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Interview with Retiring CFA Chairman Michael A. Haddad
Over 100 senior industry executives including CFA directors, past chairs of the board, Education Foundation contributors, chapter officers and CFA staff will gather next week during CFA's Annual Convention to honor the retiring Chairman of the Board Michael Haddad at the Association's annual Board of Directors Reception on November 11.
Michael Haddad serves as a Managing Director of NewStar Financial and Head of NewStar Business Credit, the company's asset-based lending division. He also serves as a member of the firm's management committee. Mr. Haddad joined the company from CORE Business Credit, which he founded in August 2007, and served as its Chief Executive Officer. Previously, Mr. Haddad had co-founded Marquette Business Credit in early 2004 where he served as Executive Vice President. At Marquette he built a variety of product capabilities and total committed credit facilities exceeded $200 million in the first 16 months of operations. Prior to Marquette, Mr. Haddad was President and Chief Executive Officer of Guaranty Business Credit Corporation and its predecessor company Fidelity Funding Financial Group.
Mr. Haddad received his B.A. in Political Science and Accounting, and his M.B.A. from St. John's University in Accounting.
Please click here to view an interview with Michael Haddad.
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Hartford Financial Services Group Inc. Enters $1 Billion Credit Facility With BofA-Led Group
Superior Industries Signs Commitment Letter for a $100 Million Senior Secured Revolving Credit Facility With J.P. Morgan Securities LLC as Lead Arranger and Wells Fargo Bank, National Association as Syndication Agent
Songa Offshore Signs $1.1 Billion Senior Secured Credit Facility
Energy Assets Gets GBP5 Million Credit Facility From Santander
DS-Concept Provides $3 Million Factoring Facility to Apparel Distributor in China and Subsidiary in USA
Square 1 Bank Announces Credit Facility to Renovo Motors
DS-Concept Provides $1 Million Export Factoring Facility to Indian Textiles Manufacturer
GE Antares Capital Finances Snow Phipps' Acquisition of Teasdale Quality Foods, Inc.
Bibby Financial Services Appoints Tom Whatley to Senior Risk Officer; Former SunTrust Bank Vice President to Help Lead Bibby Financial Service's North American Portfolio
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Celtic Capital Corporation is pleased to announce their latest new client relationship. This fabricator of wire products located in Hugo, Minnesota approached Celtic to replace their bank line of credit due to covenant violations. The violations were a result from a plant fire and the subsequent challenges the company faced while rebuilding. Celtic was able to provide a $2,260,000 accounts receivable line and equipment loan to pay off the bank and provide additional working capital for the turnaround.
MB Business Capital, a division of MB Financial Bank, N.A., is pleased to announce it recently provided a $7.37 million Senior Credit Facility for Wexco Incorporated and its operating subsidiaries, Fox Pool Corporation and Marquis Corp. Fox Pool was founded in 1957 and is a manufacturer of swimming pools, pool liners, and related accessories. Marquis was founded in 1980 and is a leading designer and manufacturer of hot tubs and spas. Fox Pool and Marquis have distribution channels throughout the United States and Canada. Proceeds of the new MB Business Capital financing were used to refinance existing debt and fund ongoing growth and working capital needs. Wexco Incorporated is headquartered in York, PA and is a holding company created in 1986 and became 70% owned by Employee Stock Ownership Plan in 2000. Jeff Kurth, president of Wexco Incorporated says, "We are happy to be partnering with MB Business Capital. The management team at MB is extremely knowledgeable and easy to work with. They are a good fit for our business as they understand the seasonality of our company and structured the terms of our facility to enable us to address our needs. We look forward to a long and successful relationship."
Webster Business Credit Corp. (WBCC) has provided ADI American Distributors, Inc. (ADI) with a $14MM Credit Facility consisting of a revolving credit, term loan and CAPEX line which was used to refinance existing debt and provide working capital for future growth.
ADI is a privately held business headquartered in Randolph, NJ. ADI is a value added distributor of electronic components primarily to the commercial and military aerospace industry under long term supply contracts. The company was founded in 1985 by its current owner, David Beck. In addition to its NJ location, the company has assembly operations in Oklahoma and subsidiaries in the UK and India.
