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Chief Financial Officer

Location:
West Hartford, Connecticut, United States
Salary:
$200,000 - $300,000
Posted:
May 15, 2019

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Resume:

John Michael Zinzarella, CPA

*** ******** **** ****: 610-***-****

West Hartford, CT 06119 Home: 860-***-****

ac9d19@r.postjobfree.com

A financial executive with practical experience in numerous business sectors which include municipal government, utilities, global pharmaceutical/biotech, distribution and manufacturing. Skilled in the areas of corporate management, business analytics and forecasting, strategic planning, budgeting, financial reporting, tax exempt municipal debt issuance, mergers/acquisitions, cost accounting, R&D finance management, product portfolio assessment, re-engineering and problem solving. The Metropolitan District Commission, Hartford, CT 2007 to 2019 Created by the Connecticut General Assembly in 1929 to operate as a specially chartered municipal corporation to provide water supply, sewage collection and disposal facilities for its Member Municipalities as well as to construct, maintain and operate hydroelectric dams. The Member Municipalities include the City of Hartford and the surrounding seven towns. The Metropolitan District provides water and sewer service to approximately 400,000 residents through approximately 100,000 services. Annual operating revenues/expenses and capital expenditures exceed $400 million and are funded through a combination of taxation, user fees and by the issuance of general obligation municipal bonds and revenue bonds. Deputy CEO of Business Services, Treasurer, and Chief Financial Officer (January 2011 – February 2019) Chief Financial Officer (April 2007 – December 2010) Hired as the organization’s first Chief Financial Officer to act as an agent of change to evaluate and improve the performance of the accounting, finance and procurement functions in advance of the $2.5 Billion Clean Water Project. The Clean Water Project is mandated by a final consent decree entered in Federal Court by the United States Department of Justice, the United States Environmental Protection Agency and the Connecticut Department of Energy and Environmental Protection and a final consent order by the Connecticut Department of Energy and Environmental Protection. Accomplishments achieved:

• Designed, implemented and managed a financial restructuring which strengthened the internal control structure, facilitated internal and external reporting, introduced the concept of business analytics and promoted transparency with key stakeholders.

o Fiscal Years 2007 – 2017, annual unqualified/unmodified financial audit opinions for both Comprehensive Annual Financial Report (CAFR) and State/Federal Single Audits o Perennial recipient of Government Financial Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting

o Managed the relaunch of the MDC website and designed the MDC Finance/Investor Relations portal

o Established business analytics and reporting capabilities which enabled timely business performance evaluation and detailed the value of MDC services to its ratepayers o Prepared Cost of Service Study based upon EPA guidelines to address questions and concerns posed by the Independent Consumer Advocate

o Elevated the credibility of the MDC Finance function with the MDC Board of Commissioners and Member Municipality elected leadership

Finalist for Hartford Business Journal CFO of the Year, July 2016 -Nominated by the MDC Board of Commissioners

• Improved financial health of the MDC over the tenure of service: o Promoted conservative financial policies and procedures combined with hands on active monitoring of revenue/expense and business analytics which resulted in strong financial performance and the attainment of strong fund balance/net asset positions. o Developed and maintained long range forecasting models for both operating and capital expenditures for the MDC core operations, as well as, the Clean Water Project. o Re-engineered existing water and sewer rate methodologies to ensure appropriate cost recovery in accordance with MDC Charter.

o Improved fiduciary interaction with MDC Personnel, Pension and Insurance subcommittee and managed the Metropolitan District Employee’s Retirement System (MDERS) to a plan fiduciary net funded position of 85.53% at December 31, 2017 while achieving pension investment asset returns of 9.6% (1 year), 13.0% (3 year), 10.4% (5 year) and 10.5% (Since 9/08) for the period ending September 30, 2018.

o Improved cash liquidity as evidenced by significant reduction in DSO in receivables (2006 > 116 days, 2018 < 60 days), improved On Time In Full (OTIF) payment metrics (2006 < 60% OTIF, 2018 97% OTIF) and increased Cash on Hand (2006 66 days, 2017 256 days)

• Improved the visibility and perception of the MDC from the perspective of both the rating agencies and bondholders through timely, relevant presentations and investor outreach. o Successfully issued $1.9 billion in Bond Anticipation Notes, $676 million in tax exempt General Obligation Bonds, $225M in tax exempt Revenue Bonds and $495 million in State of Connecticut Revolving Fund Debt (2007-2018).

