CFO, VP of Finance
Resume:
Joseph M. LoMonaco, MBA
***** ** **** *******, *****, FL 33194 ( ( *********@*********.*** ( (
PROFESSIONAL SUMMARY
Strategic, results-oriented leader with over twenty years of financial and
operational experience. Proven track record of profitability improvement
through the implementation/redefinition of processes, collaboration with
operational, sales and administrative management, and mentorship,
empowerment and development of personnel.
Areas of Expertise
Leadership Strategic Planning Change Management
Personnel Development Team Building Contract Negotiation
P&L Responsibility Budget Preparation Process Improvement
Employment History
National Brands, Inc., Archive America Group of Companies, Seaboard
Warehouse Group of Companies, Precision Delivery Systems, Inc. & WareITis
Technologies, LLC. - Miami, Florida
Chief Financial Officer - October 2009 to October 2014
. Reorganized Finance and Accounting functions to provide improved
service to internal customers while reducing headcount by 46%.
. Replaced dated company vehicle fleet and operating assets to improve
delivery reliability, while reducing operational expenditures by 10%.
. Slashed operational expenses by 18% by right sizing operational
facilities and renegotiating all facilities leases, and service
contracts.
. Developed KPIs for business operations which served as a scorecard of
operational effectiveness.
. Improved customer relationships through win-win dispute resolution
negotiations.
. Helped improve operational efficiency and cash flow by identifying and
disposing idle business assets and terminating unbeneficial customer
account relationships.
. Provided ownership with quarterly financial reports, prepared in
accordance with Generally Accepted Accounting Principles for 13
independent legal entities.
. Provided strategic direction and operational guidance to the
companies' Directors and Senior Executives.
Dole Fresh Flowers, Inc. (A division of the Dole Food Company, Inc.) -
Doral, Florida
Vice President of North American Operations - January 2008 to October 2009
. Complete responsibility for one US based Production operation and
three US distribution centers handling $190 million in sales.
. Inspired North American Production, Distribution, Warehousing and
Shipping departments to identify and execute continuous improvement
initiatives while maintaining responsibility over all divisional
Accounting, Finance, and IT functions operating in four countries.
. Redefined the Miami, Dallas and Los Angeles operations through the use
of strategic business partnerships, transforming operating costs in
each market from fixed to variable and saving the company
approximately $2.7 million annually with no reduction in customer
service.
. Increased utilization of Miami operating facility from 28% to 73% by
partnering with other Dole divisions, improving profits by
approximately $1 million, shifting operational paradigm from cost to
profit center.
. Reconfigured air cargo charter agreement to increase utilization, and
improve product quality and customer service while saving the company
approximately $7 million annually.
. Reengineered Miami production operation to increase productivity by
15% and improve customer service.
. Improved operational department productivities by mentoring and
empowering Directors to maximize value and impact to the business
while reducing headcount by 25%.
. Became trusted advisor, mentor and counsel to the VPs of Sales,
Marketing, Latin American Operations, and Human Resources.
. Collaborated with the Division President and General Counsel to sell
the underperforming division to private investors.
Vice President & Chief Financial Officer - September 2005 to October 2009
. Led strategic planning and budgetary processes for $200 million
division of 10,000 employees, increasing the engagement and ownership
of action plans by operational, sales and planning teams.
. Functional responsibilities included Information Technology, Human
Resources and Risk Management in addition to all Accounting and
Finance functions of the division.
. Supervised as many as 18 Director level employees concurrently.
Joseph M. LoMonaco Page Two
. Saved the company in excess of $10 million annually by renegotiating
contracts with service providers, consolidating business functions,
and strategizing with business unit Managers and Directors to define
and execute cost savings initiatives.
. Implemented Cost Accounting system which became the foundation of
product line profitability improvement decisions for all levels of
management from farming to delivery to customers.
. Partnered with the Division President to restructure the business
through the eradication of unprofitable plants and termination of
unprofitable customer relationships, restoring division profitability.
. Collaborated with leadership of Latin American operations on strategic
initiatives, serving as a mentor in their transformation from farmers
to business professionals.
. Executive Chair of IT Steering Committee; setting the agenda, priority
and scope of all division IT projects.
. Represented the division in monthly Steering Committee Meetings with
the Senior Executives of the Dole Food Company and each Dole division
President and CFO.
. Collaborated with Vice President of Human Resources to define and
implement employee benefit offering.
. Defined and implemented the division's risk management strategy and
insurance programs.
. Identified & executed currency hedging opportunities, saving more than
$5 million annually.
. Secured asset backed line of credit for stand-alone business.
. Directed the implementation of JD Edwards Financials in North American
and Latin American operations.
. Upon the sale of the company, directed and oversaw the transition of
all IT systems from the Dole IT platforms to new operational and email
software and hardware solutions for the stand-alone company.
Division Controller - July 2001 to September 2005
. Complete responsibility for monthly consolidation of financial
statements for the Division's 60 legal entities and the submission of
the results to the Dole Food Company; reducing process from 30 to 7
business days.
. Performed monthly review of financial statements of US and foreign
reporting sites to ensure information was reported accurately and in
accordance with GAAP and Dole Accounting Policies.
. Remediated 100% of inherited Sarbanes-Oxley deficiencies and General
Computer Control weaknesses.
