Stephen Provenzano
CHIEF FINANCIAL OFFICER - Electronics-Expo LLC
Scotch Plains, NJ
Senior Executive with 25+ years of experience in Financial Management, Operations and Strategy formation gained across large, mid-sized and small "hands-on" environments. Specialties include building or enhancing the Accounting, Reporting, and Administrative/Technology infrastructure for start-up, high-growth and re-positioning/distress situations. Background includes mix of Public and Private Retail, Wholesale/Consumer Products and Insurance Brokerage Companys. Proven record of obtaining and negotiating Financing needed for next stage growth and delivering Exit Strategies. History of developing efficient back office platforms that provide cost advantage and enrich decisions with financial perspective while engaging members of the team cross functionally to drive strategic objectives and enhance profits.
Work Experience
CHIEF FINANCIAL OFFICER
October 2009 to Present
10/09 to present)
$150 million consumer electronics retail company experiencing rapid sales growth (+30% year) across brick and mortar, internet and wholesale channels.
CHIEF FINANCIAL OFFICER
I was hired to implement business disciplines, best practices, systems and controls to a rapidly expanding company.
• Oversee all financial functions including accounting, financial and internal reporting, budget, credit, insurance/risk management, tax, treasury, policy and internal controls.
• Manage enterprise IT systems, human resources and inventory control/loss prevention.
• Developed a study of organizational capabilities and a long term strategic plan to prepare the systems and support infrastructure of the company for future rapid growth.
• Implemented changes to move from cash basis accounting to GAAP compliance.
• Responsible for bank relations and negotiated expanded and improved credit facility.
• Set inventory management policy which improved turns to 10x from 6x.
• Forged relationships with suppliers that allowed the company to expand credit lines 30%.
EXECUTIVE VICE PRESIDENT and CHIEF FINANCIAL OFFICER (co-founder)
March 2006 to September 2009
03/06 to 9/09)
$75 million retail insurance distribution start-up executing a consolidation strategy.
EXECUTIVE VICE PRESIDENT and CHIEF FINANCIAL OFFICER (co-founder)
Became Corporate CFO after sale to Private Equity.
• Developed the investment thesis, financial model and strategic business plan for a retail insurance brokerage targeting the Hispanic market. The business to date consolidated five acquisitions in two states with $75 million revenue.
• Raised $75 million equity commitment from private equity to start business.
• Placed a $44 million credit facility to support acquisition growth
• Led due diligence and closed four profitable mergers/acquisitions in 15 months.
• Established the Accounting, Reporting, Planning, Cash Management, Analysis, Administrative and Technology infrastructure for the Corporation
VICE PRESIDENT and CHIEF OPERATING OFFICER
Hired during the initial stage by IDT Corp, a Public Fortune 500 Telecom conglomerate.
• Partnered with Co-founder to develop a sales culture that included formal sales budgets, daily and weekly feedback of results and goal based incentive plans by sales agent.
• Implemented and tested marketing and promotional strategies that increased sales 20%.
• Developed integration framework for future acquisitions including financial and cash controls and systems interface.
• Managed sale of business to private equity in 2008 after IDT decided to exit the business.
• Recruited key management including insurance veteran CEO to lead business and add credibility to capital raise.
CHIEF FINANCIAL OFFICER
November 2002 to March 2006
Managed accounting, finance, risk management, real estate, store construction, human resources and labor relations functions and staff of 55.
• Led effort to position and market Company (sale completed in 2005).
• Re-financed & increased bank facility from $15 to $25 million (2004)
• Developed, managed and ensured liquidity to support $20 million capital plan.
• Negotiated lower cost union contracts with $1 million in concessions.
VICE PRESIDENT and CHIEF FINANCIAL OFFICER
April 2001 to December 2002
18 million privately held, stationary retailer with 3 stores in New York City. Affiliated with the four store $20 million Flax Art Supply Company (via common principal).
VICE PRESIDENT and CHIEF FINANCIAL OFFICER.
Led accounting, finance, systems and human resources functions. Direct reports included Controller, Director Systems, Director HR and staff of 20.
• Restructured balance sheet and reduced long term debt 75% in 6 months.
• Installed new enterprise system for point of sale, merchandising and financials which improved margins, reduced inventory by 20% and store level staffing needs by 10%.
CHIEF FINANCIAL OFFICER
February 2000 to March 2001
02/00 to 03/01)
Rag Shops, Inc.
$100 million publicly traded craft retailer with 70 stores in multiple states. Recruited by Board of Directors to add financial and systems experience during re-positioning of business prior to sale.
