CFO with successful track record in strategic planning, turnarounds, leveraged financing, SEC reporting, startups, cash management, finance teambuilding, and in improving management information.
EXPERIENCE
ENCORE, INC.: Publisher of entertainment and education software with annual revenues of $40 million.
Chief Financial Officer, Vice President Operations (Gardena, California) 2002 – present
Hired to re-capitalize business to accommodate growth. Along with CEO/founder, executed sale of Company to Navarre Corp., Encore’s largest distributor. Encore operates as a majority owned publishing division.
Develop and implement sound financial and cash forecasting systems, improve control and accounting procedures, manage IT, and build business processes to profitably grow the company. Manage all Operations functions from materials forecasting through assembly and shipment. Identify and enter strategic new markets to diversify business base and ensure ongoing profitability.
LEINER HEALTH PRODUCTS: The largest manufacturer of private label vitamin and OTC products with $600 million in annual sales. (Carson, California) 1997- 2001
Sr. Vice President and Chief Financial Officer 2000 – 2001
Lead finance organization of 80 people including business planning, accounting, public financial reporting, finance operations, and tax management. Responsibilities include acquisition analysis, capital structure management, managing bank, analyst, and rating agency relations, SEC reporting, and providing business planning, analysis, and forecasts to executive management and the Board of Directors.
· Maintained sufficient cash levels to operate company during period of financial distress. Contributed to creation of weekly cash forecasting tool to manage business. Lengthened DPO by 10 days and accelerated DSO by 15 days to optimize cash availability.
· Created new information tool to manage business with CEO during weakening industry conditions. New information tool projected debt covenant compliance status with excellent accuracy.
· Worked with senior Operations management to execute the closure of three operating facilities. Organized Company strategy to simplify business through focus on fewer, more profitable customers and products. Identified 3000 low profit products to discontinue. Overall cost reduction program exceeded $50 million.
· Reduced annual capital spending from $14 million to $4 million.
· Delivered $9 million in accelerated tax refunds to bolster cash position.
· Built Finance team depth to meet added demands of current financial restructuring work.
Vice President – Finance 1997-99
Create Business Planning function in high growth organization. Lead all business planning and forecasting processes. Prepare and deliver business presentations for investor community and Board of Directors.
· Created automated business planning process utilizing Hyperion applications to manage revenue, expense, and balance sheet accounts. Restructured and implemented a revised chart of accounts.
· Participated in numerous acquisitions including a $60 million purchase of two generic OTC companies. The acquired OTC companies delivered business results matching projections.
· Managed final close process and secured $2 million working capital adjustment payment from seller.
· Provided analysis and presentation to secure $30 million additional term loan from bank syndicate.
PEPSI COLA COMPANY: Multi-billion dollar manufacturer and distributor of soft drink products worldwide.
(Somers, New York) 1985-97
Director of Finance, Pepsi Cola Florida/S. Georgia (Orlando, FL) 1996-97
Lead Finance and IT functions for company-owned Bottling operations in Florida and South Georgia generating over $500 million in annual sales. Lead the business planning and forecasting processes, cost optimization activity, asset control, and capital spending for four bottling operations and three distribution warehouses.
· Achieved profitability targets in 1996. (Only 3 of 12 business units achieved objectives in 1996.)
· With VP Sales, managed product pricing and deal making process including entire customer base.
· Control responsibility for daily settlement of more than 500 sales routes.
· Personally approved all asset deployments in $10 million vending placement program.
Director of Planning, Pepsi Intl. Eastern Europe/Central Asia (Vienna, Austria) 1994-95
Support development of business strategy for $500 million major growth division of Pepsico International. Manage team of seven Finance professionals in providing capital investment analysis and to train inexperienced local staff. Manage dollar denominated objectives in multi-currency and barter businesses.
· Led implementation of vastly improved multi-country information system including the installation of new financial reporting and analysis software. Trained local national staff on effective utilization.
Area Finance Director – Chile (Santiago, Chile) 1993-94
Finance leader for $65 million Pepsi bottling business in Chile including planning and analysis, bank relations, accounting and control, information technology, treasury, and external reporting. Organizational responsibilities included 185 people throughout 12 distribution warehouses and 2 bottling facilities.
· With corporate treasury group, restructured debt to reduce financing costs by $4 million annually.
· With corporate development group, packaged sale of company owned bottling operations to strong franchise operator at an attractive price for Pepsico.
Area Chief Financial Officer Pepsi Cola Indiana (Indianapolis, IN) 1989-92
Responsible for financial planning, accounting and control, and information systems for company owned bottling operations in Indiana. Executed General Manager function with VP Sales accountable for profit and sales volume performance of $100 million business.
· Reduced Control Staff management layers and integrated acquisition while simultaneously earning the Company’s highest control rating.
· Achieved Area profitability targets (only 5 of 22 business units achieved targets).
Pepsi Cola Company (Irvine, CA and Somers, NY) 1985-89
Multiple assignments including divisional financial reporting, divisional strategic planning, and field sales force business deal structuring. Also provided business analysis for major national account conversions and created business planning process for newly created operating Division.
U.S. INTERNATIONAL TRADE COMMISSION (Washington, DC) 1980-83
Developed industry analyses pursuant to US trade regulations to assess economic strength of firms within affected industry. Interviewed senior industry officials and led team of functional specialists to create evaluation of industry’s petition for trade protection. Briefed Commissioners in private and public forums.
EDUCATION University of California – Berkeley: MBA 1985
University of North Carolina at Chapel Hill: BA 1980 |
