Suspecting that the President wants to revive bonus depreciation, equipment lenders hail a reference in the State of the Union address.
David M. Katz, CFO.com | US
January 28, 2010
Heartened by a line in President Obama's State of the Union address Wednesday night, leaders of the Equipment Leasing and Finance Assn. issued a press release Thursday praising the President's attention to "the need to invest in new plant and equipment for all businesses."
During a section of the speech that drew applause for its call for a stimulus to small businesses as a way to spur job growth, the President called on Congress "to provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment."
Leaders of the leasing industry read that as a clue that Obama's budget proposal, which is likely to be issued by Sunday night or Monday, would include an expense item enabling the funding of a revival of a bonus depreciation tax credit. "The conventional wisdom" to be derived from the speech, says David Fenig, ELFA's vice president of federal government relations, is that a bonus depreciation provision in the American Recovery and Reinvestment Act of 2009, which expired at the end of last year, would be retroactively extended for 2010.
Such a measure would accelerate straight-line depreciation back into the first year of equipment ownership. For example, a purchaser of equipment might normally be able to claim a depreciation of 20% for each year of the first five years of ownership. Under the measure Fenig thinks the President will propose, the purchaser could claim a 50% depreciation in the first year. The aim would be "to encourage people to act now, not later," he says, adding that the cost of the measure could be about $30 billion.
The association will also be "looking closely" at the President's State of the Union proposal to stimulate lending by community banks, says Fenig. In the speech, Obama proposed "that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat."
The presence of increased liquidity in community banks would "help companies borrow money and finance equipment," says Ralph Petta, the association's interim president.
Sponsor-Cambridge Consulting Group provides financial and real estate consulting services to Fortune 500 companies to help them improve their bottom line. One of the most successful strategies is to look at eliminating real expenses on surplus or unneeded space. Please visit their website to learn more about real estate lease terminations or buyouts. www.commercialleaseterminations.com
Friday, January 29, 2010
KBA Lease Audit Saves Publishing Firm $ 57,000 by Auditing Their Commercial Real Estate Leases
Publishing Company Saves $57,000 per Year by Negotiating Lower Telecom Rates
Client
A publishing company with several offices in Canada.
Audit Discovery
Our client had negotiated an agreement with a major telecommunications company for the bulk of their services. Due to their large volume, the supplier assured them that they were receiving a very competitive rate. They also used three other companies for their telecom needs as each of their offices had its own particular choice of carrier.
After a thorough analysis of the client’s supply contracts and billing data, our team identified that many of the services were not being billed at the contracted rates. Moreover, the contracted rates were not competitive given the client’s substantial volume.
Resolution
Based on these findings, our team secured a credit from the existing supplier for the overcharges and recommended that significant savings could be gained by combining all of the client’s telecom traffic with a single supplier. The client implemented these recommendations and now has the benefit of centralized billing reports from the selected supplier as well as the negotiated lower rates. This is generating in excess of $57,000 per year in savings for the client.
For more information please visit www.kbalease.com
Thursday, January 28, 2010
CFO Talk Increased Spending in New Survey
The fourth quarter "CFO Outlook Survey" conducted by Financial Executives International (FEI) and Baruch College's Zicklin School of Business, CFOs are showing signs of optimism for the future, but remain committed to learning from important lessons learned from the economic downturn and stay focused on cost containment and streamlining operations.
Following an eight quarter decline beginning in 2007, the CFO Optimism Index for the U.S. economy rose in the third quarter and continued that rise in the fourth, increasing from 54.20 in Q3 to 56.98 in Q4 2009. Similarly, CFOs' financial prospects for their own companies rose another three points to 67.09 over Q3's 64.10. Despite an improved overall outlook, U.S. economic growth remains at the top of list of CFOs' concerns:
(38% rank as their number one economic worry for 2010),
(26%) cite consumer spending/demand as their top concern.
(25%) say competition is one of biggest challenges they face followed by expense control 23%
"The findings of our Q4 survey demonstrate that CFOs overall closed 2009 with a much improved sense of optimism that when it began, but they are realistic about the challenges that still lay ahead," said John Elliott, Dean of the Zicklin School of Business at Baruch College. "CFOs are indicating that they have learned lessons from the downturn and can face the coming year looking forward to the opportunities at hand."
