CAREER SUMMARY
Chief financial officer with P&L responsibility serving in diverse organizations ranging from successful start-ups to large publicly held and private equity owned multi-divisional manufacturing, distribution, and service companies. Extensive experience in developing key performance indicators and leading management behavior change to improve profitability and drive growth. Highly skilled in the application of information technology to deliver improved company performance. Strong customer facing, negotiation, and team building complement operational and financial expertise. Northwestern University MBA, Big Four CPA, SEC and IPO experience.
PROFESSIONAL EXPERIENCE
2005 - Present
Privately owned $50 million outsourced service provider group of companies to the transportation and third party logistics industry. Company provides repair services, storage services, call centers, and fleet management to major transportation and foodservice businesses.
Executive Vice President, General Manager - 2007 - Present
Assumed full P&L responsibility for the company’s largest division.
• Created key performance indicators and operational metrics highlighting the microeconomic drivers of the business, established KPI goals, and monitored daily performance of performance against goals.
• KPI’s measured productivity by employee, revenue per labor dollar, job mix, and safety resulting in year over year increase in operating margin from 13% to 28% and sustained in following year at 28% in worsening economic conditions with improved safety record.
• Established creditability with and drove behavioral change in existing, long tenured management team without major personnel changes through visibility to impact of daily operating decisions on financial results.
• Increased sales by 10% annually initially and maintained revenue in current year through acquisition of new customers and expansion of existing relationships.
Executive Vice President – Chief Financial Officer 2005-2007
Responsible for all financial and management systems and controls, cash and working capital management, information technology, human resources, legal, safety, and insurance.
• Evaluated the control environment and created new control systems for all major accounting streams including purchasing, accounts payable, billing, and cash receipts.
• Created pricing models for each business line providing predictable margin to achieve financial goals resulting in a clear understanding of trade-offs and financial impact of existing and new service offerings.
• Executed budgeting and forecasting process for all lines of business to guide profitable, effective, and timely operational decisions resulting in improved operating margins.
• Implemented the process of calibrating operational performance metrics to financial performance measures resulting in improved net income performance and 3x improvement in annual cash flow.
• Created monthly financial review meetings with directors to reconcile operating results to financial performance and created culture of accountability among senior management team.
• Restructured company wide insurance program from a high deductible loss fund policy to a first dollar policy resulting in overall cost savings of 32%.
• Increased revenue per employee by 43% through SG&A reduction and streamlined operations.
• Renegotiated bank lines and removed personnel guarantees at 75 BP below prime based on demonstrated creditworthiness of company.
ALLIANCE 3PL CORP. – Mokena, IL 1999 - 2004
Personally recruited to this privately owned, $20 million transportation outsourcing, warehousing, distribution, and supply chain solution company by the Founder/Owner in 1999 at start-up. Alliance serves food and manufacturing businesses throughout North America.
Executive Vice President, Chief Operating & Chief Financial Officer 2000 - 2004
Assumed responsibility for operations and customer service in addition to previous management of financial and support departments.
• Played key leadership role in building one of the fastest growing third party logistics management companies in the industry with an average annual growth rate of 50% for each of the last five years.
• Reorganized customer service functions driving significantly higher customer satisfaction scores while also improving operational efficiencies, resulting in a 30% expense reduction.
• Initiated and implemented key customer focus groups to correct significant service issues, delivering a 15% increase in add-on services sold by strengthening customer confidence and relationships.
• Sold many new accounts representing 20% of the company’s sales growth, including a $2 million account, one of the company’s largest.
• Created the company’s first automated, on-line paperless billing system, which significantly reduced customer and company transaction costs and established a key structural tie between the company and its customers; also marketed the system as a competitive differentiator to attract new business.
• Developed the company’s comprehensive hiring, training, and communication programs for all associates, improving productivity and reducing company’s exposure to employment practice risks.
• Implemented a vendor compliance and certification program that reduced vendor set-up time by 60% while improving vendor relations.
Vice President - Finance 1999 - 2000
Responsible for all financial and management systems and controls, cash and working capital management, information technology, human resources, legal, and insurance.
• Negotiated with banks and delivered all start-up and ongoing operational funding while holding borrowing costs to prime without a personal guarantee or venture capital funding, keeping company ownership fully in the hands of management.
• Created and implemented all key accounting, management, treasury, and information technology systems, supporting annual revenue and net profit increases of 50% and 42%, respectively.
• Restructured the company’s billing system and receivable collection process, reducing days sales outstanding by 50%.
• Restructured the credit approval process and reduced bad debt expense from 3.5% of net sales to less than 1% of net sales. Improved rating with credit agencies to achieve increased vendor credit limits.
MONTGOMERY WARD & CO., INC., Chicago, IL 1996 - 1999
A $5.4 billion retailer offering a full range of soft and hard line products. Ceased operations due to liquidation.
Assistant Treasurer, Treasury Operations 1997 - 1999
Assistant Treasurer, Financial Controls 1996 - 1997
Promoted, expanded responsibilities included cash forecasting and investor/vendor relations, critical functions for a Chapter 11 company. Led capital budgeting, leasing, and 3rd party insurance for service contracts.
• Assumed responsibility for and greatly improved a once failing cash forecasting department, providing executive committee with accurate and reliable estimates of cash available to finance reorganization.
• Ensured that burn rate of Debtor-in-Possession financing, cash inflows from sales at 400 stores, and continued property dispositions were sufficient to fund turnaround.
• Led finance team in determining timing and scope of several rounds of store closings based on projections of borrowing capacity.
• Became key communicator with supplier and financial community to establish credibility and convey strategic direction, persuading vendors to continue supplying goods and financing vital for survival.
• Negotiated term sheet for $30 million off-balance sheet financing facility.
• Lowered discount rate with 3rd party credit card providers and renegotiated insurance terms on sold product service contracts saving nearly $500,000 annually.
• Determined lease versus buy options and restructured leases to maximize borrowing capacity.
SWEETHEART CUP COMPANY, INC., Chicago, IL 1994 - 1996
A $1 billion manufacturer of plastic and paper foodservice disposables and packaging, recently acquired by Solo, forming the largest U.S. foodservice disposables manufacturer.
Controller 1995 - 1996
Director of Financial Reporting 1994 - 1995
Led financial, management, SEC, and operational reporting along with internal audit. Promoted in 14 months and assumed all financial functions including a 75 person organization responsible for all finance, control, and planning functions at 15 plants in the U.S. and Canada.
• Co-led consolidation team that integrated Canadian operations into U.S. operations, saving $700,000 annually.
• Established a $60 million accounts receivable securitization loan facility saving $500,000 annually.
• Streamlined and reduced the accounting closing cycle by 25%.
KPMG PEAT MARWICK, Chicago, IL 1988 - 1994
Audit Manager and Computer Processing Specialist - Manufacturing, Retail, and Distribution Practice
Managed financial audits of publicly held and privately held clients of this big four firm, ranging in size from $200 million to $4 billion in annual revenue, including an initial public offering and other SEC filings.
EDUCATION
Kellogg Graduate School, Northwestern University, Evanston, IL MBA, Finance, Strategy, June, 1998
Northern Illinois University, DeKalb, IL BS, Accounting, May, 1988; CPA, May, 1988 |
