Financial Management and Leadership
Strong, flexible, energetic, strategic leader with an established reputation for honesty and integrity. Proven management skills focused on goal-setting and employee empowerment with the ability to identify, prioritize and complete actions and processes that produce an effective organizational structure, efficient operations and strong financial performance.
PROFESSIONAL EXPERIENCE
Currently a turnaround manager leading financial, operational and strategic direction of troubled company in transportation sector. Have stabilized finances, instituted efficiencies and worked to change culture to one of success and initiative.
Senior Vice-President and Chief Financial Officer - publicly traded provider of business services
• Re-focused company by defining and setting company strategic goals
and targets
• Managed all aspects of SEC reporting, including SOX 404
implementation and audit
• Managed administrative processes, including IT
• Automated processes and Finance Department activities that
produced a 20% headcount reduction after turnover from attrition
• Negotiated new office lease and managed office relocation
Chief Financial Officer, Vice-President, Finance, and Secretary - publicly traded provider of third-party logistics services and product distribution
• Increased cash flow by 100%
• Lowered DSO 5 days, or nearly 10%
• Reorganized Finance Department; implemented systems changes
and work flow adjustments, including EDI and paperless
disbursements, resulting in a savings of 2 full-time positions
• Restructured closing process to reduce monthly closings to 4-5 days
from 2+ weeks
• Reduced inventory reserve exposure through increased focus and
sales initiatives
• Initiated program to collect stale receivables through negotiation and
legal action
• Worked with specific customers to re-establish credit and
sales after severe industry downturn
Other areas of responsibility since 1998:
• Maintained banking relationships, including a $20 million asset-based
line of credit
• Supervised accounting and tax issues for subsidiaries in the
Philippines and Canada
• Developed tax-saving strategies, prepared income and franchise tax
returns
• Approved and managed corporate insurance programs, including
liability and D&O
• Managed legal and insurance issues, and insurance claims
• Negotiated long-term customer contracts
• Prepared budgets and forecasts for $100 million+ corporation
• Directed treasury activities, managed investor relations and gave
presentations
Principal in own consulting firm specializing in management consulting, turnarounds, financial restructuring and bankruptcy.
Summary of Selected Accomplishments:
After being brought in as COO/CFO of a company in debt and in default of its loan covenants, reestablished relationship with bank, received commitment to extend expiring line of credit and attracted investment money to stabilize company while turnaround plan was prepared and implemented. Company was more profitable in my first two months than in the prior two years.
Chairman of the Board of a startup joint venture company, successfully helped lead company through required public need for service process, license approval, and initial start-up. Assisted in formulating legal strategy, testified at hearings and led successful legal process that was upheld by the Connecticut Supreme Court. Led planning effort whereby company was operational within days of receiving license approval. Company exceeded original projections by 40%, was profitable and expanded in its initial year. Authored separate comprehensive management and operating agreements between the company and two joint venture partners. Solely responsible for resolving dispute between partners relating to profit division and startup issues.
Chief Executive, COO and later a Director of a nearly bankrupt company, negotiated interim debt funding, tripled cash collections, reduced costs by 25% and reduced reliance on major funding source by 60%. Company became profitable and expanded its operations. Assisted in restructuring the Board of Directors, implemented accrual based (from cash) financial reporting system, including analyses for Board presentation, and strengthened personnel and administrative policies and procedures. Company became a model for others in the industry.
LEVERAGED BUYOUT/INVESTMENT FIRM
ERNST & YOUNG LLC
PROFESSIONAL CERTIFICATIONS AND AFFILIATIONS
•Certified Public Accountant, Connecticut •Financial Executives Institute
•Prior member, Connecticut and National Turnaround Management Associations
EDUCATION
Magna Cum Laude graduate - 1981 |
