DAVID F. TANGEMAN
· Built a shared services credit department from scratch, putting procedures in place and hiring staff in Europe, China and US while fostering a team focused on continuous improvement and productivity gains working against our working capital key performance indicators (KPI’s) as well as implementing best practices across the department.
· While with BSH, successfully managed the credit and collections function through the credit crisis with when 6 customers a month were going out of business.
· Always successful in reducing DSO and the amount of working capital needed to run businesses and minimizing risk.
· Solid Credit, Finance, Accounting and Treasury leadership with extensive experience managing credit for global firms.
· Module Administrator leading the implementation of Accounts Receivable module of a couple ERP system roll outs.
· Created Sarbanes-Oxley 404 Process Maps, Procedures and Test Scripts for the Credit Management and Derivatives Management process tracts.
TRADING & PORTFOLIO MANAGEMENT AUGUST 2017 – CURRENT
· Actively managed and traded my investment portfolio after my project with Motiva was completed. I actively reviewed financials, earnings releases and investment news looking for trading/ST investment ideas for my portfolio successfully achieving a $93,000+ profit in my investment accounts (regular account and Roth IRA) from my short term activities during this period. The majority of this was from buying oil and gas stocks keeping current on oil inventory movements and news that was moving E&P stocks.
·This enabled me to stay current with what was happening in the industry as well as take time to travel to Mexico and to see my family for 3 weeks. I also have engaged in a job search looking for my next professional work opportunity.
SAP Consultant – Finance, Treasury, Accounts Receivable & Credit, HOUSTON, TX 2012 – July 31, 2017
Shell / Motiva Enterprises, Houston, TX Provided consulting services and work in maximizing cash flow, credit analysis, letters of credit advise and work thru and a couple of consulting and staffing firms. Consulted for Motiva Enterprises a multi-billion dollar refining company on the split between Shell and SaudiAramco of the partnership. I worked as the subject matter expert for the Accounts Receivable and Cash Application area. I worked on the implementation of SAP and the integration with several new systems including Kyriba, Right Angle, Salesforce and others and their exchange of data flow. Working on defining roles and preparing test scripts for testing, data migration, and working on cutover strategies to minimize the cash impact on the business. Started with AR and expanded to assist with SAP workflow, integrated Kyriba testing on the treasury side and solving problems with the Accounts Payable F110 files with AP.
ASCEND PERFORMANCE MATERIALS LLC, HOUSTON, TX 2009 – 2011
Global Credit Manager (Treasury & Credit)
Managed the global credit team at Ascend, a $2 Billion+ revenue chemical company with approximately $300 million in receivables and over $1 billion in international sales.
Built a shared services credit department from scratch, putting procedures in place and hiring staff in Europe, China and US while fostering a team focused on continuous improvement and productivity gains working against our working capital key performance indicators (kpi’s) as well as implementing best practices across the department.
Handled bank relationships and dealt with bank auditors for covenant compliance, borrowing base size and eliminations, handled the Letter of Credit issuance and discounting program.
Helped manage revolver availability for pay downs or the need to draw down funds.
Forecasted cash collections within 95% accuracy in a Daily Cash Flow model and Cash Balances by region. Since we paid $332 million in dividends to our PE firm managing cash flow was important to manage.
Saved over $1 million a year by implementing a LC discounting program to reduce DSO and take advantage of lower interest rates of roughly 110 basis points annually to use the excess cash to pay down the company’s revolving ABL facility creating over $1 million+ in annual interest savings.
Hedged foreign currency FX exposure on contracts where FX payments were accepted to get the order.
Reduced DSO levels from 39 to 33 days and drove % Past Due to the 5-7% range from 17%.
Partnered with the VP’s, Directors, and Sales Managers to resolve issues.
Granted credit approval up to $10 million and prepared written reports to make recommendations on lines needing higher limits for the CFO, President and CEO and the company’s Board of Directors.
Provided detailed financial analysis of the company’s largest customers as well as those presenting large credit risks.
Succeeded in having global write offs and bad debt reserve additions of 0.01% of sales or roughly $250K for a company with sales in excess of $2 billion.
Developed a credit model for initial reviews and credit lines of customer accounts.
Implemented process improvement to reduce the number of orders going on credit hold in SAP.
Worked to mentor and develop credit department staff and assisted Treasury department on training the cash team.
Filed UCC filings, bankruptcy claims, lien and bond claims and have an excellent understanding of business law.
Prepared monthly journal entries for the bad debt reserve.
Submitted information for the CFO for the monthly reporting package.
Worked in a team to revamp the company’s standard cost and AOP processes with a team addressing the cost not being correct or meaningful to achieve a more streamlined process that took less of the organizations time and provided more meaningful results.
BSH HOME APPLIANCES CORPORATION, HOUSTON, TX 2008 – 2009
National Credit Manager
Responsible for the Credit Department and Cash Application functions for BSH, a 41 year old joint venture between Siemens and Bosch with $800 million in revenue and $70-$100 million in receivables in the US.
Supervised a shared services staff of 10 direct reports working on over 3,000 active accounts with heavy charge back volume. Fostered a team environment tackling problems at a challenging time to improve morale and create a sense of ownership and improve productivity across the credit department and shared best practices with our other colleagues of other divisions and sales our team partners.
Maintained DSO of 41 in the face of the credit crisis and a total % past due of 8% at a time when 5 dealers a month were going out of business.
Reported monthly on DSO and other reports for the monthly reporting packages.
