CFOs Who Are Changing Their Companies

Michael Alfred <br> Position: Sr. VP of Finance and Administration <br> Firm: PTI Technologies <br> Location: Oxnard A plain-talking aerospace lifer, Mike Alfred sees the job of the CFO as simply “putting common sense to the thing.” While other companies may spend millions researching and selling a product with an uncertain market, Alfred believes in making a quality product with demonstrable demand, and backing it with PTI’s reputation for integrity and credibility. At PTI, Alfred has worked to create long-term business stability in aerospace consumables by ensuring that PTI filtering products and hydraulic module services are an important part of most current and future aircraft platforms. Formerly known by the brand-name “Purolator,” you can find his company’s products on “almost everything Boeing’s ever built,” including both passenger and military aircraft, as well as a number of craft from Northrop and Airbus. PTI didn’t escape the recession unscathed. Between 2008 and 2009, they were “caught with the same downturn as everyone else.” And they handled it in “textbook style,” through cuts and layoffs. It’s an era he’s not happy about, but it kept the company afloat and positioned it for real expansion and growth today. Alfred’s stewardship has not only increased revenues, but also improved overall efficiencies throughout the company, resulting in dramatically improved returns. Alfred’s approach centers around reasonable goals based on real data, and he lets his track record speak for itself. In 7 years, PTI has only missed its projections once. He currently expects steady growth and a doubling of company size between 2010 and 2015. Born in Detroit to a family tied to the automotive industry, Alfred chose an aerospace career very early in life. “I always wanted to work for Howard Hughes,” he explains. After studying Finance at Michigan State (helped out by a golf scholarship), he packed up a trailer and went to work at Allied Signal (now Honeywell), where he quickly rose to the top administrative spot. Since then, he has held important positions at a number of aerospace firms, including Northrop Grumman and Special Devices, Inc. – Jeremy Matters Frederic (Fred) T. Boyer <br> Position: CFO <br> Firm: DataDirect Networks <br> Location: Chatsworth Hit hard by the recession, DataDirect Networks Inc. hired Fred Boyer to turn around a struggling and unprofitable tech manufacturing company. In the two years since, he has led them through a remarkable recovery, putting them consistently in the black since 2009, and paying off $20 million in debt in the process through cost-cutting and streamlining. Boyer, a hands-on CFO who manages everything at DataDirect from finance to IT, considers growth management his primary role at the company. A 25-plus-year veteran with experience in mergers and the Initial Public Offering process, his financial management style focuses on readiness: managing relevant information, maintaining liquidity, and being prepared for opportunities when they arise. Although DataDirect’s owners have in the past shown interest in making a public offering, Boyer also sees significant prospects for continued organic growth in their market. As the data market continues to expand, Boyer sees a bright future for DataDirect, and predicts growth of 30-40 percent over the next three years. Their high-speed, high-capacity storage devices provide backup capabilities and massive storage solutions to government agencies, imaging and video companies, and technical firms with large data needs. Boyer entered the financial management business by chance, taking a job with Mobil Oil after receiving his BA in economics. “I never envisioned myself in this job,” he admits. “I wanted to be a teacher or a coach.” But, he soon discovered he was a good fit for finance. The position required accountancy training, and despite hating accounting in college, he found its real-world applications to be very interesting. After advancing to a controller position at Mobil, he went on to CBS, eventually controlling a subsidiary division. Since then, Boyer has lent his talents to a number of Valley technological firms, in industries including telecommunications, software, and drive storage. He describes himself as an “operational business CFO,” and enjoys planning, data analysis, and modeling. – Jeremy Matters Jim Brill <br> Position: Sr. VP Finance & CFO <br> Firm: On Assignment, Inc <br> Location: Calabasas “Staffers, unfortunately, are cyclical,” explains Jim Brill, who has doubled the size of On Assignment in just four years. “The key is to stay profitable.” In an industry savaged by the recession, he has led his company through several important acquisitions, both domestic and international, and sees a bright future, and substantial growth on the five-year horizon. After taking the reins in 2007, Brill has been instrumental in implementing a business strategy based on both organic expansion and acquisition. Recent purchases have improved On Assignment’s existing Life Sciences division, as well as adding physicians and IT engineers to the list of professional services the company handles. Purchases in England and Belgium have also improved penetration into European markets. Brill emphasizes the importance of making acquisitions wisely, with