The study revealed areas of increased spending by CFOs including Capital Spending(8.9%), Technology (6.1%), Inventory and limited hiring- 2.9%. When CFOs were asked this quarter to identify areas for increases in 2010, marketing and advertising and business acquisitions were also top of mind, with 39 percent of CFOs planning to increase marketing and advertising and 33 percent of CFOs planning increases in business acquisitions.
"The return to a place where CFOs are anticipating increased earnings and revenue provides encouragement that those companies that have endured the downturn are ready to come back strong," said Marie Hollein, CEO and President, Financial Executives International. "As far as the new normal is concerned, efficiency is the name of the game." When asked what their organizations would continue to do as they begin to emerge from the recession, nearly nine out of ten CFOs reported that they would continue process efficiencies put into place during the downturn. Two-thirds (66%) said they will continue technological efficiencies, and one-third (34%) plan to continue the restructuring of their business.
Full survey results and historical data comparisons are available at www.cfosurveys.com or from Nicole Madison at Nicole.Madison@fd.com. The study is also available online at the Financial Executives Research Foundation bookstore and on the Baruch College home page at www.baruch.cuny.edu.
Following an eight quarter decline beginning in 2007, the CFO Optimism Index for the U.S. economy rose in the third quarter and continued that rise in the fourth, increasing from 54.20 in Q3 to 56.98 in Q4 2009. Similarly, CFOs' financial prospects for their own companies rose another three points to 67.09 over Q3's 64.10. Despite an improved overall outlook, U.S. economic growth remains at the top of list of CFOs' concerns:
(38% rank as their number one economic worry for 2010),
(26%) cite consumer spending/demand as their top concern.
(25%) say competition is one of biggest challenges they face followed by expense control 23%
"The findings of our Q4 survey demonstrate that CFOs overall closed 2009 with a much improved sense of optimism that when it began, but they are realistic about the challenges that still lay ahead," said John Elliott, Dean of the Zicklin School of Business at Baruch College. "CFOs are indicating that they have learned lessons from the downturn and can face the coming year looking forward to the opportunities at hand."
The study revealed areas of increased spending by CFOs including Capital Spending(8.9%), Technology (6.1%), Inventory and limited hiring- 2.9%. When CFOs were asked this quarter to identify areas for increases in 2010, marketing and advertising and business acquisitions were also top of mind, with 39 percent of CFOs planning to increase marketing and advertising and 33 percent of CFOs planning increases in business acquisitions.
"The return to a place where CFOs are anticipating increased earnings and revenue provides encouragement that those companies that have endured the downturn are ready to come back strong," said Marie Hollein, CEO and President, Financial Executives International. "As far as the new normal is concerned, efficiency is the name of the game." When asked what their organizations would continue to do as they begin to emerge from the recession, nearly nine out of ten CFOs reported that they would continue process efficiencies put into place during the downturn. Two-thirds (66%) said they will continue technological efficiencies, and one-third (34%) plan to continue the restructuring of their business.
Full survey results and historical data comparisons are available at www.cfosurveys.com or from Nicole Madison at Nicole.Madison@fd.com. The study is also available online at the Financial Executives Research Foundation bookstore and on the Baruch College home page at www.baruch.cuny.edu.
REL/CFO Magazine U.S. Working Capital Survey
REL and CFO magazine has completed their Annual Survey of U.S. Working Capital. The study presents information on the working capital performance at the largest 1,000 US headquartered public companies by revenue for FY2008. The working capital performance metrics were calculated from FY2008 year end results, focusing on revenue, trade receivables and payable( excluding accruals, deferred income and other cash and cash equivalents), and inventory. Adjustments were made to reflect the impact of off-balance sheet arrangements in order to provide true, consistent and comparable figures.
In a slowing economy working capital became a key source of cash for a corporation. The survey showed that working capital improved by a large figure-6.4%- the largest improvement in the past five years. It is important for companies to continue the working capital improvement programs continue even when the economy improves. The research shows that 57% of the companies continued to show improvements over their results in 2007.
