David Lindstaedt is a dynamic, driven and experienced financial leader, with broad based experience, that includes Big 4...
DAVID F. LINDSTAEDT, CPA Middlebury, IN 46540 Cell (574)-596-3532 Home 574-358-1085
[email protected] www.linkedin.com/in/dlindstaedt
Senior Financial Leader Dynamic, driven and experienced financial leader, with broad based experience, that included Big 4 public accounting and private, private equity and publicly traded companies. I’m a strong results oriented leader with financial management and operational skills and the ability to identify problems / opportunities, facilitate change and design processes to maximize growth and profitability. Committed team players, known for the ability to teach, select and develop people.
Competencies GAAP, IFRS & Cost Cash Management Risk Management Financial Modeling Budgets / Forecast
Process Reengineering Systems Implementation Scorecards & Measurements SEC Background Operational Oriented
Internal Controls / SOX International Treasury / Currency Project Management ERP Implementations
Strategic Planning M&A Analytical Business Integrations Best Practices
Career Highlights Seaboard Overseas and Trading Group
2009 – 2013
A $3 billion commodity merchandizing and grain processing division of Seaboard Corporation (SEB) Group Finance Director Unga Holding Limited Nairobi, Kenya (2010 to 2013) – Responsible for financial reporting in accordance with US GAAP and international standards, regulatory compliance, currency / treasury management, IT, board relationships and financial / strategic planning for this $190 million publicly traded Kenyan company. I led a team of 40 professional people in this CPG and animal feed company. Accomplishments included: Re-implemented the existing Baan system to correct a number of integration issues and move the two companies to a single Baan instance, configuration and reporting structure and eliminating the need for $125k in duplicate software licenses. Developed the Group’s first Anti-fraud Policy. Developed tax transfer pricing policies in Kenya and Uganda, working with D&T. Negotiated a $9 Million (783 Million KES) equipment loan and added an additional 400 Million KES to the working capital lines with a bank while reducing the collateral held by the bank and eliminating 1.5 Billion KES in Seaboard guarantees. Successfully negotiated what was in excess of a 1 Billion KES tax claim by the Kenya Revenue Authority down to an11M KES ($126k) settlement, all of which had been previously accrued. Oversaw completion of the first ever fixed asset physical inventory, including the reconciliation of the resulting detail tag listing to the manual supporting detail ledger and then uploaded them into Baan. Negotiated and coordinated the revaluation of the companies fixed assets required by the borrowing agreement and for financial statement purposes, under international standards, at a cost equal to that paid five years earlier. Coordinated an enterprise risk management assessment project, working with D&T. Implemented HK strategic planning, goal setting and policy deployment in Finance. Developed detailed financial analysis models on two major production expansion projects, needed to support the required CAPEX approval. Finance Director Seaboard Overseas Ltd. (SOL), Bermuda (2009 to 2010) – Responsibilities included financial reporting, planning, analysis, monitoring currency / commodity risk, accounts payable, credit / collections, cash management, budgeting / forecasting, payroll, SOX compliance and human resources for this $1.3 billion commodity trading organization. Accomplishments included: Redesigned closing processes reducing the close cycle time by 20%. Sight leader in a Group project to select and design new financial systems. Coordinated the integration of the new Columbia Trading Office accounting operations into SOL both from an internal control and reporting standpoint.
Developed an in-depth financial feasibility model, working with the Transportation Team, needed to evaluate the impact of a proposed strategic project that involved the redeployment of certain vessels and the purchase of others. This analysis was designed to consider the cost of Ag shipments from multiple ports of origin and was approved. Successfully transitioned the financial operations of SOL to the South Africa after the decision was made to move the commodity trading operations to the Isle of Man.
