Tag Archives: CFO

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FEI, Az Business present CFO of the Year awards

Financial Executives International (FEI) Arizona Chapter and Az Business magazine presented the 7th Annual CFO of the Year Awards at the Arizona Biltmore. The awards recognize professionals for outstanding performance in their roles as corporate financial stewards.

Read all about the finalists below, then check out photos of the event.

Finalists were Bradley C. Anderson, executive vice president of finance and CFO, Amtech Systems, Inc.; Dan Behrendt, CFO, TASER International; Jerome Bruggeman, CFO, RMJ Electrical Contractors, Inc.; Christina Cancino, senior vice president and CFO, Arizona’s Children Association; Sandy Catour, CFO, Sitewire; Ed Czemerych, CFO, Liberty Iron and Metal Holdings, LLC; Ward Huseth, CFO, Great Hearts Academies; Joseph Ivenz, CFO, Marcolin USA; Renee Krug, executive vice president and CFO, Clear Channel Outdoor; Thomas C. Lavoy, CFO, Veolia Transportation on Demand;  Shaun McMeans, vice president of administration and CFO, HTG Molecular Diagnostics; David Miller, CFO, Jokake Construction Services, Inc.; Doug Noblitt, executive vice president, finance and accounting, Tallwave; Chris Power, CFO, LifeLock, Inc.; Carlos L. Rojas, CFO, Heard Museum; Ashley Sanders, vice president of finance, Angel MedFlight; Richard Skufza, executive vice president and CFO, LaneTerralever; Debra Thompson, vice chancellor for business services, Maricopa Community Colleges; Christopher L. Turner, director of finance, GlobalMed; Dennis M. Via, CFO, NFP Property & Casualty Services, Inc.; and Shane Wells, Arizona-Nevada market CFO, IASIS Healthcare.

The four winners honored were:

CFO of the Year, Private Company

Thomas B. Fischer, CFO and vice president of finance, OnTrac

Since taking the role in 2000, Fischer has navigated business reorganizations, led the implementation of optimized business practices and collaborated toward the successful launches in five new states, helping to diversify the company’s services and increase customer value. His responsibilities include daily operations of financial and fiscal management.

Impact on OnTrac: In 2013, Fischer coordinated $40 million in new borrowings, which facilitated the buyback of employee stock option plans and the implementation of material handling, as well as allowing for the working capital for increase of business.  More than $20 million has been invested into equipment that will help OnTrac increase its package delivery from 50,000 packages a day to more than 300,000 packages a day. This type of automation significantly reduces the cost of delivery to the company.

CFO of the Year, Private Company

Tom Harris, executive vice president and CFO, Arizona Diamondbacks

Harris oversees all financial operations, risk management, administration, stadium operations and ownership relations. His tenure in this organization and in the industry make him an integral officer in assisting the president and CEO and other executives in guiding the organization to success. His knowledge of the inner workings of local government is essential in the day-to-day affairs of stadium related matters.

Impact on Diamondbacks: Harris spearheaded a 2011 debt refinancing, bond tender offer and line of credit with JP Morgan that reduced long-term debt by $1 million and provides for reduced interest expense and improved cash flow going forward. In 2011, he also spearheaded a modification of the team’s concessions agreement that has significantly improved its concessions revenue share.

CFO of the Year, Public Company

Amin Maredia, CFO, Sprouts Farmers Market

In less than two years, Maredia has established a public company finance function while completing a major strategic acquisition, more than $700 million debt refinancing, and leading Sprouts’ initial public offering efforts. In addition, he designed Sprouts’ finance infrastructure, including implementation of analytical tools, which provide the ability to monitor current and accurately forecast future performance. Maredia has also used his vast retail experience to help Sprouts execute its new store selection process and strengthen its position in the market.

Impact on Sprouts: Maredia has been instrumental in establishing the company’s internal control systems. He is a tireless advocate for transparency in not only financial reporting, but all areas of the operations. He has taken a lead role in developing a delegation of authority policy and code of conduct applicable to all company team members.

CFO of the Year, Nonprofit

Tanya Muñiz, CFO, Valley of the Sun United Way

Muñiz administers all financial operations and analysis. Under her leadership, the annual budget has grown from $50 million to $114 million in five years. United Way has very complex financials and undergoes six audits annually, with consistently excellent results and zero findings. Muñiz oversees a department of 20 employees who have flourished under her leadership. She led the development of organizational scorecards for measuring and managing performance. Customer satisfaction with accounting has increased by 25 percent since she became CFO.