Revenue increased by about 10.3% on aggregate for the US1000 in 2008. A total of 787 companies posted an increase in revenue. The study combines revenue growth with gross margin performance. In 2008, 433 companies saw revenue grow but gross margins decline.
The authors state that they feel that improving working capital is still a focus for most companies. The industry sectors that showed the most improvement were- Air Fright and Logistics, Auto Components, Computers and Peripherals and Metals and Mining. Sectors that were trailing were Diversified Telecommunications Services, Wireless Telecommunication Services, Software and Paper and Forest Products.
" The top 1,000 companies have $776bn of cash unnecessarily tied up in working capital, which represents 33% of their total working capital scope. During times of high demand volatility, shrinking margins, cost pressures, currency deflation, commodity pricing deflation and overall weak outlook on consumer confidence, companies should be aware of the cheapest form of cash- effective working capital management.
For the complete report please go to the CFO website
Sponsor- Cambridge Consulting Group provides financial and real estate consulting services to Fortune 500 companies to help them improve their bottom line. One of the most successful strategies is to look at eliminating real expenses on surplus or unneeded space. Please visit their website to learn more about real estate lease terminations or buyouts.
In a slowing economy working capital became a key source of cash for a corporation. The survey showed that working capital improved by a large figure-6.4%- the largest improvement in the past five years. It is important for companies to continue the working capital improvement programs continue even when the economy improves. The research shows that 57% of the companies continued to show improvements over their results in 2007.
Revenue increased by about 10.3% on aggregate for the US1000 in 2008. A total of 787 companies posted an increase in revenue. The study combines revenue growth with gross margin performance. In 2008, 433 companies saw revenue grow but gross margins decline.
The authors state that they feel that improving working capital is still a focus for most companies. The industry sectors that showed the most improvement were- Air Fright and Logistics, Auto Components, Computers and Peripherals and Metals and Mining. Sectors that were trailing were Diversified Telecommunications Services, Wireless Telecommunication Services, Software and Paper and Forest Products.
" The top 1,000 companies have $776bn of cash unnecessarily tied up in working capital, which represents 33% of their total working capital scope. During times of high demand volatility, shrinking margins, cost pressures, currency deflation, commodity pricing deflation and overall weak outlook on consumer confidence, companies should be aware of the cheapest form of cash- effective working capital management.
For the complete report please go to the CFO website
Sponsor- Cambridge Consulting Group provides financial and real estate consulting services to Fortune 500 companies to help them improve their bottom line. One of the most successful strategies is to look at eliminating real expenses on surplus or unneeded space. Please visit their website to learn more about real estate lease terminations or buyouts.
Wednesday, January 27, 2010
RSM McGladrey Discusses Cost Containment Strategies for Financial Institutions
Bank Notes January 2010
Issues for Financial Institutions in 2010
by Dan Trigg
Managing Director
Bank management continues to attempt to counter the asset quality issues that have deflated the banks return on assets (ROA). To bolster the ROA, avenues have been explored designed to cut costs where possible. Personnel cost is the second highest expense for any bank. While some banks may have some “excess personnel capacity,” it is critical for this resource to match up to the banks business model and service delivery system. Most community banks see their customer service as a “differentiator” from other competitors. The question then becomes does cost cutting impact the bank’s ability to sustain the business model and service delivery?
A second issue involved with cost cutting is the potential impact on the internal control processes. As positions are eliminated, the functions performed in that position must be picked up by other employees. Does that create a weakness in the financial control systems that could have an impact on the processing and recording of financial information? The impact of possible cost cutting on the control environment is a consideration that will certainly require management attention.
There is a tendency for “non productive” positions to be eliminated in cost cutting moves. Now would not be the best time to have a cut back in the internal audit budget and role.
Risk management
Risk management and risk oversight continue to be at the top of the “to do” list for financial institutions. Bank management should provide their assessment of identified risks and how those risks are being monitored, controlled and measured. In addition, bank management should identify emerging risks and assess their potential impact to the bank.