Haulmark Industries, Inc. – Bristol, IN
2005 – 2009
A $200 million private equity funded manufacturer of trailers and motor coaches Vice President Finance and Controller – Responsibilities included GAAP reporting, process and organizational design, financial / strategic planning, analysis, accounts payable, credit / collections, cash management, IT, budgeting / forecasting, payroll, human resources and dealer financing. Led a team of 10 but was involved in all aspects of the operations. Accomplishment included: Reduced working capital by 70% with a plan to get to zero working capital by the end of 2009. Led a cross functional team that in nine months successfully designed and implemented a new standard cost system that was in part responsible for a 43% decrease in raw material inventories. Drove the conversion to a pull inventory system that reduced finish goods by 59%. Redesigned reports, forecasting, scorecards, and analysis to take advantage of newly gathered information. Established a control environment and developed policies and procedures consistent with SOX. Worked with sales to help them understand competitor pricing and rationalize pricing structures.
Thermadyne Industries – Chesterfield, MO
2001 – 2004
A $500 million publicly traded manufacturer of welding, cutting equipment and medical devices. Vice President Finance, Manufacturing Operations (2003-2004) - Responsible for planning, analysis and evaluation of all the Company’s US and Mexican manufacturing operations, driving and explaining results to senior management. Accomplishment included: Developed common planning / reporting processes and financial models across the Company. Redesigned credit and collections policies and processes reducing DSO from 59.0 days to 45.4 days in six months (past due down $2 million+). Documented control environments for two large divisions pursuant to the Sarbanes Oxley conversion. Developed a methodology for divisional measurement and reporting of initiatives which then became the basis for the incentive program. Oversaw the moving of TWECO machining operations and the set-up of a distribution and call center in Texas. Controller and Vice President Finance TWECO Products - Wichita, KS (2001 to 2003) - Responsibilities included planning, accounts payable, credit / collections, cash management, and budgeting / forecasting for $60 million welding products division. Led a team of 5 professional and clerical people but was involved in all aspects of the operations. Accomplishments included: Redesigned processes to substantially reduce time required to complete month end reporting and developed a reliable budget / forecast models and processes. Oversaw assembly operations moved to a Mexican assembly plant (saved $2 million / year). Developed an operating plan that ultimately reduced 2003 US spending by $2.4 million. Assisted in the feasibility study and planning to close down the TWECO facility and in negotiating local incentives related to the move.
Chance Industries – Wichita, KS
1998 – 2001
A $50 Million privately held manufacturer of amusement rides. CFO and Vice President Finance and Administration - Responsibilities included reporting, financial / strategic planning, accounts payable, purchasing, credit / collections, cash management, IT, budgeting / forecasting, payroll, human resources, benefits administrations, customer financing, and currency, credit, and financial risk management. Led a team of 10 but was involved in all aspects of the operations. Performed due diligence, negotiated, and acquired an UK competitor resulting in a one-year payback. Provided analysis that drove the acquisition of a coaster company to better utilize plant capacity. Implemented Fourth Shift ERP and financial software within five months, including the redesign of the underlying business processes that resulted in process simplification and a reduced headcount. Renegotiated the 401k administration program, self-insured health program, and audit contracts reducing costs and then worked with operations to reduce spending by $1.2 million. Established scorecards, shadow stock, profit sharing and an EVA based bonus program.
Koch Industries (KII) – Wichita, KS
1996 – 1998
International $30 billion privately held corporation with a diverse range of industrial and process manufacturing, refinery, pipeline and trading operation and other businesses. Group Controller – Accounting Transformation Initiative (1997 to 1998) - Led a team of 83 technical and functional professionals in a project to redefine and re-engineer the accounting function across KII to conform with best practices that was completed on time and within budget. Responsibilities included building the business case for the project, selection of Oracle software, and development of common processes, performance metrics, and data standards across 300 KII companies. The design included the establishment of a shared services environment and definition of roles, responsibilities, and expectations, required staffing levels, and performance metrics. Group Controller – Corporate Groups (1996 to 1997) - Responsibilities included the KII consolidation, internal and external reporting, audit coordination, technical (GAAP and SEC) reporting, financial analysis, international accounting, aggregation of tax data to support return preparation and administration of KII wide procurement card program ($120 million / year). I led a team of 45 people. Accomplishments included: Standardized financial reporting / scorecards (e.g., RONA, EVA) across KII. Developed a technical (accounting, GAAP and SEC) practice capability that provided the 950+KII accountants support regarding acquisition accounting, derivatives and other technical issues. Centralized and redesigned the KII procurement card programs to provide the capability to electronically monitor card users and automatically report violations. Improved the auto-hit rate on cash applications to 88.4% through greater use of electronic commerce (received best practice recognition in Business Finance Magazine). Utilized SEC knowledge to significantly reduce onerous SEC reporting requirements associated with the sale of KII pipeline operations to Enron.