Impact on United Way: Muñiz built a 10-year economic model that enables the organization to better plan its work and serves as a foundation for its strategic plans. The model enables Valley of the Sun United Way to see the effects of multi-year grants and major gifts, as well as recognizing that many expenses are long-term investments requiring up-front financing.

data.center

Established CFO Brings Tech Experience to IO

IO, a global leader in software-defined data centers, today announced Michael Berry has joined the company as Chief Financial Officer. Mr. Berry will be responsible for financial planning and analysis, accounting, operations, treasury activities and investor relations, and will report to CEO and Product Architect, George Slessman.

“I am very happy to have Mike join IO,” said Slessman. “His experience as a proven operational leader and technology executive will support IO’s growth and provide a solid financial and operational foundation for the organization.”

Berry joins IO from SolarWinds, a publicly held international provider of IT management software with approximately $300 million in annual revenue and over $3.5 billion in market capitalization where he was Executive Vice President and CFO.  He overhauled the company’s financial planning process and was instrumental in completing ten acquisitions and leading the maintenance renewal team to strong and consistent revenue growth. From a financial perspective, during Mr. Berry’s tenure the company achieved non-GAAP operating profit of greater than 50 percent for eleven straight quarters, and increased operating cash flow by 33% while growing total revenue by 28% on an annualized basis. Prior to SolarWinds, Berry was CFO at i2 (NASDAQ: ITWO), a publicly held, international provider of supply chain software and services. At i2, he rebuilt and scaled the finance and investor relations organizations, led the implementation of several financial planning systems, and played a key role in several strategic initiatives including the acquisition of i2 in January 2010 by JDA Software.

“I could not be more excited about joining IO,” said Michael Berry, IO’s new CFO. “Our leadership position in the foundation technology of the cloud, visionary leadership, marquis enterprise customers and disruptive technology, combined with my experience building the financial and operational foundation for proven technology companies, is a once in a lifetime opportunity.  It is truly a great fit that aligns very well with my personal and professional goals and objectives.”

Prior to his CFO experience, Berry served in various executive roles at The Reynolds and Reynolds Company, a provider of software and services to the retail automotive industry, most recently as Senior Vice President of Solutions Management, Development and Operations. He has also held executive management positions at Comdata Corporation and Travelers Express Co. (now MoneyGram International). Berry is currently a Member of the Board of Directors and Audit Committee Chairman for Rapid7, a privately-held security software company based in Boston, Mass.

Paul Ferino - Color

Arizona Polymer Flooring hires new CFO

Arizona Polymer Flooring (APF), a manufacturer of high-performance flooring products and concrete coating systems, announced that Paul Ferino now serves as chief financial officer and controller. He will oversee the company’s financial activities including budgeting, forecasting, operational results analysis, improvement strategies and cash management.

Ferino has more than 25 years experience in the financial services and accounting industries, with the last twelve years at the CFO/Controller level.

Ferino is a Certified Public Accountant and member of the American Institute of Certified Public Accountants. He earned his Bachelor of Science in Accounting from Northeastern Illinois University and a Master of Business Administration from DePaul University in Chicago with a specialization in Corporate Finance.

To learn more about APF, visit www.apfepoxy.com.

Arizona Business Financing

CFOs Show Growing Confidence in U.S. Economy

During the past year, chief financial officers (CFOs) have grown significantly more confident in the U.S. economy, according to the 2013 Spring CFO Survey from Grant Thornton LLP. The survey findings reveal that 45 percent of respondents believe the state of the U.S. economy will improve during the next six months, compared to just 31 percent in the fall and 25 percent last summer.

That confidence extends throughout the survey findings, with 44 percent of those surveyed predicting that industry financial prospects will improve during the next six months, compared to 34 percent in the fall. Since last summer, the number of CFOs who believe the pricing or fees charged by their industry will increase in the next six months has jumped seven percentage points to 37 percent. In addition, when CFOs were asked about employment opportunities during the next six months, more than a third (40 percent) said their company’s head count would increase, rising 6 percent from the fall.

“The results of our spring survey are encouraging — particularly with respect to the uptick in expectations for improved financial prospects,” said Stephen Chipman, chief executive officer of Grant Thornton LLP. “Seemingly, steady improvements in key economic indicators, including labor and housing, have helped stimulate greater optimism among CFOs, at least in the near-term.”

According to the survey findings, almost two-thirds of CFOs (65 percent) expect the average cost of an employee’s salary to increase during the next 12 months, up from 59 percent in the fall. The total cost of employee benefits, including bonuses (56 percent), stock options (72 percent), 401(k) match (86 percent), and other company-matched retirement contributions (81 percent), are expected to remain unchanged from the year prior.

These findings come on the heels of similar data from the Grant Thornton International Business Report, which found that optimism in the performance of the nation’s economy among U.S. business leaders rose from -4 percent in fourth quarter 2012 to 31 percent in first quarter 2013.