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Ritchie Bros. Auctioneers Incorporated (NYSE & TSX: RBA, the "Company" or "Ritchie Bros.") announces several changes to its reporting structure and senior management team.
Having completed an extensive review of Company operations and historical performance, Ravi Saligram, chief executive officer, is now in the process of developing a strategic roadmap for the Company, which will be disclosed on January 12, 2015, at an Investor and Analyst Day in New York. Saligram is committed to driving shareholder value and will initially focus on reinvigorating revenue and earnings growth, optimizing capital allocation and structure, and improving Return on Net Assets (RONA).
To better align Company leadership with these focus areas, Mr. Saligram is implementing a new organizational structure with the following objectives:
- Put in place regional business leaders with a strong general management focus to drive sustainable, profitable growth and cash flow of the core auction business
- Implement a more localized and decentralized structure to be more responsive and agile as a company, meet local customer needs, and foster an increased sense of urgency
- Become more externally focused, and tailor 'go to market' approaches based on customer needs and geographic differences
- Put in place a strong data-centric, customer focused leadership team to exploit new channels, models and services and increase market share
- Leverage vast customer and equipment data, and improve analytical rigor to develop powerful insights which will sharpen our strategic focus and strengthen our customer value proposition
Effective immediately, three regional business leaders have been appointed to oversee and drive regional performance. Randy Wall has been appointed president, Canada; Jeroen Rijk has been appointed SVP, managing director, Europe; and, Kieran Holm has been appointed VP, managing director, Asia Pacific. Reporting structures into these regional leaders will transition over the coming weeks, and are expected to be in place early in 2015. The regional leaders will oversee all sales, operations, field marketing and support functions, with full P&L and cash flow responsibilities in their respective regions, and will report into Saligram. The Company will shortly initiate a search for the role of President - U.S. and Latin America. In the interim, Saligram will directly oversee this business.
Ritchie Bros. is also pleased to announce the appointment of Jim Barr as group president, emerging businesses, Brand Innovation and Technology Services. In this role, Barr will oversee EquipmentOne, Ritchie Bros. Financial Services, and the Company's marketing and information technology departments. He will also be responsible for developing new revenue channels through complementary products and services. Barr was most recently executive vice president and chief digital officer at OfficeMax, where he led the development of a digital and omni-channel transformational growth strategy and roadmap, turning digital services into a growth engine for the company. Previously, Barr held roles as president, online, at Sears Holding Corporation; general manager, Commerce & Marketplaces at Microsoft Corporation, where he launched and led several marketplace businesses, including comparison shopping, auctions, online classifieds listings and the Windows Marketplace; and general manager, business development, MSN, at Microsoft Corporation. He will divide his time between Vancouver, Pittsburgh, Houston and Austin, where his teams operate. Kenton Low, chief marketing officer, Bill Cooksley, SVP Information Technology, and Chris Connell, president of EquipmentOne, will report to Barr. He will also work closely with Jim Case, CEO of Ritchie Bros. Financial Services.
Randy Wall, president of Canada, will be based out of Vancouver. He was most recently chief productivity officer, and prior to that, president and chief operating officer, having rejoined the Company in 2013. Jeroen Rijk, SVP and managing director of Europe, will be based out of the Company's Breda, Netherlands, office. Jeroen has over 19 years of experience at Ritchie Bros., and was most recently head of sales for all of Europe. He was instrumental in growing Ritchie Bros.' presence in southern Europe and recruiting key leadership roles for the region. Kieran Holm, VP and managing director of Asia Pacific, will be relocating to Japan and will oversee the Company's Asia and Australia performance. Most recently, Holm was a regional VP of Sales in the U.S. and previously pioneered Ritchie Bros.' expansion into new market segments. Holm received his MBA from McGill University (Tokyo campus) and has previously spent many years living in Japan.
Karl Werner will take on the additional responsibility of managing director, Middle East on an interim basis. In his primary role as chief operational support and development officer he will be strategically focused on global operational excellence, driving operational innovations and overseeing online operations. Specifically, Werner will be responsible for developing and implementing company-wide operational processes, metrics and standards; ensuring our operational competencies remain a distinct competitive advantage; promoting the use of operational best practices globally; ensuring global consistency in the customer experience; and, supporting the regional business leaders to improve RONA. Werner will continue to report to Saligram.
