CEO, COO, President, CFO leadership for public and private entities
President & Chief Executive Officer (by Board of Directors): World Acceptance Corporation, a publicly-held, $550 million (revenue) and financial services company headquartered in SC, is one of the USA’s largest “small dollar” installment loan providers. Paraphrased from public filings, the company had endured a history of issues with numerous regulators (CFPB, FINRA, SEC), class action litigation and perceived, prolonged governance-risk challenges. In certain instances, investigations were concluded, but other agency scrutiny (DoJ/SEC and 2017 FCPA-related issues resolution) continued through the end of 2019. In 2020, a final $21 million penalty/fine was imposed by the SEC/DoJ.
In late 2017/early 2018, advisors to the Board of Directors initiated discussions to explore strategic options, initiating a confidential search for an interim President/CEO to lead the company subsequent to mutual separations of the company’s CEO and General Counsel. After expedited negotiations and preparation with company advisors, appointed to the role, targeted as a full-time, six-month term. During tenure, the operation was assessed and stabilized; public messaging (SEC filings, earnings calls/releases) were re-organized and enhanced; customer-focused objectives were rejuvenated; and the field management team was fully supported via renewed emphasis from headquarters. The company’s MX operations were negotiated to sale/disposition; a national CEO search was conducted; and analyst presentations, even public relations efforts received mission-critical, crisis management attention despite deep cultural resistance. Achieved new 52-week stock price (June 20th, 2018) as a result of leadership stability. All were accomplished while still under continuous, significant Federal agency investigation and scrutiny.
Chief Operating Officer (COO) — Michigan-Headquartered Wireless Telecommunications Company: Initial operational assessment resulted in being named Chief Operating Officer for an eleven-month tenure at this underperforming company, operating in mid-to-upstate Michigan, in a turnaround situation. Reported to CEO and banking consortium; actively managed company for 11 months leading to a strategic sale recouping 75% of the original $55 million of the bank consortium’s at-risk debt exposure; asked to serve as Chief Restructuring Officer.
- Managed critical vendor negotiations with service-providers and implemented improvements which generated $750 thousand incremental operating cash-flow; resolved “roaming revenue” issues increasing monthly billings by $1.0 million; personally instrumental in dealings with the banking consortium;
- Developed and executed company business plans and budgets; evaluated and implemented new billing and customer care system.
- Directed new hiring and retention for key sales and marketing roles.
- Evaluated and revised pricing plans, competitive initiatives, network software upgrades, and internal revenue assurance tools.
Other C-Suite and management roles (CFO/SVP, Internal Audit, National Billing/Credit & Collections): Chief Audit Executive for Sprint/United Telecommunications (Kansas City metropolitan area), SVP Finance for Telecom*USA (Cedar Rapids, IA); Financial operations roles included National Director of Credit and Collections & Billing…re-engineered business processes leading to world class status; replaced systems platforms (partnering with information technology management); consolidated multiple locations; optimized 650 professional staff resources while implementing nationwide best practices. Reduced bad debt by $200 million, and drove DSO improvement significantly accelerating cash-flow — by $1 Billion.