Joel Philhours marries Finance with Operations to profitably achieve aggressive goals and realize a shared vision....
JOEL W. PHILHOURS, CPA, MBA
615-210-7882
[email protected]
linkedin.com/pub/joel-w-philhours/13/545/7A0
CHIEF FINANCIAL OFFICER Reducing Complexity Informing Strategic Decisions Maximizing Profitability
Resource Optimization Budgeting & Forecasting International Operations Shared Service Centers
M&A KPI Design Treasury Negotiation
Growth Strategies Compliance Risk Management Sarbanes-Oxley
Process Re-Engineering IFRS, HKFRS & GAAP Supply Chain & Distribution ERP System Integrations
Marrying Finance with Operations to Profitably Achieve Aggressive Goals and Realize a Shared Vision EXECUTIVE QUALIFICATIONS Diverse experience with dynamic industry leaders including Johnson Electric, Pfizer, and SYSCO Foods in both domestic and international arenas spanning manufacturing, distribution, pharmaceuticals and consumer products. Skilled at making Finance a ‘value added’ by partnering with functional leaders to better manage key business drivers. Expert at leveraging post-acquisition synergies to rapidly make diverse operations controllable & profitable. Passion to improve processes, reduce costs, streamline transactions, increase understanding, shorten close/reporting times, and provide accurate, relevant & timely financial information to support better business decision making.
SELECTED ACCOMPLISHMENTS Enhanced competitive advantage while mitigating wage inflation by building new plants in Mexico and Serbia. Labor costs in China and Western Europe were rising. Instrumental in the analysis and construction of plants in Mexico and Serbia. Improved proximity to Johnson Electric’s largest customers significantly reduced freight costs and risk. Improved gross margins from 300 to 500 basis points within six years. Johnson Electric acquired four North American manufacturing sites. Refocused existing management and regional site leadership on margin improvement. Developed Gross Margin by Product Reports and championed their effective use throughout the operation. Advanced quality control, reducing costs by 80% in year one and 60% the following year. The Johnson Electric automotive site in Tennessee was losing $440K annually in “sorting costs”. Focused on root cause of problem and provided solutions while effectively developing a culture of accountability. One of 5 Architects that expanded Pfizer Shared Services both organically and through strategic acquisitions. Moved Accounting from NYC to Memphis, reducing salary and related costs 20 – 25%. Led post-acquisition efforts of two $15B & $20B mergers with Warner Lambert and Pharmacia, saving 60% and 70% respectively. Dramatically improved working capital at Johnson Electric, reducing past due accounts from 35% to 1.5 – 2%. Inherited $66M A/R portfolio, with 35% past due ($6.3M greater than 1 year old). Drove a deep-dive analysis into the previous 36 months of transactions. Implemented Best Practices, maintaining an accurate & current $67M AR Portfolio. Reduced annual regional finance and accounting costs from $4M to $2M. Drove post-acquisition right-sizing initiatives at Johnson Electric. Cut headcount by 50% while improving close results (first to institute one-day close), quality, and reliability. Focused on timely and accurate reporting and reliable forecasting. Cut Accounts Payable transaction costs by 60% at Johnson Electric. Introduced automated and electronic means of data input. Developed a purchasing-card program for indirect supplies and travel eliminating 20K ‘”small” invoice vouchering and pay instances. Designed Pfizer North America Revenue and Inventory Accounting System. Created financial system and collaborated with IT professional on developing software that handled two mergers, 75% of Pfizer’s global revenues of $64B and accommodated customers as well as tax executives.
JOEL W. PHILHOURS, CPA, MBA
615-210-7882
[email protected]
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PROFESSIONAL EXPERIENCE JOHNSON ELECTRIC
2007 – 9/2015
$2.0+ Billion Global Industrial and Automotive Motion-Parts Engineering, Manufacturing, Selling and Distribution. JOHNSON ELECTRIC NORTH AMERICA HOLDINGS, INC., VP, DIRECTOR, SECRETARY & TREASURER for several subsidiaries. HEAD OF FINANCE (CFO), THE AMERICAS
Manage $600M Americas Region consisting of 9 legal entities / site budgets and 3 Global Business Unit budgets. Led establishment and re-design of the Finance and Accounting strategy, processes, procedures, and controls for the Americas, Europe, Israel, and Asia. Consolidated three Finance and Accounting departments into one - reducing headcount by 50%. Eliminated over $2M of costs by redesigning an overly complex N America legal entity structure. Reorganized F&A function to provide improved Decision Support and Control (DSC) services and a more efficient Accounting Transaction Processing (ATP) team. Made business process improvements in Order-to-Cash, Purchase-to-Pay, and Close-the-Books processes. Created near real-time financial reporting for functional / operational leaders. Led a global Hackett Group Benchmarking study enabling Johnson Electric to determine its position in Finance and Accounting processes and set the strategy for the global / regional organizational model.
HEALTHSOUTH
2005 – 2007
$4.0 Billion Healthcare Provider; Surgery, Diagnostics, Outpatient Rehab, Inpatient Rehab. DIRECTOR, CONTRACTS & SUPPLY CHAIN FINANCE (2006-2007)
Led establishment and re-design of the Supply Chain Operations strategy, processes, procedures, and controls. Negotiated multiple national contracts with suppliers, distributors and manufacturers. Drove contract compliance via system enhancements, direct-to-site communications and comprehensive Hyperion report automation for a very large multi-site network. Developed a number of cross-functional clinical advisory boards, breaking down barriers to change. Enhanced the design/build of on-line EDI purchasing system, complete with real-time price variance alerts.
DIRECTOR, INTERNAL CONTROLS – SARBANES-OXLEY (2005-2006) Directed ongoing process-improvement efforts including the design, documentation, implementation, monitoring and reporting of the organization's control environment. Worked with leadership team to ensure compliance. Championed Sarbanes-Oxley controls in organization previously victimized by multi-billion dollar fraud event. Reduced Material Weaknesses / Deficiencies 98% by designing / implementing process & control improvements.
PFIZER INC.
1997 – 2004
$64 Billion Pharmaceutical and Consumer Products Company. MANAGER SHARED SERVICES ACCOUNTING
Directed 31 accountants providing Sarbanes Oxley and audit compliance, general ledger, sales, inventory (WIP & finished goods), import/export, international and general accounting, supporting 71 domestic sites / functions. Implemented strategic projects designed to improve the overall operation of the Shared Service organization. Led design and implementation of integrated/ERP Sales-Inventory-Import/Export-Intercompany System. Designed and instituted an integrated global accounting system focusing on a “single point of data input”. Spearheaded post-acquisition efforts to integrate Pfizer’s Shared Service organization. Played leadership role in establishing the European Shared Services Organization. Divestiture team lead in sale of Schick and Adams; acted as liaison and minimized tax impact for Pfizer. Ensured seamless post-acquisition integration of Warner Lambert & Pharmacia. Earlier Career: SYSCO Food Services, Director of Finance & Accounting; CCL Custom Manufacturing/Kolmar Division, Controller; Jostens, Controller; Schering-Plough, Manager, Area Director, and Sr. Financial Analyst.
CERTIFICATION & EDUCATION CPA, Tennessee MBA, University of Memphis BS-Accounting, Arkansas State University
