EDWARD J. FARRELLY 631-***-**** (h) 516-***-**** (c) adm6ai@r.postjobfree.com

*** ******** *****, *********, *** York 11787

SUMMARY

Energetic professional with thirty years of credit, finance, and management experience. A proven strategic thinker with superior leadership skills and an outstanding record of achievement. Seeking an opportunity in a capacity that will leverage my diverse skill to assist in achieving organizational goals.

PROFESSIONAL EXPERIENCE

THE NATURE’S BOUNTY COMPANY, Ronkonkoma, NY July 2017 – March 2021

Manager of Credit & Collections – Finance Division

Manages a staff of 20, including nine Collection and Chargeback Coordinators; four Collection Coordinators;three Cash Application Coordinators and two Credit Coordinators.

Responsible for preparing detailed A/R month end reports, including full analysis of Total Accounts Receivables vs.

Total Credits issued; Total AR delinquency by buckets; Largest A/R Accounts; Top 10 Chargeback Accounts; Top

Chargeback accounts over 90+ and Top 20 most delinquent Invoices over 90+.

Work very closely with Chargeback Coordinators to resolve large complex deductions in a timely manner. This

comprises of Big Box retailers; Convenient and Grocery Stores, as well as all branches of the Military. Some of these

accounts include Amazon, Costco, Wal-Mart, Target, CVS, Walgreen’s, Kroger, Dollar General and AAFES.

Closely monitors portfolio of A/R accounts for many divisions of NBTY including U.S. Nutrition, Active Nutrition,

Health & Fitness, Natural Products Group, Solgar, Sundown, and Ester-C. Responsible for making sure that A/R

delinquencies are immediately addressed by Collection Coordinators & payments are received in a timely manner.

Quickly identify problematic accounts within Collection Coordinators portfolio and instantly implement a plan of

action to mitigate potential losses by executing payment plans and negotiating settlements as a last resort.

Ability to develop strong and effective relationships with our customers, Brokers, Sales Department, Customer Service

and Warehouse personnel for validation of programs and reconciliation of unauthorized deductions and shortages.

Developed and implemented new Credit Process and Procedures for the extension of credit including new Credit

Review Process; Financial Analysis on Domestic & International companies; Credit Scoring Program for accounts

under $50K.

Furthermore, updated Credit Application, Bank and Trade request forms for U.S and International divisions.

Received Chief Executive Officer’s Department Award in February 2018, for recognition of outstanding & consistent

team commitment & contribution towards achievement of a significant milestone. Annual Chargebacks were reduced

by $42.6MM to $14.5MM resulting in a 5 year record low.

PUROLATOR INTERNATIONAL, INC, Jericho, NY Nov. 2013 – May 2016

Operations Finance Manager - Finance Division

Managed a staff of 10: four Collection Analysts, two Credit Analysts, two Cash Application Specialists, and two Accounts Payable Freight Auditors.

Established a full service Credit Department and executed new processes and procedures as well as extension of credit for new and existing customers in January 2014 resulting in a significant decrease in bad debt write-offs. Approval authority up to $15MM.

Partnered and developed excellent rapport with the Sales Department, commencing with weekly Collection meetings to discuss problematic accounts and developed a plan of action to quickly resolve issues and concerns. This resulted in strong collaborations between Sales and Collections to develop strategic initiatives to reduce AR delinquencies.

Successfully managed and reduced A/R delinquency for accounts over 60+ days past due from 12.8% (1/31/14) to 6.2% (1/31/15). A/R delinquency decreased during 2015 to 5.99% due to implementation of successful collection strategies.

Instrumental in resolving and substantially reducing A/R delinquency for numerous customers including: Starbucks ($258K to $5K); Abercrombie & Fitch ($376K to $1K) and Motorola ($225K to $6K) in just one calendar quarter.

As a result of my implementation of strong credit processes and procedures in January 2014, there were a nominal

number of bankruptcies and/or business shut downs in Purolator’s portfolio of 500+ accounts. In addition, an

insignificant amount of accounts were sent to third party Collection Agencies.

Responsible for preparing and distributing weekly and monthly Accounts Receivable & DSO reports to Sales,

Accounting, Collections, and Billing Departments as well as the Senior Management Team. These reports were

reviewed and discussed in significant detail at weekly Executive Leadership meetings.

COBY ELECTRONICS CORPORATION, Lake Success, NY Sept. 2007 – April 2013

(Filed Chapter 7 Bankruptcy December 2013)

National Credit Manager – Credit, Collections and Reconciliation Department

Managed Assistant Credit Manager and Credit Investigator.

Successful in minimizing U.S., Canadian and Latin America bad debt to below 0.5% from 2008-2013 as a direct result of extensive screening of companies which resulted in minimal bankruptcies or business closures in the 900+ account portfolio. Approval authority up to $10MM

Visited numerous U.S. and Canadian customers to ensure strong relationships and discussing credit issues.

Prepared extensive monthly/quarterly Credit & A/R reports and department budgets for Senior Management.

Conducted weekly departmental credit meetings with primary focus on discussing and reviewing credit lines and risk exposure of new and existing accounts. Performed detailed credit analysis for key accounts.

Reviewed and restructured Vendor Agreements for mass merchant accounts with our Legal Counsel. Partnered with Legal Department in preparing proof of claims; back-up documents and following-up on all bankruptcy proceedings.

Responsible for collections of A/R for mass merchant accounts with total outstanding balances between $1MM- $25MM. A/R delinquency represented less than 3% of AR over 30 days past due.

TDK ELECTRONICS CORPORATION, Garden City, NY Dec. 2005 – Aug. 2007

Senior Credit Manager – Credit, Collections and Reconciliation Department

Managed staff of six Reconciliation Analysts and one A/R Cash Application Specialist.

Designed, developed and implemented new processes and procedures for Credit Department which were non-existent. Included: extensive credit review process, credit scoring program for accounts under $100K, automation of trade references, credit hold program, corporate ratings system, signature hierarchy for credit reviews and write-off’s.

Prepared monthly A/R reports, department budgets, and monthly cash collection projections.

Minimal amount of bankruptcies and business closures occurred in TDK’s portfolio while under my tenure as a direct result of the implementation of new credit processes and procedures. Signing authority up to $2.5MM.

A/R delinquency declined substantially by 10.9% from 24.6% at 1/06 as compared to 13.9% at 3/07.

Invoices 90+ days were reduced significantly by 91% from $2,736K at 1/06 to $244K at 3/07.

Successfully partnered with Reconciliation Analysts to resolve large deduction challenges with Walgreen’s, Best

Buy, Circuit City and CompUSA. Total charge backs decreased by 54% from $1,744K at 1/06 to $803K at 3/07.

Received Presidential Department Award for outstanding achievements in reconciliation, collections and consistent team commitment.

OLYMPUS AMERICA, Melville, NY Aug. 2000 – Nov. 2005

Regional Credit Manager - Financial Services Division

EDUCATION

New York Institute of Technology, Old Westbury, NY

Bachelor of Science - Major: Business Finance

COMPUTER SKILLS

SAP, JD Edwards, AS400, Internal Software Systems, Microsoft Office (Word, Excel, Access, PowerPoint), Outlook.

Credit Group’s: Riemer, Smyth and Mass Merchandiser’s Group

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