Successful track record building shareholder value. Strong leader with expertise in business plans, debt/equity financing, ERP systems, international, merger & acquisition, licensing and operations.
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER 2003-present
Executive responsibility $500 million global manufacturer and marketer of consumer goods and contract packaging. Reports to the President & CEO and interfaces with auditors, and banks and the investment community. Directs a staff of 40 with responsibility for accounting, information systems, investor relations, merger & acquisition, pricing, reporting, strategic planning and treasury functions.
-Key player in the acquisition of two core businesses, which doubled the company’s operating profit. Drove pretax profit > 10% of net sales though growth, cost reduction and supply chain management.
-Lowered the effective tax rate through international transfer pricing strategies generating a $2.5 million annual saving. Delaware tax strategy saved $1.5 million annually.
-Spearheaded growth initiatives by restructuring operations, revising pricing strategies, driving supply chain improvements/cost reduction and divesting of non-core businesses (at attractive valuations).
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SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER 1999 to 2002
Executive level responsibility with a $200 million manufacturer of consumer electronics and precision products for OEM’s. Reported to the Chairman/CEO and collaborated with auditors, banks and the financial community. Directed a staff of 40. Total responsibility for accounting, credit, information systems, human resources, logistics, purchasing, SEC reporting and treasury. Managed P&L for operations UK, Mexico, Middle East, Europe, and the Far East, including a plant in China with over 1,000 employees. Played a major role in merger negotiations and identifying strategic alternatives (exit strategy).
-Executed a strategic joint venture with a global technology leader that sped new-product introduction, subsequently spun-off enhancing shareholder value in excess of $25 million.
-Raised new debt financing of $25 million to acquire the trademark/structured P&S agreement resulting in a $6.8 million one-time tax savings.
-Aggressively pursued buy-outs and advanced two major deals which were not consummated due to irresolvable issues.
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER 1998 to 1999
Executive level responsibility with a $200 million public NASDAQ consumer goods/food technology company. Reported to the Chairman/CEO and interfaced with “Wall Street” analysts, auditors, banks and the investment community. Directed a staff of 30 with responsibility for accounting, information systems, investor relations, SEC reporting, and treasury. Key role in “road show” and exit strategy.
-Orchestrated the reverse merger of 2 strategic businesses, taking the company public. Share price
increased by 50% over the period.
-Implemented an integrated ERP system building an infrastructure to support high growth.
VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER 1995-1998
Executive level responsibility with a $200 million closely held plastics company. Reported to the Chairman/CEO and partnered with auditors, banks, and the investment community. Directed a staff of 30 with responsibility for accounting, information systems, investor relations, strategic planning and treasury.
-Executed a major turnaround of this Fortune 100 divestiture resulting in an operating income improvement amounting to $17.5 million. Restructured the company with new debt and equity financing averting liquidation or distressed sale. Enhanced shareholder value in excess of $50 million.
-Led the sale of AMC to a strategic business in the plastics industry at 6 times EBITDA.
-Developed an integrated enterprise system (JD Edwards) resulting in annual savings of $1.5 million.
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EARLIER BACKGROUND
VICE PRESIDENT FINANCE AND Hanover Foods Corporation
CHIEF FINANCIAL OFFICER 1992-1995
Senior level responsibility with $300 million public consumer goods company. Reported to the
Chairman/CEO and interfaced with “Wall Street” analysts, auditors, and banks. Directed a staff of 50 with responsibility for accounting, information systems, investor relations, SEC reporting, and treasury. Functioned also as President of Nittany Corporation, a wholly owned subsidiary.
-Key player in the successful acquisition of two strategic businesses, which doubled the company’s operating profit. Stock price increased 100% during 1994-1995.
-Lowered the effective tax rate through international transfer pricing strategies generating a $1.6 million annual saving. Delaware tax strategy saved $ 0.8 million annually.
VICE PRESIDENT FINANCE/CFO Berwick Industries, Inc.
CORPORATE CONTROLLER 1991-1992
Held responsibility for all financial functions of a $200 million closely held industrial products company (manufacturer of plastics, gift-wrap, greeting cards, etc.). Reported directly to the CEO. Directed a staff of 40. Handled accounting, finance, information systems and treasury. Provided strategic alternatives resulting in the merger with CSS Industries, a public NYSE company. Managed P&L for operations in the Far East.
-Streamlined the credit function reducing bad debts by 32%, DSO improved 10 days.
-Developed product-line profitability analysis resulting in more effective pricing policies and
evaluation of marginal business opportunities. Achieved $1.5 million annual savings.
DIVISION CONTROLLER GTE Corporation
OPERATIONS CONTROLLER 1984-1991
Responsible for the division financial functions of a Fortune 100 lighting products company. Annual sales of $400 million. Directed a staff of 40 with functional responsibility for plants in Kentucky and North Carolina. Implemented MRP II and programs including JIT, activity-based accounting, etc. Evaluated over 10 acquisitions to double business unit sales over a 5-year period.
-Directed a $10 million improvement in operating profit. Working capital improved $25 million.
-Implemented a multinational cash management strategy for foreign exchange, currency hedge, futures, etc. resulting in an annual saving of $ 0.5 million. 30% of this business was sourced abroad.
-Instrumental in outsourcing production to Mexico which resulted in an annual saving of $3.5 million.
ASSISTANT CONTROLLER Schlumberger LTD 1975-1984
Full responsibility for all external reporting in the group headquarters of a Fortune 100 technology company with annual sales of $800 million. Supported executive management in acquisition analysis, strategic planning, and policy formulation. Handled cash management, external reporting and capital expenditure analysis for the U.S. Key role in the acquisition of Fairchild Semiconductor. Previously was Assistant Controller in a division location with cost and general accounting responsibility.
SENIOR ACCOUNTANT PricewaterhouseCoopers
1972-1975 (formerly C&L)
Responsible for audits, supervising staff, and preparing financial statements & management letters.
EDUCATION
MBA in Accounting (1985), University of Scranton. Certified Public Accountant
BS degree (1972), University of Scranton. Concentration in Accounting. |