clear goals, particularly when managing a small public company. In order to give investors good returns, he says, a company must “try to become relevant in the investment world.” Continued growth not only improves the company’s capabilities and capacities, it also improves market value. Although staffing is traditionally one of the most acutely injured segments in a bad economy, it is quick to bounce back. As the economy recovers, staffing services are doing much better, particularly in temporary services. Companies that have weathered the storm may be unwilling or unable to make long-term HR commitments. As a result, the demand for temporary or project-based professionals has risen quickly. Specializing in temp placement of technical and scientific professionals, On Assignment is seeing brisk business. A former sailor, and graduate of the Naval Academy, Brill opted out of a military career in order to pursue his interest in finance. Turning down a master’s program in Electrical Engineering, he instead chose an MBA, eventually leading him to a spot at Union Bank. He quickly advanced, becoming regional vice president after just 8 years. His previous position at Diagnostic Products saw substantial value gains and resulted in exceptional investor returns when the company was bought by Siemens in 2006. – Jeremy Matters Coralie Calvet-Lewis <br> Position: VP Finance <br> Firm: The Coffee Bean & Tea Leaf <br> Location: Los Angeles As the brain behind Coffee Bean and Tea Leaf’s remarkable turnaround, Coralie Calvet-Lewis deftly demonstrates the value of information analysis, logistics management and forecasting to the modern business environment. Her hands-on, mathematical approach to overseeing the supply chain, as well as monitoring correlations in marketing and sales trends, have greatly increased both sales and profits during the most difficult economic time in recent history, and without cutting a single job. Calvet-Lewis lives at the cutting edge of applied economic theory, and she couples her advanced degrees in finance, industrial economics, and organizational science with a skilled team of advisors whose specialties include cognitive science, astrophysics, and information technologies. Her work in mathematical modeling and forecasting have improved efficiencies throughout the supply chain, and her focus on her employees has improved retention and productivity throughout the company. A veteran of international firms Paribas-NYC and Hong Kong’s E. D & F. Man group, and an instrumental part of BCBG/Max Azria’s international expansion, Calvet-Lewis has brought her extensive experience in international commerce and logistics to a company that is quickly expanding outside of the U.S., and is now in 22 countries worldwide. Coralie’s previous work at the Man Group with commodities such as coffee, cacao and sugar as well as with commercial bottling, have made her an integral part of most aspects of the business, “from seed to cup.” Throughout her career as a teacher, researcher, and businesswoman, she has lived by the advice that she gives others: “What’s important is not to stop thinking.” Apart from the constant thought involved in business analysis, she has studied interest rate forecasting and foreign currencies for the French Ministry of Industry, and, with Alain Cotta, has written “The Four Pillars of Economics,” a text on economic theory, though she made it clear she is done with that topic: “I said what I needed to say about economics.” – Jeremy Matters Russell Dean <br> Position: Executive Vice President, CFO/COO<br> Firm: KSL Media <br> Location: Encino As the advertising industry rebounds, Russell Dean is skillfully leading KSL Media through a new chapter. He is changing the way KSL Media works with its clients, and improving the bottom line in the process. By more carefully monitoring the time that goes into each project, and accurately monitoring the real costs associated with each account, KSL’s employees see the stake that each of them have in the success of their clients, and their clients have a clear picture of the work that they pay for. It’s an arrangement that promotes hard work, efficiency, and fairness for all parties involved. KSL Media specializes in “media services,” an important division of the advertising industry concerned with arranging deals between advertisers and media providers. They add value to the transaction by negotiating better rates and deals for their clients, as well as using demographic research to better target potential clients. Dean’s background with small and mid-size “challenger” companies has given him a special understanding of his current clients. Though KSL is quickly expanding under his leadership, they are by no means one of the “holding company” agencies with which they compete. A lean, ambitious firm, they work primarily for companies like themselves: up-and-coming brands hungry for market share, who need to spend money wisely and strategically. “I’m not a traditional bean-counter,” he says. “I enjoy the advertising process – seeing it through to completion.” But that process is changing every day. After 25 years in advertising and media services, he sees traditional methods such as television, print and radio quickly being joined by digital channels. While some clients may see media as a bulk commodity, KSL