Proactive investor messaging and outreach yielded in excess of $20 million in interest savings during tenure

Maintained strong GO rating for the MDC throughout tenure, overcoming negative impacts associated with the State of Connecticut and City of Hartford financial distress. Moody’s Aa3 Stable outlook; S&P AA Stable outlook.

Established MDC Revenue Bond credit in June 2013 with a dedicated pledged revenue stream and successfully sold two issues. Moody’s Aa2 Stable outlook; S&P AA- Stable outlook

• Designed, implemented and managed the procurement function in anticipation of the demands of construction contracting as a result of the $2.5 billion Clean Water Project o Managed the adoption of specific sections of the FAR pertaining to Small Local Business Enterprise Program, Emergency Acquisition of Supplies and Services, Best Value Selection, Streamlined Solicitation for Commercial Items, and Sole Source or Single Source Procurement Authority into the procurement ordinances. o Implemented Ebid Procurement Portal to streamline procurement process and increase transparency to all procurement participants.

o Re-implemented corporate PCard program to streamline small purchases and generate rebates based upon purchasing volume.

• Conducted comprehensive review of risk management platform and bound additional coverages to address identified gaps in the platform.

• Designed and implemented redefined employee benefit program for exempt and excluded employees generating cost savings for the MDC

Stoffel Seals Corporation Nyack, NY 2005 to 2007

A $50 million diversified manufacturing entity whose injection molded, and printed products are industry leading in each of their product categories. The Company was acquired by a private equity fund in October 2004, whose focus for its investments, are underperforming middle market companies. Chief Financial Officer (January 2005 to April 2007) Hired as a change agent post acquisition to redefine the accounting, finance and information systems functions, manage all external financial relationships, to establish a comprehensive budgeting, forecasting and reporting methodology and to act as business advisor to the Chief Executive Officer. Managed a staff of 12 dispersed over three locations.

Accomplishments achieved:

• Developed and implemented comprehensive budgeting and forecasting model to understand, evaluate and track business unit performance using performance metrics.

• Working with the CEO and VP of Manufacturing, developed and implemented pricing strategies for diverse product lines across business units, combined with operations improvements and appropriate cost reductions, improved gross margin 890 bp over prior year and doubled EBITDA.

• Reduced monthly and quarterly closing and reporting process to 10 calendar days.

• Working with the CEO and VP of Manufacturing, jointly led the strategic planning initiative. As a result, strategic plans for each business unit and a consolidated entity strategic plan were prepared and presented to the Board of Directors.

• Developed information technology platform strategy to eliminate significant enterprise risk as a result of archaic operating systems and infrastructure.

• Evaluated current health and welfare and employee benefit programs for appropriateness and effectiveness. As a result of evaluation, implemented appropriate changes to medical benefits programs, group life insurance and 401k plan. Changes to programs resulted in improved coverage for employees and their families, and additional company match and investments options for participants in the 401k plan, while lowering administration expenses.

• Developed and implemented a cash management strategy and forecasting model.

• Participated in acquisition strategy and execution by preparing potential target valuation, evaluation, diligence and integration of acquired companies.

• Established capital improvements committee to evaluate and approve capital projects based upon the Company’s strategic goals.

Moore Medical Corporation, New Britain, CT 2001 to 2004 Moore Medical Corp. a wholly owned subsidiary of McKesson Corp. effective April 2004. Prior to being acquired, Moore Medical was a publicly traded Internet-enabled multi-channel marketer and distributor of medical, surgical and pharmaceutical products to health care practices and facilities in non-hospital settings nationwide, with revenues in excess of $140 million. Vice President of Finance, Treasurer and Chief Financial Officer (November 2002 to October 2004) Vice President, Controller and Interim Chief Financial Officer (July 2002 to November 2002) Vice President, Controller and Chief Accounting Officer (October 2001 to July 2002) Established a strong and robust accounting and finance function within the organization by assessing and upgrading organizational talent, mentoring subordinates, restructuring where appropriate and re-engineered sub-optimal processes. Managed a staff of 25 (direct and indirect) to improve the quality and timeliness of financial information. Responsibilities included SEC and internal reporting, strategic planning, budgeting and forecasting, investor relations, tax analysis and reporting, managing shared services functions (accounts payable, payroll, and accounts receivable), risk management, cost structure control and banking relations/cash management.

Accomplishments achieved:

• Re-established the credibility of the Accounting and Finance function with the Audit Committee and other members of the Board of Directors.

