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Palos Park, Illinois, 60464, United States
October 27, 2016

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Phil Lake **** W ***th Pl *E, Worth, IL 60482 224-***-****


Keller Graduate School of Management

August 2000 MBA (w/ distinction)

Illinois State University

May 1986 B.S Accounting


Self Employed Greater Chicago, IL

Real Estate Investing July 2014 – July 2016

Tempel Steel Company (~$400 million sales) Chicago, IL w/ Tempel Steel (1990- March 2014)

Global Corporate Controller August 2006 – March 2014

Leader: Corporate & International (Chicago/US, China, India, Mexico, Canada, Europe) Accounting departments.

Led consolidated, segmented and Ad-hoc reporting and monthly/annual financial close. Provide essential guidance to company leadership in setting economic strategies, objectives and policies at both our NAFTA and Asian divisions. Manage our Lean Accounting and Accounting for Lean business systems environment within a Continuous Improvement company culture.

Established a formal, perpetual system of sales and profit forecasting that has manifested into significantly improved cash planning, foreign currency hedging, raw material procurement and inventory turnover, production planning and labor planning.

Established pricing strategy in both NAFTA and Asia that moved us away from a tradition of cost-plus to a value-based system which allowed us to-better compete in an ever-increasing competitive NAFTA market and particularly in China and India where price is critical and quality premiums carry less value. Incorporated cost of capital and ROA into pricing decisions. New business "wins" in 2013 was $60 million and counting.

Led several Kaizens in Chicago (NAFTA), China and India across various processes in finance, operations and marketing. Most notably, I led some very significant improvement in inventory reduction, customer quotations (speed/accuracy) and the financial close process. Our monthly close, for instance, is currently down to 4 days (including KPIs and analytics) from 10-12 days when I took over the Corporate Controller position.

Led "green-field" startup of Chennai, India operation. Hired and developed management/ financial/administrative staff. Helped navigate Tempel through the legal/local bureaucracy that in many respects was aided by "lessons learned" from my experience in starting up our China division.

Initiated Economic Value Added reporting/analysis at the divisional and corporate level.

Bolstered internal controls in China and India by establishing SOPs around all material transactions. Also, established an internal audit function at both locations. Worked with IT to establish a transactions exception line of reporting where I receive a daily summary of all unusual and illegal transactions or any time steel does not reconcile at our overseas locations.

Established an EBIT Bridge that compares current EBIT to forecast, budget and prior year and distinguishes variances on the basis of customer price, mix and volume.

Led my team to incorporate cost of capital into our activity-based costing and customer profitability profiles. Customers are increasingly asking for extended terms and this tool allows us to measure the economic impact of stretching AR. This is especially useful in price negotiations with new and existing customers.

Tempel Steel Company Chicago, IL

Interim General Manager - Dec. 2005-Aug. 2006

Accepted temporary assignment to manage our Changzhou operations until a new local General Manager was hired. It was during this time that I was offered the promotion to Corporate Controller.

Worked with China management team and Shanghai consultants (Axis Partners) on developing a 5-year China business plan that incorporated all relevant aspects of marketing, sales and steel procurement. Also included several scenario financial models of growth and capital investment from worse to best case.

First-hand emphasis on smart hiring, team building and developing systems and controls around inventory valuation, quotations, production planning and steel procurement.

Tempel Steel Company Libertyville, IL

Division Controller, Transformer Division ($125 million sales) - July 1992-Nov. 2005 and Director of International Finance from June 2004 to Dec. 2005

Manage all aspects of divisional and international general ledger accounting, cost accounting (Standard BOM/BOA and ABC), financial reporting/analysis, budgeting, fixed assets (capital justification), business development/planning, international banking, payroll and IT.

Issue divisional financial statements and provide analytical support to include profitability analysis, variance analysis, ratio analysis, cash flow analysis, inventory turnover, trend analysis, etc.

Led startup of our Changzhou, China operations in 2004. Hired and developed management/ financial/administrative staff. Helped build a customer base and establish a supply base with our local vendors.

Developed budget matrix (“skeleton”) which serves as company-wide model, used for developing annual detailed budgets. Matrix forced managers to justify their spending requirements in terms of activities and production performance.

Developed key production and quality measurements to include efficiency, variance, utilization, productivity, cost of quality, value per employee and activity-based management.

Team Leader: Mergers and Acquisitions (Due Diligence). Developed strategic initiatives for international business expansion, which resulted in $45 million in new revenue and improved margins

Outsource Opportunities: Worked directly with potential "in-house" customers in securing over $50MM of new business. Developed all analytical models and promotional materials.

Project Leader-Inventory Performance Group. Led team to sustained 35%, $4MM inventory reduction by implementing better management tools, identifying impact opportunities, educating employees and establishing 'buy in" to the program.

Established a 'balanced scorecard" approach to managing business profit centers. Created a dashboard with drill-down capabilities.

Created business plans for our Mexico and China operations and other value-added ventures which ultimately led to over $140MM in business with new and existing customers.

Established Capital Justification Committee which aligned all capital investments with corporate strategic objectives and refocused all capital justifications towards creating stockholder value (free cash flow and positive EVA).

Led Cost Reduction Steering Committee, which resulted in cost savings in excess of $2MM.

Project Leader-Oracle ERP Implementation. Also, successfully implemented Data Warehouse, which incorporated and integrated all aspects of production, maintenance, sales, scrap, payroll and general ledger.

Developed and led in-house “foreign exchange rate” training/seminars for salespersons and Marketing personnel.

Introduced and implemented Activity-Based Costing/Management/Budgeting, first in Libertyville and then company-wide.

Tempel Steel Company Libertyville, IL

Division Accountant, Transformer Division ($80 million sales) - Dec. 1992-July. 1994

Manage all aspects of financial reporting and cost accounting

Promoted to this newly-created position to build ("from scratch") Libertyville financial team and reporting systems as management determined a need to physically segregate our Transformer business away from our Motor business which were both being produced and shipped out of our Chicago plant until that time.

Tempel Steel Company Chicago, IL

Corporate Cost Manager ($180 million sales) - Nov. 1990-Nov. 1992

Managed all aspects of cost accounting and management reporting.

Significantly improved standard costing (Burden Study) and management reporting which up until that time was outdated and in extreme disrepair.

Vesuvius LTD (a subsidiary of Cookson Group), Naperville, IL

Internal Auditor – North America Operations - 1989-Nov. 1990

Performed corporate and plant financial and operational audits and reviews. Emphasis on Internal Controls. 95% travel.

Desoto Inc., Coatings and Polymers Div. Chicago Heights, IL

Cost Accounting Manager - 1988 - 1989

Supervisory position responsible for cost accounting and management reporting at a $200 million manufacturing division.

United States Can Company Oak Brook, IL

Senior Accountant – Corporate Headquarters ($500 million sales) - 1986 - 1988

Assisted Controller in all aspects of general, cost and fixed asset accounting.

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