Tag Archives: chief financial officer


WGM Associates hires Gary Williams as CFO

Gary WilliamsWGM Associates, a Scottsdale-based information technology consulting, security and application development firm, has hired Gary Williams to fulfill the newly created role of Chief Financial Officer.

Williams brings extensive executive financial and technology experience to WGM including two decades of finance and operational experience from the world’s largest technology firms as well as significant expertise managing, acquiring and structuring organizations for continued growth.

At WGM, Williams’ primary responsibilities will be to strengthen and broaden the firm’s financial position through strategic analysis of merger and acquisition opportunities while growing WGM’s solid base of technology clientele and service offerings. Expanding relationships with distribution partners and complementing existing service lines of expertise will also be a key focus for Williams.

Most recently, Williams served as Chief Financial Officer for Apothecary Holdings, a Phoenix-based national specialty pharmacy firm (now known as Avella Specialty Pharmacy), where he helped manage and oversee the organization’s exponential growth over five years.

Previously, Williams spent nearly 20 years with Phoenix-based Avnet, Inc. where he held a host of financial and management positions including Vice President of Finance for Avnet Technology Solutions, North America. In addition, Williams spent more than seven years as a Finance Manager for Intel Corporation.

WGM Associates is a local provider of consulting, security, managed IT services and application development for small- and medium-sized businesses. WGM’s leadership team works with clients and businesses to play an integral role in all IT decisions including technology platforms, information governance, regulatory compliance, strategic initiatives, future requirements and budgetary planning.


Magellan Health provides 2015 financial insight

Magellan Health, Inc. announced that, for 2015, it expects to generate net revenue in the range of $4.25 billion to $4.49 billion, and net income in the range of $51 million to $67 million, which translates into diluted earnings per share (EPS) in the range of $1.90 to $2.50, inclusive of share repurchases to date. Adjusted net income1 for 2015 is expected to be in the range of $88 million to $100 million, which equates to adjusted EPS1 in the range of $3.28 to $3.73. For 2015, the company is assuming weighted average shares outstanding of 26.8 million. The company also expects segment profit2 to be in the range of $265 million to $285 million. Cash flow from operations is expected to be in the range of $171 million to $195 million.

The company completed its previous $300 million share repurchase authorization, and has now begun the new, two year, $200 million program approved by the board of directors in October. Under this new program, through yesterday, December 15, the company has repurchased approximately 117,000 shares for a total cost of $7.2 million.

With respect to 2014, the company confirmed its guidance, which was most recently updated in October.

“We’ve made great progress this year on our plan for growth, primarily related to our Magellan Complete Care and Pharmacy Management initiatives,” said Barry M. Smith, chairman and chief executive officer of Magellan Health. “In MCC, we are managing the total care of individuals with complex needs. We serve those with serious mental illness in Florida, and Medicaid Managed Long Term Care recipients in New York. In our pharmacy business, we now offer full service pharmacy capabilities to manage the entire drug spend of populations for health plan, employer, and government customers. We will continue to solidify our leadership position in population health management in the coming years across our behavioral health, pharmacy and specialty solutions businesses.”

“Looking ahead to 2015, we are poised for solid growth,” said Jonathan N. Rubin, chief financial officer. “We are projecting revenue growth of slightly less than 20 percent, and expect to report revenues of over $4 billion for the first time in the company’s history. We are reiterating our long-term compound annual growth objectives for both revenue and adjusted EPS of more than 20 percent, and for segment profit of more than 15 percent. Our 2015 plan and guidance represent a meaningful step forward towards these long-term goals.”


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.


CRA Finance Department earns honors

Clinical Research Advantage’s Finance Department received two national honors in this year’s Best in Biz Awards, the only independent business awards program judged by members of the press and industry analysts. The company received the Silver Award for Finance Executive of the Year and Finance Department of the Year.

Jim Vesely, Chief Financial Officer, and his team of Sandy Zipp, Accountant, and Jan Jacobson, Accounting Associate, were recognized for developing and implementing a metrics system that allowed the company to increase revenue and obtain the capital needed for expansion. CRA experienced rapid growth in 2011 and 2012, becoming largest and most therapeutically diverse integrated site network in the clinical trials industry.

“Jim Vesely and his team have done an extraordinary job. Through their efforts, CRA was able to grow our geographic presence and our employee base at a time when many other businesses in our industry were cutting back,” said Mark S. Hanley, CRA’s Chief Executive Officer. “The awards received by Jim, Sandy and Jan are well deserved.”

More than 400 entries were received in this year’s awards program, from a wide array of public and private companies of all sizes and from a variety of industries and regions in the U.S. and Canada.

Winners of Best in Biz Awards 2012 were determined by an independent panel of 32 judges from top-tier news, business and technology publications, as well as broadcast outlets and analyst firms, such as ABC, Businessweek, Computerworld, ECT News Network, Entrepreneur, eWeek, Examiner, Financial Times, Forbes, FOX News, Hartford Business Journal, IDG Ventures, IEEE Institute, Inc., Insight Media, King Features Syndicate, Lab Reviews, Network World, The News and Observer, PC Magazine, ReadWriteWeb, South Florida Business Journal, Tech-Gaming, Techtalk, Upstart Business Journal, USA Today and ZDNet.

CFO Of the Year

CFO Of The Year Awards 2009 Finalists

Dan Bachus
Grand Canyon University
Chief Financial Officer

“I thoroughly enjoy being actively involved in shaping the vision of a dynamic, visionary company such as Grand Canyon University …”

Dan Bachus has been instrumental in reshaping the vision of Grand Canyon University.

