Section 16 Officers



Jonathan Stern
Chief Financial Officer
575 8th Avenue
11th Floor
New York, NY 10018
  --CPA, New York and New Jersey
-MBA, NYU School of Business (with Distinction 1st in class of 483)
-BA, Brooklyn College (Cum Laude)

Snapshot of Relevant Experience

0 Years      Work Within Non-Profit/Non-Commercial Sector
10 Years    Policy Analysis and Development
25 Years    Business Operations
0 Years      Internet Industry Experience


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.
Lexent Inc.
New York, NY
1998 -2002

($300 million NASDAQ-listed telecom infrastructure design and installation services company)
Executive Vice President & Chief Financial Officer
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’ Audit Committee.

  • 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.

GAF Corporation
Wayne, NJ
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 errors.

Western Union Corp.
Paramus, NJ
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 per year.
  • 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

Price Waterhouse
New York, NY
1972 -1974