Management Risk

TRACY M. WELCH, MBA

North Salt Lake (cell) 801-***-****

***********@*****.*** (home) 801-***-****

SUMMARY

Financial executive with global multi-industry experience including

energy, industrial, consumer brands, food, and high-tech with expertise

and proven results in treasury, finance, risk management, accounting,

commodities, M&A, controls and procedures. A collaborative change agent

that blends control and efficiency management with planning and

interpersonal skills to motivate teams and drive key initiatives.

EXPERIENCE

AMBRE ENERGY NORTH AMERICA - Salt Lake City, UT

2011 - 2012

$400 million private company with two coal mines with ultimate plans to

develop Northwest ports to export coal to Asian economies. Mines assets

acquired in 2011.

Chief Financial Officer

. Assembled and trained accounting and IT groups to transition

functions from former operator.

. Oversaw IT planning and implementation to connect mine and port

sites to North America headquarters and Australian parent.

Directed implementation of NAV ERP software and Ellipse mining

software.

. Facilitated purchase accounting fair market opinion with external

auditors in addition to annual audits.

. Directed risk management and chaired pension committee.

. Participated in IPO activities for potential Australian Stock

Exchange listing - not completed.

. Coordinated domestic due diligence for potential investors with

$20 million investment from Korea.

VERSO PAPER - Memphis, TN

2010 - 2011

$1.6 billion public (70% Private Equity owned) coated paper producer with

four plants.

Treasurer

. Coordinated complex New Market Tax Credit financing resulting in

project savings of $6 million.

. Arranged refinancing of $400 million second lien debt to extend

the maturity and reduce interest rates.

. Directed risk management with leadership in establishing an

Enterprise Risk Management program.

HAWKEYE ENERGY - Ames, IA

2009 - 2010

$1 billion Private Equity owned Ethanol Company operating four plants

plus marketing arm for additional eight non-owned plants. Company merged

with Koch Industries.

Treasurer

. Enhanced bank relationships, increased revolving credit facility and

improved internal controls and working capital efficiency.

. Directed risk management including elected advisory committee member

that represented 80 ethanol plants to an offshore captive insurance

company.

GLOBAL ETHANOL - Minneapolis, MN

2007 - 2008

$350 million Private Equity owned company operating two ethanol plants.

Company subsequently merged with Green Plains Energy.

Chief Financial Officer

. Directed finance, risk and IT teams. Developed comprehensive policies,

procedures and staff responsibilities which improved control functions,

daily cash management and tax reporting.

. Implemented Allegro ERP and risk management software which improved

reporting and controls.

. Managed bank relationships, increasing revolving credit facility and

directed changes to A/R process.

. Directed risk management including successful resolution of four

property claims.

The SCHWAN FOOD COMPANY - Marshall, MN

2002 - 2007

$3.5 billion privately-held global frozen food manufacturer and consumer

branded distributor.

Senior VP & Chief Financial Officer - Schwan's Global Food Service

2006 - 2007

Senior VP, Risk Management & Treasurer

2004 - 2006

VP & Treasurer

2002 - 2004

Tracy M. Welch 612-***-****) - page 2 of 2

. Created treasury department; promoted to SVP with additional

responsibility for safety and risk management, commodity risk

management; and ultimately promoted to SVP & Chief Financial Officer of

their $900 million Food Service division.

. Established a network of banking relationships and implemented capital

structure policy to enhance liquidity and facilitate cash for M&A

programs with a $200 million acquisition loan, $150 million revolving

line of credit, and a $500 million private placement reducing interest

expense by $5.6 million.

. Established a corporate credit group resulting in a DSO decrease of

corporate A/R by four days.

. Evaluated and implemented SAP treasury modules which improved

efficiency and controls.

. Created a unique program to replace an outdated paper-based deferred

payment process with a more efficient electronic process resulting in

$4.5 million annual cost savings.

. Developed an Enterprise Risk Management program which reduced risk,

improved corporate safety, and initiated a commodity risk management

program which realized savings the first year of $17 million.

. Established a Bermuda insurance captive resulting in annual savings of

$1.8 million.

. Developed and implemented a strategic plan to manage the restructuring

of the bakery business unit which improved the efficiency and

profitability levels by over $6 million annually.

IOMEGA CORPORATION - Roy, UT

1999 - 2001

$1.8 billion public high-tech manufacturer (Zip drives). Company

subsequently merged with EMC.

Treasurer

. Directed global treasury, credit, risk management and Investor

Relations functions, including earnings releases, conference calls,

annual reports, and analyst and shareholder meetings.

. Increased institutional ownership from 7% to 28% to reduce stock price

volatility.

. Improved working capital by over $300 million by implementing new

systems and processes, resulting in annual savings of $1 million.

. Negotiated debt amendments to minimize financial covenants and reduced

fees by $.5 million annually.

KN ENERGY, INC. - Lakewood, CO

1998 - 1999

$5 billion public natural gas pipeline operator. Company subsequently

merged with Kinder Morgan.

Assistant Treasurer

Directed cash management, corporate and project finance, leasing, and

pension plan administration. Renegotiated $1 billion credit facility to

reduce covenants and negotiated $200 million construction loan.

SMITH INTERNATIONAL, INC. - Houston, TX

1994 - 1998

$2 billion global public oil field service-company with operations in

over 50 countries. Company subsequently merged with Schlumberger.

Assistant Treasurer

Managed global treasury and implemented cash management system with $1.3

million annual savings. Developed M&A model and performed due diligence

on 30+ targets. Assisted international operations and developed foreign

exchange (FX) exposure management process that included intercompany

netting that generating annual savings of over $1 million.

COOPER INDUSTRIES, INC. - Houston, TX

1987 - 1994

$6.5 billion global public company with diversified manufacturing

operations in over 30 countries.

Manager of International Finance

Proactively executed international cost-saving opportunities to improve

liquidity, facilitate M&A and trade finance, and execute letters of

credit. Performed M&A due diligence on 60+ targets. Managed foreign

currency and interest rate risks.

EDUCATION, PROFESSIONAL CERTIFICATION & OTHER

Schwan Executive Development Program, in conjunction with Cornell

University

MBA (finance emphasis), University of Utah

Bachelor of Science- Accounting, Utah State University

Certified Public Accountant, State of Ohio (inactive certificate)

Adjunct Finance Professor, Southwest Minnesota State University (2002 -

2004)

Proficient in Excel, Word & PowerPoint

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