PEDRO I. VEGAS
FINANCE AND OPERATIONS EXECUTIVE / CFO
Leading organizations to increased performance and solving their most challenging problems
Accomplished International Financial Leader with extensive finance and administrative experience at highly-matrixed technology and manufacturing U.S. multinationals. Successful history of business portfolio turnarounds and M&A integrations with a focus on achieving profitable growth by leveraging productivity gains. Passion for building high performance teams and leading large and complex business transformations and restructuring initiatives.
Team Leadership & Development Finance Transformation
Operational Rhythm and KPI’s
Treasury Mgmt. / Cash Flow / FX
Accounting GAAP / IFRS / FASB 52
ERP Roll out (SAP / Oracle)
Analytical Problem Solving
Lean Six Sigma
Project Management / Control.
Cost Accounting /Manufacturing
Tax Planning / Tax Compliance
Working Capital Optimization
Financial Planning / Forecasting
Internal Control & SOX Certification
Budget and Expenses Management
Productivity improvement Deep Dive
Finance & Operations Leader – LATAM Marketing & Sales Services Operations. 3M Latin America Region 11/2012 – 7/2019
Delivered Financial results and commitments trough financial guidance to the Marketing & Sales Operations (MSO) organization ($35M annual budget, 500-employee) and Corporate Staff Services Global/Area Leadership ($200M annual budget). Implemented and oversaw financial policies, procedures, and performance, including the Operational Rhythm for the newly created MSO structure and organization. Led the strategic and operational plan cycles, creating financial planning scenarios and budgets for all MSO workstream pillars.Drove monthly and quartelly reviews with regional teams and LATAM countries, Area Process Owners and presented area results and initiatiative update in the in Global review meetings.
Designed and implemented Service Level Agreements (SLA’s) for the new MSO that included Key Performance Indicators (KPI's) for each country, Business Division, and MSO pillar.
Achieved a 20% SG&A productivity improvement and $20M+ savings in 5 years.
Implemented productivity deep dive contingency planning sessions with all pillars to collaborate on creation of action plans that delivered $4M+ USD in incremental savings to the 2019 Operations plan budget.
Spearheaded the strategy for the migration of back-office processes to the shared service center for key processes including: Accounting General Ledger and Reconciliation Operations, Banking Operations, Accounts Payable Operations, Transactional Pricing Process, CRM, and Customer Service Operations. This strategy was approved in the Global and Area final Strategy Plan.
Prepared balance scorecard and value realization analysis to identify key value realization initiative and projects by leveraging six sigma methology in order to drive productivity gains and quality improvement initiatives across MSO workstream pillars (Customer Service Operations, Pricing & Merchandising, Sales, Digital Marketing).
Oversaw the Latin America ‘Record to Report’ preparedness initiative with the Global and Area teams to standardize business processes prior to the SAP rollout.
Director of Finance and Administration Caribbean Region (CFO), 3M Puerto Rico. 11/2008– 11/2012
Directed Financial Core Functions (Accounting, FP&A Treasury, Credit and Collections, AP, Business Finance) plus some Administrative functions including Information Technology and Sourcing for the Caribbean Region with 300 employees and $150M in sales. Managed performance for a 32-person team of 12 direct and 20 indirect reports geographically dispersed across Puerto Rico, Dominican Republic, Trinidad & Tobago and Jamaica (Export Operation to Caribbean Island from U.S. and ACE Manufacturing Site in Puerto Rico).
Led the Regionalization Initiative that standardized and centralized financial and operational processes and resulted in improved expense, productivity, and process performance, including a 25%+ operating margin in the Caribbean Region - one of the highest in Latin America.
Leader of the Finance Transformation project for the creation of high-performance finance teams and redeployed 7 FTE from transactional to more value-added activities, saving $400K annually. On-site all finance staff acted as business partners to one or several business stakeholders and consequently were co-located with their stakeholders
Led gross margin project to identify contracts and products with low and negative margins and worked closely with regional Managing Director and Business Leaders on strategies that increased gross margin by one+ percentage point annually from 2008 to 2011.
Successfully integrated the $50M ACE Products Acquisition, including financial integration to 3M Systems, completing financial due diligence, implementation of Intergration milestones and resolution post integration audit on time in full .
Deployed a new credit review process by designing a scoring algorithm and credit review process that resulted in the ability to reduce overdue payments to 3% and improve credit release cycle time for customer order.
Six Sigma Master Black Belt Latin America Finance, 3M Latin America Region 6/2007–11/2008
Change agent in charge of ensuring the success of critical financial transformation projects by acting as a consultant to the Latin America region subsidiaries’ teams and local management through the deployment of Six Sigma methodologies (DMAIC).
