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Ian R. Stuart - Career History, Accomplishments, Leadership

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Ian R. Stuart - Career History, Accomplishments, Leadership

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  2. 2. Career History Fortune 100 Business Unit CFO Roles Distribution - Public Accounting Insurance Banking Healthcare/Insurance Manager–progressed CFO - Travelers CFO Corp/ CFO CFO/Interim CEO to partner track Life & Annuity Private Invest Citi- of NASDAQ Co./ Bank Bank Capital CFO of start-up 1981 1991 1998 2000 2001 2004 2009 1981-1991: Left UK in 1981 to join Price Waterhouse-Bermuda; transferred to Hartford, CT 1985 – progressed to partner track (majority of clients were insurance companies). 1991-1998: Recruited to Travelers in 1991; promoted to CFO of Travelers Life & Annuity in 1993. Acquired life, health, annuity/retirement savings and P&C exposure. 1999-2004: After Citigroup merger, was asked to move to New York. Assumed Citibank Private Bank CFO role, then acquired corporate/trading desk and investment banking exposure. In 2001, relocated to Dallas for CitiCapital CFO role. 2004-2009: Exited “non-core” CitiCapital in 2004. Elected to stay in Dallas; joined an insurance start-up. Negotiated 2006 merger into a small NASDAQ healthcare distribution intermediary. Promoted to Interim CEO 2007. Sold company in 2009. Current: Augmenting job search with short-term consulting projects. 2
  3. 3. Credentials Excellent track record of creating value – in a variety of scenarios. Expertise:  Operational/P&L experience – partnering with business leaders to drive organic revenue growth (distribution channel expansion and adding new products), implementing pricing discipline, and improving cost structures.  Strategic/risk assessment – includes management of pricing, investment (credit, interest rate, liquidity), distribution/retention and expense risks.  M&A transaction execution; sourcing funding – some IPO experience.  Treasury and capital management – includes asset/liability duration analysis, a focus on “free cash flow”, and regulatory capital stress testing.  SEC Reporting – incl. SOX 302/906 certification of Form 10-K/10-Q filings (also have familiarity with operating in “private-equity like” environments).  Board of Director accountability and investor relations experience.  Managing large teams (both domestic and international) – and attracting/retaining/developing top-tier talent. Strong insurance background; also banking and healthcare. Strategic; risk-oriented; creative; hard-working; a team-player. 3
  4. 4. Creating Value - at Travelers Life & Annuity Partnered to become a key team member – contributed to delivering a 10x increase in net income, to $496 million, over a 7-year period. Directly contributed to these P&L drivers Provided oversight of: $496M Distribution Tightening Channel Reinvestment Expense of Pricing Expansion of prior year Control/ Discipline earnings Leverage Investment (tax penalty Portfolio triggered if Performance distributed) $50M Improvement 1991 1998  Compiled complex analysis to drive business decisions – disaggregation of earnings to facilitate comparison to pricing assumptions; channel profitability.  Directed/coordinated actuarial projects – pricing reviews; asset/liability duration analysis; regulatory capital stress testing; implementation of risk based capital.  Developed rating agency and equity analyst relationships.  Implemented a “controllable earnings” concept for each business unit/dept. 4
  5. 5. Creating Value - at Citibank Private Bank Net Income Partnered with business leaders to: $319M  Improve the cost structure. $270m $212M  Pursue a new strategic direction – included liaison with Smith Barney to share platforms and cross-sell products. 2000 2001 2002  Align compensation with strategic objectives – Net Revenue jointly led enhancement, and global rollout, of new $1,406M banker/product specialist incentive compensation $1,212M model. $1,130M Enhanced financial reporting and controls:  Improved the transparency of reported Citibank 2000 2001 2002 Private Bank results – clearly segregated earnings Customer Account Balances from client assets and earnings on capital/treasury. $153B  Tightened balance sheet focus – and inter-company $140B reconciliation procedures. $116B Upgraded the caliber of the Finance team:  Implemented a culture of providing pro-active 2000 2001 2002 business support. 5