In 2008, the university had rebounded from financial difficulties and its owners were thinking of taking it public. But they needed a new management team experienced at running a public company and expanding an institution of higher learning. Bachus’ role proved critical.

As chief financial officer, Bachus is lauded for personal qualities that have contributed to GCU’s continued success. He is noted for his integrity and ethics, his student-oriented attitude, his communication skills, an action-oriented focus and his self-leadership.

These traits have guided Bachus as he has put his personal touch on numerous areas of GCU’s operations.

“I believe it is critical that an organization set very clear, measurable performance goals and communicate these goals to all employees,” Bachus says. “It also is vital to then compare actual results to the goals and celebrate successes, while also ensuring that you understand why you came up short and fixing any issues.”

Bachus played an instrumental role in GCU’s successful initial public offering last fall. In addition, Bachus and other members of the management team modified the university’s strategy for market positioning. The focus is on growing GCU as a bricks-and-mortar campus that also is the marketing engine for its online model. This strategy is paying dividends. For its last fiscal year, GCU reported a 67.3 percent increase in student enrollment and a 71.8 jump in net revenue over the prior year.

Raymond C. Bargull
The Sundt Companies Inc.
Executive Vice President and Chief Financial Officer

“As a CFO, you can make your company a better place — certainly a more profitable place — but also a better place to work.”

Managing risk is critical in the construction industry and Raymond C. Bargull has excelled in that area at The Sundt Companies in Tucson.

As executive vice president and chief financial officer for Sundt for nearly 20 years, Bargull convinced the general contractor that it was important to insure all of its subcontractors’ liability claims within Sundt’s job sites. The company also provides subguard insurance for subcontractor losses. These are high-deductible, high-risk insurance programs and Bargull has successfully managed both.

“I think for a CFO it’s really critical that you are paying attention and you are assessing the risks; making sure someone is reading the contracts and accepting only the things that we can accept,” Bargull says, “If you can’t handle the risk in-house, make sure you are transferring the risk either to insurance or contractual agreements.”

Bargull’s responsibilities are numerous. He directs the company’s accounting practices and financial plans and policies. Maintaining relationships with shareholders and the financial community is another one of his duties. He also oversees budgeting, auditing, tax functions and real estate, and serves on the board of directors.

Bargull is known for his integrity. He is chairman of Sundt’s ethics committee, and works with employees on ethics programs and training to ensure the company complies with regulations related to the proper conduct of business. Bargull also makes Sundt’s vendors aware of the company’s ethics program and how they can comply.

Allen Bloch
Beatitudes Campus
Senior Vice President of Finance and Chief Financial Officer

“With the … first of the baby boomers now beginning to retire, demand for long-term care services will outpace (the industry’s) ability to supply them by an alarming margin.”

With financial acumen and personal commitment, Allen Bloch has helped transform Beatitudes Campus in Phoenix from a senior-living complex with a limited lifespan to a thriving facility with a future.

Bloch has been senior vice president of finance and chief financial officer for Beatitudes for almost eight years and he began this transformation early in his career there. When Beatitudes needed to redevelop its property, Bloch crafted a plan to obtain $84 million in financing. He proposed two funding methods — a bank-financed commercial loan and tax-exempt financing — and let the two compete for the business. The competitive environment saved the nonprofit organization $2.4 million.

During the first phase of construction at Beatitudes, Bloch took on management of several departments so the chief operating officer could concentrate on the redevelopment.

“Operating managers, whose primary responsibility is to make sure that sales exceed costs, need accurate, easy to interpret and timely financial information,” Bloch says. “Making good reporting tools available to them is probably the most important way I influence the achievement of performance goals.”

Bloch drew upon his keen understanding of trends in the continuing-care retirement industry to propose yet another new approach. He convinced the board of directors to shift from a fee-for-service rental community model to a hybrid concept that added entrance-fee apartments to Beatitudes’ mix of housing. That improved the organization’s balance sheet, as well as its market position.

Kevin J. Burns
University Medical Center

Chief Financial Officer

“Simply put, what drives me is seeing every day how finance impacts our ability to provide the staff and facilities that sustain our long- standing commitment to providing high-quality care to our patients.”

In his seven years as chief financial officer of University Medical Center at the University of Arizona in Tucson, Kevin J. Burns has chalked up an impressive list of achievements.

While overseeing accounting, financial reporting, capital market activities and information technology functions, Burns has guided the hospital’s impressive growth in patient care services. He also has improved operating results at UMC, a 335-bed, acute-care hospital, and Arizona’s only academic medical center. Burns’ understanding and tireless promotion of the relationship between high-quality care and strong operating outcomes has been instrumental in UMC’s improved performance over the past five years.

“I believe my primary role, and the role of our financial services team, is to make certain that the resources are in place to assure the best care for our patients,” Burns says.

His many achievements include playing a leadership role in establishing an equitable policy for UMC’s uninsured and underinsured patients. Burns also oversaw the development of a robust investment policy, as well as the strengthening and documentation of key accounting and operational policies.

When he joined UMC in 2002, Burns’ years of experience and focus on operational performance led to three significant bond issues. They paved the way for the development of the initial phases of the UMC North campus, construction of an expanded emergency department and trauma center, and construction of an additional patient tower slated to open next spring.