As part of the new organizational structure and priorities for the Company, the corporate CFO role will be expanded to place more emphasis on capital allocation, and will also oversee the Company's legal, internal audit and risk management activities. In this context, Rob McLeod, current CFO, will transition to a new role as CFO, Americas, in 2015, and will be responsible for the financial functions in Canada, U.S., and Latin America. Rob will play an integral role in partnering with an externally hired President - U.S. and Latin America, to unlock the full potential of the key U.S. market. Mr. McLeod's vast knowledge of operations and financial matters at the Company will add tremendous value to this strategically important position. The Company will initiate a search for the new corporate CFO shortly. McLeod will continue to act as the Company's CFO until the position is filled.
Both Werner and McLeod will continue to be based out of the Company's Vancouver headquarters.
As part of this reorganization, Steve Simpson will assume the role of chief sales officer, Global Key Accounts - focusing on securing large special situation contracts, and driving incremental business development. Simpson will also have a key role in corporate development initiatives targeted to expand the Company's core auction business in priority sectors, and will oversee the Company's Pricing and Appraisals department. He will continue to be based out of Ritchie Bros.' Fort Worth, TX, office, and will manage a focused international team, exclusively dedicated to special situation business development, such as securing contracts for full corporate dispersals, international mine closures, and large scale oil and gas asset redeployment.
"Our new regional structure, with its clear lines of accountability and performance focus, will be foundational in reinvigorating growth through disciplined execution. I am confident that with the caliber of our new Executive Team we will be able to improve returns and drive shareholder value," noted Saligram. "I'm also delighted to welcome Jim Barr to Ritchie Bros. as group president. He has an exceptional track record of success in growing multi-channel businesses by uniquely leveraging core business channel capabilities and connecting them to the digital world. His skill set makes him an ideal leader to realize the full potential of EquipmentOne, scale Ritchie Bros. Financial Services and pioneer new products, models & services."
It is also with great regret that Ritchie Bros. announces that Bob Armstrong will be leaving the Company at year end. During his 18 years with the Company, Bob played a leadership role in many key projects, including our IPO, the development of our internet bidding service and the recent launch of our EquipmentOne online marketplace. He held many executive positions during this time, including CFO, COO and, most recently, chief strategic development officer.
"I would like to thank Bob for his 18 years of dedicated service to Ritchie Bros. and his many valuable contributions to the success of our Company. He is an outstanding professional and he will be missed," said Saligram.
Andrew Muller, chief people officer, will also be leaving the Company in mid-November to pursue other opportunities.
"We thank Andrew for his contributions over the past three years, especially his focus on process improvements, accelerating sales force hiring, and training of new sales managers. We wish him well in his future endeavors," said Mr. Saligram.
The Company has initiated a search for a new chief human resources officer.
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Click here to view TSL's Deal Table, the industry's official list of ABL & factoring deals compiled by the Commercial Finance Association.
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The Five Most Common Misconceptions About Credit Insurance
By Marc D. Wagman
Why has it taken more than one century for credit insurance to become more widely used by American chief financial officers and credit professionals?
It's primarily due to the fact that there are a number of typical misconceptions about this type of credit risk mitigation strategy.
The practice of insuring commercial accounts receivables against default has existed in the United States for more than 120 years. In fact, like many technological and financial innovations implemented by companies globally, credit insurance was invented in the United States. Yet as a risk mitigation strategy undertaken in the normal course of business, its usage by American companies pales in comparison to corporations in Western Europe. Easily 1/3 of European corporations of all sizes have credit insurance. In the United States, it's fewer than 1 in 10, but has grown from 1 in 50 companies since the early 1990s.
Why is that?
In order to understand the phenomenon behind this trend, we need to debunk the most common prevailing myths concerning the concept of credit insurance. Regardless of where they reside, those executives who aren't aware of recent market developments often say, "I'm ruling out credit insurance because...."