Click here for rest of article
Sponsor- Cambridge Consulting Group has helped numerous financial institutions contain costs on real estate by terminating real estate leases for branch banks. For more information on their real estate lease buyout programs please visit their website- www.commercialleaseterminations.com.
Issues for Financial Institutions in 2010
by Dan Trigg
Managing Director
Bank management continues to attempt to counter the asset quality issues that have deflated the banks return on assets (ROA). To bolster the ROA, avenues have been explored designed to cut costs where possible. Personnel cost is the second highest expense for any bank. While some banks may have some “excess personnel capacity,” it is critical for this resource to match up to the banks business model and service delivery system. Most community banks see their customer service as a “differentiator” from other competitors. The question then becomes does cost cutting impact the bank’s ability to sustain the business model and service delivery?
A second issue involved with cost cutting is the potential impact on the internal control processes. As positions are eliminated, the functions performed in that position must be picked up by other employees. Does that create a weakness in the financial control systems that could have an impact on the processing and recording of financial information? The impact of possible cost cutting on the control environment is a consideration that will certainly require management attention.
There is a tendency for “non productive” positions to be eliminated in cost cutting moves. Now would not be the best time to have a cut back in the internal audit budget and role.
Risk management
Risk management and risk oversight continue to be at the top of the “to do” list for financial institutions. Bank management should provide their assessment of identified risks and how those risks are being monitored, controlled and measured. In addition, bank management should identify emerging risks and assess their potential impact to the bank.
Click here for rest of article
Sponsor- Cambridge Consulting Group has helped numerous financial institutions contain costs on real estate by terminating real estate leases for branch banks. For more information on their real estate lease buyout programs please visit their website- www.commercialleaseterminations.com.
Tuesday, January 26, 2010
Wall Street Journal-Cost Containment Top Strategy For Corporations
Corporations are focusing more of their efforts on reviewing cost structures and looking for new ways to contain or reduce costs. Companies that are doing this have seen a more robust bottom line. On Monday the Wall Street Journal cited some examples:
General Electric CFO referred to the " Focused shrinkage of its financial unit".
Target Corp. said it plans to test stores that will have 50% fewer items.
Intel touted their fourth quarter profit which was achieved through cost cutting. Revenue is down 9.5% and earnings are down almost 50%.
"In reaction to a sharp pullback by consumers during the recession, Corporate America clearly has been on a strict no-fat diet, with banks, airlines and manufacturers among the more high profile industries getting alot skinnier. The aim is getting what investors value most: fatter profits. Corporate cuts have been most notable in in capital spending and payrolls. Capital spending fell roughly 22% last year.
...Citigroup Inc is getting back on its feet in part by reducing" the size and scope of the company" said Chief Executive Vikram Pandit. The slimmer Citi has shed one third of its employees and unloaded $500 billion in assets.
Reported by Pau Vigna and John Shipman WSJ.
Sponsor- Commercial real estate assets and liabilities should be a key component of any corporate cost containment strategy. Cambridge Consulting Group has the experience in financial analysis and commercial real estate fundamentals that you need. They bring expertise and independence from any ties to commercial real estate brokers or owners. Your concerns are their only concern. For more information on their lease termination services please visit their website-www.commercialleaseterminations.com
General Electric CFO referred to the " Focused shrinkage of its financial unit".
Target Corp. said it plans to test stores that will have 50% fewer items.
Intel touted their fourth quarter profit which was achieved through cost cutting. Revenue is down 9.5% and earnings are down almost 50%.
"In reaction to a sharp pullback by consumers during the recession, Corporate America clearly has been on a strict no-fat diet, with banks, airlines and manufacturers among the more high profile industries getting alot skinnier. The aim is getting what investors value most: fatter profits. Corporate cuts have been most notable in in capital spending and payrolls. Capital spending fell roughly 22% last year.
...Citigroup Inc is getting back on its feet in part by reducing" the size and scope of the company" said Chief Executive Vikram Pandit. The slimmer Citi has shed one third of its employees and unloaded $500 billion in assets.
Reported by Pau Vigna and John Shipman WSJ.
