Vice President Sales
Resume:
David T. Fyffe, CPA
Cincinnati, OH 45255 Home:
Cell:
e-mail: 513-***-****
abm7dh@r.postjobfree.com
Career Summary
Chief Financial Officer demonstrating strong leadership during periods of
both economic growth and recession. Consistent record of promotion and
increasing responsibility. Background includes successive roles in
Taxation, Treasury and as the CFO.
Leadership Successfully developed organizations of highly motivated
professionals working together collaboratively.
Partnering with the CEO, led the restructuring of a legacy
manufacturing operation into a lean business focused on cash
flow and earnings growth.
Responsible for driving responsibility and accountability deep
into the organization.
Advisor Trusted advisor to the CEO and senior management based upon
the ability to provide simple solutions to complex business
issues.
Strategy Developed financial strategies structuring bank debt, interest
rate swaps, currency hedging and the funding of foreign
subsidiaries.
A leader in the development of business strategies regarding
sourcing, distribution channels and the alignment of the
company with current economic realities.
Acquisition Led the development of the offering memorandum, presentation
s & materials, ensuing conference calls, management presentations
Divestiture and due diligence leading to the sale of Sencorp to a private
s equity company. Additionally, main point of contact for post
acquisition integration.
Led the finance team in the acquisition of a captive leasing
company specializing in underground mining equipment.
Ten years later, led the negotiations for the sale of the
world's largest lessor of underground mining equipment.
Led the structuring of numerous foreign operations maximizing
cross-border tax efficiencies, legal structure and financial
due diligence.
Relationshi Managed relationships with the company's Board of Directors,
ps Auditors, Consultants and Creditors.
Maintained the company's primary banking relationship
providing financial resources during the growth years,
financial stability during the economic recession and
acquisition financing in the sale to a private equity company.
Relationships are based upon a high degree of confidence,
integrity and trust.
Professional Experience
Senco Brands, Inc. (Cincinnati, OH ) Vice President and 2009 - Present
CFO
Senco Brands, Inc. is a global leader in the design and manufacture of
pneumatic fastening systems. Senco Brands, Inc. was acquired by a private
equity firm in July, 2009. At the time of acquisition the company was
generating revenues approximating $135 million. Reporting to the CEO
responsible for Accounting, Finance, Taxation and Information Technology.
At the time of acquisition Senco's business processes had been compromised.
Assumed a leadership role providing stability to a company that was
reorganizing after acquisition, the following accomplishments were critical
to the success of the company.
. EBITDA positive every month subsequent to acquisition.
. Reduced backorders by $2 million or 90%.
. Developed reporting package and key performance indicators (KPI"s) for
reporting to the Board of Directors and the controlling private equity
company.
Senco Brands, Inc. continued
. Reorganized the Accounting and IT functions maximizing performance
with a reduced staff.
. Established a planning process to drive operating performance and
enhance management accountability.
. Managed projects related to sku rationalization, sales forecasting,
and inventory planning,
. Leveraged changes in tax law to obtain $1.5 million in refunds through
the previous owner.
. Led efforts to establish strategic direction related to core business
processes.
. Managed project to determine the efficiency of U.S. manufacturing vs.
wholly owned Chinese assembly operation and third party sourcing.
. Improved working capital by $5 million while reducing the revolving
credit facility by 50%.
Sencorp (Newport, KY) Vice President, CFO and Treasurer 2004 - 2009
Sencorp was a privately owned holding company with revenues ranging between
$200 and $375 million. The corporation's primary subsidiary was Senco
Products, Inc. a global leader in the design and manufacture of pneumatic
fastening systems. Past holdings included Sentron Medical, Inc. a
corporate venture capital investor, Senstar Capital Corporation the world's
largest lessor of underground mining equipment and Senmed, Inc. a
manufacturer of medical wound closure staplers. Reporting to the President
of Sencorp, responsibilities included: Accounting, Treasury, Finance,
Taxation, Risk Management, and Internal Audit.
. A leader in driving responsibility and accountability deep into the
organization. Tirelessly worked to maintain profitability in an
environment impacted by the often eccentric culture of a closely held
family business.
. Renegotiated credit facilities to provide opportunity for the company
to engage an investment banking firm. Once a buyer for the company
was secured, negotiated debtor in possession financing with the bank
group during a time the bank group itself was experiencing financial
turmoil.
. Working with the Board of Directors engaged an investment banking
firm, prepared the offering memorandum and led the sales effort with
selected private equity firms.
