Senior level executive with close to 20 years of financial management, corporate finance, corporate accounting and consulting experience.Proven hands on ability to improve operations, impact business growth and affect organizational change through achievements in general management, business planning, cost containment, systems technology implementation, internal controls, productivity/efficiency improvements and staff development. In addition, substantial experience with startup entities, ongoing concerns, and turnarounds/restructurings of companies in the media, financial, energy, steel, trading and manufacturing sectors.Extensive experience in the US, Southeast Asia (Singapore, Thailand, Indonesia, Philippines), and the Middle East (Bahrain, UAE, Saudi Arabia, and Egypt).
May 2007 - Present
Chief Finanical Officer
The Dubai Mercantile Exchange is an Energy futures exchange that launched the first physically backed Middle eastern sour crude futures contract.The exchange began its operations on June 1, 2007 and has the Chicago Mercantile Exchange, Dubai Holding and the Oman government as its shareholders.Responsibilities
Oversee the finance and treasury functions of the Company, while directly reporting to the CEO.Implementation and development of a finance department from the ground up.Monthly financial reporting to the three separate shareholders and quarterly finance presentations to the audit committee and full board of directors.Preparation of annual budgets and five year forecasts along with involvement with the overall strategic plan and direction of the Company.Achievements
·Initial implementation of an enterprise-wide risk management program with a resulting risk register and a basis for the outsourcing of the internal audit function.
·Selection and implementation of an ERP system that interfaced with the clearing and settlement system, and included HR, payroll and fixed assets modules.The appropriate selection of the ERP system allowed for a quick and timely implementation of a system that is more than adequate for the needs of the organization.
·Preparation and implementation of policies and procedures, from the ground up, surrounding the various accounting and finance functions, utilizing best practices and catered towards the specific needs of a regulated exchange.
·Managed the financial due diligence process in regards to strategic investors taking a 16.5% equity stake in the Company.
·Numerous presentations to the Board of Directors including alternative shareholding structures of the Company, financial and capital ratio requirements in relation to capital calls and the capital structure of the Company, potential cost cutting initiatives, risk and corporate governance matters, etc.
May 2004 - Apr 2007
Chief Finanical Officer
Orbit Communications Company
Orbit is privately held pan-regional direct-to-home digital satellite TV and internet company with operations throughout the Middle East.The Company has over 1,100 employees and 30 retail outlets extending from Egypt through the Gulf and up through the Levant (Jordan and Lebanon).Responsibilities
Oversee the finance, treasury and administration functions of the Company, while directly reporting to the CEO.Managed a finance department with over 90 staff situated in 7 different countries in the region.A member of the four-person Executive Management team that decided on major decisions and overall strategic direction to the Company.Provide strategic leadership in the areas of finance, treasury, strategic planning, sales, IT, HR, and administration functions.Responsible for timely financial reporting and analyses, budgeting and forecasting, cashflow management, and contract review and negotiations.Also member of the Board of Directors of a sister satellite company providing satellite space capacity to third party TV programmers.Achievements
·Introduced financial discipline to strategic decision-making to ensure optimal return on limited resources. All new programming acquisitions and product developments require sensitivity analyses of pricing and packaging on subscriber growth under various scenarios.
·Achieved back to back double digit percentage growth on year-on-year revenues after years of declining revenues, through combination of subscriber growth from new products (two way internet satellite offering, ethnic programming, strengthening of children’s programming) and price increase on existing programming.
·Reduced the size of the finance department, while improving the timeliness and quality of financial reporting.Shifted the culture of the finance department away from providing mountains of data to providing clear and concise analyses and information to senior management.
·Implemented the migration of the accounting system to a new windows based package and centralized all data at the head office with input/viewing access at the various regional offices.Prior to the migration each regional office had its own off the shelf accounting package with interface via excel spreadsheets and e-mails.
·Creation of a dedicated financial analysis team to prepare operational and financial analyses and forecasts related to new strategic initiatives and the preparation of the annual budget.Prior to the creation of this team, such work was performed on an ad-hoc basis by any available staff, resulting in uneven quality of analysis.
·Initiated cost control through development and upgrade of systems and processes with planned savings of approximately 20%.
Jan 1999 - Apr 2004
Pricewaterhouse Coopers Securities
PricewaterhouseCoopers Corporate Finance is the investment banking subsidiary of PricewaterhouseCoopers LLP.Responsibilities
Led South-East Asia team in origination, structuring, and execution of buy-side, sell-side, and restructuring mandates in the financial, energy, steel, trading and manufacturing sectors. Specific aspects of mandates include the soliciting of financial and strategic investors, the raising of new capital, capital structure feasibility studies, repurchasing of outstanding corporate bonds, and restructuring of bonds. The transactions sizes have ranged in value from US$100 million to US$500million.Achievements
·Developed business rationalization plan for Southeast Asian conglomerate to refocus overall direction and operations to certain core businesses and identified divisions for disposal. Implementation of plan has resulted in share price more than tripling over a subsequent two year period.
·Represented a large Southeast Asian conglomerate in the raising of new local currency financing and negotiations with existing creditors to repurchase its outstanding bonds at a discount, resulting in reduction in debt by 35%.
·Represented a large Southeast Asian conglomerate in the formulation, negotiation and execution of an exchange offer to reduce its debt from US$276 million down to $140 million in exchange for equity shares in the company.
·Developed strategic and financial restructuring plans for two publicly listed Southeast Asian chemical manufacturers and distributors. Total liabilities restructured of approximately US$300 million held by approximately 50 international creditors.
Jun 1994 - Dec 1998
PricewaterhouseCoopers’ Business Recovery Group provides advisory and operational assistance to distressed companies.
Led turnarounds and restructurings of companies in operational and financial distress, including interim CFO responsibilities for two companies under receivership. Additional responsibilities have included the preparation of business plans, long term financial projections; preparation of short term cashflow analyses; preparation of operational and marketing studies to assist clients in focusing their product offerings to core profitable products; and preparation of G&A studies to rationalize overhead costs.
·Hands on experience as an interim CFO for a pension trust company and a brokerage clearing house, both under receivership. Oversaw the following:
·Negotiated payment terms with banks in order to release securities held as collateral;
·Supervised treasury functions related to the sale and purchase of US Treasury bills and bonds held in the proprietary book;
·Established and ensure controls surrounding customer accounts and assets;
·Monitored the daily operations of over $500 million of assets held in customer accounts;
·Prepared various tax analyses to determine significance and use of net operating loss carry-backs; and
·Renegotiated property leases.
·Assisted with negotiations for the settlement structure of the payment of US$5.7 billion to over 200 government agencies in the Orange County bankruptcy.
·Financial review of the capital improvements program for a local municipality resulting in potential savings of up to $27 million and included a review of potential sources of funds, level of services to satisfy future needs of the community, estimated costs to complete various aspects of the project, selection and coordination of an engineering consultant to assist with a structural review, and presentation of the results of the financial review before the City Council.
Sep 1989 - May 1994
Supervised and planned financial and operational audits of corporations, partnerships, not-for-profits and employee benefit plans. Client’s size ranged from start-ups to US$4 billion in sales and included both SEC registrants and privately held companies in industries ranging from information technology to retail to manufacturing.Achievements
·Initiated fresh-start accounting for large retailer emerging from bankruptcy, including re-valuation of all balance sheet items.
·Planned and executed first time audits for new privately held clients.
·Planned and executed special audit of movie production company related to cost dispute.
·Developed accounting controls for various startup entities.
·Identified recommendation to strengthen existing control weaknesses for recurring clients.