I. "...we must insure our entire portfolio of customers"
From the early 1890s until the mid-1990s, the U.S. marketplace had at most five or six insurance underwriters. In the last 20 years, that number has swelled to at least 13 insurers, excluding the United States Export Import Bank. During the U.S. market's first century as an oligopoly, companies were usually obliged to cover their entire customer base in order to obtain coverage. However, in recent years, underwriting guidelines in this respect have become much more flexible, particularly with the entry of several new underwriters. With a far more competitive marketplace, underwriting standards have now evolved to the point where companies can elect to insure only specific customers or even just one customer. Insureds can now request coverage on their customers based upon a much wider range of selection criteria such as those buyers within a certain subsidiary, division, size range, distribution channel and yes, even credit quality.
Read on...
Author:
Author: Marc D. Wagman is the Managing Partner of Aequus Trade Credit, an expert specialty broker of credit protection products ranging from traditional credit insurance to political risk insurance and credit derivatives. With more than 20 years of experience in credit risk mitigation, the capital markets and commercial finance, Marc is a nationally recognized leader in his field. Prior to joining Aequus in 2003, Mr. Wagman was Vice President-Sales for Euler Hermes ACI in New York where he concentrated primarily on export-oriented companies. In the early 1990s, he sourced trade claims and sold receivable puts for Avenue Capital, a New York City based hedge fund.
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Company: 3W Inc.
Title: Senior Field Examiner
Locations: Dallas, TX and Houston, TX
Company: National Bank of Canada
Title: Market Risk Manager (VP Level)
Location: New York, NY
Company: Jefferies & Company, Inc.
Title: Jefferies Finance Asset Management Senior Analyst
Location: New York, NY
Company: Jefferies LLC
Title:
2. Jefferies Finance Asset Management Analyst
Location: New York, NY
Company: JP Morgan Chase
Title:
Commercial Bank - ABL Sr. Field Exam Associate
Location: Irvine, CA
Company: Comerica Bank
Title: Vice President Asset Based Lending Regional Field Exam Manager
Locations: San Jose, CA and Costa Mesa, CA
Company
PNC
Title: Field Examiner II
Locations: Multiple locations through the U.S.
Company Business Capital Title: Business Development Officer, Regional VP
Locations: San Francisco; LA/Orange County;
NYC Metro, NY, NJ or CT; New England, MA or NH; Midwest, Chicago
Company Eaglewood Capital Management LLC
Position Title: Investor Relations Manager
Location: New York, NY
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Events Calendar
Upcoming CFA Professional Development Programs and Chapter Events. Please click here to view our entire calendar of events. Conferences/Workshops
November 4, 2014 Start time: 11:00 AM
November 12-14, 2014 Marriott Wardman Park Hotel Washington, D.C.
November 20, 2014
11:30 a.m. - 1:15 p.m.
Lauderdale Yacht Club
December 2 - 4, 2014 Buchalter Nemer, P.C. Los Angeles, CA Start time: 8:30 AM
December 2-4, 2014 Los Angeles, CA
January 15, 2015 - February 15, 2015
February 10-11, 2015 Mandarin Oriental Hotel Las Vegas, NV
March 2- 4, 2015
Fontainebleau Miami Beach
March 10-12, 2015
Location TBA
Dallas, TX
March 10 - 12, 2015
Location TBA
Dallas, TX
April 7 - 9, 2015
Location TBD
April 27- 29. 2015
Bank of America Merrill Lynch UK
18 Seaboard Raleigh, NC 11:30 a.m. - 1:30 p.m. November 20, 2014 Lauderdale Yacht Club Ft. Lauderdale, FL
December 10, 2014 Palm Restaurant Charlotte, NC
December 11, 2014 Loews Hotel Philadelphia 5;30 p.m. - 8:30 p.m.
December 17, 2014 Town and Country Golf Club St. Paul. MN
Hilton Newark Penn Station
Newark, NJ Start time: 6:00 p.m.
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Email your press releases, company news, and deal announcements to:
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The views expressed in TSL Express' featured article are solely the views of the author and do not represent the views or position
of the Commercial Finance Association.
Commercial Finance Association ADVERTISING INFO.
370 Seventh Avenue, Ste. 1801 Interested in advertising?
(212) 792-9390 Contact Elizabeth Denworth or James Kravitz at CFA at
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