Vincent Destefano
Chief Financial Officer/General Manager - FEDERATION LOGISTICS, LLC
Work Experience
Chief Financial Officer/General Manager
2006 to Present
North Brunswick, NJ (CONFIDENTIAL) 2006 to Present
$9 million dollar warehouse and distribution center.
Chief Financial Officer/General Manager
Reports to the President and VP of Operation, Responsibilities include but not limited to financial, IT, and operations functions.
➢ Refinanced $4 million in current debt, reducing interest expense and increasing borrowing availability.
➢ Introduced value added services complementing existing business, leading to $900K in revenue.
➢ Initiated the opening of the west coast operation resulting in $1.2M in revenue.
➢ Monitored Annual Plan and financial projections throughout the year.
➢ Managed cash flow and analyzed financial statements.
➢ Provided risk management shortfalls and recommended addition or deletion of certain coverage for general liability and trucking.
➢ Coordinated and evaluated the ROI for the construction of a 50,000 foot addition.
➢ Saved $47,000 in real estate taxes through property tax appeals.
➢ Reduced outside accounting firm costs by $12,000 per year.
➢ Planned and implemented organizations first sales campaign.
➢ Evaluated and recommended new warehouse management systems.
➢ Saved the company $25,000 on the purchase of new servers.
➢ Developed and implemented office and warehouse standard operating procedures, resulting in better GMP
➢ Performed internal audits of warehouse management systems and provided solutions to correct inefficiencies.
➢ Determined and scheduled maintenance and repair for forklifts, building, overhead doors, dock levelers, sprinkler system and elevator.
➢ Coordinated Industry Food Industry Audits in addition to customer independent audits, and implemented audit recommendations.
➢ Brought warehouses up to CT-PAT requirements retaining $1.5M in annual revenue.
Business Unit Controller
2002 to 2006
Reported to the General Manager, Group General Manager & Controller. Responsible for all corporate accounting functions including credit, collection, purchasing and risk management. Key member of management team working closely with ITW Corporate to ensure uniformity in procedures and accounting processes.
➢ Increased operating income from 19% to 27% by recalculating costs by product line and product family.
➢ Implemented all corporate accounting policies and procedures with emphasis on Sarbanes-Oxley compliance.
➢ Wrote and edited letters of credit for international customers and initiated domestic and international wire transfers through corporate cash management.
➢ Created and transmitted business units monthly financial statements to corporate within four days of month end.
➢ Reduced accounting staff from 7 to 3, saving $80,000 annually.
➢ Outsourced IT daily maintenance of hardware and software, saving $56,000 annually.
➢ Developed and implemented new credit and collection policies, reducing Days Sales Outstanding from 60 to 37.
➢ Prepared and presented annual plan to Executive Vice President and Vice President- Group Controller.
➢ Developed customer product cost models to assist sales in pricing and ensure plan operating income were met.
➢ Designed and implemented business units segmentation of profit and loss statements.
➢ Generated scrap form stock reports to operations manager as tool to reduce overall scrap dollars.
➢ Prepared restructuring document with general and operations manager for corporate restructuring and relocation.
➢ Maintained and presented the actual cost vs. budget for restructuring activities.
➢ Conducted 80/20 business analysis for business unit.
➢ Implemented corporate procurement card program policies/procedures with business unit and bank.
Chief Financial Officer/Director of Operations
2000 to 2001
Perth Amboy, New Jersey 2000 to 2001 $30 million manufacturer and importer of metal and wood store fixtures.
Chief Financial Officer/Director of Operations
Reported to the CEO & President. Responsible for all treasury and fiduciary functions, production planning and quality assurance.
➢ Managed 4 direct reports and 10 indirect reports.
➢ Initiated several cost reduction programs saving $250,000 on an annual basis.
➢ Facilitated critical decisions involving in-house production planning versus outsourcing.
➢ Negotiated contracts for health, commercial and workmans compensation insurance.
➢ Prepared yearly zero based forecast, corporate budget and capital expenditures budget.
➢ Established Expenditure Authorization policy and procedures.
➢ Developed standard operating procedures for related areas of responsibilities.
