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Thursday, Mar 28, 2024

Ten CFOs Who Are Changing Their Companies

JAMES KEEGAN EXPERIENCE: James Keegan has 38 years of experience in the financial field. For the past three years he has worked as the CFO of One Lambda, a 26-year-old Canoga Park company that advances transplant diagnostic technologies. His experience includes working as the CFO for XP Systems and Cheetah Software Systems. He was also vice president of finance for Kinkos, and both CFO and vice president of finance for Merchants Home Delivery Service Inc. CAREER HIGHLIGHTS: For the past three years, Keegan has helped control costs at One Lambda through improved systems and improved efficiencies, and helped his team become more efficient at what they do every day. He put in place forecasting processes that allowed the company to recognize the marketplace was slowing down and allowed it to redirect resources to take advantage of market opportunities. He also led a major reorganization of the company’s management reporting systems which have enhanced and strengthened the company’s budgeting and planning processes ADVICE TO ALL CEOs: “I view my role as CFO as the right hand man and business partner of the CEO. I’m there to provide advice and counsel on most if not all of his decisions because of my orientation – I’m numbers and financially orientated – I’m less emotional, I can provide a counterbalance for a lot of decisions. Often decisions are framed on the enthusiasm of the research department or the sales department and it’s the CFO’s role to put some reality on that enthusiasm, not to squelch that enthusiasm, but to bring an understanding of what the potential pitfalls are and what the potential fallback positions are, so that we go into a decision with our eyes open. It’s important that when something happens it’s because we decided to do it and not because we allowed it to happen.” FIRM: One LambdaLOCATION: Canoga ParkINDUSTRY: Transplant diagnostic technologiesEMPLOYEES: 270YEARS IN PROFESSION: 38 DONNA NAKAWAKI Donna Nakawaki EXPERIENCE: Donna Nakawaki has more than 26 years of experience in the financial field. She has served as the CFO of REM Eyewear for 14 years. She’s a UCLA graduate with a major in Slavic languages and a minor in mathematics. Prior to working with REM she served as vice president- finance for Golf Reservation Company. CAREER HIGHLIGHTS: Nakawaki has been instrumental beyond the area of financial management at REM, helping identify areas that needed a change in procedures, policy or both. When her company’s software system was getting in the way of the company’s growth – as it did not have the ability to handle foreign currency invoicing – Nakawaki led the company’s IT team through a cumbersome software conversion. REM, which is now operating in 63 countries, has already reaped the benefits of the new system, which impacted all areas and departments of the company. Although the change from a system that was used for more than 20 years was difficult, the new system’s benefits include improvements to operations, ease of use, information sharing and interfacing with other departments, and greater reporting capabilities. ADVICE TO ALL CEOs: “Technology, technology and technology! CEOs really need to automate as much as possible and really look at details, not so much what is being done but how it’s being done. You can take very hard working people and you can assume they’re doing a certain task in the most efficient way possible, but not realize that what may have been efficient five years ago may not be the most efficient way today. You need to find quicker, faster ways of getting things done in a way that is not contingent upon human beings doing things, you need to automate as much as possible, so human beings are put to better use rather than spending their time on mundane more repetitive tasks.” FIRM: REM Eyewear LOCATION: Sun ValleyINDUSTRY: Designer and marketer of eyewear EMPLOYEES: 100YEARS IN PROFESSION: 26 GREG HANN Greg Hann EXPERIENCE: Greg Hann has been the CFO of Wesco Aircraft for the past 18 months. His 25 years of financial experience include 10 years as CFO of Alcoa Fastening Systems. He was also CFO of Transamerican Auto Parts in Compton. Hann has an MBA in finance and investments from George Washington University. CAREER HIGHLIGHTS: Hann joined his company after a $100 million acquisition and was instrumental in helping drive the integration process. Already he has helped foster growth at his organization putting in place a cash forecasting process that helps the organization manage and carefully balance its cash needs against investment opportunities. He has started a new contract compliance process, put in place a succession planning program and is leading efforts to start new business in China and India. ADVICE TO ALL CEOs: “I would make sure that the long-term strategy of the company is clearly communicated and you surround yourself with people you trust to execute on that strategy. This will help prevent people from making short-term decisions in this volatile environment at the detriment of the long-term goals of the company.” FIRM: Wesco AircraftLOCATION: ValenciaINDUSTRY: Management and delivery of products for aerospace and military applications. EMPLOYEES: 1,000 YEARS IN PROFESSION: 30 FIRM: Wesco AircraftLOCATION: ValenciaINDUSTRY: Management and delivery of products for aerospace and military applications. EMPLOYEES: 1,000 YEARS IN PROFESSION: 30 RICHARD WINGER Richard Winger EXPERIENCE: For the past seven years, Richard Winger has been the CFO of Delta Scientific Corp, a company that manufactures products and barricade systems that promote safety and security for pedestrians and properties. It is headquartered in Palmdale. He has more than 30 years of experience in finance which includes 12 years at the helm of his own accounting