Fifteen years experience, most recently as CFO of two profitable airlines. Experience: financial planning/analysis, strategy, aircraft leasing, financial reporting, process improvement and cost cutting. Negotiated alliance agreements with foreign airlines, leases, purchase agreements and other contracts. Team builder and motivator. |
2001 - 2003
A large air cargo airline
Senior Vice President and Chief Financial Officer
Recruited to this all cargo airline by its new Chairman and CEO. The cargo airline had just been spun off by its former parent. The new Chairman/CEO was assembling a new executive team to prepare the cargo airline for the likely acquisition of another cargo airline in anticipation of the future growth in air network needs of our primary customer.
Major Accomplishments:
* Recruited a new finance team and implemented PeopleSoft 8.0 financials resulting in lower headcount, $500,000 in annual savings and more rapid month end financial closings.
* Renegotiated the services contract with a major customer, from which the majority of the company’s revenue was derived, resulting in increased profits, improved liquidity and strong incentive for incremental profitable growth.
* Partnered with the head of marketing to develop new business opportunities, employing under-utilized assets, which resulted in a doubling of the company’s operating profit.
1988 – 2001
A major passenger airline
1999 – 2001
Vice President – Finance and Chief Financial Officer
of a wholly owned, regional airline subsidiary of the major passenger airline
After the major passenger airline completed its purchase of the regional airline, the major passenger airine promoted one of its long time marketing executives to be the new President of the regional airline. Having worked together on numerous projects to this point in our careers at the major passenger airline, the new President of the regional airline was very familiar with my work, and he recruited me to be his CFO at the regional airline.
Major Accomplishments:
* Executive team accelerated growth at the regional airline from an average annual revenue growth rate of 8%, prior to the acquisition, to a revenue growth rate of 23% in the two years following the acquisition.
* Through this period of accelerated growth and change, we were able to maintain the regional airline's historically high operating margins (approaching 20%) which resulted in the regional airline being one of the fastest growing and most profitable regional airlines in the world.
* Achieved a net headcount reduction of 60 through implementing a shared service arrangement.
* Developed a centralized finance function to establish and maintain controls, budgeting and forecasting processes, and to provide analytical capabilities.
* Staffed major operating departments with their own controllers to provide analytical support to the department head while facilitating the flow of information to and from the centralized finance team.
* Implemented a company-wide business planning process which included 1) corporate initiative prioritization, 2) operating and capital planning, and 3) performance and productivity reporting.
* Analyzed and financially justified 1) the acquisition of seven new aircraft to accelerate the expansion of regional jet service into new markets, 2) the establishment of regional jet service at a new hub airport, and 3) the selective retirement of turbo-prop aircraft with regional jets.
* Negotiated lease financing for $400 million in regional aircraft.
* Negotiated vendor financing for the industry’s largest regional jet order.
* Partnered with operating departments to implement improved parts inventory procedures.
1997 – 1999
Director – Financial Reporting
Managed 45 individuals, and had responsibility for all of the major passenger airline's external financial reporting (including the fiscal 1997 and 1998 10-Ks), benefits accounting, property accounting and flight profitability reporting. At the time of my promotion, I was the youngest individual at the director level at the major passenger airline.
Major Accomplishments:
* Led a project to determine the strategy for realizing the newly hired CFO’s future vision for Finance.
* Enhanced departmental capabilities in the areas of accounting research, internal consulting and accounting integrity through reorganization and addition of professional talent.
* Negotiated and implemented the revenue sharing model and reporting for the major passenger airline's foreign airline alliance.
1996 – 1997
General Manager – Cash Management, and
Acting General Manager – Financial Planning
At this point in my career, the major passenger airline's Finance Division did not have an abundance of managers with strong financial planning and analytical skills. Shortly after having been promoted to head Cash Management, the head of Financial Planning resigned. Due to my financial planning background, the Controller asked me to temporarily lead the Financial Planning department while continuing with my Cash Management duties. My dual role lasted for nine months until my promotion to Director – Financial Reporting.
Major Accomplishments:
* Improved the foreign exchange hedging program to better match hedges to the true, underlying exposures.
* Restructured STI safekeeping accounts to improve service and lower costs.
* Renegotiated letters of credit resulting in $100,000 in annual savings.
* As Acting General Manager - Financial Planning, led the company through the development of the fiscal 1997 operating plan and managed the Financial Planning department
1994 – 1996
Financial Advisor – Restructuring Initiative
The Restructuring Initiative was a major cost reduction program aimed at reducing the major pasenger airline's costs by $2 billion (i.e., 15%). The major passenger airline's ultimate goal was to consistently achieve an operating margin of 10%, and since revenue had declined significantly due to an economic slowdown and the growth of low cost carriers, the cost reduction goal was set to take into account expected future revenue declines.
Major Accomplishments:
* Functioned as the financial advisor to the executive sponsor (Senior Vice President – Personnel).
* Provided monthly briefings on program status, including analysis and options for corrective actions, to the CEO and his senior officers.
* Reviewed all of the restructuring initiatives for financial justification and incorporated approved initiatives into the company’s annual operating plan.
* The significant cost reductions realized from this restructuring program helped the major passenger airline to achieve a record operating profit and operating margin of 11% in 1997.
1993 – 1994
Manager – Financial Planning
1991 – 1993 Supervisor – Financial Planning
1988 – 1991
Financial Analyst – Financial Planning
When hired in 1988, I was the first individual at the major passenger airline, since 1973, hired directly out of college as a Financial Analyst. During my six years in Financial Planning, I enjoyed various assignments of increasing complexity and responsibility.
Responsibilities and Major Accomplishments:
* Consolidated the company’s annual operating plan, analyzed variances to plan and developed management reports.
* Performed cost/benefit analyses for capital projects and performed analyses on outsourcing proposals.
* Developed route profitability reports and analyzed proposed changes to the flight schedule.
* Developed presentations for the CFO for use in meetings with the Board of Directors and with Wall Street analysts.
* Performed various valuation and acquisition analyses.
* Introduced innovations including the use of regression analysis for certain forecasting applications, utilizing NPV analysis for capital projects, analyzing contribution margin for route profitability purposes and placing controllers into each of the company’s operating divisions to facilitate decentralized budgeting and variance analysis.
Education/
Credentials:
A large state university
Bachelor of Science in Business Administration, finance concentration
August 1984 to June 1988
A large state university
Post Baccalaureate, accounting coursework
January 1990 to December 1992
Certified Public Accountant (Illinois)
Personal:
DOB: January 10, 1966
Married with three children
Enjoy family, bicycling, travel and studying history. |
