Chief Financial Officer / Senior Financial Executive
Public and private corporations from $12MM to $600MM
SUMMARY
Operationally oriented senior financial executive with comprehensive experience in diverse multi-site, multi-national process and discrete manufacturing and distribution environments. Readily adapt to new situations, quickly identifying critical issues and implementing solutions. Recent experience in private equity and highly leveraged situations.
Turnaround, crisis management
International manufacturing
Cost reduction, process improvement
Budgeting, forecasting, analysis
Mergers, acquisitions, divestitures
Cash management and Treasury
Controllership
External and internal audit
Risk management, insurance
Workers compensation, plant safety
Employee benefits
Environmental compliance
PROFESSIONAL EXPERIENCE
January 2008 Present
$90MM manufacturer of precision machined aerospace components and assemblies
Chief Financial Officer
Manage financial functions for private equity sponsored holding company with two manufacturing plants. The holding company was established to integrate investments in the aerospace industry, create a unified market presence, and provide the platform for future acquisitions. Scope of responsibilities includes financial reporting for private equity group and lenders, internal financial reporting, forecasting, budgeting, treasury and cash management, audit, insurance, information technology, and tax matters for the portfolio companies.
Developed cash forecasting process to manage cash rationing through loan covenant defaults and credit shortage while maintaining availability of materials for production.
Improved internal controls in manufacturing operations establishing transaction controls and inventory reconciliation processes to compensate for system weakness.
Implemented reporting and analysis of margins by customer for use in analyzing financial results, forecasting profits, and reconciliation of cost accounting.
Accelerated reporting of monthly operating results including early reporting of sales and estimated profits.
Managed the software selection, implementation planning, and system design for a state of the art ERP system to be used in current manufacturing operations and to support future growth. Integrated best practices from each company along with improved technologies for process management, inventory control, and visibility of costs.
Reduced overall cost of IT infrastructure while providing enhanced security and scalability through use of a fully outsourced hosting provider to support the new ERP system.
February 2006 January 2008
$100MM manufacturer of specialized equipment
Vice President Finance, Chief Financial Officer
Manage global financial functions for private equity sponsored corporation with headquarters in Phoenix and manufacturing plants in Mexico. Maintain close relationship with private equity firm in this restructuring and turnaround situation involving highly leveraged complex debt financing. Scope of responsibilities includes financial reporting for private equity group, internal financial reporting, forecasting, budgeting, treasury and cash management, audit, insurance, information technology, and tax matters for operations in the US and in Mexico.
In conjunction with small, focused management team have developed and implemented turnaround strategy resulting in return to profitability, improved manufacturing performance, improved quality, better customer service, and lower operating costs.
Developed cash forecasting process to manage cash rationing and debt compliance during seasonal fluctuations of cash resources.
Managed relationships with key suppliers to maintain availability of materials for production in times of cash shortfall.
Accelerated global monthly close cycle by two weeks.
Synchronized manufacturing standards, cost accounting, and annual budget process.
Developed comprehensive analysis and reporting of profitability by customer and product line to support product and market strategies.
Reduced cost of property and casualty insurance by 15%.
1997 2006
$500MM US holding company for UK based corporation
Vice President Finance, Chief Financial Officer
Direct financial and administrative functions for US subsidiaries; plastics, metals, rubber, printing, packaging. Scope of responsibilities includes financial reporting US and UK GAAP, audit, tax, treasury, risk management, property and casualty insurance, employee benefits, 401k, and legal matters. Manage compliance and remediation for significant environmental liabilities. Assess potential acquisitions including financial and legal due diligence. Integrate acquired companies into the groups insurance, banking, and financial reporting processes. Coordinate divestitures of subsidiaries including preparation of data rooms, presentations to potential buyers, sale negotiations, and completion account audits.
Implemented cash concentration system freeing up $10MM cash.
Cultivated new US banking relationships for global bilateral credit facilities.
Refined tax compliance process reducing fees by 25%.
Developed and implemented internal audit program.
Restructured and renegotiated casualty insurance program.
Initiated program of improved awareness for plant safety and workers comp cost drivers accompanied by performance reporting. Reduced cost per employee by 40%.
Established US based property insurance program reducing premiums by 35%.
Consolidated employee benefits plans generating 20% cost reduction.
Consolidated 401k plans resolving compliance issues and reducing fees.
Served as interim executive for $100MM subsidiary successfully resolving serious audit issues, reducing operating costs, improving manufacturing performance, and implementing new inventory control systems.
Selected to represent US businesses on Global Risk Management Group.
1990 1997
Privately held manufacturer of textile machinery
Chief Financial Officer
Managed all financial and administrative operations of the $12 MM privately held corporation and directed external relationships with auditors, attorneys, banks, and insurers. Served as interim president with full P&L and operating responsibility.
Completed Chapter 11 reorganization including negotiations with creditors.
Obtained new bank financing to support exit from Chapter 11.
Divested assets of non-performing subsidiaries.
Implemented restructuring of operations reducing overhead costs by 25%, restoring profitability, and eliminating bank debt.
1981 1990
A diversified Fortune 500 manufacturing company
CFO/Division Controller, Plastics
$50 MM division with manufacturing plants in three states.
Recruited and trained staffing to establish integrated accounting functions for separately acquired companies.
Implemented integrated computer systems to support the combined businesses.
Implemented product costing methodology for analysis of market segment profitability.
Chief Financial Officer, Textile Division
$30 MM manufacturing and distribution division with eight locations in five countries
Resolved serious audit problems by implementing internal financial and operating controls.
Reduced headquarters administrative staff from 26 to 15.
Accelerated worldwide closing from 15 days to 5.
Reduced global receivables from 110 days to 40 days.
Controller, Division
Recruited and trained start up administrative staff for $10 MM new venture manufacturing metalized plastic film for the electronics industry.
Manager Financial Planning, Division
Prepared budgets, forecasts, long range strategic plans, analytical reports, and acquisition studies for $150 MM specialty paper manufacturing division.
EDUCATION
MBA, Finance and Statistics
BA, with honors in Economics |