firm, MYBL Business Services. Originally, Delta was one of his clients. Winger was also the CFO for the Los Angeles Chapter of the American Red Cross where he worked for 14 years. CAREER HIGHLIGHTS: Winger helped his company remain strong and profitable during the economic downturn. Delta did not lose one invested dollar during the recent financial crisis, he said, and the credit and collection policies he implemented have led to significantly low bad debt expense. Through strategic insight and financial projections, Winger has helped his company run inventory in a just-in-time basis with little scrap. Winger also helped Delta relocate to Palmdale and take advantage of the Enterprise Zone hiring tax credits through which Delta has hired employees who would have had a difficult time finding work, such as people with criminal records, and veterans. ADVICE TO ALL CEOs: “Listen to the CFO. Too many CEOs that I’ve talked to in the past do not understand the financial end of a business as well as they should, or could, and they need to rely on the advice of the CFO. When that doesn’t happen things don’t run as efficiently as they could. That is not my current situation right now, my CEO understands, and relies on the CFO and I can tell you it makes a world of a difference.” FIRM: Delta Scientific Corp.LOCATION: PalmdaleINDUSTRY: Manufacturing EMPLOYEES: 180YEARS IN PROFESSION: 30 JO LAMOREAUX Jo Lamoreaux EXPERIENCE: Jo Lamoreaux has been the CFO and corporate secretary for Hartford Computer Group in Simi Valley, for four years. Her company provides a suite of IT services including repair, onsite services, computer parts distribution and hardware reselling across five locations. She has more than 20 years of experience in finance and has been the CFO for other companies in the San Fernando Valley and worked as the director of finance for a UK-owned company. CAREER HIGHLIGHTS: Lamoreaux joined the technology company when it was in a turnaround situation and helped bring it back to profitability within one year. She helped build an effective financial team to support the growth of the business and helped streamline operations. She has focused on minimizing costs and expanding and diversifying the company’s customer base. Lamoreaux has put in place productivity enhancements that allowed the company to do significantly more revenue with the same staffing levels She has managed the closing, consolidation, and transition of the company’s regional business offices, and she has evaluated, designed, developed, and reengineered critical business processes for business efficiencies and financial effectiveness. ADVICE TO ALL CEOs: “To establish a close working relationship between the CEO and CFO is critical. So much of what the CEO does affects across the company and keeping the CFO informed will facilitate the best actions for the company.” FIRM: Hartford Computer GroupLOCATION: Simi ValleyINDUSTRY: IT services, computer parts distributionEMPLOYEES: 450YEARS IN PROFESSION: 20 EVAN MASYR Evan Masyr EXPERIENCE: Evan Masyr is the senior vice president and chief financial officer for Salem Communications Corp. He has been in that role for more than a decade. Prior to Salem, Masyr worked for PricewaterhouseCoopers for seven years. CAREER HIGHLIGHTS: He successfully led a recapitalization and refinancing of his company’s debt in late 2009, in one of the toughest lending environments in recent years. The company remains one of the few radio businesses that have been able to refinance in the last few years, while some of its peers have ended up in Chapter 11. He raised approximately $1 billion for his company and in response to the economic climate, cut annual expenses by more than $20 million. He has been heavily involved in mergers and acquisitions for the company that currently owns 96 radio stations, and has also directed the sale of non-strategic and non performing assets. FIRM: Salem Communications Corp.LOCATION: CamarilloINDUSTRY: Christian BroadcastingEMPLOYEES: 1,450YEARS IN PROFESSION: 17 HOWARD KAMINSKY Howard Kaminsky EXPERIENCE: Howard Kaminsky has been the CFO of Sport Chalet for 25 years. Prior to joining the company, Kaminsky was employed in the auditing division of Ernst & Young LLP where he became a Certified Public Accountant. He received a Bachelor’s Degree in Business Administration from California State University, Northridge. CAREER HIGHLIGHTS: In an industry largely dependent on consumer spending, Sport Chalet was hit hard by the downturn. Kaminsky quickly set to work examining the company’s practices, assumptions, models and costs in an effort to modify its business model and make the company more efficient. He led efforts to improve liquidity and reduced operating expenses by $27 million. Kaminsky helped renegotiate lease terms to reduce base rent and worked closely with vendors to sustain long-term relationships during challenging times. He improved inventory management and significantly increased payroll efficiency in stores. He was also instrumental in reducing corporate overhead related to personnel and discretionary spending. Kaminsky also worked through the National Retail Federation to lobby for a law change that resulted in a $9.1 million tax benefit to Sport Chalet and others. ADVICE TO ALL CEOs: “Any CFO needs to be in constant contact with the CEO to make sure that they understand each other and know what the overall goals and objectives are and are working together. They can’t work against each other; that would be devastating. My advice to a CEO is to hire someone you can work very closely with and trust their advice.” FIRM: Sport ChaletLOCATION: La CanadaINDUSTRY: Sports equipment, apparel, shoes and accessoriesEMPLOYEES: 3,000YEARS IN PROFESSION: 31 HAL BARNABAS Hal Barnabas EXPERIENCE: For more than three years, Hal Barnabas has been the vice president and CFO of XP Systems Corp, which is