Financial Management
Resume:
Marlon Rick Sykes
** *********** *****, ******* ****, Georgia 31831
**********@***.***
OBJECTIVE
Key leadership position in a growth-oriented manufacturing organization leveraging my business acumen and financial skills in Financial and Organizational Leadership, Financial, Administrative and Operational Turnaround Management, and Operations Management in order to:
establish best-in-class financial organization and direct teams to produce accurate, timely reporting to facilitate profitable decision-making throughout organization;
formulate financial goals to ensure working capital, regulatory compliance and effective roadmap for long-term viability and growth;
integrate workforce strategies, technologies and processes to maximize productivity, performance and efficiencies.
QUALIFICATIONS
Financial Turnaround Mgmt.
Administrative Management
Cost Reduction/Internal Controls
Strategic/Business Planning
Risk Management/Insurance
M&A/Joint Ventures
Financial Leadership
Organizational Leadership
Banking Relations/Funding
Union Negotiations
Revenue/Profit Optimization
Accounting Management
Global Operations Management/P&L
Start Ups/Operational Turnarounds
Change Management
Sourcing/Procurement Management
Inventory/Loss Control Management
Supply Chain/Logistics Management
EXPERIENCE
Chief Financial Officer 2012 – Current
Emma Hill Manufacturing, LLC / Pretty Products, LLC, Georgia
Chief Financial Officer 2010 - 2012
U.S. Bridge and 5 companies:
Bridge Construction Company, Superior Steel Corporation,
C-Z Corporation, American Culvert Company and Ohio Bridge Corporation, Ohio
Chief Financial Officer/Vice President of Finance 2005 - 2009
Kysor/Warren (GA)/Enodis Corporation (UK), Georgia
Chief Financial Officer and Treasurer 1991 - 2003
Cormetech (Joint venture between Corning Incorporated, US
and Mitsubishi Heavy Industries, Japan), North Carolina
Chief Financial Officer 1989 - 1991
Corning Asahi Video Glass (Joint venture between Corning Incorporated, US
and Asahi Glass, Japan), Mexico
Manager, International Internal Audit 1986 - 1989
Corning Incorporated, New York
EDUCATION, PROFESSIONAL and CIVIC
Masters Degree in Business Administration, Finance
University of Rhode Island
Bachelor of Science, Accounting
University of Delaware
Professional Memberships
Institute of Management Accountants (IMA)
American Institute of Certified Public Accountants
Volunteer
Board Member: Alapaha Blue-Blood Bulldog Association
The Humane Society of Harris County
ACHIEVEMENTS
Financial/Organizational Leadership
Oversaw finance, accounting, treasury, inventory management, risk management, procurement, logistics, HR and IT for international Joint Venture manufacturing start up supporting the energy industry. Leveraged $13 million in seed money to acquire $30+ million in financing; directed 25; built contacts; negotiated contracts; oversaw acquisition/logistics of $40+ million of specialty chemicals from abroad; modeled financial/manufacturing scenarios to support acquisition of Japanese-patented technology; restructured debt; managed cost reduction and foreign currency exchange programs. Results: Facilitated growth from start-up to $160 million in revenue and from 4 to 650 employees in12 years; foreign exchange program saved up to $5 million annually; output grew 20 fold.
Converted company revenue recognition policy to job cost/percentage of completion accounting methodology. Reviewed existing policy to recognize revenue at time of billing regardless of costs; found company unable to measure profitability until year end; sold value to leadership by demonstrating financial reporting integrity, forecasting accuracy and internal control improvements. Results: Enabled company to analyze costs and determine profitability project by project; improved quoting, planning, forecasting, budgeting, tax and operational financial modeling processes.
Extended banking relationships from local banks to bank capable of providing capital and sophistication for transactions and contacts in international marketplace. Interviewed 4 banks; analyzed presentations and inherent value proposition; selected bank with national/international operations; refinanced debt; reset working capital lines. Results: Obtained committed partner to support growth initiatives; saved $.1 million in annual interest; retained local banks for payroll and accounts payable processing.
Found alternative source of financing, Tax-Exempt Industrial Revenue Bonds (IRB), to infuse operating capital into manufacturing to capture new market opportunity after shareholders and primary financial institution refused to provide funding. Researched state financing; met with economic development boards; presented business opportunity; found company qualified for IRB. Result: Issued IRBs in 2 states; reduced financing charges 50+%; expansion to new market increased revenue $11 million in first year; new equipment purchases reduced manufacturing cost of existing product line by 17%; utilized IRBs going forward.