While increased optimism among CFOs was prevalent throughout the survey results, they still cite legislative bottlenecks as an area of concern. Almost half of all CFOs surveyed (47 percent) say they are unable to make a major decision that would allow their company to grow because of uncertainty surrounding the funding of the U.S. government. Thirty-one percent of respondents ranked tax reform as the second greatest bottleneck.

2010 CFO Of The Year Awards

2010 CFO Of The Year Awards

The 4th annual CFO of the Year Awards ceremony took place on Nov. 4, at the Fairmont Scottsdale. The awards recognized 28 CFOs for their outstanding performances in their roles as corporate financial stewards. Four overall winners from the categories of private, small public and large public companies and nonprofit organization were recognized. The Arizona Chapter of Financial Executives International partnered with Arizona Business Magazine to make these awards possible.

CFO Awards recognizing leaders

Joan Brubacher

Gayle Pincus

From left: Jonathan Keyser, Tim Einwechter and Joan Brubacher.

Finalists

From left: Cheryl Green, Joan Brubacher, Ryan Suchala and Mary Jane Rynd of the Virginia G Piper Charitable Trust.

From left: Andrew Ernst, Dan Bacchus, Cheryl Vogt and Joan Brubacher.

From left: Jonas McCormick, David Jackson, Tod Holmes, James Hatfield, Jason Berg and Joan Brubacher.
From left: Jonas McCormich, Tod Holmes and Joan Brubacher.

The Arizona Chapter of FEI held its fourth annual CFO of the Year Awards

The Arizona Chapter Of FEI Held Its 4th Annual CFO Of the Year Awards

The Arizona Chapter of Financial Executives International (FEI) held its fourth annual CFO of the Year Awards on Nov. 4. FEI Arizona presents the CFO of the Year Awards to financial professionals for outstanding performance in their roles as corporate financial stewards. The nominations and awards recognize exemplary financial management in all types of businesses: public, private and nonprofit. An impressive set of independent judges from local business and academia selected the winners based on their contributions to their respective organizations and their involvement in the community. The following CFOs were honored at the event:

Nonprofit CFO of the Year

Mary Jane Rynd Executive Vice President and Chief Financial Officer Virginia G. Piper Charitable TrustMary Jane Rynd
Executive Vice President and Chief Financial Officer
Virginia G. Piper Charitable Trust

 

The talent and drive that Mary Jane Rynd put into becoming the first female partner of a national accounting firm in Arizona is now benefiting one of the state’s largest nonprofits.

As executive vice president and chief financial officer, Rynd she oversees the investment management of the approximately $500 million endowment of the Virginia G. Piper Charitable Trust. She also supervises the trust’s investment consultants and staff in the investment committee of the board of trustees.

For more than a decade before Virginia Piper’s death, Rynd served as the philanthropist’s tax adviser. As a result, Rynd has a full understanding of Piper’s approach to her philanthropy — and translates that every day into the work and spirit of the trust.

“I think I’m really lucky, because the people that I work with are highly motivated, extremely good professionals,” Rynd said.

Among her achievements at the trust is the identification, purchase and complete renovation of the nonprofit’s current offices. Over the past four years, she also has managed the diversification of the trust’s investment portfolio.


Private Company CFO of the Year

Tim Einwechter Chief Financial Officer Ascent Healthcare SolutionsTim Einwechter
Chief Financial Officer
Ascent Healthcare Solutions

 

In his 13 years as chief financial officer, Tim Einwechter has guided his company from a small startup to the $160 million corporation it is today.

When Einwechter began his tenure at the company that was then known as Alliance, he had to deal with cash shortages and other various financial struggles. He aggressively pursued investment capital that allowed the medical device company to take advantage of opportunities in its market. He also initiated a merger in 2005 that allowed the organization to continue growing, and played a key role when Stryker Inc. acquired the company, now known as Ascent Healthcare Solutions, in 2009.

“Life as CFO is not one of simply saying no,” he said. “Rather, it is one of bringing sense of reason to the discussions, understanding the business drivers and supporting what is important to drive the success of the business.”

Beyond the financials, Einwechter is committed to maintaining the ethics that make Ascent a success. In fact, the company’s mission statement of “Results, Integrity, and Quality” was coined by him. Einwechter’s understanding of what makes a business successful, along with a strong focus on ethical behavior, has created a shared ownership of the company’s commitment to integrity.

Credit Union CEOs

Profiles Of ACULA Members And Credit Union CEOs

Pat Bodnar

Senior Vice President
Arizona Credit Union League & Affiliates

Pat Bodnar has never worked at a credit union. Yet, as senior vice president of the Arizona Credit Union League & Affiliates, she certainly works for them.

