Fred V. Cornwell

**** **** **** *******

816-***-**** Kansas City, Missouri 64114 abnb0p@r.postjobfree.com

Executive Leadership

Finance

Executive leader whose satchel of skills is financially focused but

operationally grounded. Tenaciously searches out unique and innovative

solutions to problems that exist in all corners of the organization and

provides thoughtful leadership. Has a reputation for effectively

communicating with outside parties including Rating Agencies, Banks, and

other professionals.

? Areas of Proven Leadership ?

Financing-Debt and Equity

Acquisitions and divestitures

Planning

Restructuring and reorganizing

Growth organizations

Start-ups

Corporate governance

Creative problem solver

Midwest Research Institute Kansas City, Missouri 2001 to 2009

Vice President, Chief Financial Officer [2005-2009]

Midwest Research Institute is a $500,000,000 not-for-profit applied

research organization which manages the National Renewable Energy

Laboratory. In addition to NREL the Institute manages research in the

areas of Biology, Chemistry and Applied Engineering. Specific

responsibilities include managing the Finance, Accounting, Budgeting,

Procurement, and Enterprise Risk Management Business areas with a staff of

25 staff and a budget of approximately $5 Million.

Financing: Led the issuance of $20 Million of tax exempt bonds to

renovate the corporate headquarters and increase laboratory space. This

public offering of debt also included obtaining and maintaining an

investment grade credit rating from Moody's during a challenging period

in the US economy.

Management: Managed the Institute's implementation of section 404 of the

Sarbanes-Oxley Act as a best practice for internal controls.

Management: Managed the administrative functions under the oversight

of Defense Contract Management Agency (DCMA) and Defense Contract Audit

Agency (DCAA) while operating under the Federal Acquisition Regulations

(FAR).

Pension and Investment Management: Implemented unique solution to allow

for lump sum payout of "Top-25" employees.

Planning: Developed and implemented modified Operating Reporting package

for the Institute. New package included development and implementation

of monthly operating and financial metrics which improved operations to

measure effectiveness.

Corporate Governance: Executive management interface with Audit

Committee and Finance and Investment Committee meetings of the Board of

Directors.

Director, Business Management [2001 to2005]

Promo Holdings Kansas City, Missouri 2001

Senior Vice President/Chief Financial Officer

Promo Holdings is a $300,000,000 holding company which owned a promotional

products distributor and a manufacturer of promotional apparel. Specific

responsibilities were day-to-day management of the Finance and Accounting

Departments for American Identity, management of banking relationships and

management of equity holders with a staff of over 45.

Acquisition / Financing: Analyzed, consolidated and eliminated

administrative operating location which resulted in a 20% reduction in

accounting staff without reduction in delivery of service.

Corporate Governance: Worked with company's Board of Directors on a

regular basis. Developed monthly Board package and worked with financial

directors in developing regular operating metrics which were used to

improve operations. In addition, was responsible for dramatically

improved the communications between the Equity Partners, Banks, Board of

Directors and Management.

iTravel Overland Park, Kansas 2000 to 2001

Senior Vice President/Chief Financial Officer

iTravel was a top-100 travel agency that provided a high-tech/high-touch

solution tailored to the small to medium sized corporations. This company

was a rapidly growing organization that leveraged the migration of business

models from the store front to the internet. Specific responsibilities

included management of Finance, Accounting, and Human Resources with a

combined staff of approximately 10 professionals.

Acquisition / Financing: Successfully completed a $7.0 million Series B

preferred stock financing led by HarbourVest Partners, LLC and completed

a $3.5 million convertible debenture bridge note with existing

shareholders and new strategic partners to keep the business operating.

Accounting: Transitioned to a cash basis of accounting to a true accrual

accounting process.

