Sales Marketing

DAVID A. ROEHR

PRESIDENT / CEO

Startups / Expansions / P&L / M&A / IPOs / Officer & Board Member / Capital Structure / SOX

Corporate Banking & Treasury / Marketing Strategies / e-commerce / Organizational Structuring

Entrepreneurial executive and board member with record of pioneering new strategies to grow publicly traded

Cabela’s from $250M in sales to a $1.8B sales leader. Chartered de novo credit card bank, growing it to $1.8B in

managed assets and one of the nation’s top 10 credit card issuers, producing 50%+ annual ROE. Used inventive

financial tactics to save $100M+. Led successful IPOs. Interested in running another dynamic company.

Key Skills: Public company experience from IPO through growth and expansion. Developing and implementing

effective marketing strategies. Crafting economic development packages. Developing customer reward and loyalty

programs tied to credit cards. Creating multi-channel retail models and expanding retail operations. Negotiating

complex contracts. Ensuring regulatory compliance including Sarbanes-Oxley. Building and leading strong teams.

Selected Accomplishments

Grew Cabela’s sales from $250M to $1.8B, market cap $66M to $1.6B, pre-tax margins 1.5% to 7%. In spite

of Company’s steady growth, its pre-tax income margin was flat or declining. Implemented financial budgeting,

performance based compensation and bonus plans, and equity based compensation for key executives. Aligned

management and owner objectives and instituted effective processes and communication strategies.

Expanded into new retail channel, opening 12 stores, each with annual revenue between $40M and $100M.

Cabela’s, a direct marketer, needed new sales channels for continued growth. Developed destination retail / tourism

store model. Stores were 125,000 to 265,000 sq. ft. and largely financed by newly enacted and existing economic

development incentives.

Negotiated over $300M in economic development packages to finance Cabela’s expansion. Company needed

capital for its retail store and distribution expansion plan. Developed a tax increment financing and economic

development incentive model. Lobbied to pass enabling legislation. Negotiated with local and state governments.

Chartered credit card bank growing it to $1.8B in managed receivables with ROE of 50%+ / ROA of 3.5%+.

Capitalizing on credit card program’s success and change of control of bank partner, chartered Cabela’s own credit

card bank in 2001. Began with a portfolio of $300M in credit card loans and executed aggressive growth plan. By

2006, grew bank to $1.8B in managed receivables.

Solved liquidity issue at World’s Foremost Bank with $1.5B securitization facility at favorable rates &

terms. As the bank grew, it was not viable to fund the portfolio with FDIC deposits and alternative sources of

liquidity were needed. Created a master funding trust to securitize the portfolio with a commercial paper asset

backed facility and the use of term bonds (both fixed and variable interest rates) sold to investors.

Career History

Principal, Roehr Consultants, 2006 to present. Marketing, merchandising, due diligence for acquisitions,

obtaining economic development incentives, engineering state income tax restructure, financial planning, budgeting

and control. Key clients include: QC Supply, Speedway Motors, Nelnet, Inc., D. E. Shaw, Security First Bank, The

Buckle, Inc. and MI Industries.

• As Board Member, improved shareholder value for Buckle Inc. from $8 to $45 per share and returned over $8

per share in cash dividends. Implemented new compensation plan for management tied to performance and

BOD objectives, as well as new capital allocation policies and use of liquidity.

• As member of the BOD at Security First Bank, took part in strategic plan, growing bank from $75M to $700M

in assets. The bank implemented a combination organic and acquisition growth strategy to create the critical

mass needed to be viable for the long-term.

David A. Roehr Page 2

• In consulting role, implemented major strategic changes for client, Speedway Motors, tripling net income. The

company needed to upgrade its database, circulation planning, merchandise profitability measurement,

forecasting and operational functions. Performed a comprehensive review of the business and implemented

major changes in how the company mailed catalogs, selected merchandise for inclusion in the catalogs,

measured performance of direct marketing and the logistics of operations.

• As consultant at QC Supply, conducted full operations, marketing, financial and accounting review, resulting in

over $500K in tax savings from prior accountant mistakes. In the process of reorganizing marketing function,

circulation planning and number of catalogues to mail which will increase net margins by over a half million

dollars. Additionally, leading acquisition of two companies, which will contribute over $35M in gross sales.

President/CFO, Cabela’s, Inc., 1994 to 2006. Held Vice President, Executive Vice President, CFO and President

positions for this $2.4B publicly traded company known as the “World’s Foremost outfitter” of hunting, fishing and

outdoor merchandise. Grew company to 10,000 employees, 26 stores, and one of the top 25 e-commerce sites.

• Developed and implemented Cabela’s e-commerce strategy, generating $20M in monthly revenue. Company

needed to add e-commerce to its multi-channel retail model. Developed model putting all customer contact

functions in place before launching the site. Model became one of the top 25 e-commerce stores in the nation.

• Started real estate development company, Cabela’s Ventures, adding over $100M in pre tax income. Purchased

land surrounding new stores and sold parcels to hotels, restaurants, travel centers and complimentary retail

businesses. Built real estate developments in connection with 10 new retail stores.

President/CEO and Chairman of the Board, World’s Foremost Bank. Wholly owned regulated credit card

bank with over 1.5 million cardholders and over $2B in managed assets. The bank issues and manages the

Cabela’s Club Visa card and related customer reward’s program. Founded the program in 1995 and

chartered bank in 2001.

• Created co-branded credit card rewards program realizing 22% sales lift & reducing attrition 50% for the

retailer. Cabela’s did not have a customer loyalty / rewards program. Created program allowing top customers

to earn points for usage, receive special treatment, and earn significant amounts of free merchandise funded

entirely by program profits. Started program in 1995 with a regional bank as a 50% partner. Exceeded five-year

projection in the first nine months. By 2006, the program had attracted over 1.4 million cardholders,

dramatically improving retail sales.

• Changed marketing strategy for credit card company improving response rate from under .5% to over 10%.

Traditionally, credit card companies have relied on direct mail to solicit new accounts. This type of marketing

is saturated and delivers low response rates. Created new proprietary marketing methods that involved a pre-

screen point of sale process in the order taking function in the call centers, on the Internet and in the retail

stores. Improved response rate and reduced cost of acquiring a new account to the lowest in the industry.

Tax Partner, Grant Thornton, LLP, 1981 to 1994. Country’s sixth largest CPA firm. Started Grant Thornton

office in Lincoln Nebraska, growing it to the 2nd largest practice in the local market with over 30 professionals.

Developed a personal client base with over $1M in fees. Chartered the National firm's estate and succession

planning practice and represented over 30 financial institutions in their tax law needs.

Board of Director Memberships

Air Methods, Board of Directors, 2008 to present. Member of Audit, Finance and Strategic Planning Committees.

The Buckle, Inc. Board of Directors, 2000 to (term expires) May, 2009. Chair of Compensation Committee,

Member of the Audit Committee, appointed to Chair several special committees.

U.S. Bank, Regional Board of Directors, 1998 to present.

Security First Bank, Board of Directors, 1995 to 2008. Chair, Audit Committee, Member of Board of Director’s

Loan Committee, appointed to Chair several special committees.

World’s Foremost Bank, Member, 2001 to 2006.

Cabela’s Board of Directors, Member, 1996 to 2004.

Education & Licensing

Master of Taxation, University of Denver, (2nd in class of 150)

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Bachelor of Science, Business Administration (with high distinction), University of Nebraska

Certified Public Accountant, Executive Officer Banking License

Qualified Expert, Sarbanes-Oxley

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