I want to use my talent and executive skill set to add value to the people and business with which I am associated. I am a leader and a change agent that is known for recruiting and building world class high performing teams that consistently outperform expectations.
Resume:
TIMOTHY J. SHOLTIS 11545 Northridge Drive Evansville, IN 47720 Home: (812) 963-3305Mobile: (812) 639-1301
SUMMARY Demonstrated financial leader with experience throughout the global supply chain in multiple Fortune 500 companies including consumer products (Newell Rubbermaid, Fortune Brands) and industrial manufacturing (GE Plastics, Kraton Polymers). Expert in plant and cost accounting, controllership and cost out initiatives. Involved with multiple plant startups throughout North America (including a Mequiladora in Mexico) and also been responsible for closing others due to strategic initiatives or adverse economic conditions. Experience through public accounting with Coopers & Lybrand (now PricewaterhouseCoopers) and had training in Six Sigma as well as many other executive level courses. Throughout career exceeded expectations and developed diverse world class high performing teams.
EXPERIENCE FORTUNE BRANDS (FO) MASTERBRAND CABINETS, Jasper, IN9/2005 to 6/2009 Vice President of Finance Operations (10/2006 6/2009) Director of Finance Division Controller (9/2005 10/2006) Key finance support for Plant Operations over 4 independent P&Ls.; Responsibilities include cost control, forecasting and controllership over Materials, Labor and Overhead at 14 plants. Additional requirements include budgeting, standard setting, cost out initiatives and support of Corporate and Strategic initiatives throughout the Supply Chain. Direct reports include 11 plant controllers, 1 Six Sigma Black Belt and 2 Senior Financial Analysts. Indirect support over Accounts Payable and Operations personnel as needed. Fixed Friedman ERP system after flawed implementation. Accounting fixes included bill of material / unit of measure issues, correcting cost accounting transactions and general ledger coding errors. In addition to the fixes previously listed, a process was created that double checked material usage and inventory valuations on a monthly basis to insure accurate financial statement presentation. Month end close process was reduced from 7 days down to 4, with consolidated plant financials being completed within 2 days. Streamlined the month end close process by consolidating cost accounting journal entries at the Corporate location. This allowed for consistency across all locations and facilitated a thorough review prior to journal entries being booked. Physical inventory at several locations was eliminated through demonstrated process controls that reduced inventory gain/loss to less the 0.3% on $40 million in inventory. Resulted in an annual labor savings of $250,000 per year. Startup of a Mequiladora supplier plant in Reynosa, Mexico with the sole purpose of making high volume doors for plants throughout North America. Increased forecasting accuracy over 14 plants throughout Canada, the US and Mexico by creating a standardized process and templates that were completed by the various plant controllers on a weekly basis. Accuracy was consistently within 1% over a 3 year period.
KRATON POLYMERS9/2004 to 9/2005 Operational Finance Manager, Houston, TX Key finance support for VP of Manufacturing. Additional support to Senior Management team and Board of Directors as required. Global responsibility for 5 plants as it pertains to Cost Out, Capital Expenditures, Material Usages, Budgets and Forecasting. Provide compliance support for Sarbanes Oxley as needed. Established Cost Out process that generated, tracked and delivered $11.8 million in its first year (2004) and is on track to deliver an additional $17.2 million in 2005. Created a Capital Expenditures process that tracks expenditures and cash flow to ensure that no surprises are encountered. Facilitated a complexity reduction study by outside consultants aimed at identifying underperforming assets and products. Current plans are to close one production facility and eliminate the bottom 20% of production grades. Estimated savings is $45 million plus. Facilitated an ABC Costing analysis by an outside consultant for one production facility. The goal is to reduce fixed costs for the plant by 20% ($12 million) and variable costs by $5 million.
GENERAL ELECTRIC COMPANY (GE)10/ 2001 9/2004 Global FP& A Manager GE Advanced Materials Structured Products, Pittsfield, MA (6/2004 9/2004) Finance leader for supporting the business General Manager & the global business team. Working to create world-class decision-making tools to drive global growth and champion line-of-site to critical financial/business levers. Additional responsibilities included Sales Forecasts, Cash Flow & Inventory Management, Variance Analysis and consolidation of Financial Statements for the 3 poles (Americas, Europe and Pacific).