takes a focused approach, using data to concentrate on avenues that promise better results for specific advertisers. New media is an increasingly important part of the business, and Dean has placed special emphasis on “keeping current with emerging media types, and the tools to monitor and evaluate them.” Dean, at the time a school teacher and football coach, started his career in finance when he “fell into a position at the Cimarron Group,” working part-time in accounting. He soon realized it was a better fit and dropped the education program he was pursuing in favor of an MBA program. At his wife’s encouragement, he even earned a JD, which he jokes is “helpful for dealing with lawyers, accountants, and other people that owners don’t want to deal with.” – Jeremy Matters Sally A. Knutson <br> Position: CFO <br> Firm: Cast and Crew Entertainment Services <br> Location: Burbank Sally A. Knutson believes that as a CFO it is absolutely vital to keep up with new trends within information technology. “Tech is the lifeblood of finance, and it has only grown in the last five years,” she said. “It (tech) touches the whole process of the business, and it is important that the CFO has a say in shaping it.” Knutson’s responsibilities at Cast & Crew include finance, accounting, information technology, and human resources. During her five years with the company, Knutson said that the one achievement she is most proud of was introducing to previously unaware staff members the concepts behind budgeting, forecasting, and measuring performances via metrics. Knutson received her bachelor’s degree in economics with an emphasis in business from UCLA in 1987. She has 24 years of experience in the financial industry, and prior to her CFO position with Cast & Crew, she served in various executive positions with several different companies including as the CFO and senior vice president of finance for Discus Dental Inc., as well as the senior vice president of finance for Homestore Inc. She also served as the CFO for MusicNet, Inc., the vice president of finance worldwide for Buena Vista Home Entertainment, and as the vice president/CFO of worldwide strategic business development for Korn/Ferry International, Futurestep, Inc. Her personal recipe for success: Having an efficient, highly organized, and loyal team. “One of the key factors in having a good team is making sure that I’m not willing to ask a team member to perform a task that I’m not willing to do myself,” she said. Knutson also believes that a strong accounting background is vital for a successful CFO. “It’s (accounting background) critical for understanding the language of the business, as well understanding how the numbers speak to one another,” she said. – Stefan Slater Keith Mitchell <br> Position: CFO <br> Firm: Dole Fresh Fruit <br> Location: Westlake Village As the current CFO for Dole Fresh Fruit Co.’s North American Division, Keith Mitchell is responsible for overseeing all of Dole’s finance, information technology, and port/terminal operations throughout North America. In the financial industry for 25 years, Mitchell has been with Dole for 18 of those years. Prior to his current position with Dole North America, Mitchell had also served in several managerial positions within Dole’s European Division. He was the CFO for Dole Fresh Fruit Europe OHG in Germany, where he oversaw the company’s North European Operations, and he also served as the European controller for Dole Europe SAS based in France. In addition, Mitchell is a certified public accountant and a certified internal auditor. During his time with Dole, Mitchell has had several major accomplishments that he is particularly proud of. “I’m happy with my progress with Dole,” said Mitchell. “I’ve been fortunate to work with Dole for 12 years in Europe, and during that time I learned a great deal. With the help of a few others, we were actually able to run a financial turn-around operation in Northern Europe that was very successful.” Through downsizing, retaining the right employees, and restructuring for future growth, Mitchell noted that he (and his team) were able to improve efficiency and profitability over the long term for Dole’s European Division. Mitchell also stated that his recipe for success is straightforward, but very effective. “For me, [my recipe] is very simple. My goal is to make my boss’s life easier. It’s actually one of the key things that have helped my career progress,” he said. Mitchell graduated from the University of Baltimore in Maryland in 1983 with a B.S. in accounting. In 1991, he earned his M.B.A. from the American Graduate School of International Management. – Stefan Slater Mark R. Szczepaniak <br> Position: CFO <br> Firm: Prospect Mortgage <br> Location: Sherman Oaks Mark R. Szczepaniak was able to successfully guide Prospect Mortgage LLC through one of its most difficult financial years in 2010. Poor economic conditions and bad weather led to few homes being purchased and it took some savvy financial maneuvering to keep the company afloat. “Many [mortgage] companies went out of business that year, but we didn’t go down,” Szczepaniak said. By decreasing the company’s cost structure and attracting new lenders, Prospect Mortgage was able to make it out of 2010 relatively unscathed. Szczepaniak attributed much of his success to his