OREAD Lawrence, Kansas 1997 to 1999

Executive Vice President/Chief Financial Officer [1997-1999]

Oread was an $85 million Contract Pharmaceutical Company that developed and

manufactured drugs on a contract basis for ethical pharmaceutical

companies. Oread was started in 1994 and experienced rapid growth through

acquisitions. Annualized revenues increased by 300% with an increase in

the number of facilities from one location to seven in five different

cities. Specific responsibilities included management of the Accounting,

Finance, Legal, Procurement and Contracts with a staff of 25 professionals.

Acquisition / Financing: Completed the acquisition of a 150 person

clinical supply packaging company. During this same period of time, led

the acquisition of a 40-scientist formulation laboratory from a publicly

traded enterprise. Both transactions required modifications to the

capital structure.

Legal: Responsible for in-house counsel activities including the

streamlining of the confidentiality agreement and the contracting

processed which reduced the cost of outside law firm by over 50%.

Director of Contract Management [1997]

Specific responsibilities included initiating negotiations with all new

clients to establish non-disclosure agreements and contracts for drug

development services. Range of services included discrete laboratory

services as well as all inclusive drug development.

DVB Enterprises/Legends Athletic Kansas City, Missouri 1995 to 1996

Vice President/Chief Financial Officer

DVB Enterprises was a $20,000,000 manufacturer of licensed athletic

apparel. I joined this financially distressed company with the assignment

of stabilizing its cash flow. Direct reports included Accounts Payable,

Accounts Receivable, Sales Commissions, Royalties, Risk Control, and MIS.

Financing: Secured an increase in the Company's line of credit by 100%

in slightly less than a year.

Accounting: Implemented accrual based accounting systems. This included

streamlining Commission and Royalty reporting systems. In addition,

successfully implemented a manufacturing based standard costing system

and modified it to more closely reflect the economic standard cost of the

garments. This modified process was used to establish profitability and

assist with the turnaround of the business.

Management: Dramatically upgraded the accounting department staff

without increasing headcount while the company was growing at 40% per

year.

> Management: Successfully managed the disgruntled creditors during this

time of growth and turnaround while improving the company's cash flow.

Legal: Responsible for all of the company's legal issues that ranged

from environmental problems, employment disputes, to redrafting the

Company's bylaws.

Ernst & Young LLP Kansas City, Missouri 1989 to 1995

Senior Manager and Co-Director of Kansas City Special Services Group

Ernst & Young's Special Services Group was a national department that

concentrated in the areas of Restructuring and Reorganization, Strategic

Planning, Corporate Finance, Valuation and Litigation Support. Personal

expertise was concentrated in the first four areas. In addition, I was

responsible for managing the Kansas City Special Services Group practice

and developing work in the Kansas City, Wichita, and St. Louis markets.

Restructuring and Reorganization: Assisted the Unsecured Creditors of a

$300,000,000 grocery store chain in analyzing the long-term prospects for

the corporation, short-term feasibility of continued operations, and

directed the Ernst & Young team in an on-going analysis of the operation.

Strategy: Selected as one of four professionals within the Midwest

Region to be trained in a proprietary boardroom strategic planning

methodology. These facilitated sessions were directed towards maximizing

shareholder value by using theories originally developed by the Boston

Consulting Group and DuPont Corporation.

Corporate Finance: Co-directed the sale of the four operating units of a

$70,000,000 athletic surface manufacturer. This engagement included the

creation of an offering memorandum, identifying potential buyers,

analyzing the economics of various offers, and negotiating the final

deal.

Education

Kansas University University of New Mexico

Master of Business Administration Bachelor of Business Administration

Concentration: Finance Concentration: Business Computer Systems

Outside Activities

Security Clearance

Alliance for Sustainable Energy Board of Directors

Audit and Finance Committee

Commercialization Committee

Financial Executives Institute Member

Guadalupe Center Board of Directors

Chairman of MRI United Way Campaign

Crestwood Homes Association Board of Directors-Treasurer, President

Greater Kansas City Chamber of Commerce Centurions Program: Graduated -

1995

Steering Committee

Sherwood Center for the Exceptional Child:

Board of Directors

Chairman of the Board

Contact this candidate