In the 24 years that Bodnar has been at the league, her colleagues say she has reached out to the business community more than anyone else on the staff.

Bodnar started out as an administrative assistant before moving on to director of administration and finance. She then became vice president of governmental affairs, and in 2004 was promoted to her current position of senior vice president.

“I didn’t know anything about credit unions when I started,” Bodnar says. “It’s been great fun to have a job that you love.”

Prior to joining the league, Bodnar handled constituent services for then-Gov. Bruce Babbitt. When Babbitt left office, the credit union opportunity came up.

“I fell in love with credit unions and their philosophy,” she says.

No doubt her tenure in the Babbitt Administration boosted her interest in political activity.

“I’ve always been interested in politics and politicians,” Bodnar says.

She was instrumental in developing a governmental affairs department at the league, and continues to oversee legal and legislative affairs and regulatory issues that affect state and federal credit unions. Bodnar is also responsible for public awareness campaigns, communications, community involvement, international partnerships and member service issues.

She credits her development of a government affairs program with helping to advance her credit union career.
“We’re turning credit union members into political activists,” Bodnar says. “Things like getting out the vote turn them on.”

When credit unions wanted to expand by making loans available to the business community, Bodnar was instrumental in forming a business lending council. The group assists business members in obtaining Small Business Administration loans and shares best practices among credit unions interested in making business loans.

“Small businesses need more options, not fewer,” she says. “Small business is the engine that drives economic growth.”

For her efforts, Bodnar was named SBA Advocate of the Year in 2007. She also serves as treasurer of Arizona Saves, an organization that strives to help Arizonans become financially self-sufficient through debt reduction and asset building. Bodnar also is a founding member of ArizonaFirst, a coalition of financial institutions dedicated to a public/private partnership aimed at preparing for any disaster or crisis in Arizona.

Robert D. Ramirez

President and CEO
Vantage West Credit Union

Not many people get promoted after 30 minutes on the job, but that’s exactly what happened to Robert D. Ramirez, president and CEO of Vantage West Credit Union in Tucson.

Born in Nogales, Ramirez received a degree in accounting from the University of Arizona in 1976. He worked for Sundt Corporation and Capin Mercantile Corporation before joining the Davis Monthan Federal Credit Union (which later became Vantage West) as assistant controller in 1985.

“I always tell my employees, watch for the keys that drop at your desk,” Ramirez says. “On my first day, my supervisor, the chief financial officer, resigned. I became acting CFO a half hour after I started.”

Six months later, examiners gave the credit union what Ramirez calls “a pretty bad rating.”

“I promised my boss, the president, that if he would give me three months I would get us back to a No. 1 rating,” Ramirez says. “If I did, he said he would double my salary and make me chief financial officer.”

Ramirez and his boss both made good on their promises. Ramirez moved up the ranks to executive vice president in 1996, and has served as president and CEO of Vantage West since April 2000. In addition, he holds the title of vice chair of the Arizona Credit Union League & Affiliates board of directors.

When Ramirez came onboard, the credit union had $99 million in assets with 36,000 members. It has grown to more than $1 billion in assets with 105,000 members.

“We’re consistent in providing overall value for the member,” he says. “Our goal is to be consistent, to meet their needs whenever we can.”

That became a little more challenging since the national economy took a nosedive. In the past year, Vantage West modified more than 3,000 loans totaling in excess of $55 million.

Mary Marshall

Retired CEO
Alhambra Credit Union

Early on, Mary Marshall experienced the value of credit unions. While living in the state of Washington, a local credit union provided needed assistance to her family.

“That’s when I knew I wanted to work there,” Marshall says. “I convinced them they needed to hire me.”

She started as a loan officer, and after five years enrolled in the Credit Union National Association (CUNA) Management School in Madison, Wis. Attending the CUNA Management School, Marshall says, “opened my eyes to the possibility of running my own credit union.”

When her family relocated to Arizona in 1984, Marshall figured it was time to pursue her career goal.

“I felt that I was schooled in credit unions and was prepared to see what I could do with another small credit union,” she says.

At the time she joined the Alhambra Credit Union, currently located at 35th and Northern avenues, it was what she referred to as “a sleepy little shop” that was serving the Alhambra School District, and was housed in the district.

“It wasn’t growing,” Marshall recalls.

It had 700 members and assets of less than $2 million. Twenty-two years later, when Marshall retired in December 2007 as Alhambra’s CEO, the credit union had 3,700 members and close to $20 million in assets.

So it’s not surprising that Marshall was the 2009 recipient of the Arizona Credit Union League and Affiliates Very Outstanding Credit Union Person award. For more than 35 years, the league has given the award to a special individual, recognizing that person’s level of service to the credit union community.