Senior Finance and General Management Executive with demonstrated success in challenging environments. Results-oriented, innovative leader with significant experience in strategic planning, communications, mergers & acquisitions, restructurings, P&L management, business development, investor relations, financing, investment management and consulting. |
EXPERIENCE
AMERGE MANAGEMENT SERVICES – Cleveland, OH
Managing Director / Consultant (2001 – Present)
Engaged in the start-up of a turnaround / transition management and mergers and acquisitions advisory company with initial clients in plastic injection molding, distribution, steel pipe manufacturing, health care and software development with representatives in Pittsburgh, Cleveland and Warren, Ohio.
THE LTV CORPORATION - Cleveland, OH
$4.8 billion industrial. LTV acquired Republic Steel in 1984 and formed LTV Steel, merging the operations of Republic Steel, J&L Steel and Youngstown Sheet & Tube. Operated in Chapter 11 from 1986 - 1993 and December 2000 forward.
Vice President and Treasurer (1992 - 2001)
Directed a broad range of financial functions including banking and cash management, corporate finance, credit and collections, investments (corporate and benefit plans), investor relations, real estate, risk management and foreign exchange and participated on Corporate Executive Committee, Investment Committee (Chairman), Corporate Strategy Committee and The LTV Foundation Board of Trustees.
· Raised $2+ billion in an IPO equity offering and follow-on equity and debt offerings and acquisition financings. Arranged 5 short term credit facilities including the first inventory securitization for $250 million and a $285 million non-recourse, project loan for a start-up.
· Worked with McKinsey and an internal committee to develop new strategic thrusts into metal fabrication and leading steel technologies.
· Led the investment effort to fully fund a $3 billion pension liability in less than 5 years and held investment oversight responsibilities for more than $5 billion in employee benefit plan assets.
· Reduced insurance costs from $13.6 million per year in 1993 to $5.5 million in 2000.
· Served as CFO of Continental Emsco, Inc. ($500 million equipment manufacturing and supply business) while selling the company in 1995.
· Reinstated the investor relations program and served as the principal analyst / investor contact which gained coverage from 15 equity and 10 fixed income analysts.
Vice President - Public Affairs (1991 - 1992)
Managed advertising and market communications, community affairs, government affairs, public relations and real estate. Member of Management Executive Committee and The LTV Foundation Board of Trustees.
· Introduced a labor negotiations communication program supporting the reorganization labor agreement including new internal/external publications for employees, retirees, customers, suppliers and public officials and the then new techniques of blast fax and interactive call lines.
· Coordinated a local, state and national initiative to block the annexation of the LTV Steel South Chicago Coke Plant for a new Chicago airport.
· Served on Washington DC based international trade lobbying committees.
Steel Group Treasurer (1986 - 1991)
Directed banking and cash management, credit and collections, corporate finance, non-operating assets, real estate and risk management.
· During Chapter 11 restructuring, formulated a program that helped generate $1.5 billion in free cash flow, returned trade credit to $300 million and financed 2 new electrogalvanizing projects for $350 million.
· Directed a $350 million demolition and environmental remediation program resulting in the sale and redevelopment of 70,000 acres of former plant and mine sites.
Director – Energy / Non-Steel Group (1984 - 1986)
Managed P&L of the non-steel businesses including coal mining, ocean shipping, oil field distribution, and oil and gas production. Directed divestiture of metal fabrication, financial services and energy- related businesses to raise operating cash.
· Led oil and gas, and steam coal mining operations to record sales and earnings through expansion and the acquisition of new out-of-state customers.
· Sold 7 fabricating units, 2 financial service companies and a steam coal operation at a profit.
· Maintained oil field supply margins in declining market leading to a profitable sale.
· Strategically positioned the ocean shipping business for sale.
REPUBLIC STEEL CORPORATION - Cleveland, OH 1977 - 1984
Director - Energy and Minerals Development (1981 - 1984)
Managed P&L of coal mining operations and business development for mining, shipping, energy (steam coal and oil and gas), distribution and metal fabricating operations (doors and frames, metal buildings, general aviation aircraft, metal shelving, drainage products and containers).
· Redeployed the steam coal mining assets into a joint venture with a major oil company and outsourced the management of metallurgical coal operations through the $105 million sale of a coal mine, coal company and undeveloped reserves.
· Developed a new oil and gas production business from an internal “self-help” operation.
Vice President - Planning - Republic Supply Company - Oklahoma City, OK (1980 - 1981)
Managed strategic planning, mergers and acquisitions, new business startups and advertising.
· Developed and implemented a program of 4 acquisitions and 8 startup operations in oilfield/mining/industrial supply and explosives distribution increasing sales 60% and profits 100%.
Director - Banking and Finance (1977 - 1980)
Managed banking and cash management, corporate finance and leasing and investor relations.
· Arranged $1 billion in financings in 1978 including limited recourse project financings, public and private long-term debt offerings (taxable and tax exempt), bank lines of credit and domestic and foreign revolving credit agreements.
· Established the company’s first investor relations program and served as the principal
analyst / investor contact.
EXPERIENCE PRIOR TO 1977
Manager – Financial Planning
Strategic Planning Analyst
Senior Market Analyst
EDUCATION
MBA - Kent State University, Kent, OH
BS, Mathematics - Baldwin-Wallace College, Berea, OH
ACTIVITIES & AFFILIATIONS
National Association of Corporate Treasurers The Campaign for Mfg. Advancement
Financial Executives Institute Build Up Greater Cleveland
National Investor Relations Institute United Way of Northeastern Ohio
The LTV Foundation (Trustee) Laurel School Annual Fund Committee Chair |
