1. WILLIAM S. WOODMAN, CMA
316 West 10th
Charlotte, NC 28202
(704) 651-7381 cell
EXECUTIVE FINANCIAL LEADER
Chief Financial Officer… Controller
Innovative leader with diverse management and industry experience; Managing High Growth companies focusing on new
product entrance, cost reduction and market penetration; Realignment of companies by implementing new strategies,
operational and financial processes; Company turnarounds using crisis management skills requiring global thinking, multi-
discipline analysis, creativity, flexibility, and quick-decision making.
Strategic Planning Mergers & Acquisitions Cost Accounting
Turnaround Financial Statement Preparation ERP implementation
Treasury Management Risk Management Planning Cash Flow Analysis
Internal audit Budgeting & Forecasting Project Management
Financial Analysis Microsoft Excel (Macros) ROI Analysis
High Tech Biotechnology Telecommunications Textiles Fabrication
• Financial department reorganizations – Restructured full Accounting departments for three (3) companies
including Ultra and Clovertex. Set up first time Cost Accounting departments for four (4) companies inclusive of
Behring and Baird. Put in place strong fundamentals: GAAP compliant accounting practice, policies and
procedures to establish strong controls. Hires, training and role definition created competencies. Developed
comprehensive reporting and analysis to inspire improvement and strategic planning. Each group met or
exceeded company expectations and improved Banking and other third party relations.
• Market strategic initiative – Textile yarn manufacturer needed growth and market diversity. Worked on a
business plan that became the genesis of a new vertically aligned startup called Natural Fiber Mills. A fashion
designed organic cotton fabric to be marketed to women and children’s apparel manufacturers. Expectations to
increase company sales by 20%.
• Product strategy – Overall gross margins were below target levels. A long-term product line driving 40% of
volume was suffering marginal losses due to pricing pressures. Presented a business case to eliminate this
“favored” product. Recommended launch of new specialty products with higher margin price points and to right
size the company’s cost structure upon market reaction. Within months new product replaced all lost volume and
increased overall profitability by 5%.
ULTRA MACHINE & FABRICATION, INC, Shelby, NC 2010 to May 2013
A $70M manufacturer that produces armor and thick plate components, weldments, and assemblies.
Chief Financial Officer - Recommended by Partner of McGladrey, LLP to lead in a realignment of the company after its
explosive growth over the previous 5 years flattened out.
•System Implementation: Led the implementation of Financial and Operational related system modules of legacy
(JobBoss) ERP platform. Directed implementation of “on-line payables and positive pay” with banking partner
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for payment processing controls. Implemented HR and payroll onto ADP’s software platform to gain integration
between systems increasing productivity and improving benefits administration services.
•Treasury management: Obtained a $14M (government focused) factoring facility to support growth for a $45M
military contract; Reduced DSO by 25%; funded operations successfully with limited cash resources.
•New 401k plans: Redesigned incumbent plan; Engaged fiduciaries, fund managers and compliance groups to
provide a more robust and comprehensive plan for the employees while decreasing plan fees and corporate risk.
•Financial department reorganization: Reorganized department structure (personnel, functional responsibilities) to
increase competencies and work flow. Developed underlying accounting for compliance and designed financials
to bring improved clarity to stakeholders. Centralized accounting for three business entities, which streamlined
processes and reduced cost (UltraCoat, Ultra Armoring and Ultra Machine & Fabrication).
•Risk Management: Employed third party to put in place credible safety programs to reduce a high Worker’s
Compensation experience rate, saving over $200k per year.
[Layoff due to severe contraction from defense budget cuts]
CLOVERTEX, LLC, Clover, SC 2004 to 2009
A $20M textile manufacturer of specialty ring-spun yarns and high end fabrics.
Chief Financial Officer - Recruited by CEO to assist in execution of a turnaround.
•Turnaround: Obtained distressed lending, retired $18M in debt, cut 10% in annual costs, increased G&A
competencies and improved operational efficiencies to attain 9% EBITDA (within industry norms).
•Start up initiative: Created a vertically integrated subsidiary under Clovertex to increase revenues by 20%.
•Outsourcing initiatives: Human Resource and Accounts Receivable functions were outsourced to gain a high
“corporate level” of performance with back office support for a company situated in a rural setting. This also
provided $100K in annual savings.
