An experienced COO and CFO, with a successful track record influencing and leading transformational change and delivering major turnarounds in operating performance, strong growth, major process & productivity improvements, financial & operational excellence, and effective governance and control without stifling entrepreneurial flair, in high performance and underperforming, multinational, public and private equity-owned companies.
International experience includes 15 years direct responsibility for subsidiaries and multi-cultural teams in EMEA, North & South America, and the Asia Pacific Region, and sector experience is in E-commerce, Information Technology, Engineering and Defence Electronics.
Key strengths are a passion for excellence, an energising and inclusive leadership style, strong execution capabilities, based on focus, intensity & speed, and well developed communication, influencing & interpersonal skills.
Specialties: 1. Shareholder value creation & realisation, including taking companies through to a successful exit.
2. Results orientation.
3. Building, developing and providing inspirational, strategic & operational leadership for high performance management teams.
4. Creating and sustaining an 'Execution Culture'.
5. Deep M & A experience, including deal origination, due diligence, developing & implementing integration plans.
6. Re-engineering business processes, by deploying a Lean/Six Sigma approach.
Chief Financial Officer & Board Director @ A leading provider of specialist Logistical Services to the Pharmaceutical, Biotechnology and Clinical Research Industries. The Company's services include the sophisticated handling of biological specimens and temperature-sensitive clinical trial supplies, serving more than 49,000 clinical sites in more than 150 countries and operating from 36 strategically-placed office locations & 8 Marken-owned depots around the World. From May 2014 to Present (1 year 6 months) London, United KingdomInterim Divisional & Business Unit CFO @ Job Context
A £2Bn Turnover global Engineering Group focused on the precise control and movement of fluids in critical applications. Headquartered in Birmingham UK, IMI is listed on the London Stock Exchange, is a member of the FTSE 100 and has 15,700 employees. The Interim assignment was with the TA Hydronics Division, based in Sweden.
Achievements
• Contributed to a rapid turnaround of the Business and major year-on-year improvements in financial & operating performance.
• Exceeded all Financial Budget Objectives (Sales Revenue 2% > Budget, Operating Profit 23% > Budget & Cash Flow 17% > Budget).
• Overhauled the internal control environment and strengthened financial & commercial controls, following the implementation of a new business model and a new ERP system.
• Developed controllable KPIs, to focus on driving major performance management improvements.
• Redesigned the standard costing system, facilitating variance analysis and product cost reductions.
• Fast Finance transition away from an emphasis on reactive 'Scorekeeping' and towards a focus on Business Partnering, decision support & value-add analysis, while also improving service delivery to internal customers.
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• Clearly defined management accountabilities & execution criteria (Measure, Review & Follow-Up).
• Designed and implemented an integrated 'Developing Our People' program - competency-based assessments, career planning profiles, 'Results & Behaviours' Performance Matrix, coaching notes, Succession Plans and an assessment of team strengths & development needs.
• Re-engineered & simplified end-to-end business processes. From May 2013 to February 2014 (10 months) CFO & Senior Vice President Operational Excellence @ Job Context
A $9Bn Turnover global Electronic Commerce business, providing retail transaction processing & acquiring; credit, retail & debit card issuing & processing; and prepaid card services. Headquartered in Atlanta, USA & private equity-owned by KKR, First Data had 28,000 employees.
The International segment generated $2Bn Turnover, covered 40 countries across the EMEA, APAC and Latin America & Canada Regions, had grown rapidly by acquisition in the previous 7 years, and had 8,500 employees.
Achievements
• Developed a new strategy, focused on driving profitable organic growth vs an acquisition strategy, integrating acquisitions, & rebalancing investment priorities between Issuing & Acquiring Businesses.
• Despite global recession, overachieved against key 2009 Budget objectives - Profit $31M > Budget & Cash Flow $52M > Budget.
• Delivered a $29M yr-on-yr Profit improvement & 3.4% points increase in EBITDA margin.
• Major improvements in understanding cost drivers & in management reporting – increased accountability.
• Restructured International Finance – attracted world class talent, strengthened Business Partnering & Decision Support focus, and released 23 VPs and Directors.
• Successfully launched a Finance Operational Excellence program – generated $22M annualized Finance cost reduction; reduced Finance cost from 3.7% of Revenue to 2.2%; and delivered major improvements in Finance service delivery KPIs.
• Catalyst for developing and implementing a transformational change management program. From September 2008 to December 2010 (2 years 4 months) Vice President Finance & Business Operations @ Job Context
A $5Bn Turnover global provider of Factory Automation, Control and Information Solutions, which is headquartered in Milwaukee, USA, NYSE-listed and had 20,000 employees. The EMEA Region contributed $1.3Bn Revenue, covered 50 countries (HQ in Brussels), with 3,500+ employees. At the time of my appointment, EMEA was the weakest Region (no growth for 5 years), but became one of the fastest growing Regions - 7 successive Qtrs of double digit growth & 14% organic growth in FY07.
