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Financial Executive with hands-on, collaborative experience

Location:
Sparta Township, NJ, 07871
Posted:
March 25, 2017

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Resume:

Bruce L. Fishstein, MBA

** ******* *****, ******, *** Jersey 07871

973-***-****

aczg6k@r.postjobfree.com

Summary of Qualifications

Financial Executive with hands-on, collaborative experience leading Financial Planning & Analysis, Operations Accounting, and Internal Audit. Broad experiences in retail, consumer products, manufacturing, and distribution business segments in multinational public and private equity held companies. Work well in start-up and established company environments. Proven track record of successfully taking on roles without having prior direct experiences, developing high performing, value added organizations, and working effectively across functional areas. Management and analytical strengths in:

- Business and financial analysis ; process re-engineering - Team building and transforming organizations

- Forecasting, budgeting, and strategic planning - Cash flow management and expense planning

- Internal Audit and SOX compliance - Acquisition analysis and integration; divestitures

- Supply Chain - Private Equity transactions

- Capital investment analysis and allocation - Operating cost reduction and co-sourcing Professional Experience

Quorum Federal Credit Union Purchase, New York 8/2016 - Present Board of Directors Associate Member

Member of the Supervisory (Audit) and Policy Committees of the Credit Union, with total assets of $940 million. Toys “R” Us, Inc. Wayne, New Jersey 2003 – 4/2016

Vice President, Internal Audit, 2009 – 4/2016

Chief Audit Executive responsible for the company’s global Internal Audit group and support of the Audit Committee. Oversaw Domestic and International Financial/Operations, IT, Store, DC, and Lease audit functions, and SOX compliance.

Led Audit Committee meetings and prepared meeting agendas and materials.

Guarded against material risk and enhance internal control environment. Significantly reduced unremediated SOX deficiencies.

Developed Internal Audit Transformation plan which was approved by the Audit Committee and Senior Management. Utilized new auditable entity structure to develop audit plan and began implementation of re-engineered audit processes.

Implemented Global Risk Assessment process to identify and analyze risks that could adversely affect TRU.

Managed Internal Audit expense recovery function, routinely generating sufficient income to offset all or the majority of annual department expenses.

Developed and implemented Lease audit function. Recovered $10 million from landlords since 2010. Worked with international markets to expand globally.

Established third party expense payables vendor contract audit process which recovered $1 million since 2013.

Lowered SOX testing expenses by 20% since 2009, through reduced key controls and increased efficiencies. Worked with CohnReznick to enhance SOX testing process to incorporate new PCAOB guidance and COSO 2013 framework, and improve synergies with external auditors to increase reliance.

Negotiated a reduction of $2 million in Deloitte audit base audit fees since 2009.

Co-developed and conducted a RFP and selection process for external audit services for FY 2015. Selected EY and successfully transitioned from Deloitte, with year one savings of $0.5 million.

Developed and implemented an operational focused Store Audit program, which was also rolled out in Japan. Partnered with Store Operations to identify and execute solutions to audit findings, and enhance store SOPs.

Partnered with Logistics to develop and implement a Distribution Center Operational Audit program.

Active participant on migration steering team which successfully outsourced TRU’s US and Canada core accounting processes to Tata Consulting Services in Chennai, India. Conducted on-site visit to ensure controls were effective.

Expanded Application Security Officer program to International markets.

Led fraud investigation and remediation process.

Led TRU Asia Joint Venture post acquisition FCPA Due Diligence process and ensured entity was SOX compliant.

Conducted best practice and benchmarking meetings with accounting firms and peer companies to enhance Internal Audit processes.

Developed Headquarters Business Continuity plan which was utilized during Hurricane Sandy.

Developed and led annual Finance Mentoring program. Bruce Fishstein 973-***-**** aczg6k@r.postjobfree.com Page 2 Vice President, Operations Accounting, 2007 - 2009 Responsible for leading the domestic payroll, merchandise and expense payables, credit allowances, return goods, check services, and sales/cash audit organizations.

Implemented terms project which increased company minimum domestic and import terms and generated improved cash flow and reduced interest expense of $90 million and $9 million respectively.

Identified opportunity to increase and standardize apparel credit allowances which resulted in incremental annualized credit allowances of $5 million.

Implemented accounts payable vendor portal which allowed vendors on-line access to their account data and provided an on-line dispute process. Streamlined the vendor correspondence process and improved the accuracy and timing of the reconciliation process.

Implemented credit allowance vendor portal that streamlined the deal approval process and standardization of credit allowances with built in best practices. The portal facilitated faster collection of credit allowances and enabled better tracking and deal management.

Reduced payroll processing expenses by $650,000 annually and increased services, including payroll self-service, via contract negotiation with third party provider.

Director, Planning & Analysis – Corporate and Supply Chain, 2004 - 2007

Led Toys “R” Us, Inc. forecast, annual budget, and long range planning processes. Streamlined processes and improved reporting and analysis to Senior Management and the Board of Directors.

Led the Corporate Headquarters, Distribution Center, and Logistics department budgeting and monthly actual reporting and analysis processes.

Worked closely with Senior Management and Credit Suisse First Boston during the development of the offering prospectus and interfaced with prospective buyers of Toys “R” Us, Inc.

Actively involved in the pre-acquisition due diligence process with Senior Management and the Sponsors prior to the purchase of the company and engaged in post-acquisition integration and process improvement.

