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Competent Financial Professional
10.529.B.10

A competent and motivated financial professional with more than 20 years of progressively increasing responsibilities in cash management, treasury operations, corporate finance, risk and insurance management, pension and benefits, regulatory rate making and compliance, and general accounting.

Expertise includes extensive skills in analysis, negotiations, operations, finance, legal and regulatory compliance proceedings, and the recruitment and training of financial staff.

PROFESSIONAL EXPERIENCE

SouthWest Water Company, Los Angeles, California         2005-Present

Treasurer

Directed cash management, corporate finance, risk management and insurance programs for a leading utility and service provider with $229 million in revenues, 1,230 employees and operations in ten states.

Cash Management

  • Reduced and consolidated the number of bank accounts from more than 70 to 34, saving $215,000 annually in bank charges (an average of $6,000 annually per account).

  • Concentrated all banking activity into one bank. Established one concentration and a system of 31 zero balance operating accounts to maximize use of cash and minimize borrowing, decreasing the need for daily cash on hand by $500,000.

  • Consolidated accounts payable activity through one account, resulting in annual savings of $120,000, the equivalent of two accountant’s annual salaries.

  • Refined and upgraded the use of a computerized banking system that manages approximately $2 million in daily cash flow.

Corporate Finance

  • Renegotiated the existing corporate credit agreement, increasing participation from five to nine banks and credit availability from $100 million to $150 million while lowering the LIBOR interest rate by 37.5 basis points, resulting in annual interest savings of $300,000.

  • Created an Excel-based model that determined and conducted sensitivity analyses for ensuring debt compliance on a $150 million corporate line of credit.

  • Built comprehensive Excel-based models to identify and schedule all principal and interest payments over the next five years. Derived all debt instrument balances and analyses from these models for quarterly (10Q) and annual (10K) reporting purposes. 

  • Prepared and provided testimony before the California Public Utilities Commission with respect to regulated subsidiary operations and expenses. Provided critical support and key testimony in obtaining regulatory rate change approvals for utility services by $6.8 million or 13.6% in 2009, $1.7 million or 3% in 2010, and $1.2 million or 2% in 2011.

Insurance & Risk Management

  • Saved $2 million in insurance renewal premiums annually beginning in 2006, representing a 40% reduction. The following year, saved an additional annual 5% in insurance expense.

Conexant Systems, Inc., Newport Beach, California 1999-2005

Assistant Treasurer – Finance

Oversaw domestic and international cash management and treasury operations for a global semiconductor manufacturer with $750 million in revenues. Additional duties included foreign exchange, investments, corporate finance, acquisitions/divestitures, debt compliance/administration, risk and insurance management, and pension and savings management.

  • Interfaced and maintained relationships with commercial and investment banks. Managed and administered bank systems as well as domestic and international accounts.

  • Updated and managed an Excel-based internal daily cash management system.

  • Instrumental in raising $1 billion in convertible subordinated debt in $350 million and $650 million issues.

  • Played a key role in writing amendments to the corporate credit agreement that released pledged assets and alleviated restrictive covenants.

  • Developed a comprehensive questionnaire that was used to ensure compliance with debt terms, conditions and covenants.

  • Integrated 21 acquisitions made over a four-year period into corporate cash, finance and insurance programs.

  • Administered insurance lines and activity (relationships, underwriting submissions and claims) with brokers, carriers, providers and administrators.

  • Participated in the selection of money managers and oversaw the investment performance of two portfolios totaling $250 million.

  • Implemented FAS 133, accounting for derivative instruments and hedging strategies.

  • Developed and implemented initiatives that ensured Treasury compliance with Sarbanes-Oxley.

Hughes Electronics Corporation, Los Angeles, California    1990-1998

ManagerFinance

Managed and administered treasury operations and accounting for financial programs for a $20 billion global defense contractor with 83,000 employees. Directed business relationships with bankers, brokers, consultants and administrators, providing financial services to the company. Assisted in negotiating contract terms, conditions and rates for banking, insurance, investments, and legal and administrative services. 