Financial & Administrative Turnaround Management
Rebuilt accounting/finance organization and operational controls of $34 million global manufacturer with 5 companies in financial turmoil. Took over after financial misfeasance; upgraded staff; led 6 managers; reorganized/restructured debt instruments, lowering interest and providing credit lines; upgraded ERP system; revamped job costing, revenue recognition, control systems and inventory management; changed CPA firm; managed restatement of prior financials; uncovered/reversed mismanagement of billing, collections and inadequate credit lines to handle working capital needs; established budget, forecast, cash flow and monthly close processes; changed commission payment policy. Results: Changes provided accurate/timely data for decision-making; credit initiatives provided breathing room; reduced closing time from ~4 weeks to 3 days; reduced days outstanding from 115 to 43 days.
Turned around Mexican manufacturing facility, part of joint venture with US and Japanese parents, and positioned company for sale. Evaluated administrative activities, personnel, finance and treasury functions for potential shutdown or sale; found management lacking; restaffed and implemented changes including drastically lowering production costs and improving quality, finance and administrative systems; deemed profitable but best site in organization for closure; researched and projected $17 million sale price for plant and land. Results: Company sold to Zenith for $25 million with assurance all current employees would remain employed.
Spearheaded cost reduction program reducing variable manufacturing costs, overhead and non-manufacturing costs Identified opportunities to substitute materials, implement new processes, change personnel, renegotiate suppler contracts in Asia; reviewed budgets/spending for accounting, sales, marketing, planning, procurement, QC, IT, HR, logistics, engineering; developed $.7 million in cost cutting initiatives while strengthening culture of continuous improvement. Results: Saved up to 20% in variable manufacturing costs; saved up to ~$4 million in total costs.
Realigned fiscal calendars to enable parent and 5 subsidiaries to share common year end, streamlining operations, audits and tax events. Recognized issues with 6 audits performed throughout year, problems with consolidating financial and overlapping of compliance and tax filings with numerous delayed filings; made proposal to put all companies on same year-end to parent company board, subsidiary management, financial and bonding institutions and external auditing firm enumerating all potential cost and efficiency savings. Results: All companies on 12/31 year end with one annual audit; eliminated filing extensions; provided timely information for shareholders; saved ~$150,000 annually.
Operations Management/Turnarounds
Led total operational and financial reorganization of an unprofitable Tier 1 Automotive industry manufacturing supplier. Established supply contracts with major automobile manufacturers (Honda, Nissan, General Motors) which will lead current manufacturing operations to capacity within 2-2 years and strong profitability within 1 year.
Restructured/Turned around/Expanded high-tech/lean US manufacturing subsidiary of British parent as 4th CFO in 5 years. Found finance department lacked internal controls to provide accurate, timely data and was unprofitable and bleeding cash due to runaway inventories and lax receivable collection procedures; implemented internal and fiscal controls; reorganized/consolidated from 3 sites to 1; hired new talent; got new leadership team on board to implement control changes companywide and to convince parent to provide $20 million; company achieved profitability and positive cash flow for first time in 5 years; reduced costs and increased production capacity 50% capacity; efficiencies fostered teamwork and camaraderie; positioned company for sale.
Led strategic planning process to identify emerging business segment enabled company to become market leader. Recommended allocating funds facilitating development of technologically superior/lower cost product than competition; developed cost and sales forecasting models; analyzed production costs at new/existing facility. Results: Company awarded customer’s business in excess of $100 million; gained credibility in market; achieved profitability on $30 million expansion investment in <one year; grew revenue from $30 to $160 million in 18 months.
Instituted changes to inventory and raw material systems and controls. Identified issues with purchasing, consumption, inventory tracking and monthly financial results; developed plan for new uniform inventory identification/description methodology, rearrangement of inventory storage, materials movement and purchase of industry specific ERP system; initiated inventory cycle count program. Results: Used up on hand inventory for design of new products; facilitated purchasing of correct materials reducing waste; saved ~$250,000 annually; system provided accurate data for forecasting financial results.
Initiated management training program on budgeting, cost control and cash concepts to positively impact decisions on operations and profitability. Stressed fiscal/operational finance; established framework for monthly detailed financial reviews; discussed metrics. Results: Management held accountable for budget; enabled business turnaround, closure avoidance and ultimate sale.
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