OF FINANCE AND ADMINISTRATION AND
CHIEF FINANCIAL OFFICER – 1995 to 1999
Initially recruited to the company as Chief Financial Officer. My primary responsibilities in this position included: financing the Company's $500 million business plan, developing and maintaining investment banking and analyst relationships, developing and maintaining investment banking and analyst relationships, overseeing the company's strategic plans, broadening the Company's strategic partnerships, and implementing sound business and fiscal management practices. The following list provides a summary of major accomplishments while serving in this capacity:
>> Negotiated investments with corporate partners totaling approximately $30 million.
>> Oversaw all corporate financing activities raising in excess of $450 million, which, in addition to the above, included over $120 million in multiple rounds of private equity, $125 million in convertible debenture offerings, in excess of $50 million in equipment financing and $50 million in local and federal government funding.
>> As a part of our financing and business development activities, developed and maintained a number of "top tier" investment banking relationships, worked closely with a number of analysts who initiated research coverage on the company, established quarterly investor and analyst teleconference calls and presentations at selected technology conferences.
>> Negotiated the commercial construction of a 310,000 square foot manufacturing facility. In connection with these activities, we also successfully negotiated $10 million in incentives from the city's redevelopment agency, the largest ever issued by the RDA.
>> Developed various tax-oriented restructuring schemes aimed at reducing the company's anticipated corporate tax rate to less than 20% through an offshore reincorporation and reducing the Company's sales tax rate from 8.5% to 3.25%; together an expected five-year savings of over $50 million.
1989 to 1995
"STORAGE SYSTEMS COMPANY" - U.S.
SENIOR VICE-PRESIDENT, FINANCIAL OPERATIONS – 1993 to 1995
Worldwide fiscal management for a $2.4 billion company. At the time, the company was noted as the fastest industrial corporation start-up in U.S. history. My responsibilities included: fiscal management of the business, operational and financial planning, working with investment bankers and analysts, credit and collection, internal controls, financial information systems, management, shareholder and S.E.C. reporting and the development and full integration of the financial function within the worldwide business. My direct management responsibility encompassed a multinational organization of over 300 people. Key accomplishments:
>> Acting Chief Financial Officer for a period of six months overseeing with the President and CEO a major corporate restructuring plan.
>> Participated in quarterly conference calls, investor conferences and five public equity and convertible debt offerings collectively raising over $1 billion. Worked closely with investment bankers and analysts on all financing and M&A activities.
>> As a part of our worldwide expansion efforts, we established our industry's first manufacturing operation in the People's Republic of China through a joint venture with one of China's largest computer manufacturers and distributors in the country. Led negotiations pertaining to the financial and legal establishment of the venture and served on the venture's Board of Directors.
>> Oversaw all valuation and due diligence efforts in a $400 million acquisition of a complementary storage company and later initiated a complete restructuring and consolidation of the general and administrative functions of the company resulting in per annum savings of $4 million.
>> During this period of time, our product life cycles were also dramatically reduced from three years to twelve to fifteen months. In order to help manage product transitions, instigated a product end-of-life management process, which generated savings in excess of $35 million.
>> As a part of my promotion to this expanded role, assumed responsibility for worldwide credit and collection activities successfully reducing our over 60 day balances by 40% and contributing over $6 million in profits from unsubstantiated customer credits.
VICE PRESIDENT AND CORPORATE CONTROLLER - 1990 to 1993
Assumed worldwide controllership responsibilities upon promotion to this position. During this stage of the company's growth I spearheaded numerous operational and financial information systems initiatives streamlining all customer order management activities and managerial and external financial reporting. The success of these efforts won the company recognition in the 1992 CIO 100.
CORPORATE CONTROLLER - 1989 to 1990
Traditional controllership responsibilities with initial emphasis on cost and asset management. With support from the CEO and CFO, I initiated a major program to curtail inventory losses after discovering a $4 million physical inventory write-off the very first day on the job. Inventory losses were substantially curtailed within six months.
1984 to 1989
ZEHNTEL, INC. (Merged with Teradyne, Inc. in December 1987)
Walnut Creek, California
CORPORATE CONTROLLER
Fiscal management responsibility for this publicly traded multinational manufacturer of automatic electronic test and measurement equipment with annual revenues of approximately $60 million. My responsibilities included: business planning, internal controls and policies, inventory planning, information systems, management and S.E.C. reporting, foreign exchange and hedging, multinational pricing, international tax planning and external financing support.
>> Spearheaded, in conjunction with the CEO, a major profitability improvement plan addressing product development, pricing, field operations, manufacturing strategy and a realignment of our sales organization. These efforts subsequently led to seven consecutive quarters of profits precipitating the later acquisition of the company.
>> Devised and implemented an international tax strategy, which realized over $1 million in tax benefits to the company.
>> Participated in the sale of one of our divisions, a sale/leaseback of facilities, a public offering and a stock-for stock merger.
1979 to 1984
DIGITAL EQUIPMENT CORPORATION
(Later acquired by Compaq Computer Corporation)
Colorado Springs, Colorado
MANAGER OF FINANCIAL PLANNING AND ANALYSIS - 1983 to 1984
Responsible for all financial and cost analysis activities of this operation, which contributed in excess of $900 million in annual revenues to the corporation. Developed annual business plans, monthly forecasts of operations, product cost reduction targets and asset turnover plans. Directed a plant wide business plan review, which netted annual product cost savings of over $4 million.
PRODUCT-LINE CONTROLLER - 1981 to 1983
Responsible for all financial management activities of two product-lines, which contributed in excess of $200 million in annual revenues.
SENIOR MANUFACTURING SYSTEMS ANALYST - 1979 to 1981
Project manager responsible for the design, development and implementation of a factory information system. The success of our efforts led to the later commercialization of the application generating more than $2 million in revenue in the first year.
1978 to 1979
BURROUGHS CORPORATION
(Now Unisys Corporation)
Seattle, Washington
PROGRAMMER ANALYST/CONSULTANT
Part-time employment and consulting work while attending graduate school. Assumed responsibilities for the district's "troubled accounts" designing, developing and implementing various commercial applications. Resolved all identified problems within the first six months.
EDUCATION
BS Physics, Brigham Young University, 1977
MBA, University of Washington, 1979
PERSONAL DATA
Date of Birth: 20 April 1955
Height: 5' 9"/Weight: 165 pounds
Married, three children |
