New York, NY
Chief Financial Officer
As CFO, I am responsible for the company's financial operations, including
accounting, financial reporting (internal and external), budgeting
and planning, banking, and investor relations.
New York, NY
| 1998 -2002
($300 million NASDAQ-listed telecom infrastructure design and installation
Executive Vice President & Chief Financial
Drove transformation from an informally structured, private company
with $50 million revenue to an effectively managed, public corporation
with $300 million revenue. Responsible for financial planning and
control, treasury, tax, risk management, investor relations and
SEC functions. Provided advice and counsel to Board of Directors’
- Raised $105 million through successful initial public offering
in 2000. Prepared and presented road show to institutional investors
throughout the US and Europe.
- Negotiated company’s first line of credit of $20 million
with two banks and subsequently increased credit line to $50 million
with five banks.
· Lowered DSOs to 71 days from 114 days through tighter
focus on collections and elimination of extended terms.
- Streamlined financial management information reporting process.
Financials are issued on the seventh day of each month, and annual
audit is completed five weeks after year-end.
- Built new financial staff including VP Controller, VP Tax,
Director Budgeting and Analysis.
- Leadership role on executive team which improved EBITDA from
$8 million to $50 million.
| 1990 - 1998
($1.8 billion manufacturer of specialty chemicals and building materials)
Vice President & Controller – GAF Corp
(parent company) and ISP (GAF’s
NYSE-listed specialty chemicals manufacturing subsidiary)
Responsible for financial planning and forecasting, financial reporting,
and internal audit. Accountable to Audit Committee for internal
controls and accounting policies. Managed relations with outside
auditors, and represented company with investment bankers.
- Managed due diligence process, including interaction with securities
analysts and preparation of road show presentation, for successful
$300 million IPO of GAF’s chemicals subsidiary. Subsequently
raised $1.8 billion through eight public and private debt offerings.
- Led $24 million project to implement global ERP system, lowering
inventory levels by $1.5 million and reducing transaction processing
costs by $2 million per year.
- Initiated and implemented strategic changes to 401K Plan. Replaced
investment advisors and trustees with Vanguard Group, reduced
costs by $1 million, and improved service to employees.
- Implemented paperless T&E expense processing, with direct
employee input and electronic deposits to bank accounts.
- Reduced AP headcount, streamlined processing time, and lowered
|Western Union Corp.
|1974 - 1990
Vice President & Controller, 1985 - 1990
Built an effective partnership with CEO to implement a financial
restructuring of highly leveraged company. Persuaded large holders
of debt and preferred stock to exchange their existing securities
for common stock. Managed due diligence with potential new investors.
Oversaw analysis of business line profitability, leading to divestitures
of four business lines for $280 million. Directed financial planning,
forecasting, internal audit, and accounting and reporting functions.
Installed strict cash conservation and expense controls, resulting
in significant savings:
- Analyzed traffic on leased voice and data lines, and canceled
under-utilized lines to eliminate excess costs of $22 million
- Replaced defined benefit pension plan with a defined contribution
401K plan, lowering the company’s pension costs by $16 million
per year, and eliminating investment risk for the company.
- Reduced medical and dental costs by $9 million per year, by
implementing cost-sharing programs with employees and retirees.
- Negotiated to obtain a pension plan funding waiver from the
PBGC, extending the due date for the company’s required
annual $50 million contribution to the pension plan by three years.
Assistant Controller, 1979 – 1985
Director of Accounting, 1974 - 1979
New York, NY
| 1972 -1974