CHIEF FINANCIAL OFFICER
I have served as CFO of two public companies and two private companies. Prior to that I was a Partner at KPMG Peat Marwick specializing in financial institutions.
My compensation in recent years has been in the range of $150,000 to $375,000.
Resume follows. Thank you.
CHIEF FINANCIAL OFFICER
Responsible for SEC reporting, financial planning, taxation, budgeting and restructuring, liquidity and risk management, acquisitions and divestitures, supervision of internal auditors, recruiting and training staff, relationships with independent auditors, audit committees, financial institutions, suppliers, analysts and representation at public forums. Former KPMG Partner specializing in real estate, financial institutions and high technology companies.
2001 to 2002
Real Estate Developer
Reno, Nevada and Sacramento, California
Chief Financial Officer
Recruited to this privately owned real estate developer in anticipation of acquiring a new 1500-unit homebuilding project in the Pacific Northwest, acquiring the interest of a major equity partner in an existing 2200-unit homebuilding project in Reno and completing a 480-unit homebuilding project. Ultimately, the Pacific Northwest project did not materialize and the Company was terminated as manager of, and did not acquire, the 2200-unit Reno project. The remaining 480-unit project did not warrant my continuation as Chief Financial Officer.
1999 to 2001
Medical Software Company
Sunnyvale, California
Chief Financial Officer
After completing a merger of my previous employer in October 1999 I was invited to return to a former employer. Instead of returning, I accepted an offer from Mr. John Young, Chairman of the Board (retired Chief Executive Officer of Hewlett Packard) to become Chief Financial Officer of a start-up medical software company. As Chief Financial Officer, I raised over $32 million of private equity in the difficult market conditions of 2000 and 2001. In late 2001, due to the near impossibility of access to additional capital, the Board of Directors authorized management to negotiate the sale of the Company. The CEO and I negotiated a sale to a large medical laboratory, but the buyer elected not to complete the sale in the final stages of due diligence and the Company was liquidated. During the sale process, I kept all stakeholders fully informed of the possibility of the Company’s liquidation should the sale not have been completed. Many suppliers and employees communicated their appreciation to me of my timely and full disclosure of the financial situation at the Company. PriceWaterhouseCoopers, the Company’s independent auditors, were so pleased with my performance that I was referred to one of their clients, which was seeking a Chief Financial Officer. The Company’s primary operation was in Reno, Nevada and I had maintained my residence there.
1998 to 1999
Public Company Airline
Chief Financial Officer
Recruited by Chief Executive Officer as Chief Financial Officer of a new five-member management team to turnaround the Airline, a $380 million airline with 25 MD 80/90 aircraft, 2,000 employees and a finance staff of 50. We improved operating results from an $18 million loss to a $14 million profit in one year and negotiated a $155 million sale. None of the management team were offered jobs with the acquirer.
I improved relationships with Wall Street analysts through accurate and timely communications that resulted in meeting analyst expectations for quarters ended 6/30/98, 9/30/98 and 12/31/98. I increased Wall Street analyst coverage from three to five major firms and strengthened the investor relations program resulting in NASDAQ recognition. I implemented a new revenue accounting system that reduced headcount and improved accuracy and speed while enabling the Airline to analyze ticket sales and bill travel agents for improperly priced tickets. I also improved the timeliness and quality of financial reporting resulting in monthly financial results by the 5th (previously 15th) business day, quarterly results by the 10th (previously the 30th) business day and annual results on the 20th (previously the 40th) business day. This timely and accurate financial information resulted in reduced audit fees, was instrumental in improving relationships with Boeing Capital, CIT Aerospace, US Bank and Sanwa Bank and provided essential data to a team effort that resulted in a 1% increase in unit revenue and a 4.9% decrease in unit cost in 1998 over 1997. Other accomplishments included increased inventory accountability that resulted in recovery of $1.4 million of aircraft parts, implementation of a fuel purchase control process that saved approximately $5.7 million from July 1998 through March 1999 and integration of the Airline’s financial operations into the acquirer in nine months.
1994 to 1998
Public Company Airline
Chief Financial Officer
I joined the Airline in February 1994 as Chief Financial Officer. The Airline had revenues of approximately $350 million that increased to approximately $510 million during my term as Chief Financial Officer, with 190 aircraft, 13 airline hub operations throughout the United States, 4000 employees and a finance staff of 100. My operational accomplishments included centralizing the accounting department to one from five offices which reduced headcount and costs by $400,000 while improving timing and consistency; installation of productivity reports for pilots, flight attendants, mechanics and station personnel for use throughout the Airline’s 13 hubs and 190 stations to help manage headcount; enhancement of the route profitability analysis system to provide fixed and variable cost information necessary to make the most profitable incremental schedule changes; commencement of a systemwide budgeting process; establishment of an internal audit department; substantial reduction in audit fees due to improved accounting policies and procedures, a $200,000 reduction in tax fees by preparing tax returns in-house and implementation of a state tax minimization program that reduced the income tax rate by over 2%.
I also negotiated purchase and finance contracts for over $1.2 billion of new jet aircraft. These contracts gave the Airline the right to trade in $250 million of used turboprop aircraft at book value in “as-is” condition, included fixed maintenance rates for aircraft engines and airframe parts and lease financing at some of the lowest effective rates yet achieved. These contracts allowed the Airline to operate regional jets at perhaps the lowest cost in the industry and enabled me to negotiate two profitable “fee-per-departure” revenue contracts, worth over $170 million, to operate regional jets for major US air carriers. In addition, I negotiated the Airline’s unconditional release from a $100 million purchase contract for unwanted turboprop aircraft and obtained a cash refund of a $4 million deposit.
1990 to 1994
Real Estate Development Company
Danville, California
President
From 1992 through 1993 I was a reorganization consultant for a private company airline, a $200 million national airline reorganizing under Chapter 11 of the United States Bankruptcy code. I prepared business plans and financial forecasts, testified in US Bankruptcy Court, arranged debtor-in-possession financing, developed a reorganization plan, participated in negotiations for acceptance of the plan with secured and unsecured creditors, sought equity capital and participated in preparation of a registration statement for an initial public offering of stock.
In 1990 I was invited to join a KPMG client as Managing General Partner of an $18 million 98-unit residential real estate development. As Managing General Partner I managed all aspects of the development including land improvement and single family home plans, arrangement of financing, permits, negotiation of construction contracts, supervision of construction, management of sales and marketing, selection and supervision of all staff, accounting and tax reporting and new projects. In 1992, due to a significant recession in California, I sold my interest and began working with a former KPMG client as reorganization consultant.
1969 to 1990
KPMG Peat Marwick
1981 to 1990 Partner, 1973 to 1981 Manager, 1969 to 1973 Staff
Elected partner at age 33. Managed 20,000 hours of professional services generating over $1.2 million annually, specialized in private and public financial institutions, real estate developers, high-technology and governmental entities, completed over $25 million of initial public offerings and was a member of the KPMG Practice Review Committee in 1976, 1979 and 1985 through 1987.
Education: Bachelor of Science Degree in Accounting, with Honors, California State University at Sacramento, 1969. CPA since 1971.
Personal: Born November 16, 1947. Married, four grown children. Physically fit, 5’8” 160 lbs. Multi-engine, instrument-rated pilot. |