. Managed an extremely efficient Chapter 11 process lasting nine weeks.
. Working with the CEO reduced the work force by more than 50%
eliminating $40 million of SG&A expense.
. Financings included a $57 million asset based credit facility; and a
$45 million borrowing base credit facility.
. Led monthly performance reviews of operating companies. Trusted
advisor to the President and CEO relating to operational issues.
. Negotiated the $4 million sale of a combined corporate office,
manufacturing and warehouse facility.
. Established an annual planning process providing top down strategic
direction with bottom line performance. Transitioned the planning
process from cost based budgeting to direction based performance
metrics providing a flexible process designed to meet a dynamic
business environment.
. Chairman of the Benefit Plans Investment Committee responsible for
$100 million of defined benefit plan pension assets and oversight of
$120 million of defined contribution assets (401(k)).
. In response to certain internal control deficiencies developed and
implemented a Corporate Code of Conduct.
Sencorp (Newport, KY) Treasurer 2003 - 2004
During this period reported to the Senior Vice President of Sencorp. The
organization was in period of increasing profitability requiring additional
financing and management controls. During this timeframe projects were
focused on transitioning from a legacy manufacturing company to a market
focused company in an increasingly competitive environment.
. Established a process for the evaluation and allocation of financial
resources to competing business initiatives. The process includes
continual feedback and accountability related to significant projects.
. Negotiated a total of $69 million in credit facilities including
revolving credit, term and Euro based borrowing, supporting both
domestic and European operations.
. Implementation strategy for the partial freeze of a defined benefit
pension plan and the supplemental employee retirement plan reducing
funding requirements by more than $10 million.
Sencorp (Newport, KY) Treasurer continued
. Implementation strategy for restructuring self-insured medical
benefits plan providing reductions in annual funding requirements by
$2 million.
Sencorp (Newport, KY) Assistant Treasurer and Director of Taxation 2001 -
2002
In this role reported to Sencorp's Senior Vice President. Prior to
receiving this responsibility the organization had effectively lost its
primary banking relationships with more than a 40 year history. At the
time I first became responsible for financing the organization; the
organization did not have a revolving line of credit and lacked the
necessary liquidity to initialize discussions with lenders. In order to
provide the necessary liquidity negotiated a sale leaseback of
manufacturing equipment. Once the organization had short term liquidity
it was possible to begin establishing new banking relationships.
. Established internal processes to manage daily liquidity.
. Established metrics for the management of accounts receivable,
inventory and accounts payable resulting in an $8 million decrease in
net working capital.
. Led weekly cash flow meetings reviewing performance to metrics and
maintaining discipline within a process that has continued from 2001
through the current period.
. Worked with legacy bank group to manage an orderly transition from the
existing bank group to a new group of financial institutions.
. Negotiated a $5.3 million sale leaseback of manufacturing equipment.
. Worked within a team environment with legal counsel to develop
taxation strategies related to the establishment of a family limited
partnership.
Sencorp (Newport, KY) Director of Taxation 1999 - 2001, Tax Manager 1986 -
1999, Tax Accountant 1982 - 1986
In this role reported to Sencorp's Senior Vice President. During this
timeframe the business environment changed dramatically for the
organization. The onslaught of Chinese product changed the dynamics of the
marketplace. During this period the organization focused on its equipment
leasing and venture capital subsidiaries.
. Sale of a $300 million (by asset size) equipment leasing company.
Responsibilities included: prospectus development, marketing
strategies, tax and accounting strategies and the negotiation of the
stock sale agreement.
. Provided tax and accounting strategies and due diligence related to
the acquisition of a $40 million equipment leasing company.
. Strategies for worldwide transaction planning including royalties,
sales, organizational structure, tax strategies and compliance.
. Responsible for Federal and state tax planning and compliance.
Federal tax reporting for international manufacturing and distribution
subsidiaries.
. Tax strategies and negotiations related to the sale of medical staple
wound closure business.
Public Accounting:
Foxx & Company CPA's (Cincinnati, OH) Senior Accountant 1980 - 1981
Hausser & Heintel CPA's (Cleveland, OH) Staff Accountant 1979 - 1980
Education, Certification and Memberships
Education:
University of Cincinnati (Cincinnati, OH) M.S. Taxation, 1986
Miami University (Oxford, Ohio) B.S. Accountancy, 1979
Certification and Memberships:
Certified Public Accountant, State of Ohio (Inactive)
Ohio Society of Certified Public Accountants
American Institute of Certified Public Accountants
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