. Defined and implemented KPIs and associated reporting processes at all
levels of the business to properly evaluate effectiveness and control
costs; and worked closely with business unit managers and directors in
interpreting the results to maintain accountability for financial
performance and development objectives.
. Invested company excess cash balances, directly contributing to
increased company earnings.
. Coordinated software development and determined programming solutions
to meet company requirements.
Controller - January 2000 to July 2001
. Established and maintained the relationship with the company's
external auditors, and coordinated proactive communication with
appropriate levels of senior management.
. Established the company's operational and accounting policies and
provided guidance and direction to the company's managers and
directors.
. Successfully built, directed and mentored the Accounting, Financial
Reporting, Cost Accounting, Credit, Purchasing, Inventory Control,
Risk Management and Facilities Management teams of new division of the
Dole Food Company. All direct reports ascended to key management
positions within the organization.
. Restructured the Credit and Collection functions of four acquired
business to one common platform, dramatically reducing customer
delinquencies.
. Transitioned the general ledgers of acquired businesses to the Dole
World Wide Chart of accounts.
Manager of Strategic Services - July 1999 to January 2000
. Complete responsibility for the budget process; including definition
and issuance of budget templates, review and validation of data,
consolidation and preparation of budget presentations for Senior
Management, and monthly measurement of results and analysis of
variances.
. Established purchasing department; implementing a purchase order
system, with defined purchasing policies, processes, authority limits,
and controls to effectively reduce costs and minimize inventories.
. Established inventory control function, accurately accounting for all
hard good and perishable inventories across seven facilities; reducing
losses due to obsolescence and spoilage.
FryeTech, Inc. - Boca Raton, Florida
Corporate Controller - June 1998 to July 1999
. Successfully relocated the corporate office from Des Moines, Iowa to
Boca Raton, Florida within my first two weeks of employment.
. Managed all aspects of the Accounting, Information Technology and
Human Resources functions of a manufacturing business operating three
remote production facilities.
. Directed and led accounting staff, ensuring financial statements were
prepared in accordance with GAAP and that accurate results were
communicated to ownership on a timely basis.
Joseph M. LoMonaco Page Three
. Established and maintained the relationship with the company's
external auditors, and coordinated proactive communication with
appropriate senior management personnel.
. Redefined the company's operational and information technology
policies and provided technical guidance and direction to the overall
organization.
. Redefined raw materials inventory re-order points to minimize
obsolescence and improve cash flow.
First Paragon, Inc. and Bouquette, Inc. - Miami, Florida
Controller - December 1997 to June 1998
. Supervised accounting staff and provided leadership guidance to ensure
financial statements were prepared in accordance with GAAP and that
accurate results were communicated to ownership on a timely basis.
. Established and maintained the relationship with the company's
external auditors, and coordinated proactive communication with
appropriate senior management personnel.
. Established the company's accounting policies and provided operational
guidance to management team.
. Produced and reported daily, weekly and monthly cash forecasts.
Riverdale Farms, Inc. - Miami, Florida
Controller - April 1993 to December 1997
. Ensured that monthly financial reports were prepared accurately and in
accordance with GAAP and company accounting policies.
. Prepared balance sheet and income statement variance analysis and
reported financial performance to senior management.
. Defined and implemented the annual budget process.
. Maintained the relationship with the company's external auditors, and
coordinated proactive communication with appropriate levels of
management.
. Successfully transitioned the company from an IBM System 36 operating
system to SBT Pro Series accounting software, providing operating
results and KPIs on a real time basis.
. Negotiated and coordinated all employee benefits.
. Created employee personnel manual and defined annual performance
evaluation criteria.
. Supervised and directed wholesale sales team during Sales Manager's
absences.
Other Experience
. Ensured that monthly financial reports were prepared in accordance
with GAAP and company policies.
. Prepared balance sheet and income statement variance analysis for
senior management.
. Responsible for the preparation of actual vs. budget operating
reports.
. Prepared and updated annual earning forecast on a weekly basis.
. Prepared sales variance analysis reports.
. Reduced over 60 day past due customer accounts receivable balances
from over $2 million to under $500,000.
. Implemented procedures to eliminate the previous back-log of new
credit applications, resulting in the reduction of average turnaround
time for customer applications from 30 to 8 days.
. Analyzed and updated weekly Borrowing Base Certificates and associated
accounts receivable performance matrices to ensure weekly compliance
to bank covenants.
. Intensified collection focus on highest contributors to delinquency
rates to drive collection results.
. Completed year-end audit schedules and answered audit related
questions.
. Approved vendor invoices for payment.
. Preparation of daily, weekly and annual cash forecasts.
. Prepared and posted monthly accounting entries.
Education
Masters of Business Administration Bachelor of
Science - Accounting
Florida International University Utica College of
Syracuse University
Computer Skills
ERP Software: JD Edwards, Platinum, SBT Pro Series, MCBA, Symix, VAI
System 2000, Computer Associates Masterpiece
Operating Systems: DOS, Windows, Windows NT, Windows XP, UNIX, AS400, OS2
Application Software: Hyperion, Cognos, Excel, Word, PowerPoint, MS
Project, Outlook, Lotus Notes, Lotus123, WordPerfect, Access
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