Led business assessment and deep-dive workshops on the financial process and business model, ensuring the presence of process performance metrics and current baseline / entitlement data were available for all key processes.
Designed and implemented an assessment for key Finance competencies and behaviors as part of the MBB Certification Project.
Facilitated Realization Workshops to identify and quantify projects needed to meet business objectives for cost, growth, and cash.
Provided training to the Finance and Business Community on Business Model Analysis framework, Margin Expansion opportunities, and Value Realization financial analysis.
Director of Administration and Finance (CFO Venezuela), 3M Venezuela 11/2004 – 5/2007
Led the Finance organization (US GAAP Accounting, Manufacturing Cost Accounting, Treasury, Tax Planning and Compliance, Internal Control and Sox Certification, Accounts Payable and Business Finance) in Venezuela. Finance partner to business units and manufacturing plant and subject matter expert for the Industrial, Safety, Health Care, Consumer, and Display & Graphics Groups. Managed a 25-person team of 8 direct and 12 indirect reports and ensured certified financial statements and appropriate compliance and control environments.
Transformed the business by moving resources from transactional activities to Business Counsel; designed high-performance team to work with Divisional business leader to provide financial insight, results monitoring and compliance support to business units; relocated6 FTE's from transactional to business finance.
Reduced excess cash by $39.7M by making a HQ office space purchase, executing Bond Swaps and purchasing FX at the preferred FX rate, and cycle time reduction from 90 to 54 days.
Tax compliance process improvement by Implementing New Tax Transfer Price process and system and conducted a detailed review and update of the Value Added Tax procedures a
Led and deployed a new planning and forecasting process (Khalix) aligning the local business to global targets and guidelines.
Implemented new AR/Banker reconciliation process and system that improved customer claim resolution time, compliance and eliminated FX Write off due to customer disputes.
Finance and Admin Director (CFO Venezuela), AVON PRODUCTS. Venezuela 11/2000 – 11/2004
Led and the Financial and Administrative organization including Treasury, Accounting, Cost Accounting, Tax, and Financial Planning and Internal Controls, Customer Service and Collection for Avon Venezuela, a company with $200M annual sales and 1,200 employees.
Drove profitable, sustainable growth through business performance monitoring, internal and external reporting, SOX implementation, effective tax planning, and finance leadership.
Managed SOX Certification process by identifying critical controls, making independent testing and filling Sox reporting requirements, including enterprise-wide training.
Cash Repatriation program, more than 20M in Cash remittance to Corporate.
Implementation of new Finance and Analysis process under Hyperion Platform.
Led Inventory optimization team, cash savings optimization better than planned in every year
Avon Best Finance Organization.
Director of Finance and Administration (Andean Region CFO), HONEYWELL. Venezuela. 3/1998 – 2/2000
Managed financial functions across Accounting, Treasury, Taxes, Accounts Payable, Controls and Reporting for the Andean Region (Venezuela, Colombia, Ecuador, and Peru) for Honeywell’s Oil & Gas, Transportation, Automation and Control business segments that consisted of $120M in Sales and 220 employees.
Completed merge/integration of Honeywell with Allied Signal; achieved all project milestones and actions to capture planned synergies.
Successfully implemented the ERP Oracle Financial migration plan.
Highest Sustainable Growth in LATAM, reaching more than 25% yoy at 25% Operating Margin
Early Career Roles included:
Xerox – Focused on treasury management, corporate investment, and funding. Structured 25M corporate funding with OPIC, converted rental contracts portfolio to Long term leases USD denominated for Venezuela and Spain, led Tax planning and reorganization, Spearheaded Controllership Xerox Business Services in Venezuela and Spain .
Corporation Palmar – Treasury Management and Project financing for Central El Palmar agrobusiness and Alfareria el Volcan export diversification. Strategic Planning Facilitation, Assistant to CEO, Operational Rhythm
Education & Credentials
Master of Business Administration, Hult International Business School (Formerly Arthur D Little MEI) - Cambridge MA
Bachelor of Science in Economics, Universidad Cattolica Andrés Bello – Caracas, Venezuela
Lean Six Sigma Master Black Belt - 3M Company - St Paul Minnesota
Treasury Strategic Management - IESA -Caracas Venezuela
Leadership Through Quality - Xerox Corporation
FCPA and Compliance – 3M ALDP Caribbean Region
Business Models & Margin Expansion – 3M Lean Six Sigma University
Six Sigma Financial Benefits & Value Realization – 3M Lean Six Sigma University