Implemented a new BPM solution which provided an integrated budgeting and forecasting, reporting and analysis, and consolidations systems solution for the Accounting and Planning & Analysis organizations.

Established new internal reporting organization which provided weekly and monthly management reporting and analysis of results and key performance metrics to Senior Management.

Developed distribution center network analysis with the Logistics Management team.

Identified the opportunity to reduce distribution center management payroll by increasing the ratio of associates to management to 10:1. Co-led cross functional team which redesigned the distribution center management structure resulting in annual savings of $750,000.

Director, Planning & Analysis – Supply Chain, 2003 - 2004

Developed analysis and management tools for the Logistics organization to better understand results including actuals analysis, trend, and benchmarking analysis tools, improved forecasting process and analysis, and capital expenditure EVA analysis tool.

Developed new streamlined annual budgeting process that integrated Toys “R” Us, Kids “R” Us, and Imaginarium distribution center business plans. Fully engaged Distribution Center Leadership Team in the process.

Active member of logistics strategy team that developed Logistics organization mission and three year strategic plan.

Developed financial statement analysis training class for Distribution Center General Managers and Logistics organization.

Quantified cost savings and transitional expenses associated with the closure of the Kids “R” Us and Imaginarium distribution centers as a result of shutdown of the chains. Led the identification of assets to be transferred to other distribution centers and written off.

Developed incentive plans for the Distribution Center General Managers and their direct reports. Championed the use of total cost per carton as an incentive metric.

Georgia-Pacific Corporation Atlanta, Georgia 1996 – 2003 Director, Planning & Analysis, Unisource Worldwide, 1999 - 2003

Integrated Unisource into Georgia-Pacific organization following July 1999 acquisition. Established centralized planning and analysis processes, and management reporting including annual and five year business planning, capital appropriation and analysis, customer, product, and vendor profitability analysis utilizing data warehouse, and acquisition synergy and productivity tracking.

Developed cash flow forecasting and analysis process for Mexico subsidiary which allowed them to become a self- sustaining positive cash flow organization.

Bruce Fishstein 973-***-**** aczg6k@r.postjobfree.com Page 3

Helped manage the $20 million divestiture of a Unisource division. Coordinated with Unisource management team and investment bankers in development of business prospectus, valuation, and list of potential acquirers. Participated in due diligence meetings with acquirer.

Negotiated the transfer of Unisource’s specialty chemical production to a business partner resulting in improved marketing, logistics, and manufacturing.

Co-led development of financial processes, analysis, and reporting for the start-up of a strategic alliance with Xerox.

Participated in the development of the Division Strategic Business Review process used to provide Unisource Senior Management an assessment of division core strategies, customer and product segmentation, competitor analysis, and sales force effectiveness.

Developed Unisource President’s business update and plan presentations to Georgia-Pacific’s Board of Directors, Chairman, Executive Management team and Unisource organization. Director, Business Analysis, Consumer Tissue, Packaged Products Division, 1997 - 1999

Led Consumer Tissue five year strategy, annual business planning, and capital appropriation processes.

Developed enhanced and integrated business analysis and reporting tools for the Division SAP implementation.

Led consumer business analysis for potential acquisition. Worked closely with investment bankers to coordinate overall analysis and valuation.

Identified opportunities to improve business margins via product mix enhancement, pricing actions, and product pruning. Director, Business Analysis, Pulp and Bleached Board Division, 1996 - 1997

Established business analysis function.

Active member of team chartered to develop Division eight year strategy.

Led team that developed strategy that improved the Economic Value Added of a mill operation.

Developed process for first Sales and Marketing Annual Business Plan. Developed key performance measurements. Kraft Foods Glenview, Illinois 1987 - 1996

Senior Manager, Financial Planning and Analysis, Kraft Cheese Division, 1994 - 1996

Led and coordinated category financial analysis and long range plan process. Improved forecasting process via process flowcharting and redesigned analysis formats.

Assistant Controller, Refrigerated Operations, Kraft USA Operations, 1992 - 1994

Managed financial function for 18 manufacturing facilities. Coordinated closing, actuals analysis, monthly forecasting, annual plan, and productivity rollover processes.

Manager, Business Analysis and Financial Planning, Kraft Cheese Division, 1989 - 1992

Led Division product cost analysis and forecasting, and understanding of dairy markets and underlying fundamentals. Identified implications of commodity cost increases and quantified impact of pricing decisions.

Led the Division forecasting process. Developed financial analysis package and presented results to Senior Management. Coordinated Division Operating Budget and Strategic Plan processes. Senior Financial Analyst, Kraft Cheese and Venture Products Divisions, 1987 - 1989

Led financial analysis and planning for Kraft's $500 million Natural Cheese business.

Designed and implemented a cost accounting system for Lender’s Bagels. Led financial analysis for Tombstone Pizza. Texas Instruments Dallas, Texas 1983 - 1985

Process Engineer

Education

University of Michigan Stephen M. Ross School of Business, Ann Arbor, Michigan MBA in Finance, May 1987. Graduated with distinction. Elected to Beta Gamma Sigma Honor Society. University of Pennsylvania School of Engineering and Applied Science, Philadelphia, Pennsylvania BSE in Chemical Engineering, May 1983. Graduated cum laude. Elected to Tau Beta Pi Honor Society.



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