Sponsor- Commercial real estate assets and liabilities should be a key component of any corporate cost containment strategy. Cambridge Consulting Group has the experience in financial analysis and commercial real estate fundamentals that you need. They bring expertise and independence from any ties to commercial real estate brokers or owners. Your concerns are their only concern. For more information on their lease termination services please visit their website-www.commercialleaseterminations.com
Monday, January 25, 2010
Level One Bank Names New CFO
Level One Bank said it has named David C. Walker as EVP and CFO of the company. In his new position, Walker will be responsible for all treasury, accounting, finance, investments, asset/liability management, information technology, real estate, and bank security matters. Level One Bank is a locally-owned, full-service commercial bank with assets in excess of $170 million at 2009 year-end.The bank provides commercial banking services including lines of credit, term loans, commercial mortgages, SBA loans, and a full suite of Treasury management services.
“We are extremely pleased to have a person of David’s caliber become a part of our organization,” said Patrick Fehring, president and CEO of the bank. “David’s experience and expertise will be invaluable as we look forward to continuing the Bank’s growth trends into 2010 and beyond.”
Sponsor- Bank CFOs have saved the institution millions of dollars by renegotiating or terminating real estate leases. An expert in this area is Cambridge Consulting Group. They have worked with Bank Of America, Key Bank and Ford Motor Credit. For more information on how you can save on your branch banking costs visit their website-www.commercialleaseterminations.com.
“We are extremely pleased to have a person of David’s caliber become a part of our organization,” said Patrick Fehring, president and CEO of the bank. “David’s experience and expertise will be invaluable as we look forward to continuing the Bank’s growth trends into 2010 and beyond.”
Sponsor- Bank CFOs have saved the institution millions of dollars by renegotiating or terminating real estate leases. An expert in this area is Cambridge Consulting Group. They have worked with Bank Of America, Key Bank and Ford Motor Credit. For more information on how you can save on your branch banking costs visit their website-www.commercialleaseterminations.com.
Saturday, January 23, 2010
New CFO Announced at Coinstar
Coinstar announced the appointment of J. Scott Di Valerio as chief financial officer effective March 2, 2010. Di Valerio joined the company on January 19 and will work with Paul Davis, Coinstar chief executive officer, prior to taking over as CFO.
"Scott brings with him a strong finance, management and business background with high-growth, world-class organizations, as well as a demonstrated ability to communicate effectively with the investment community," said Paul Davis. "The depth and breadth of his experience further enhances our management team, and we look forward to his contributions as we execute our strategic plans for growth and success as a leader in automated retail."
Di Valerio, 47, has over 25 years finance, operations and management experience, most recently serving as President of the Americas for the Lenovo Group Limited, a leading computer manufacturer. Previously, he held senior positions at Microsoft Corp., where he served as the company's corporate vice president of Finance and Administration and chief accounting officer, and as corporate vice president of the Original Equipment Manufacturer (OEM) division.
"Scott brings with him a strong finance, management and business background with high-growth, world-class organizations, as well as a demonstrated ability to communicate effectively with the investment community," said Paul Davis. "The depth and breadth of his experience further enhances our management team, and we look forward to his contributions as we execute our strategic plans for growth and success as a leader in automated retail."
Di Valerio, 47, has over 25 years finance, operations and management experience, most recently serving as President of the Americas for the Lenovo Group Limited, a leading computer manufacturer. Previously, he held senior positions at Microsoft Corp., where he served as the company's corporate vice president of Finance and Administration and chief accounting officer, and as corporate vice president of the Original Equipment Manufacturer (OEM) division.
Tuesday, January 19, 2010
Parking Garage Lighting a Source of Energy Savings
Redbird LED, an Atlanta based designer, manufacturer and distributor of LED Tubes launched a website for parking garage owners and managers, www.parkinggarageleds.com. The website provides information on the many benefits of LED Tube lights in a parking garage application. LED Tube lights last much longer than conventional lighting- between 5 and ten years. This dramatically reduces maintenance costs because the lights do not have to be changed as frequently.
Parking garage owners can achieve even bigger savings from the reduced energy costs from operating LED Tube lights versus conventional lighting. Many retailers, hotels, universities and corporations are saving between 30 and 60 % on their energy bills with the conversion to LED Tube lights.
