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Financial Management

Location:
White Plains, New York, 10605, United States
Posted:
October 25, 2016

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Michael J. Degnan

*** ******** ***. (646) ***-****

White Plains, NY 10605 www.linkedin.com/in/michaeljdegnan acw8c5@r.postjobfree.com

Financial Professional & Operations Management

Experience across the entire life cycle of a business, including startup, IPO, growth, bankruptcy and reorganization. Consistently finds opportunities of value in perceived obstacles.

Financial Professional with a MBA and comprehensive background in Planning & Analysis, SEC Reporting, Key Performance Indicator (KPI) development and monitoring, Strategic Planning, Operations and Project management. Extensive knowledge of Capital Project management, Cost Controls and Reduction, Cash Flow management, Financial Statements analysis and reporting, Budgeting and Merger and Acquisition due dilligence and integration. Significant experience, as a critical member of a nimble, tight knit executive team, leading financial and operational initiatives and projects that turned around underperforming operations and oversaw the research and development phase of new and potential ventures. Known for innovative solutions that garner support from executives and teams. Career track record of exceeding expectations.

Crucial member of executive team that transitioned a highly successful but traditional domestic defense company into a high-tech, cutting edge international satellite communications company utilizing creative approaches to corporate leadership, problem solving, risk reduction and operational initiatives.

Modeled mergers, acquisitions and new business initiatives. Rolled out new businesses, including a global satellite phone company, international joint ventures, and a satellite broadband network.

During bankruptcy and successful reorganization, member of executive team that identified and forecasted opportunities to maximize cash flow through multiple initiatives: consolidation of corporate purchasing, asset sales, critical asset swaps, monetization of illiquid assets, debt refinancing, and preferred stock exchange.

Skills and Qualifications

Forecasting Planning and Analysis Financial Modeling Operations and Project Management

Board of Directors Reporting Strategic Planning and Budgeting Capital Project Administration

SEC Reporting Key Performance Indicator Development Ad Hoc Analysis

Professional Experience

DRS Technologies - Consolidated Controls & Power Solutions - Danbury, Ct. 2014 to 4/2016

VP of Finance

Lead Finance position responsible for the financial performance of a $130M growth driven division of DRS Technologies, encompassing 3 locations (Danbury Ct., Bridgeport Ct. and Halifax NS) and 425 employees. Direct reporting departments inclusive of accounting, program finance and IT. Primary responsibilities consisted of P&L, discretionary budgets, monthly short-term forecasts, annual budget, long-range and strategic planning to Group and Corporate.

Integral to the development of the division strategy, drove revenue enhancements and cost reduction initiatives.

Executive sponsor for the successful implementation of the corporate mandated division ERP system. (Deltek)

Assess Bids and Proposals for company standards, pricing initiatives, opportunities, risks and impact to forecast/plan.

Implemented standardization of the financial reporting, ad hoc and variance analysis for executive staff dissemination.

Oversaw the accounting department in monthly, quarterly and year-end closings, in compliance with SEC, covenant, Sarbanes Oxley and Public Accountant requirements.

Overhauled the division’s B&P, IR&D and capital expenditure review, monitoring, budgeting, and variance analysis.

Reviewed, approved and forecasted monthly and quarterly journal entries.

Loral Space & Communications (Formerly Loral Corporation) - New York, N.Y. 1986 to 2014

Consultant, Business Analysis and Financial Reporting 2013 to 2014

Assistant Controller, Financial Planning & Business Analysis and Financial Reporting 2009 to 2013

Provide value based planning, reporting and financial analysis on strategic decisions for this multi-billion dollar corporation.

Report directly to the CFO and provide support to all C-level executives. Responsibilities include SEC Financial Statement preparation (10Qs/10K), testing, analysis and reporting, Board of Directors, Private Equity and Investors’ presentations.

Prepare long-range strategic plans used by external auditors in support of quarterly SEC impairment analysis.

Modeled synergies identified during due diligence to support the $3 billion leveraged acquisition of Telesat Canada.

Michael J. Degnan acw8c5@r.postjobfree.com Page 2

Primary contact for the Treasury and Investor Relations departments regarding all external presentations.

Review contracts and support negotiations for debt instruments, leases, vendors and subcontracts.

Publish the Chairman’s financial and operations topics book, supporting Board of Directors meetings, earnings calls and annual meeting with analysts and shareholders.

Director of the Company’s affiliate investment, Globalstar de Mexico. Responsible for financially and operationally preserving the business during the construction and launch of the 2nd generation Globalstar system.

Managed the sale of a Brazilian joint venture, reducing exposure to legal and tax liabilities. Managed tax and legal in country consultants reducing purchaser indemnified civil, labor and tax liabilities.

Improved robustness and turnaround times of SEC reporting by linking the Hyperion data to the 10Q/K document and work papers, thereby saving audit fees and reducing printer costs by half.

Successfully implemented the SEC mandated eXtensible Business Reporting Language (XBRL) in an accelerated time frame.

Director, Financial Planning & Business Analysis 2000 to 2009

Developed, tracked, analyzed and reported on Key Performance Indicators (KPI’s) for divisional financial and operational leading metrics for a satellite manufacturing, satellite leasing, international data transport and global satellite telephone corporation.

Forecasted, consolidated and reported on: operational entities, business segments, affiliates, banking and legal entities.

Led site teams during bankruptcy in creating long-range business models for the accepted plan of reorganization.

Assisted in the due diligence and integration of new acquisitions.

Evaluated and tracked covenant requirements cohesively throughout multiple legal and operational entities.

Oversaw Debtor in Possession financial plan used for short-term bridge loan; worked alongside investment bank consultants with the primary focus on cash generation and usage during bankruptcy.

Manager, Financial Planning & Business Analysis 1997 to 2000

During startup, primary responsibility was the development of the financial and operational standards for the newly formed company, inclusive of the implementation of the Hyperion consolidation system. This incorporated the development of all reporting requirements and processes company wide.

Created management financial statements that focused on strategic income statement, balance sheet and cash flow accounts supporting the CFO in the management of distinct business lines.

Researched and wrote the Management Discussion and Analysis (MD&A) for 10Q’s and 10K.

L-3 Communications (Spun-off ten former Loral Divisions) - New York, N.Y.

Manager, Financial Planning & Business Analysis 4/1997 to 11/1997

Brought L-3 Communications public through the acquisition of ten former Loral divisions, led by the former Loral management team. Partners in this startup business were Lockheed Martin and Lehman Brothers.

Identified synergies and gauged strategic growth opportunities within acquisition candidates.

Set up the newly formed company’s internal and external reporting requirements.

Lockheed Martin (Purchased Loral Corporation) - New York, N.Y.

Senior Financial Analyst Managed Internal Research & Development budgets of approximately $250M. 1996 to 1997

Loral Corporation / Loral Electronics Systems - New York, N.Y.

Financial Analyst Analyzed and consolidated 40 divisional plans and forecasts for variances and trends. 1993 to 1996

Senior Project Analyst Produced division headcount, plans and forecasts for the corporate budget. 1991 to 1993

Project Analyst Developed and supervised the engineering department plans and forecasts. 1988 to 1990

Associate Project Analyst Managed multiple engineering projects using earned value management. 1986 to 1988

Education

Master of Business Administration, Finance, 1990 Manhattan College - Riverdale, New York

Bachelor of Science, Business Administration, 1986 Manhattan College - Riverdale, New York

Computer Skills

Excel (Pivot table, VLOOKUP), PowerPoint, Word, Hyperion Enterprise, Hyperion Retrieve, Windows, Macintosh



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