  • Provided analytical support for the $450 million acquisition of certain defense operations from General Dynamics.

  • Provided analytical support for the divestiture of Hughes defense assets (70% of the company) to Raytheon Company. The $9.5 billion divestiture was accomplished through a combination of cash and stock.

  • Initiated and implemented the restructure of insurance coverage and realignment of carriers, saving $750,000 in property and casualty premiums annually.

  • Worked with vendor systems representatives to design and implement a flexible benefit expense and premium reporting system, capable of tracking and accounting for $275 million in transactions annually. The company’s system was designed to offset the cost of company paid employee benefits by $77 million over a three-year period, through an arrangement of employee benefit choices, prices and credits. This model was the predecessor of today’s cafeteria benefits plan.

  • Participated in three government audits of the company’s activity as a prime government contractor. Successfully addressed, at no cost to the company, issues that were identified by government representatives.

Occidental Petroleum Corporation, Los Angeles, California            1984-1990

Associate Director Finance

Participated in cash management, corporate finance and risk management for an international energy, utility, chemical and meat processing conglomerate with $20 billion in revenues and 55,000 employees.

  • Participated in the cash and foreign exchange functions.

  • Instrumental in concluding the following business deals:

    • The financing, construction and ultimate sale of Occidental Geothermal, Inc. to Santa Fe International for $350 million.

    • A $2.1 billion financing for the development and construction of a one-billion barrel oil field, consisting of a 475-mile pipeline and offshore storage/loading facilities in Colombia.

    • The financing of a $475 million project for an open-pit coal mining operation, 280 miles southwest of Beijing, People’s Republic of China.

    • The $3.1 billion acquisition (50% cash, 50% stock) of Midcon Corporation, a major Midwestern gas pipeline utility.
  • Restructured and reorganized the finances of Piper Indemnity, the company’s captive insurance subsidiary.
  • Negotiated insurance for all foreign oil and gas operating locations through the company’s captive insurance subsidiary.

  • Negotiated the insurance settlement of the largest oil and gas production platform loss in the North Sea (Piper Alpha).

The Williams Companies (formerly Transco Energy Company), Houston, Texas         1981-1984

Staff Financial Analyst

Provided analytical support for and participated in negotiations for $525 million of various public debt and preferred stock financings for a $3.1 billion natural gas utility as well as an oil and gas exploration and production company with 3,000 employees.

  • Formulated, implemented and administered a $70 million annual sinking fund program.

  • Proposed and coordinated a $300 million joint venture gas storage financing, which converted gas inventory into cash.

  • Provided analytical justification and implemented the buy-back of more than $100 million in high-coupon debt.

  • Conducted an economic evaluation of Transcontinental Gas Pipe Line, a major subsidiary of the company as part of a defense against a hostile takeover.

  • Conducted various analyses for dividend, credit, business and acquisition purposes.

  • Provided analytical support for and participated in banking, rating agency, and analyst presentations and conferences.

EDUCATION & CREDENTIALS

University of Colorado, Boulder, Colorado

Master of Business Administration, Finance and Accounting

University of Pittsburgh, Pittsburgh, Pennsylvania

Bachelor of Arts, Political Science and Economics

Certified Public Accountant, State of Texas

Associate in Risk Management (ARM), Insurance Educational Association

PROFESSIONAL AFFILIATIONS & TEACHING

Los Angeles Treasurer’s Club – Past Treasurer and President
California Society of CPAs, Los Angeles Chapter – Former Director
Los Angeles Area Chamber of Commerce – Past Member representing the California Society of CPAs
University of California, Los Angeles, Department of Business and Management – Former Instructor, Intermediate Accounting and Managerial Accounting
United Way of Greater Los Angeles – Former Member, Audit Review Committee

Super-Job-Search is a registered trade mark by Peter K. Studner. All rights reserved.
Copyrighted © Peter K. Studner 1997-2006
http://www.superjobsearch.com
Los Angeles - Burbank - Westlake Village - Irvine
Mailing Address: P.O. Box 241957, West Los Angeles, California 90024-9757
(310) 470-6688 - FAX (3