For more detailed information please visit www.parkinggarageleds.com
Parking garage owners can achieve even bigger savings from the reduced energy costs from operating LED Tube lights versus conventional lighting. Many retailers, hotels, universities and corporations are saving between 30 and 60 % on their energy bills with the conversion to LED Tube lights.
For more detailed information please visit www.parkinggarageleds.com
Wednesday, January 13, 2010
CIT Searching for New CFO as well as CEO
CIT has emerged from the bankruptcy courts and is looking for a new CEO to lead the company to their next stage. The Wall Street Journal also reported today they are looking for a new CFO. One person mentioned that CIT may be looking at is Nelson Chai, Former CFO at Merrill Lynch. His selection may be helped if John Thain, Former Merrill Lynch CEO is hired as CEO.
CFO Shifts To Head Division at Bank of America
Bank of America Corp. promoted Chief Financial Officer Joe Price to head consumer banking, as new Chief Executive Officer Brian Moynihan announced his management team . Price will be president of the consumer, small business and card banking unit, according to a company statement today. Price, 48, has held positions in finance, risk management and corporate strategy. He was president of consumer finance from 1999 to 2002.
The CFO position will be handled by Neil Cotty on an interim basis after Feb 1. The Bank has started an external search for a new CFO
The CFO position will be handled by Neil Cotty on an interim basis after Feb 1. The Bank has started an external search for a new CFO
Saturday, January 9, 2010
Weyerhaeuser Votes To Become A REIT
As has been reported for weeks, Weyerhaeuser Co. in December voted to become the a REIT. Dan Fulton, president and chief executive officer said, "“Our company will be enhanced by the REIT structure,” This conversion will position us to be more competitive in our timberlands business. In addition, we are able to convert with our existing business mix of Timberlands, Wood Products, Cellulose Fibers and Real Estate.”
No date has been set for the conversion to a REIT but it should be sometime in 2010 and will be based on economic conditions, any changes in tax policy and timing of the distribution of earnings and profits required under tax laws.
By the end of the year of conversion, Weyerhaeuser must issue a special, taxable dividend to stockholders of its undistributed earnings and profits. As of the beginning of 2010, Weyerhaeuser reports expected earnings and profits to total just under $6 billion.They said the dividend payment will be paid with company stock.
Weyerhaeuser Real Estate Division has three divisions including Weyerhaeuser Real Estate Company. WRECO is one of the largest homebuilders in the country.The division is an umbrella organization for six branded homebuilders. Another division is WREDCO- Weyerhaeuser Real Estate Development Company which sells timberland property in select markets across the US. They also have a division that sells non-timberland industrial surplus property.
For more information on their real estate divisions please visit www.weyerhaeuser.com/business/realestate
Surplus commercial real estate can present many challenges for CFOs. It can also have a positive impact on the bottom line if managed the right way. You need independent expertise that no real estate broker or real estate management company can provide. One company has been saving Fortune 500 companies millions of dollars on lease buyouts and terminations- Cambridge Consulting Group. Visit their website for more information on terminating some of your leased real estate.
No date has been set for the conversion to a REIT but it should be sometime in 2010 and will be based on economic conditions, any changes in tax policy and timing of the distribution of earnings and profits required under tax laws.
By the end of the year of conversion, Weyerhaeuser must issue a special, taxable dividend to stockholders of its undistributed earnings and profits. As of the beginning of 2010, Weyerhaeuser reports expected earnings and profits to total just under $6 billion.They said the dividend payment will be paid with company stock.
Weyerhaeuser Real Estate Division has three divisions including Weyerhaeuser Real Estate Company. WRECO is one of the largest homebuilders in the country.The division is an umbrella organization for six branded homebuilders. Another division is WREDCO- Weyerhaeuser Real Estate Development Company which sells timberland property in select markets across the US. They also have a division that sells non-timberland industrial surplus property.
For more information on their real estate divisions please visit www.weyerhaeuser.com/business/realestate
Surplus commercial real estate can present many challenges for CFOs. It can also have a positive impact on the bottom line if managed the right way. You need independent expertise that no real estate broker or real estate management company can provide. One company has been saving Fortune 500 companies millions of dollars on lease buyouts and terminations- Cambridge Consulting Group. Visit their website for more information on terminating some of your leased real estate.
