TREASURY & RISK MANAGEMENT EXECUTIVE:
EXPERIENCE SUMMARY
As a hands-on, high-energy executive, my treasury leadership has resulted in significant bottom line improvements in conjunction with the use of financial policies and procedures. Annual earnings have been increased through personal negotiation of financing and general treasury liquidity management. Below is a dashboard, which highlights career financings, EBIT contributions, and cash flow management responsibilities. Vigilance of cash, creating its visibility and solid liquidity management, has made it possible for CEO’s, CFO’s and senior executive team members to implement extraordinary vision. Being a global team leader and drawing on the strengths and special skills of others, I have demonstrated the ability to successfully complete new initiatives leading cross-functional teams.
As Mohawk Industries Inc.’s head of global treasury operations, liquidity was improved in multiple situations of several billion dollars. The diversity of Mohawk’s footprint and its propensity to grow through acquisitions allowed me to develop multi-functional international team leadership skills that have tackled liquidity improvement, cost reduction and risk control initiatives. During 2005, I negotiated financing for a Euro 2.2 billion acquisition financing of a Belgium company with annual revenues of Euro 800 million. Shortly thereafter, a centralized Euro Cash Pooling system for all subsidiaries in Western Europe was designed and implemented as well as a consolidation of general and property insurance programs into a worldwide platform.
Developing and implementing state of the art global treasury operations including banking services, treasury systems, internal company cash management processes, foreign exposure management and building bank and rating agency relationships are my key talents. Multiple times throughout my career, treasury systems were implemented to enhance visibility and automate manual processes. In addition, planning and implementing tax efficient capital market transactions – including short-term borrowing facilities (i.e. Revolvers, ABL, etc), asset backed borrowing facilities (i.e., receivable securitizations, etc), senior note tenders and/or issues are proven areas where I have repeatedly and aggressively negotiated better than market structure and terms beneficial to the company while retaining solid bank relationships.
As an eager executor with a strong work ethic and tremendous stamina, I believe in doing what is necessary to get the job done.
PROFESSIONAL EXPERIENCE
MOHAWK INDUSTRIES, INC. 2002 to 2010
Largest Floor Covering Manufacturer, Distributor & Marketer in US,
$5.6 billion in revenues
Vice President, Treasurer
Reported directly to the CFO. Key executive member in an acquisition growth oriented company. Responsible for global treasury operations, foreign currency exposure management, global acquisition financing, planning & managing world-wide tax efficient debt facilities, cash investments, rating agency and bank relationships and risk management including traditional general, automotive and property insurance coverage.
• Amended ABL facility in 2Q10 to reduce interest expense saving $3 million annually.
• Executed $200 million bond tender in 2Q10 saving $1.5 million in after-tax interest expense.
• Negotiated a $600 million ABL borrowing facility during 2009’s difficult financial market providing the company with strong operating flexibility. Demonstrated cross-functional leadership by managing accounts receivable and inventory managers through the collateral due diligence and reporting process.
• Negotiated financing for the company’s Euro 2.6 billion Unilin acquisition located in Belgium during 2005.
• Designed and implemented Centralized Euro Cash Pooling system for Unilin subsidiaries in Western Europe.
• Consolidated general and property insurance programs into a worldwide platform. Lead risk management team in the reduction of workers compensation expense. Generated $6 million in savings from 2007 to 2010.
• Implemented RESIQ2 treasury system, a Sunguard Product, and centralized treasury operations into corporate headquarters after Dal-Tile acquisition. Streamlined banking services generating $300K in annual savings.
DAL-TILE INTERNATIONAL INC, Dallas, TX 1997 to 2002
(Wholly owned subsidiary of Mohawk Industries, Inc. since April 2002)
Largest Manufacturer, Distributor and Marketer of Ceramic Tile in US,
$1 billion in revenues
Treasurer, 1997 to 2002
Reported directly to the CFO. Key management team member in turnaround company. Responsible for all domestic and foreign treasury operations, planning / managing capital structure & debt facilities, debt /cash flow forecasting & reporting, managing capital investments, foreign exchange and interest rate exposure management, lender relationships and special projects.
• Implemented state-of-the-art PC based systems designed to improve cash controls and automate: daily cash operations, daily reconciliation of corporate wide cash transactions and treasury reporting.
• Restructured / streamlined all company banking and cash management services / systems, which improved cash flow and reduced annual cash management expenses by 300K.
• Implemented check guarantee and credit card services to support 220 nationwide sales service centers reducing annual bad debt expense by $1 million.
• Lead negotiator in Company’s $400 million debt refinancing during the 4th Quarter of 2001 and re-negotiated several operating leases generating savings of $2.2 million.
• Negotiated favorable price and covenant leeway during difficult period in the bank funding market for the Company’s $580 million debt facility & significantly improved lender relationships during 1998.
• Established FAS133 hedging strategy for the company’s Mexico operations and interest rate exposures.
BORG-WARNER SECURITY CORPORATION, Chicago, IL 1985 to 1996
Multi-National / Multi-facet Manufacturer and Service Business Conglomerate
$1.8 billion in revenues post LBO, $6 billion in revenues prior LBO
Assistant Treasurer, 1991 to 1996
Reported directly to the CFO. Business environment encompassed a $6 Billion LBO, several IPO / Spin-off’s and significant consolidation of corporate and subsidiary operations. Planned and managed capital structure, credit facilities, working capital, off balance sheet financing programs, long range financial plan, annual budget, financial forecasting and performance analysis, daily treasury operations, 10-Q & 10-K reporting, cash systems and reporting, pension & 401(k) plans, bank relationships and rating agency relationships. Presented company financial information and business plans to bank officers and rating agencies.
• Successfully negotiated $600 million of debt financing during a time of significantly weak company financial performance. During this period, rating agencies dropped sub-debt rating from B to CCC+.
• Jointly planned and negotiated third party financing program reducing capital funding requirements by $150 million over five years in the company’s Wells Fargo Alarm business.
• Successfully installed the cash systems, designed the treasury operations, and trained the operations staff of all spin-off companies. In addition, centralized multiple stand-alone treasury operations into parent company’s corporate headquarters in Chicago.
• Managed $2 million cash management budget for 8 operating banks, 20 encashment banks and 80 bank accounts.
Manager of Treasury Operations, 1990 to 1991
Senior Financial Analyst, 1985 to 1990
FIRST NATIONAL BANK OF CHICAGO, Chicago, IL 1982 to 1985
Treasury Management Consultant
Analyzed treasury operating efficiencies of Fortune 500 Corporations. Industry experience in: entertainment, financial, manufacturing, retail, brokerage and energy.
COMPTROLLER OF THE CURRENCY - U.S. TREASURY DEPARTMENT 1979 to 1982
Assistant National Bank Examiner
Performed bank financial exams/audits for National Chartered Banks
EDUCATION
MBA, University of Chicago 1988
Accounting and Finance Concentration
BS, in Finance, University of Illinois at Chicago 1982
Highest Department Distinction in Finance, University Honors (top 3% in university)
MILITARY:
United States Navy, Honorable Discharge
Overseas shore duty in Yokosuka, Japan. Secret Security Clearance Required.
AFFILIATIONS:
Financial Executives International
Financial Executive Network Group
National Association of Corporate Treasurers
Association for Finance Professionals
PERSONAL INTERESTS
German Language, Astronomy, Tropical Fish Enthusiast, Classical Music & coursework from The Teaching Company |