➢ Reported daily financial snapshot to venture capital investors.
➢ Reviewed and negotiated vendor and customer contracts and prepared addendums to existing contracts to close contract loopholes in favor of outside interests.
➢ Developed compensation structure for office personnel, commissions for in-house/outside sales force.
➢ Worked closely with purchasing and project managers to maintain inventory control over $6,000,000 in inventory and meet customer new store rollouts.
➢ Managed production and shipping personnel to ensure on time delivery and timely invoicing.
➢ Evaluated and qualified new vendors for quality, on time performance and cost.
Chief Financial Officer
1999 to 2000
Springfield, New Jersey 1999 to 2000
$30 million manufacturer of vinyl windows and patio doors.
Chief Financial Officer
Reported to Principals responsible for accounting fiduciary functions and Human Resources.
➢ Refinanced and negotiated companys debt structure
➢ Developed purchase requisition procedure to monitor office and plant costs.
➢ Redefined accounting job responsibilities/duties for better internal efficiencies.
➢ Restructured plant and office departments to better capture departmental spending.
➢ Managed tax planning, yearly forecasts/budgets and daily financial flash report including six month and year end review by outside auditor.
➢ Prepared financial statements and maintained general ledger.
➢ Managed accounts receivable, reviewing weekly to monitor cash flow and ensure against bad debt.
➢ Invested excess funds, increasing annual interest income by $175,000.
➢ Implemented checks and balances for accounts receivable, accounts payable and financial reporting.
➢ Established policies and procedures for Payroll and Human Resource departments and upgraded payroll system to ADP Auto-Pay and E-time.
Plant Controller
1997 to 1999
Reported to VP of Operations and Corporate CFO Responsible for management of all plant treasury functions, month end, financial reports, including production reporting and invoicing.
➢ Prepared yearly sales forecast and budgets for plant, with presentation to plant and corporate management.
➢ Forecasted weekly, monthly and quarterly P&L statement comparing to plan and prior year actual.
➢ Controlled, maintained and reported all capital expenditures (actual vs. plan).
➢ Developed and reviewed monthly departmental spending statements with managers.
➢ Coordinated and reconciled book to physical inventories.
➢ Developed labor distribution report for all departments and leased labor.
➢ Instituted Home Depot and Costco wholesale corporate accounts, resulting in an annual savings of $75,000.
➢ Coordinated telecommunications and computer software/hardware with corporate MIS.
1991 to 1997
45 million manufacturer of printed paper and plastic bags.
Controller
1991 to 1996
and Director of Manufacturing: 1996 to 1997
Responsible for production control, pre-press, warehouse, and maintenance as well as continuing duties as controller.
➢ Managed daily treasury functions.
➢ Reviewed monthly inventory evaluation for bill of material accuracy based on an average weighted cost basis.
➢ Reduced Accounts Receivable DOS from 70 to 42 days, resulting in freeing up $1M in cash while reducing annual borrowing costs by $70,000.
➢ Set up lease agreement between the east and west coast facility, resulting in savings of $30,000 in CA sales tax.
➢ Reduced freight costs by $45,000 by meeting with freight carriers to negotiate rate reduction and discounts; simplified routing transportation resulting in improved efficiencies.
➢ Researched sales tax rules and regulations to avoid a tax liability. Proved position based on plant operations as it related to the law for a commercial printing company and reduced the tax liability by $124,000.
➢ Supervised management staff of 8, as well as 100+ union and non-union personnel.
➢ Met with existing and potential customers to facilitate new product rollouts.
➢ Managed the production schedule for pre-press, manufacturing and warehouse/distribution and maintenance.
➢ Evaluated new product developments, product failures, and costs with vendors.
➢ Coordinated the movement of $1,000,000 in production equipment to new facility.
➢ Directed the modification of existing equipment to improve quality and efficiency.
➢ Reduced scrap by $100,000 annually.
Education
BS in Accounting
Additional Information
SYSTEM SKILLS
Elite and Da Vinci Warehouse Management, QuickBooks, SBT, Microsoft Office, QAD MFG/PRO, AS400 System 2000 Great Plains, Quantel, AS400 Business Planning and Costs, Quattro Pro
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