New CFO Named at Armstrong Worldwide
Armstrong World Industries, Inc. announced that Thomas B. Mangas was named Senior Vice President and Chief Financial Officer effective February 1, 2010.Armstrong Armstrong World Industries, Inc. is a global leader in the design and manufacture of floors, ceilings and cabinets. In 2008, Armstrong's consolidated net sales totaled approximately $3.4 billion.
"We are excited to have Tom working with us," said Chairman and CEO, Michael D.Lockhart. "We are pleased to have an executive of Tom's caliber from a world-class company like Procter & Gamble join Armstrong at this exciting time in Armstrong's history. His background and expertise will be important aids to realizing our significant sales growth and margin expansion objectives over the next several years. We all owe Bill Rodruan hearty thanks for his invaluable work as interim CFO." Mangas most recently served as Vice President and Chief Financial Officer of the $28 billion Beauty and Grooming business of Procter & Gamble (P&G). He had an impressive progression of finance roles at P&G, where he has spent the entirety of his career.
Based in Lancaster, Pa., Armstrong operates 37 plants in nine countries and has approximately 11,000 employees worldwide.
Sponsor- Cambridge Consulting- Expertise in Cost Containment and Commercial Real EState Work and Finance Strategies- To learn more about commercial lease termination please click here
"We are excited to have Tom working with us," said Chairman and CEO, Michael D.Lockhart. "We are pleased to have an executive of Tom's caliber from a world-class company like Procter & Gamble join Armstrong at this exciting time in Armstrong's history. His background and expertise will be important aids to realizing our significant sales growth and margin expansion objectives over the next several years. We all owe Bill Rodruan hearty thanks for his invaluable work as interim CFO." Mangas most recently served as Vice President and Chief Financial Officer of the $28 billion Beauty and Grooming business of Procter & Gamble (P&G). He had an impressive progression of finance roles at P&G, where he has spent the entirety of his career.
Based in Lancaster, Pa., Armstrong operates 37 plants in nine countries and has approximately 11,000 employees worldwide.
Sponsor- Cambridge Consulting- Expertise in Cost Containment and Commercial Real EState Work and Finance Strategies- To learn more about commercial lease termination please click here
New CFO at Silverleaf Resorts Inc.
Silverleaf Resorts, Inc. announced that its has elected Harry J. White, Jr. as Silverleaf's Chief Financial Officer. Mr. White joined Silverleaf in 1998, previously served as the CFO of the Company. In February 2008 he left his role as CFO t focus on other company priorities.He most recently served as Vice President -- Treasurer. Mr. White succeeds Robert M.
Sinnott, who resigned as the Company's Chief Financial Officer, effective January 8, 2010.
Robert E. Mead, Chairman and Chief Executive Officer of Silverleaf Resorts, Inc., commented, "We are pleased to announce Harry White's appointment as Chief Financial Officer. Because of his long tenure with the Company in various senior accounting and financial positions, we believe he will have a seamless transition in his return as our CFO. In addition, I would like to thank Bob Sinnott for his service to Silverleaf and wish him the best in his future endeavors."
Silverleaf Resorts Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and operates timeshare resorts with a wide array of country club-like amenities, such as golf, clubhouses, swimming, tennis, boating, and many organized activities for children and adults.
Sinnott, who resigned as the Company's Chief Financial Officer, effective January 8, 2010.
Robert E. Mead, Chairman and Chief Executive Officer of Silverleaf Resorts, Inc., commented, "We are pleased to announce Harry White's appointment as Chief Financial Officer. Because of his long tenure with the Company in various senior accounting and financial positions, we believe he will have a seamless transition in his return as our CFO. In addition, I would like to thank Bob Sinnott for his service to Silverleaf and wish him the best in his future endeavors."
Silverleaf Resorts Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and operates timeshare resorts with a wide array of country club-like amenities, such as golf, clubhouses, swimming, tennis, boating, and many organized activities for children and adults.
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