• Facilitated cross functional communication to ensure that sales/operating budgets were attained and that business investments delivered appropriate ROI.

• Implemented a cash management model and strategy, which improved cash flow in excess of $5 million.

• Managed the development of new annual budgeting and monthly forecasting processes with specific and measurable performance metrics.

• Evaluated and replaced, significant outside service providers to ensure the organization received value for fees paid.

• Re-engineered the accounting and credit functions to establish an efficient organization.

• Successfully led sell side financial due-diligence team, resulting in maximization of shareholder value.

Aventis Pasteur (formerly Pasteur Merieux Connaught), Swiftwater, PA 1999 to 2001 A division of Aventis, specializing in the development, manufacturing and marketing of pediatric and adult vaccines. Aventis Pasteur annual global revenues exceed $1 billion. Director, Operations Accounting and Planning (June 1999 to August 2001) Partnered with Industrial Operations management to identify and provide solutions to strategic issues such as manufacturing facility consolidation and long-range strategic capital planning; identified potential improvements in operational efficiency via the determination of optimal manufacturing throughput and theoretical process staffing levels; and by revising internal policies and procedures to facilitate more efficient processing.

Accomplishments achieved:

• Proposed and implemented Finance staff re-organization to hire/align incumbent staff to positions based upon competencies and skill sets.

• Stressed the concepts of product life cycle management and core competencies, with respect to current manufactured product portfolio. Appointed to the role of North American Coordinator for the Global Full Absorption Costing Initiative. Responsibilities included assessment and modification of cost accounting and allocation methodologies to more accurately reflect product costing.

• Improved and enhanced the internal control system and initiated phase II of SAP implementation to achieve operational efficiency via system reconfiguration. Responsibilities included reviewing and assessing current manufacturing process order system, quality and accuracy of master data and cost structure hierarchy.

• Stressed importance of financial assessment of investing activities via the creation of modeling and simulation analysis tools. Initiated a comprehensive internal reporting package focusing on metrics identifying future target goals.

Wyeth Ayerst Laboratories, St. Davids, PA 1991 to 1999 A division of American Home Products Corp. (Wyeth), which incorporated Lederle Laboratories after the merger of American Home Products Corp. and American Cyanamid in 1994. Wyeth Ayerst was a world leader in the development of novel pharmaceutical and vaccine products with annual revenues exceeding $8 billion globally.

Director of Business Analysis, Wyeth-Lederle Vaccines (December 1996 to May 1999) Manager of Business Analysis, Wyeth-Lederle Vaccines (February 1995 – November 1996) Supervisor, Biologicals Cost Analysis, Lederle Laboratories (June 1991 – January 1995) Managed Finance Group for $600 million Wyeth-Lederle Vaccines Business Unit, an integrated business unit with responsibility for managing the finance and accounting activities of the corporate office, manufacturing locations and research and development facilities. Responsible for preparation of financial statements and forecasts used for therapeutic segment reviews, strategic options development, and comprehensive annual business plan. Developed comprehensive forecasting models and simulations to support executive management decisions.

Accomplishments achieved:

• Effectively managed business unit through business cycle trough to maximize earnings to meet and exceed corporate targets, while allowing adequate resources to be allocated to products in the late stages of development, ensuring their product launch timetables would be met.

• Initiated and spearheaded product portfolio reviews to remove marginally profitable products and implemented an operational efficiency project for manufacturing facilities to improve margins on in- line products. Net savings realized annually exceeded $2 million.

• Created numerous models and simulations to enable detailed analysis to be prepared for long-range strategic planning including ten-year sales, marketing and manufacturing supply chain plans. Analysis included issues of manufacturing footprint location both domestically and internationally and established local marketing and selling infrastructure for global vaccine affiliates.

• Participated in financial due diligence and valuation activities for target companies. Recommended purchase price adjustments based upon due diligence findings and established plans for integration into existing operations.

• Presented near, mid and long-term product pipeline financial assessment, thus played pivotal role in achieving crucial funding for continued development of several core R&D projects. During tenure, appropriated R&D spending budgets increased three-fold on relatively flat revenue baseline.

• Participated on integration/evaluation teams for newly merged organization following American Home Products acquisition of American Cyanamid.

Ernst & Young, Hackensack, NJ 1987 - 1991

Staff Accountant / Senior Accountant – Audit Services Practice Education / Certifications:

BS Accounting, Virginia Polytechnic Institute & State University, 1987 MBA, Villanova University, 1997

Certified Public Accountant, 1989



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