A.E. Staley Manufacturing / Tate & Lyle – Decatur, IL
1989 – 1996
A public $2.4 billion UK sweetener, ethanol, soybean and feed company with International operation. Manager, Treasury Services Tate & Lyle -- North America (1995 to 1996) - Responsibilities included acquisition support, bank relationships, financing, and leasing activities. Negotiated banking fees and services and prepared consolidated North American cash forecasts. Accomplishments included; Negotiated a $57 million rail lease that provided net present value savings in excess of $8 million. Designed and implemented a travel and entertainment procurement card program. Manager of Accounting A.E. Staley Manufacturing (1993 to 1995) - Responsibilities included financial reporting and variance analysis in a $1.3 billion subsidiary. Accomplishments included: Selected and implemented PeopleSoft and re-engineered work processes to facilitate a +80% reduction of financial staff. Financial reports were distributed electronically and were drillable in Excel. Designed and implemented self-directed work teams in financial operations. Designed and implemented a procurement card program. Director of Finance ALMEX, a division of A. E. Staley – Guadalajara, Mx. (1991 to 1993) Responsibilities included financial and strategic planning, GAAP and statutory reporting, commodity / currency position management, and credit risk; net debt, and banking relations; risk management; management of the accounting, cost, tax, treasury, IT, and credit areas. This was a turnaround. Accomplishments included: Selected and implemented GEAC ERP software package (completed within 18 months). Developed a currency and commodity position reporting system and a brought-to-market commodity accounting system. Helped designed and implemented a predictive maintenance program that improved operational reliability and lowered maintenance costs. Identified and eliminated major process bottlenecks. Example, by marketing and selling wet feed the company successfully overcame feed dryer capacity restrictions that limited throughput. Reduced production costs (5%) and indirect costs (40%) while increasing market share 50%, without acquisition. Internal Auditor / Consultant (1989 to 1991) - A member of a small group of financial and operational personnel that provided acquisition, process and business support to companies within the Tate & Lyle Group (A.E. Staley, Domino Sugar, Great Western Sugar, Red Path Sugars and Pacific Molasses).
KPMG and Ernst & Young
Earlier
Responsibilities grew from that of an Audit Assistant to the Director of Entrepreneurial services in New Orleans. Leading teams of up to 20 professionals directed a broad range of audit, financial, accounting and consulting services. Clients included Tate & Lyle, Texas Instruments, Textron, Mobil Oil, McDermott, and others. Two years on assignment in Italy serving as the US GAAP expert in Rome. Industry experience included: Financial Institutions, Insurance, Healthcare, Manufacturing, Oil and Gas, Automotive, Construction, Services and Not-for-Profit.
Education, Certifications and Affiliations BSBA Central Michigan University – Accounting; Kaizen training; Trained as a computer audit specialist by KPMG CPA CCM (Certified Cash Manager); AICPA and TMA
Software Excel–Word–PowerPoint–Access–MS Plan–PeopleSoft–Oracle–JD Edward –Fourth Shift-GEAC–Baan
Community Services A two-term levee commissioner that played an instrumental role in development of the district’s financing plan and accounting / budgetary systems needed to facilitate the construction of a $22 million levee structure. Served on the Health Systems Agency committee in Southeast Michigan that was charged with the responsibility for developing and implementing a plan to reduce 700 excess hospital beds. on the Governor’s Blue Ribbon Committee that help redesign government operations in the State of Louisiana. Served
Served as a board member of various charitable organizations.
