Richard A. Wisot
Home: 203-***-**** Cell: 203-***-****
Orange, CT 06477 E-
mail: ******@*********.***
Senior Financial Executive with significant domestic and international
experience in accounting, finance, and tax achieved in public accounting
and private industry. A strategic thinker and achiever, who possesses the
capability to implement change, focus a team, and lead in a high visibility
role. Proven ability to reduce operational costs, improve cash flow, and
increase productivity. Excellent interpersonal skills with ability to
motivate and develop people.
EXPERIENCE
Proliance International, Inc. (formerly Transpro, Inc.) New Haven, CT
June, 2001 to Present
Vice President, Secretary and Treasurer
June, 2007 to Present
Vice President, Secretary, Treasurer and Chief Financial Officer
June, 2001 to June, 2007
Report directly to the President and Chief Executive Officer of this $400+
million international manufacturer and distributor of aftermarket heat
transfer and temperature control products for automotive, truck and
industrial applications
Established vital initiatives for the Company along with an ambitious
three-year, $7 million program of turnaround actions to restore Proliance
to profitability
Increased the Company's borrowing capacity, which lowered costs and
increased financial flexibility
Led the strategic acquisition activities and negotiations for various
acquisitions including the 2005 Modine aftermarket merger into Transpro
and formation of Proliance
Made tax accounting election changes to maximize carry back opportunities
and generate additional cash flow and earnings
Negotiated the sale of a significant underutilized facility to reduce
debt and lower operating costs
Improved timeliness and accuracy of financial reporting and analysis
Worked with CEO to have the organization focus and drive performance
through use of our five strategic corporate values
Helped guide Company through major business disruption from a natural
disaster that forced a restructuring; worked to successfully settle a
major insurance claim for $52 million; led a team of inside and outside
resources to sell the U.S. and then the European operations through a 363
sale process
Ecoair Corp. Hamden, CT
February, 1997 to May, 2001
Vice President, Treasurer and Chief Financial Officer
Involved in all financial and business strategies for this small
development stage company focused on inventing, developing and marketing
through license and joint venture agreements proprietary technologies and
product designs in order to satisfy the existing and future electrical
power needs of vehicles. Ecoair's central technology is a high-output/high-
efficiency alternator for the automotive and truck markets.
Echlin Inc. Branford, CT
1975 to 1996
Vice President and Controller, Chief Accounting Officer 1990 to
1996
As principal financial officer, reported directly to the Chairman and CEO
and dotted line to the President and COO for operational issues of this
$3.6 billion global manufacturer of automotive parts for the replacement
market and original equipment manufacturer. Reorganized and strengthened
the worldwide controllership function resulting in increased quality,
productivity, and morale, enhanced financial management and improved
operating results and controls.
Richard A. Wisot
Page Two
Developed and executed financial strategies that significantly improved
operating cash flow to record levels and reduced SG&A expenses.
Generated over $750 million in positive cash flow from operating
activities over a five year period and reduced SG&A by 3.5% as a percent
of net trade sales over the same period.
Streamlined the strategic, marketing, and business planning process
including the capital expenditure plan and overall approval process. The
Company achieved or exceeded its business plan profit objective for the
last four years.
Actively participated in the due diligence of 18 significant acquisitions
and the review of many other target companies including joint ventures
and alliances.
Directed the continual update of financial policies and procedures and
established as a high priority the completion of open internal accounting
control recommendations from internal or external audit or efficiency
reviews.
Restructured the receivables management function by issuing formal credit
policies and procedures and by follow-up, education, and a return to
basics approach. Reduced total past due A/R from 18.8% to 12.8% and
account write-offs as a percent to net sales was reduced from .34% to
.13%, representing significant superior performance compared to the
industry.
Directed the transformation of the MIS function including: the
development of an Information System strategy to migrate from mainframes
to local area networks and client server technology, the selection of
preferred hardware and software products, requiring all MIS departments
to develop and test a comprehensive disaster recovery plan. Developed an
Executive Information System for Corporate and Group users and promoted
the spread of cycle counting to avoid physical inventory counts through
the use of warehouse automation incorporating bar coding.
Member of the Pension Investment Committee that coordinated the
investment of $110 million defined benefit plan by hiring portfolio
investment fund managers, reviewed the fund managers' performance, and
determined the asset allocation of the pension trust. Implemented
investment strategies that have consistently exceeded return assumption
of 10% and minimized pension expense.
Presented quarterly financial results to the Board of Directors and
represented management at the Audit Committee meetings.
Member of the Echlin Benefits Committee that administered all benefit
programs. Enhanced the 401(k) program by expanding investment options
that allowed broader asset allocation and automating employee changes.
Treasurer
1981 to 1990
Reported to the Chairman and CEO with responsibility for cash management
and banking, financings, investments and pension plan assets, risk
management and loss control, credit and collection, tax administration,
internal audit, real estate, and travel.
Centralized control of the daily cash management requirements to fund the
specific needs of the Company.
Established and maintained worldwide banking relationships and negotiated
several revolving credit agreements.
Maintained close contact with investment bankers as to financial market
conditions and financing opportunities. Went to the public markets for
two equity issues that yielded $256 million in new equity. Coordinated
the listing of the Company on the London Stock Exchange.
Richard A. Wisot
Page Three
As an issuer of Commercial Paper, made periodic presentations to the
rating agencies. Reviewed financial results with analysts, institutions,
and commercial bankers and maintained relationships with large
shareholders.
Evaluated and used alternative funding methods such as debt/equity swaps,
IRB's, and was one of the first companies to use the CAFCO receivable
sale program.
Actively managed IRS and state examinations, tax compliance, research,
and accruals.
Supervised the auditing of financial controls by the Internal Audit
function and used them to supplement coverage and reduce the cost of the
external auditors. Improved productivity by introducing a limited review
approach focusing on internal accounting and data processing controls.
Instituted the centralization of travel services through a travel agency
joint venture and saved approximately $370,000 the first year. Managed
the fleet administration for 700 company leased vehicles.
Coordinated sale of excess real estate properties, site selection for new
projects, and determined financing.
Assistant Treasurer
1978 to 1981
Director of Taxes
1976 to 1978
Tax Manager
1975 to 1976
Established the first in house tax function and was responsible for all
tax compliance, research, tax accruals, and IRS and state examinations.
Tax planning, structuring of acquisitions, and the results of
examinations contributed significantly to the earnings growth.
Insilco Corporation Meriden, CT
1972 to 1975
Assistant Tax Manager
Responsible for the tax compliance, research, tax accruals, and IRS and
state examinations for this Fortune 500 conglomerate of consumer and
industrial products.
PriceWaterhouseCoopers LLP Stamford, CT
1968 to 1972
Senior Tax Specialist
1971 to 1972
Staff Accountant
1968 to 1971
Assumed increasing responsibilities and experience in providing auditing
and tax services to diversified clients.
EDUCATION
BA, Accounting, Queens College, City University of New York, Flushing, NY
1968
PROFESSIONAL AFFILIATIONS
Director, People's Bank, New Haven Advisory Board
1988 to 2001
Member, Financial Executives Institute, Institute of Management Accountants