  6. 6. Creating Value – at CitiCapital 2002 Pre-Tax Income Generated $50 million of annualized savings: $145M  Negotiated 50bp cut in Treasury funding costs (compiled Savings 34% duration analysis to demonstrate prepayment activity).  Negotiated 15% reduction in administrative costs. 66% Partnered with business leaders to change from a $1,295 Net Revenue volume focused culture to a profit driven business: $27bn Ave. Portfolio  Implemented standardized reporting for 20+ asset 54bps Margin classes. Strategic challenges:  Created risk based pricing metrics.  High cost structure –  Undertook customer/dealer profitability analysis. multiple platforms/sites;  Developed vintage analysis (“good” vs. “bad” bank inefficient property tax reporting) to demonstrate impact of strategic change. administration.  Limited cross-selling/ Reorganized/upgraded the Finance team. development of core banking relationships. Strengthened accounting controls:  Other business units  Created a dynamic loan loss allowance accounting offering better returns/ model. utilization of Corporate’s  Coordinated SOX implementation, a ledger conversion, low-cost funding base. and a focus on balance sheet controls/reconciliations. 6
  7. 7. Creating Value – at Access Plans Prior to concluding a turnaround with a 2009 sale transaction - - 1. Averted a Liquidity Crisis 2. Grew 2008 3. Cut Prior Year Revenue 20%* EBITDA Loss by 90%* Sourced $6.3M (2007/2008) 2007 2008 Secure new debt $4.5M $35M $(0.17)M $(1.66)M restricted $28M Release deposits* $0.8M Sell ACP Agency $1.0M * Driven by new PME platform 2007 2008 Use of the $6.3M proceeds * Continuing operations only * Continuing operations only o AHCP Insurance Agency o Growth in AHCP Agency Fund 2008 El Paso loss $2.0M grew to #1 independent (lead/trip/advance program) distributor of individual o Stabilize Discount Card Acquire PME $0.9M major medical insurance Program - roll-out new o Advocay Program awarded products; lower cost/more Debt repayment** $3.4M flexible PME platform 1st place - innovative design (by Consumer Health Org.) o Cut corporate overhead * * Add'n $2.3M repaid from available cash on hand 4. Resolved complex El Paso TPA litigation matters 7
  8. 8. Creating Value – Access Plans Stock Performance Challenged by a) high profile CEO death/disintermediation risk, b) losses attributable to DOJ investigation, and c) declining cash. Sale transaction:  Provided significant value for shareholders, and repayment of all debt.  Ensured all customer obligations met; provided a “home” for all distributors.  Offered most employees the opportunity for continued employment. AUSA STOCK PRICE $2.35 (2) Today, turnaround has restored 87% of June 2006 stock value - if stock retained after 2Q09 sale $1.50 (3) $0.87 (5) $1.00 (1) $0.21 (4) 6/30/06 3/31/07 8/31/07 3/31/09 9/30/11 Cash on hand $5.9M $3.7M $0.5M 1) During June 2006, public company agreed to merge with Peter Nauert's start-up and appoint him as Chairman and CEO. June stock price was less than 20% of 2001 "high". Company name changed to Access Plans (NASDAQ symbol: AUSA). 2) Transaction closed January 2007; 235% stock price gain through March 2007 reflected Peter Nauert's prior track record. 3) Ian Stuart appointed Interim CEO (after 8/07 Nauert death and 2Q07 DOJ notification of 2004 market misconduct issue). 4) Stock price when AUSA sold - effective April 1, 2009, shareholders received 0.335 APNC shares for every share held. 5) Split adjusted stock price (APNC stock closed at $2.60 on 9/30/11). 8
  9. 9. Leadership - Framework For A Top-Tier Finance Team Philosophical framework: Compile Timely, "Run the trains on time" - deliver timely/accurate Accurate and reporting and credible communication of results Relevant Data {and maintain a robust accounting control structure} "Provide a superior dashboard" - apply analytical Translate into acumen to proactively measure business Meaningful performance, and ensure monthly metrics (KPI's Information and KRI's etc.) align with strategic objectives {managers respond to what they are measured on} "Be a trusted lieutenant" - partner effectively to Influence/Make provide valuable business insight and drive decision Decisions making/change; act as a "financial conscience" {i.e. be both a business unit partner and banker} Success = the right people, in the right place – and the right chemistry 9