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EXPERIENCE (CONTD.) Site Finance Leader, GE Advanced Materials Washington, WV (12/2003 5/2004) Sole Financial Responsibility for the largest stand-alone plastics plant in GE with over 350 employees and a Cost basis exceeding $200 million. Responsibilities include Site Leadership, Budgeting, Forecasting, Variance Analysis, Quarterly Closing, Asset Management, Inventory Control and Other Reporting as requested by Senior Management. Implemented new Plant & Equipment System for Approving and Tracking all additions, deletions and requests for funding. Streamlined quarterly closing process by simplifying the organization structure and outsourcing route tasks. Driving inventory management and behavior through entitlement studies and controllership reviews. Implemented weekly Utility dashboard that drives plant behavior based on stable operations and visibility to the cost drivers.
Finance Manager GE Plastics, Mt. Vernon, IN (10/ 2001 12/2003) Financial Responsibility for 8 manufacturing plants including Operational Leadership, Budgeting, Forecasting, Variance Analysis, Quarterly closing, Asset Management, Inventory Control and Other Reporting as requested by Senior Management. Cost basis exceeds $400 million with over 250 employees. Supported operations in delivering $16.8 million in cost out benefits during 2003. Developed GE Best Practice War Room process that delivered $1 million cost reduction in Indirect spending through accountability and controllership. Created GE Best Practice Contractor Dash board that gives visibility to contractor time and material costs by day, delivering cost out of $250,000 per quarter. Negotiated an early out option on a long-term raw material supply contract that resulted in $840,000 of cost avoidance.
MASCO CORPORATION (MAS) Division was in the process of being divested from Masco.1/2001 10/2001 Controller, The Marvel Group, Chicago, Illinois Responsibilities included leadership of the team responsible for consolidation of multiple production plants for financial statement presentation and analysis, budgeting, accounts payable, accounts receivable and customer service. Reported to the Division President. In 2001, sales exceeded $45 million with over 300 employees.
NEWELL RUBBERMAID (NWL) 8/1996 1/2001 Finance Manager, EZ Painter Division, Buffalo, NY (5/2000 1/2001) Sole responsibility for all financial aspects of the newly acquired Shur-Line business including accounts payable, accounts receivable, customer service and payroll. Responsibilities include budgeting for manufacturing, selling, general and administrative expenses; monthly financial statement preparation and analysis; projections of sales, income, direct labor and inventory for forecasting purposes on a weekly and monthly basis; fixed asset maintenance and leading the cost reduction team. Annual sales exceed $20 million. Completion of the Working Capital Adjustment for the acquisition that resulted in a reduction in the purchase price of over $1,000,000. Leading the cost reduction team that exceeded the 2000 budget of $350,000 by $100,000. Initiated a Make versus buy analysis on an outside vendor that will result in a savings to the company of over $200,000. Integration of Shur-Line into the Newell systems for Invoicing, Shipping, Manufacturing and Payroll.
Plant Controller, EZ Painter Division, Johnson City, TN (5/1999 5/2000) Sole responsibility for all financial aspects of a $40 million manufacturing and distribution plant including budgeting, inventory control, month end close, weekly reporting, fixed asset reporting and control and cost reductions. Implementation and maintenance of a cycle count program that resulted in the elimination of an annual physical inventory which saved $25,000 annually. Championed the annual physical inventory that resulted in a total variance of less than $4,000 on total inventory of over $5,500,000. Established weekly reporting by cost center for direct labor, diverted labor and absorption.
Cost Accounting Supervisor, EZ Painter Division, Milwaukee, WI (5/1998 5/1999) Senior Financial Analyst, EZ Painter Division, Milwaukee, WI (8/1996 5/1998)
COOPERS & LYBRAND, L.L.P6/1994 8/1996 Auditor, Louisville, KY
EDUCATION BARAT COLLEGE, Lake Forest, IL Bachelor of Arts, Accounting & Economics; GPA: 3.3 on a 4.0 scale, 5/1994