•Strategy: Recommended purge of unprofitable mainstay product line representing 40% of total mix. This set the
stage for the creation of new products, which backfilled plant capacity and increased gross margin profitability by
5%, while maintaining equivalent sales levels.
•M & A: Performed financial and operational due diligence on acquisition targets culminating with merger.
[Company merged with Tuscarora Yarns consummating the company’s strategic goal.]
BANK OF AMERICA, Charlotte, NC 2003 to
Contract Analyst, Fixed Income Trade Group. Contractor position while transitioning relocation from MA.
TELCO SYSTEMS, INC., Norwood, MA 1998 to 2002
A $100M wholly-owned subsidiary of Israeli company engaged in the design, manufacture, and sale of
Manager of Financial Planning & Analysis - Recruited by former manager.
• New Product Launches ($100+M over 3-5yr product life cycle): Designed and implemented a process for the
financial assessment of new product launches reviewing consumer program requirement specifications, engineering
technological feasibility, and return on investment parameters. This new formal program forced stronger
communications between Marketing and Engineering, which allowed financial comparison for ranking of projects.
Financial reviews identified breakeven points, NPV, IRR attainment and cash flow projections.
• ERP: Chair member of Core evaluation team for a new CRM / ERP e-Business solution. Authored a comprehensive
report including business case, functional data requirements, selection criteria, score card on potential vendor
solutions, technology advantages, implementation hurdles, etc.
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• Managed Fiscal Budgeting process and produced resulting financial plans ($100M). Facilitated with technical
reviews on product demand (new & legacy), resource /capacity planning, capital and new product research &
• P&L quarterly forecasting directed actionable items to management with the goal of obtaining fiscal plan targets.
• Managed Credit & Collections. DSO improved from 40 days down to 31 days.
[Telecom Industry’s contraction forced reduction from 550 employees down to 75]
BEHRING DIAGNOSTICS, INC., Westwood, MA 1992 to 1998
An $80M biotech division of Behring AG ($350M) engaged in the development, manufacture, market, sale and service of
medical products (Immunoassays).
Division Controller - Recruited by original joint venture start-up of Behring and Polaroid (PB Diagnostics).
• Managed through rapid change. New startup ramped up to $80M in 5 years. Additional growth via three (3)
• Improved the sales forecast methodology of communicating production requirements for the Master Schedule.
Results lowered inventory investment by 15%.
• Received the exemption status for physical inventory taking (eliminating a 2 week shutdown) by accrediting the
cycle count process through the utilization of a strong audit program. Reliable inventory data improved supply chain
• Responsibilities included financial statement reporting, product line financial analysis and balance sheet assessment.
Factory variance analysis to drive continuous improvement programs.
• Managed fiscal Budgeting process, producing a comprehensive and detailed financial plan ($70M). Set up technical
reviews with functional managers. Used probability analysis on sales forecasts to determine attainability.
[Company bought by Dade International; declined relocation]
BAIRD CORPORATION, Chelmsford, MA 1989 to 1991
A $70M division of IMO Industries ($5B) engaged in the manufacture of spectrometers, which analyze molecular
structure of metals for the construction industry and the manufacture of night vision products for the U.S. military.
Manager of Cost Accounting –
• Hired by company to established cost accounting in compliance with government Cost Accounting Standards
(CAS) and GAAP. New cost analysis and metrics identified areas for improvement in operations and gave credible
data for pricing proposals.
• Just-In-Time: Project team member that transitioned the company to a J.I.T. environment. Eliminated $5M of stock
room inventories. Kanban system employed with JIT work cells. Developed cost analysis to measure work cell
production throughput, inventory accountability, cost performance and cost of quality.
[Company sold the spectrometer product line and moved the night vision product line to Varo Texas]
Certified Management Accountant - CMA certification #24886 (2003)
B.S.B.A., Major in Accounting, Bryant University, Smithfield, RI
Member of the Institute of Management Accountants (IMA) #112437
4. WILLIAM S. WOODMAN, CMA Page 4
Member of the Association for Corporate Growth (ACG)
Member of The CFO Alliance
Member of Lean Enterprise Institute