NYSE listed global multi-plant producer of electronic components, controls, and materials; communications and cable television equipment; and pay-TV programming. Sales $725 million ($1.5 billion inflation adj.), employees 11,300.
Vice-President and Chief Financial Officer, Corporate Office, 1985 - 1988
Vice-President Financial Planning and Analysis, Corporate Office, 1984 - 1985
Led a turnaround of the business and completion of restructuring. Supervised the divestiture or liquidation of more than 25 businesses and four acquisitions.
·Established financial systems that received commendation by the SEC
·Saved in excess of $10 million annually by restructuring the cable converter business.
·Eliminated losses at satellite communications subsidiary by assuming direct responsibility.
·Reduced administrative costs $30 million annually by restructuring corporate staff.
·Increased net worth from negative $65 million to positive $65 million through low-cost plants, product re- designs, new products, purge of products, and inventory reductions.
·Developed corporate-wide budgeting, forecasting and management reporting systems.
·Restructured capital through four public offerings, reducing annual debt service by $25 million.
·Negotiated the sale of a major division, raising $153 million in cash.
·Discontinued the company's pay television operations, saving cash in excess of $30 million.
Vice-President Finance, Oak Media Development, Subsidiary, 1981 – 1983
Responsible for all administrative areas. Reduced film licensee fees 42%, saving $18 million annually