hard-working team. “We instill teamwork by treating everyone the way they want to be treated. And I always make sure to sit down with my team and keep them in the know… that’s my recipe for success.” Szczepaniak has over 25 years of experience in the accounting, financial, and banking industries. His current responsibilities at Prospect Mortgage include finance, strategic planning and analysis, accounting, treasury, loan officer compensation, and capital markets oversight functions. During his nearly two years with the company, Szczepaniak has been able to increase the amount of lending companies that work with Prospect from two to five, thus increasing their overall financing ability. Prior to working with Prospect, Szczepaniak served as the managing director of finance and treasury at Countrywide Financial Corp, as well as the chief financial officer for the Federal Home Loan Bank of Seattle. In addition, he also served as the chief financial officer for the Federal Home Loan Bank of Chicago. Szczepaniak began his finance career at KPMG LLP, and he is also a certified public accountant in the state of California. – Stefan Slater Russell Whittenburg <br> Position: Sr. VP Finance <br> Firm: Forest Lawn Memorial Parks and Mortuaries <br> Location: Glendale Working for Forest Lawn for 13 years, Whittenburg has logged many accomplishments including helping the company expand to the Coachella Valley and repositioning its endowment by implementing stricter risk control. Whittenburg oversees accounting, analysis, investment management, technology and information systems, treasury, purchasing, and customer service/collections. He also assists in developing new software for the company. Notable examples include their newest financial software and their interactive point of sale program for customers. “We are the most technologically advanced company in our industry,” said Whittenburg. Involved in the financial industry for more than 30 years, Whittenburg received his B.S. in mechanical engineering in 1978 from the University of Texas in Austin, and his M.B.A in 1980 from Harvard University. Prior to working with Forest Lawn, Russell worked as the finance director for the China/Middle East/Africa division at ARCO, the engagement leader at the Boston Consulting Group, the vice president for Internal Consulting at Roll International, and as CFO for Agribusiness at Roll International. In the near future, Whittenburg looks forward to expanding Forest Lawn’s Hollywood Hills location with the development of an additional 80 acres of land. His personal recipe for success: “Hard work and an optimistic view on life.” He said he became a CFO because he felt his analytical engineering background fit well in that type of a position. “The CFO is in a unique position to see the entire organization and how it creates value,” he said. – Stefan Slater Dan Zeddy <br> Position: CFO, Sr. VP <br> Firm: Anthony International <br>Location: Sylmar Daniel Zeddy is a n integral part of Anthony International. As the current chief financial officer and senior vice president for the company, he is responsible for overseeing all of its accounting, finance, human resources, and security operations. In addition, as a member of the senior management team, Zeddy aids in overseeing the execution and integration of acquisitions, as well as the development and implementation of the company’s business strategies. Zeddy received his bachelor’s degree in business administration and accounting from Wayne State University, and his master’s degree in business administration from Michigan State University. He has been involved with the financial industry for more than 25 years. Prior to his current position with Anthony, Zeddy served in a number of executive positions with other major companies. He was the senior vice president and CFO of Maitland-Smith Furniture Industries; as well as a senior financial analyst, group controller, and director of worldwide internal audit for Lifestyle Furnishings International Ltd. He also served as the vice president and CFO for the Hardware Corporation, and the manager of cost accounting/internal audit and group controller for Masco Corp. Finally, he has also held several senior-auditing positions with PricewaterhouseCoopers and is also a certified information systems auditor. Zeddy said that during his six years with Anthony, he is particularly proud of how he and his team have aided the company in expanding its operations. “I’ve watched the company more than double in size in the last six years. We’ve gone from one location here in the U.S. to six locations in four different countries throughout the world,” Zeddy said. He also stated that despite the company’s growth, there have been some difficult times during the economic downturn. “There was a time when we were going through a period of uncertainty,” Zeddy said. “But by having the company stand by our customers and suppliers we’ve been able to successfully transition through the recession.” He also provided a bit of advice for recent accounting graduates. “You get out of this profession what you put into it,” he said. “If you don’t dedicate your professional life to it, you won’t get far. But it is a very rewarding career once you apply yourself.” When he’s not working, Zeddy enjoys running 5- and 10-k races. – Stefan Slater