P&L Leadership 

CEO, President, and Board Member  (Jan 2017 to Oct 2020)

Signature Systems Group (Dallas, Texas) Private Equity

​In 2 years, sold company for 5x Multiple of Invested Capital, 8X EBITDA; Continuing with new investors

  • Revenue up 50% to $90M

  • EBITDA up 700% (from 5% to 27%)

  • GM up 300 bps (from 36% to 39%)

  • Debt down by $7M

  • $7M of expansion Capex

  • WC reduced 500 bps (15% to 10%)

  • With only $0.5M SG&A increase

  • Plus building a long-lasting company thru culture, diversification; stronger brand

CEO, President, and Board Member (2014 - 2017)

Horsburgh and Scott (Cleveland, OH) Private Equity 

$60M industry leader of gearing solutions for steel, mining, and oil and gas

Direct Reports: CFO, COO (Manufacturing, Engineering, Supply Chain, Lean), VP HR, VP Sales

A PE firm had purchased this company at its peak and at a high premium; LTM EBITDA was $9.5M. The CEO and CFO prior to the transaction were retained.

Within a year, EBIDTA had reached -($7.7M) due to inventory write-downs, operational mismanagement, and market collapse.

A management reshuffle led to the ouster of the Board Chairman,  CEO, CFO, and VP of Manufacturing. I was appointed CEO and drove a turnaround. I renegotiated the Bank loans twice and addressed the investors in PE firm directly obtaining time for a turnaround.

 

Results of Turnaround:

  • EBITDA now at $2M / yr and growing

    • Increased pricing 2% to 4% in some product lines, reduced others for a net gain in profitability

    • Reduced factory workforce by 40% and implemented cross-training to increase labor efficiency

    • Reduced management staff by 30% resulting in quicker decision and increased role clarity

    • Killed new product programs that had >4 year ROI

    • Disciplined management of variable cost; Every key player has monthly targets and is measured by it.

    • Rooftop consolidation from 3 to 2

  • Cash:

    • Reduced AR from $5M in 90+ days to avg of $100K

    • DSO reduced by 5 days

    • Generated 13-week cash flows

    • Reduced inventory

    • Extended payment terms to Net 60

  • Operations:

    • Improved On-Time Delivery from 40% to 93% by implementing new scheduling system

  • Orders:

    • Reduced 40% while market fell 70%. Achieved through more effective sales team, adding services business, and diversifying

    • Increased sales efficiency by implementing Salesforce.com CRM

    • Upgraded sales team from all independent agents to mix of upgraded Reps and some direct

    • Launched a comprehensive marketing including new branding, lead generation, new websites, email campaigns

 

Key experiences gained:

  • The essentials of people leadership when a company is in a downturn are more critical than ever. The team needs to be focused and managed.

  • Cash is King.

  • Personal stamina and passion, especially in a small company, make the difference between success and mediocrity.

 

Ametek - Two P&L Roles

1. Prestolite Motors Business Unit Manager - $15M P&L

Design and manufacture of Hydraulic motors for material handling sold to Tier II and Tier III heavy equipment OEMs

Reporting to Divisional General Manager

Direct Reports: Sales Managers, Plant Managers, Engineering Managers, Controller

 

Started with $11M / 8% SP business with US market presence only, factory Mexico; Business had declined significantly over the past few years.

Results after 18 months:

  • Increased gross margin 250 basis points through value engineering, low-cost country sourcing, and price increases

  • Grew top-line 20% in North America, Europe, and China despite market being flat by implementing disciplined sales process (including salesforce.com) and new product development

  • Reduced working capital 2% by reconfiguring sourcing operations

 

How I did it:

  1. Performed business review:

  • Five forces: Competitors not focused on this space; Industry rivalry low, buyer power medium, supplier power low, threat of new entrants low

  • Overall market growth in low single digits; However, tighter regulatory requirements (emissions controls)  forced manufacturers into replacement cycles.

  • Identified a $10M European market; Technical requirements very similar

  • Found that Chinese customers emerging to threaten the long-established EU and NA ones with significant investments in manufacturing infrastructure and working on figuring out channel; This change is an opportunity for us.

  • Our brand equity was an asset.

   2. Developed financial model showing that a defined investment in       engineering and sales resources could yield a significant return

   3. Actions:

  • First 12 months: Increased base business by targeting high volume OEMs to spread overhead

  • Then diversified to high margin niche markets; Placed salespeople in Europe and China; Implemented variable comp with margin targets

  • Manufacturing: Developed comparative cost baseline for each factory; Launched two large lean work-outs

  • Cost reduction: Several value-engineering projects

  • Diversified into higher margin niche markets and built the brand into number two position globally

  • Championed breakthrough strategy which increased the division’s profitability by more than 300% over a three-year period by expanding outside the core

  • 25% engineering throughput increase by implementing Phase Gate Design for Six Sigma (DFSS) discipline. Transformed fragmented, underperforming regional teams into an energetic global group while turning over 30% of the staff

 

2. Ametek - Closely assisting Div General Manager - $250M P&L

I was one of two close advisors to the Divisional General Manager, working with her very closely on strategy and global execution. I developed the complete annual budget and strategy books ,sat beside her in all the operational review with the CEO, contributed to all key personnel assessments, and developed the technology roadmap for her.

 

Keithley Instruments - Senior Market Development Manager

$45M Business Unit of publicly listed $100M manufacturer of electrical test and measurement instrumentation

Reporting to COO

Direct Reports: Controller, Sales, Engineering leaders, Manufacturing leader

  • Turned around declining market share from 8% to 30% in 18 months by refocusing an over budget and behind schedule product development (S600 Parametric tester)

  • Revitalized sales into international markets: Taiwan, China, Japan, and South Korea, Germany

  • Awarded Company’s highest merit-based salary increase in first 12 months

  • Led Voice of Customer project to develop a new line of electronics test equipment with unprecedented ease of use; Now Keithley’s primary growth platform

  • Key customers included Intel, Sharp, Toshiba, TI, IBM, Philips, Siemens, Hyundai, LG

 

At GE  (Top Talent)

  • Drove 200% improvement in customer inquiry response using Six Sigma

  • Developed new $50M+ market space in strategic partnership with government

  • Increased customer loyalty score to be 500% higher than peer business units through strategic multi-level account management

  • Led cross-business efforts to develop multi-generation product roadmaps

  • Responsible for strategic marketing, pricing, forecasting, recruitment and training, new product development, mergers and acquisitions, and alliances; Established structured customer intelligence

 

At Quatech

  • Achieved 70% growth in two years from 12 new products; Drove 20% profit increase in legacy products

  • Reduced product development cycle-time 30% through better project management

  • Developed engineering team into a customer-focused product development team

  • Drove 5x increase in leads through internet keyword advertising and re-branding

At Photonics Systems

Photonics was the world's pioneer in flat panel display technology (plasma displays). I was part of the development of the world's first large-area flat panel displays.

Samples of my tools and work

Annual Planning Budget

 

Leadership Goals and Objectives to Align Top Down

Productivity as a Process