CHIEF FINANCIAL OFFICER
Principal Accounting Officer, responsible for Public/SEC Reporting. Direct reports include Controller and staff of 30.
• Responsible for SEC reporting and all accounting functions
• Chaired Inventory Committee that implemented "sku" based inventory system.
• Teamed with President & Chief Merchant to develop new prototype store and develop a strategic business plan to "re-position" the business.
Brake Headquarters USA, Inc.
Manufacturer and Distributor of automotive parts and consumer products. Retained as interim CFO for 6 month project to workout bankrupt $70 million public holding company.
CONSULTANT and INTERIM CHIEF FINANCIAL OFFICER
• Led workout effort with lenders to restructure $25 million in bank debt.
• Brought delinquent SEC reporting into compliance.
• Recruited private equity investor to acquire one subsidiary.
SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (Co-Founder)
October 1997 to February 2000
10/97-02/00)
$20 million privately held start-up retailer of three craft superstores.
SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (Co-Founder)
• Partnered with Co-Founders to add financial perspective to initial retail concept.
• Led sale of business in 2000 to private investor group for $20 million.
• Responsible for accounting, budgets and analysis.
• Raised $9 million of private equity capital for initial launch of company in 1997.
• Negotiated $3.5 million asset based credit facility to support growth.
• Structured a $15 million deal in 1999 to finance management buy-out of initial equity.
VICE PRESIDENT FINANCE and TREASURER
March 1976 to November 1997
03/76-11/97)
$2 billion retail conglomerate. Grew from collecting shopping carts through operations and merchandising into Senior Finance Executive role for the $600 million 92 store home center division. with the Company after the subsidiary was sold to private equity.
VICE PRESIDENT FINANCE and TREASURER
• Initiated the strategic plan to acquire and merge regional chains to better compete with entry of "big-box" competitors.
• Led the divestiture team in 1994 that resulted in merger with Channel Home Centers to create a super-regional home improvement chain.
• Prepared & presented IPO "road show" to finance acquisition/merger with high yield debt.
• Negotiated credit agreement in 1994, refinancing in 1995 and DIP facility in 1996.
DIRECTOR OF FINANCIAL PLANNING and ANALYSIS
1993 to 1994
Developed the shift to an "everyday low price" strategy resulting in a 6% sales increase.
• Prepared justification for shift in sourcing strategy that improved margin by $4 million.
• Provided financial analysis used by CIO to support migration to a stand alone systems infrastructure which saved $2 million in overhead and better serve organizational growth.
• Chaired Real Estate Committee responsible for improving profitability by $7 million by closing and selling unprofitable stores and re-negotiating leases to maximize asset value.
Other Professional Experience at Supermarkets General Prior to 1993:
- MANAGER of FINANCE
- FINANCIAL ANALYST
- BUYER
- STORE MANAGER and SALES
SYSTEMS AND TECHNOLOGY SKILLS:
Fluent in the Microsoft Office Suite. Knowledge of IT network architectures. Technology savvy with experience managing IT projects and expanding systems for an enterprise.
Education
BS in Finance & Accounting
1985
MBA in Marketing
Additional Information
KEY COMPETENCIES
• Businessman CFO with 20+ years experience in Finance and 5+ years in Operations
• Executive with a diverse skill set that has played a critical role in the start-up, growth and distress/re-positioning situations of large and small firms.
• Ability to manage "hands-on" or guide staff of 5-50 through changes in the organization and macro structure of an industry.
• Experience obtaining and negotiating financing needed for strategic transactions.
• Exceptional technical skills with the ability to construct financial models that support investment thesis and raising capital.
• Track record of successfully managing technology systems infrastructure investment and the development of software functionality that achieves short term efficiency while providing a platform that ultimately reduce long term cost by anticipating next stage requirements.
• Ability to utilize financial and operational skills to identify and drive strategic advantage.
• A team player that can synthesize across functional lines and with individuals at various levels, to provide actionable information that enhances the profit making potential of the organization.
AREAS of EXPERIENCE
Strategy Formation: Capital Structure: Policy:
Strategic Planning Capital Raising & IPO Internal Control
Market Repositioning Merger & Acquisition Policy & Procedure
Technology & Infrastructure Bankruptcy/work-out Corp. Restructuring
Treasury& Risk: Financial Reporting: Business Relations:
Cash Management Management Reporting Lender & Investor
Risk Management SEC Reporting Trade Partner
Real Estate Budgeting & Analysis Organized Labor