Achievements
• Restructured EMEA from 9 Regions to 4, to increase the country focus on Sales & leverage Regionally based back-office Support Functions.
• Added a full 2% points to Gross Margins, reduced back-office costs by $35m/annum, to self-fund an investment in Sales coverage, added 4% points to the Return on Revenue, and overachieved against all Budget objectives (Revenue $13m > Budget, Profit $21m > Budget, & Cash Flow $56m > Budget).
• Changed the leadership mindset away from being risk averse and towards a willingness to take big, bold calculated risks and fundamentally changed the way we did business.
• Focused relentlessly on driving year-on-year productivity improvements, deploying a Lean/Six Sigma approach and creating an ‘Execution Culture’, based on clearly defined accountabilities, a laser beam focus on the key operational priorities, simplicity and speed of implementation.
• Built a Sales Operations Function, focused on introducing a disciplined sales management process, to drive sales funnel velocity and dramatically increase sales force effectiveness and productivity. From May 2006 to September 2008 (2 years 5 months) BrusselsVice President Finance & Operations @ Job Context
A $2.2Bn Turnover Data Storage company listed on the NYSE. The Company had 7,000 employees and the EMEA Region operated in 20 countries, contributing $800M Revenue.
Achievements
• Developed and implemented a 'best practice' control environment, to regain tight financial and commercial control and secure Sarbanes Oxley compliance, while strengthening the Finance & Operations management team (internal promotions and replacing 11 Directors).
• Improved Sales & Profit opportunities / risks assessment, which increased forecast accuracy; and implemented an absorption costing P&L model and country-level Balance Sheet reporting, to provide visibility of country profitability and ROCE, and focus on driving aggressive improvements.
• Introduced a new competitive Pricing Policy and decentralized the Pricing decisions, with increased delegation of authority to the local management teams within a tight control framework.
• Personally led the restructuring / integration of the legacy Sun & StorageTek Businesses in EMEA. From April 2004 to May 2006 (2 years 2 months) Woking, SurreyChief Operating Officer & Group Sales Director @ Job Context
A £280M Turnover IT Reseller, which was listed on the LSE. At the time of my appointment, the Company had recorded a £(7M) pre-tax loss in 2000 and was technically insolvent. The CEO and CFO had been replaced and the Company's Bankers were pushing hard for Receivership. In Oct 2001, the sale of the Company to Insight Enterprises Inc, a $2.4Bn Turnover NASDAQ-listed IT Reseller, was concluded at a price of 80p/share, the share price having collapsed from a high of £2.80 in 1999 to a low of 17p in March 2001. Insight Europe generated £370M turnover, after the sale.
Achievements
• Played a leading role in preparing and obtaining Barclays Bank agreement to a Restructuring Plan, which rescued Action from the brink of Receivership and secured the refinancing of the Company.
• Returned Action to profit - Pre-Tax ROS from (2%) to 2%, improving product margins by a full 2% points and reducing overhead expenditure, to drive the profit turnaround on declining Revenue in very tough market conditions. Subsequently achieved a world-class Operating Profit of 3% in Europe, after eliminating Insight's losses in the UK and Germany.
• As Group Sales Director, led and strengthened the Sales teams, negotiated a US strategic partnership, to obtain international reach and win global contracts, and secured the Company's largest ever contract, worth £15M (Action's average order value was £1,000).
• Implemented a Lean/Six Sigma operational process improvement program.
• Having found a buyer for Action plc, successfully managed the integration in Europe. From January 2001 to July 2002 (1 year 7 months) Chief Operating Officer & Chief Financial Officer @ From June 1999 to December 2000 (1 year 7 months) Executive Vice President @ From October 1995 to May 1999 (3 years 8 months) Group Finance & IT Director @ From July 1991 to September 1995 (4 years 3 months) Finance & IT Director @ From November 1987 to June 1991 (3 years 8 months)
BA, Business Studies @ University of East London Steve Menzies is skilled in: Strategy, Restructuring, Due Diligence, Change Management, Acquisition Integration, Motivational Speaking, Executive Management, Process Improvement, Business Process..., Operations Management, Outsourcing, Operational Excellence, Mergers & Acquisitions, Business Planning, Business Strategy, Strategic Partnerships, Finance, Forecasting, Management, Leadership, Six Sigma, Team Management, Entrepreneurship, Performance Management, Pricing, Budgets