Chief Financial Officer: Proven record of strong performance as top financial executive of privately held businesses. Extensive experience in accounting, finance, banking relationships, taxes, risk management, employee benefits, strategic planning, information technology, acquisitions and divestitures. MBA and CPA.
8+ years at current employer, a Tier I and Tier II automotive supplier of plastic molded products.
Recruited to help the company through a period of anticipated rapid growth. Sales of core products have grown at a compound annual rate of 12% over the past decade to approximately $30 million.
Chief Financial Officer: Key advisor to the CEO. Responsible for all accounting, finance, tax, risk management, capital spending, annual planning, and information technology functions plus legal and banking relationships and employee benefit plans. Heavily involved in all other areas of the business.
I advocated the divestiture of a legacy business after its markets had experienced years of decline. During the year before its sale I cut costs, shed inventory and improved cash flow. I worked closely with the CEO and our outside investment banker and personally managed all the details of negotiating the sales contract and conducting due diligence. The result was a successful sale at twice the book value of the business with a deal structure that ensured advantageous tax treatment.
We have made major improvements over the past nine years and in most cases I played the role of change agent, with the aim of reducing costs while making the company more nimble. One primary theme was the need to focus on cash flow and asset utilization in addition to profits. As a result:
-We changed our manufacturing operating schedule from 5 days a week to 24/7/365.
-Inventory turnover improved, with average days supply on hand decreasing from 51 days to 29 days in 2006. This reduction saved over $1.3 million in cash.
-Capital spending was reduced from 13˘ per dollar of sales to 3˘ without any adverse effect on business operations.
Among the many other changes during my tenure were:
-Search for and successful implementation of the company’s first ever enterprise-wide ERP software system as well as major improvements and modernization of all IT services.
-Financial reporting that is faster, more accurate, more complete, and easier to understand.
-Cost estimating and customer quoting methods that improved accuracy and eliminated the differences between how products were quoted and how they were later reflected in financial statements.
-Accounting, finance, and IT functions all have better performance, with fewer employees than nine years ago although sales have nearly doubled.
7 years at prior employer, a plastic processor providing products to a dozen different markets.
Treasurer: the company’s top finance position.
I drove the turnaround of financial and operating problems, coming on board when the company was deeply troubled, including strained banking relationships, heavy debt load, negative cash flow, and operating losses. During much of my tenure I served as the de facto General Manager and was second in command after the CEO. Following the retirement of the Vice President, Operations I was given formal responsibility for manufacturing and related functions.
Under my leadership, we drastically improved the cost structure and functioning of the business. Long-term debt was repaid as scheduled while short-term bank debt went from $3 million to zero. Monthly sales required to breakeven were reduced from $1.3 million to $800,000. Within 18 months of my arrival, the company began its two best back-to-back years of profitability in its 50-year history.
Other formal duties included full responsibility for all pricing, finance, tax, accounting, banking, risk management, human resources, information systems and office management functions.
9 years at prior employer, a diversified holding company with operations in manufacturing and wholesale distribution.
Recruited by CEO to become the first member of a small management team that turned around performance and drove the growth and diversification that was the CEO’s goal. The company evolved from a manufacturing business with 1982 sales of $3.5 million into a diversified holding company with sales of $22+ million.
Vice President and General Manager – Distribution Group (18 months): Moved out of finance role to assume responsibility for two industrial distribution subsidiaries with over $11 million in revenue. Supervised President of one subsidiary while serving as President of another. Full operating, sales and marketing, profit and cash flow responsibilities. Increased sales by 15% while rebuilding a weak sales organization and shoring up troubled supplier relationships. Despite spending to strengthen customer service, operating margin rose to 3% from a loss the previous year.
Vice President (Chief Financial Officer) (7 years): Built a strong, professional financial organization from scratch. Responsible for finance, accounting, internal control, risk management, and taxes. Managed the extensive annual budgeting and strategic planning processes. Attended and participated in bi-monthly meetings of the Board of Directors. Worked with outside attorneys, investment managers, and Big 4 auditor. Handled banking relationships, installed modern cash management systems, negotiated loans, and used techniques such as tax-exempt financing when appropriate.
Acquisitions: Closed two deals in 18 months, more than doubling the size of our business. Managed all aspects of both deals including establishing criteria, identifying prospects, initiating the transaction, valuation analysis, seller negotiations, financing, taxes, deal structure, and post-acquisition integration. Using a proactive approach, we were able to obtain favorable purchase prices and attractive financing while incurring only modest fees.
Education:
MBA, Case Western Reserve University, 1982.
BA, University of Akron, 1974. |