Prepared monthly journal entries for the bad debt reserve.
Provided detailed financial analysis of the company’s largest accounts.
Filed UCC filings, bankruptcy claims, as well as lien and bond claims and have an excellent understanding of business law.
Worked with GE Capital on company’s secondary finance portfolio which was 40% portion of company’s sales.
Successfully maintained low write off levels despite 36 dealers going out of business.
Collaborated with the company’s VP’s, Directors, and Sales Managers to resolve issues.
Resolved problems within EDI billing to improve payment and reduce DSO.
Worked on driving the successful resolution of charge back issues.
Developed new policies and procedures as well as ensured the integrity of existing procedures was maintained.
Successfully identified problem customers and alerted management to the need to reduce exposure to these customers to avoid losses.
Personally flew out and met with some of company’s largest accounts to resolve collection issues.
TRUSSWAY, LTD, HOUSTON, TX 2005 – 2008
Reported to CFO and managed the Credit Department for Trussway, Ltd, a manufacturing company with $250-300 million in revenue and $40-50 million in receivables.
Supervised two direct reports with indirect dotted line responsibility for 6 others.
Reduced DSO by over 20 days.
Discovered a $1.8 million accounting fraud at one of the plants.
Implemented process improvements and trained staff and other associates on the tools available to them.
Successfully wound down the A/R from the sale of a division.
Collaborated with the company’s VP’s, operations manager and salesman to resolve and rectify issues.
Worked on improving/fixing problems within the billing and cash application issues of the company to improve payment and reduce DSO.
Educated billing staff on how to complete draw request and AIA documents.
Developed new policies and procedures ensuring the integrity of existing procedures was maintained.
Successfully identified problem customers (including one of our largest accounts) and gave management a 9 month heads up before they filed for bankruptcy allowing receipt of payment in full with no losses all outside of the 90 day claw back period.
Performed due diligence for potential acquisitions and expansions.
CREDIT ALTERNATIVES, HOUSTON, TX 2004 – 2005
Credit Manager/Credit Consultant
Contract position primarily working for NuFlo Technologies (now part of Cameron Corporation).
Improved collections and established meaningful credit limits in Syteline utilizing an analytical analysis of past sales history to minimize expense for the accounts of 3 acquisitions.
Effectively reduced total % Past Due and have shaved 17 days off the DSO.
Supervised 2 Credit Analysts and a shared administrative assistant.
Contract position at Universal Weather and Aviation a $2+ Billion company with approximately 35% of sales coming from overseas.
Oversaw the extension of credit and setting up of accounts as well as the receipt of various types of letters of credit (Stand-by, transferable, and regular letters of credit).
PCC FLOW TECHNOLOGIES, LP, BROOKSHIRE, TX 2003 – 2004
Managed a 7 person Credit and Collections Department for a $300 million plus division of Precision Castparts, a Fortune 500 firm with over $6 billion in revenue.
Reduced consolidated AR in excess of $45 million to under $40 million.
Drove continued improvement in each business’ DSO numbers by over 15 days for the business units and continued improvement in DSO and % Past Due.
Created Sarbanes-Oxley 404 Process Maps, Procedures and Test Scripts for Credit Management, and Derivatives Management process tracts.
Implemented a new Auto Credit Checking system in Oracle.
Negotiated, reviewed and presented documentation for Letters of Credit, Documentary Collections, and Ex-Im Bank Financing transactions for International Accounts.
Worked to standardize Letter of Credit Request to the customer to minimize the number of payments needed on L/C’s and speed up payment.
Prepared financial models relating to receivables, cash flow, and the calculation of the company’s bad debt reserve.
Filed bankruptcy claims, as well as lien and bond claims when needed.
Prepared department budget and forecasted company’s cash flows.
Settled disputes including some accounts in litigation, turned accounts over to outside collection agencies as needed, and monitored resolution.
Hedged foreign currency exposure on contracts when company had to accept this form of payment to get the order.
Engaged the international sales group to offer more competitive terms when bidding on foreign projects to increase sales.
SMITH & LOVELESS, INC., LENEXA, KS 1995 – 2003
Manager of Credit & Collections
Responsible for the collection of all receivables for this multi-national manufacturer. Promoted through the organization from Credit Analyst.
Supervised two collectors and one billing clerk in all aspects of credit approval and collection efforts, billing process including printing and verifying accuracy of invoices, and sales tax issues.
Worked to utilize government programs through the Export-Import Bank to increase foreign sales, as well as other private sector programs.
Worked to standardize our letter of credit request to customers to minimize amendments needed to reach an agreement on L/C terms.
Developed system to ensure proper filing of notices for all fifty states with varying filing requirements.
Handled customer disputes including direct resolution and following up with customer service in cases where there were product problems to ensure disputes were resolved in a timely manner.
B.S., Business Administration, Finance, Kansas State University, Manhattan, KS
Attended the Ex-Im Bank training program on International Financing Programs, Export-Import Bank of the United States
Attended numerous NACM meetings and training sessions over a wide variety of credit related topics in my 15 year career, National Association of Credit Management, NACM
I also hold Series 6 and 63 financial securities licenses from the National Association of Securities Dealers (NASD)
SAP, Oracle, Excel, Word, Outlook, GetPAID, Business Warehouse (BW), Hyperion, Power Point, Access, Maximizer, Tableau, RightAngle, Kronos, Rentalman, JD Edwards, Salesforce, Syteline, ACT and Kyriba