wholly owned by Fiserv Inc., a Fortune 500 company. Previously he was director of finance at Edwards Lifesciences in Irvine, and was senior manager of financial planning and analysis at Black and Decker in Towson Md. He has more than 20 years of experience in finance. CAREER HIGHLIGHTS: Barnabas has guided his company through difficult changes over the past three years helping it stay profitable and grow in an environment where a lot of competitors have shrunk. Barnabas managed operating expenses and looked at ways to change the company’s product mix in order to increase profitability even while selling less. He put in place a line product rationalization system to look at products that were worth discontinuing or changing. He engineered several reductions and implemented continued process improvements. Barnabas put in place a lot of controls in IT governance to support PCI (payment cards industry standards) and has significantly improved cash flow through better cash management. He’s helped his company significantly increase working capital. ADVICE TO ALL CEOs: “Identify key talent and high potential employees and implement retention programs to ensure those individuals understand the importance of their roles and how their contributions to the long-term success of the company will be rewarded. Provide clear internal communication regarding strategic initiatives and core competencies that distinguish us from our competitors and ensure that resources remain focused on high value-add activities that grow the top line and enhance profitability. Continue to invest in process-improvement programs, system enhancements, and new technologies with significant payback and ROI benefits i.e. data warehousing & business analytics, fully leveraging capabilities of ERP system to reduce overhead costs, etc. FIRM: XP Systems Corp.LOCATION: MoorparkINDUSTRY: Financial services technologyEMPLOYEES: 300YEARS IN PROFESSION: 20 TUAN HO Tuan Ho EXPERIENCE: Tuan Ho has more than 18 years of diversified domestic and international experience in operations, finance and information systems. He has been the chief financial officer for Bobrick Washroom Equipment, in North Hollywood since June of 2009. Prior, he served as first vice president of finance for Arden Realty, a commercial office real estate company in Los Angeles. Before that he was the chief financial officer for General Electric Embedded Systems, a $500 million global technology company with 16 facilities in North America, Europe and Asia. CAREER HIGHLIGHTS: Tuan Ho joined his company in the midst of the recent recession and was able to, in a short time, craft a strategy and provide a roadmap back to profitability. He led his team to compile a business restructuring plan within 60 days into the role as the business CFO. He presented the plan to the Board of Directors and banking partner for approval and executed that restructuring plan within 120 days of being hired. His efforts netted significant margin improvements and the company was able to reduce debt by 38 percent and significantly improve working capital by reducing inventory by 35 percent. ADVICE TO ALL CEOs: “A CFO is like a COO; they need to understand everything about a business. They should be at the table influencing important decisions both price related and financing decisions as well as non financing decisions. Communication is key. One of the biggest attributes of a leader is interpersonal skills, the ability to communicate at multiple levels, and CEOs should look for this in a CFO. Good communication skills are a lot more important than the more technical accounting aspects, it takes a lot more. A CFO should be able to simplify the complicated issues so he can get help from the guy on the floor to move the company forward.” FIRM: Bobrick Washroom EquipmentLOCATION: North Hollywood INDUSTRY: Washroom equipment manufactureEMPLOYEES: 500YEARS IN PROFESSION: 18 JIM CORWIN Jim Corwin EXPERIENCE: Jim Corwin has been the CFO of Facey Medical Foundation and Facey Medical Group for four years. He is one of three administrators responsible for the large multi-specialty medical group and ten clinic sites consisting of 180,000 enrollees and more than 150 providers. With more than 20 years in the financial field, his experience also includes working as the regional director of finance for Providence Health Systems overseeing six acute care hospitals and two post acute care hospitals. Prior to that, he was CFO for Tenet HealthCare for 12 years. CAREER HIGHLIGHTS: Corwin has streamlined processes and operations at his organization that have yielded significant cost savings. He developed the concept and programming for a unique physician time keeping system that saved 800-1,200 manpower hours reconciling physician benefits. The concept was so out of the box and unique that the time keeping software vendor is asking for his help to develop similar functionality for other customers. He also wrote programming that is driving more than $3 million annually in new revenues related to the managed care senior population. Corwin was also the senior leader in implementing a multi-million dollar Digital Radiology System and has been instrumental in obtaining approval for Ambulatory Surgery Centers in both the San Fernando and Santa Clarita Valleys. ADVICE TO ALL CEOs: “The key is knowing where to properly resource people and capital. To know where your money is coming from and properly resource the area. Know where your revenues streams are and do not shortchange or under-resource those areas. And bottom line, get good people, don’t let people that are not top notch linger at your organization. And be nice, you’ll be amazed at what people will do when you treat them well.” FIRM: Facey Medical GroupLOCATION: Mission HillsINDUSTRY: HealthcareEMPLOYEES: 1200YEARS IN PROFESSION: 22

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