  10. 10. Leadership - Strategic and Competitor Perspectives Strategic and competitor assessments typically include: Strategic Options: a) The external landscape/environment.  Organic growth/stand-alone.  Add-on acquisitions – to b) Internal financial strength/resource capacity. diversify/accelerate growth? c) How the organization is able to adapt and change.  Merger transaction – to transform (high integration risk).  Sell – all/part of company. EXTERNAL INTERNAL o Consumer/marketplace value o Capital strength/level of debt Why will the customer buy added proposition leverage/capacity to invest from us??  Lowest price – generally a o Competitive landscape - "SWOT" o Amount of sustainable "free low cost producer. o Pace of industry change cash flow" being generated  Leading product innovator – with initiatives to sustain this position. CULTURE - LEVEL OF  Provide best customer o Creativity and capacity for change service – at a level that the o Drive for continuous improvement customer highly values. o Leadership team candor - and collaboration  Superior brand, or o Effective communication - all stakeholders distribution, or other form of customer access.  Regulatory fiat – e.g. a Strategy = Processes/milestones to get from Point A (today) patent/license that cannot be to Point B (strategic objective) readily replicated. 10
  11. 11. Leadership - Business Drivers & Risk Perspectives 1. Pricing Risk: Adherence to risk adjusted pricing discipline and established underwriting standards; and adequately reserving for future obligations. 2. Liquidity Risk: Ensure sufficient cash resources – to fund operations, strategic investments, and adverse scenarios. Ideally, generate sustainable “free cash flow” {positive cash flow, after essential reinvestment and debt repayments}. 3. Sales/Market Conduct Risk: Appropriate products are sold, in the right manner, to suitable customers – and comply with applicable regulations. 4. Business Retention Risk: Generation of adequate levels of recurring revenue {typically less costly than generating revenue from new customers}. 5. Credit Risk: Investments do not become impaired (and, where applicable, collateral is effective); all receivables are collected in full. 6. Interest Rate Risk: Exposure to changes in fixed/variable interest rates. 7. Expense Risk: Cost structure is efficient – while also dedicating sufficient resource to ensure integrity of systems platforms and to provide for a level of customer service consistent with the company’s strategic objectives. 8. Protection Risk: Assets appropriately safeguarded; adequate levels of insurance protection purchased {and will be effective if/when needed}. 9. Capital Risk: Optimal navigation between regulatory capital requirements/ rating agency guidelines, debt leverage, and maximizing shareholder returns. 10.HR Risk: Attract, develop, retain top-tier talent; employee communication 11
  12. 12. What Others Have to Say About Ian Stuart “Ian possessed the financial leadership skills to successfully guide Access Plans through a liquidity crisis, a very difficult legal matter, and a transition in ownership that greatly benefited our shareholders. In each instance, Ian was patient, armed with the facts, and decisive.”  J. French Hill, Chairman/CEO of Delta Bank & Trust (and former Chairman of Access Plans) “Based on my personal experience, I am sure you will find Ian to be a talented finance executive with outstanding analytical skills who is capable of addressing complex business issues, communicating effectively with a broad range of audiences, and who consistently adheres to a high level of integrity”  Michael A. Carpenter, CEO of Ally Financial (and former Chairman and CEO of Travelers Life & Annuity) 12
  13. 13. The Family – and Recreational Interests Clockwise from the top:  Kimberley, Torridon, Talisker and Ian.  Lagavulin (our newest Golden).  Soccer – a ball in our garden.  One of Kimberley’s horses.  Gardening. Additional information at personal web-site: www.careerhosting.com/ianstuart 13

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