A supplement to tHe CFO - Ellington CMSocbj.media.clients.ellingtoncms.com/static/sdbj/... · has overall responsibility for the HR, facilities, IT, qual-ity assurance, legal affairs

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present

co-sponsored by

CFO of tHe Year

A supplement to tHe sAn diego business journAl

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CFORoundtable

16 CFO of the Year Awards July 27, 2009A Supplement to the San Diego Business Journal

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Congratulations to the honorees of the San Diego CFO of the Year Awards!

July 27, 2009 CFO of the Year Awards 17A Supplement to the San Diego Business Journal

We take this opportunity to introduce our third annual publication highlighting CFOs in the region who go above and beyond their du-ties as corporate money wizards.

We’re delighted to recognize these CFOs, and the role they play in the success of their businesses. This supplement features a list of finalists on page 41 and brief profiles of the honorees chosen by an inde-

pendent panel of judges, and honored publicly at our event held July 16. The judges – Jill Broadfoot, Gary Correia and Robert Hoffman – are also profiled on page 38.We asked the judges to narrow nominees to a select group of 16 honorees from 45 finalists, including an

exemplary award honoree and a lifetime achievement honoree.The judges chose honorees based on a number of measures, including career success, contributions to

company growth and profitability, community involvement, as well as assisting in other areas of the orga-nization.

We would like to thank all firms that participated in this year’s event. CFOs are assuming responsibilities for more than just the financial slice of running a business; they are

part and parcel of a company’s success, and influence a number of other departments, including business development, HR, investor relations and operations.

The Business Journal would like to thank title sponsor Robert Half Management Resources, and co-sponsors CBIZ Mayer Hoffman McCann P.C., CFO Roundtable, Comerica Bank, ESET, Financial Executives International (FEI) and SAP for their support of our special event and supplement.

With this year’s event and publication now officially closed, we look forward to next year, when we again recognize the CFOs in our com-munity who make a difference.

We offer congratulations to each finalist and honoree. You certainly deserve the recognition!

Thank you,

Armon Mills Reo CarrPresident & Publisher Associate PublisherSan Diego Business Journal San Diego Business Journal

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4909 Murphy Canyon Road, Suite 200 |San Diego CA | 92123 | 858.277.6359 | www.sdbj.com

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present

co-sponsored by

CFOof tHe

Year

A supplement to tHe

sAn diego business journAl

2 0 0 9

CFORoundtable

President and Publisher Armon Mills

Associate Publisher Reo Carr

Supplements Editor Tara Sharp

Director of Production Darlene M. Alilain

Pagination Marta Klass

Vice President of Advertising Karen Mullen

Account Executives

Lisa Elrod, Dale Ganzow, Jim LaMarca, Trina Mills,

Erin Mullooly, Lauren Rubenstein

Congratulations!

Exemplary Award RecipientPaul Sullivan, CFO, YMCA of San Diego County

2 0 0 9

The YMCA of San Diego County would like to congratulatePaul Sullivan on receiving the San Diego Business Journal’s

CFO of the Year Exemplary Award.

CFO of the Year Award

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Scripp s salutes

Richard Rothberger

CFO of the Year , San Diego Business Journal

Batting 1000 as “ lead-off pl ayer ”

for the Scripp s All -Star tea m

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Congratul ations from your colleagues ,

fa mily and friends .

a m a n h a s t ohave goals –

for a day, for a l ifet ime…-Ted Williams, Boston Red Sox


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UNI_CBP-2444-COre.pdf 1 7/13/09 1:40 PM

LiFetime AChievement Honoree 2009

Hal Dunning, COO and CFO at Barney & Barney, does more than crunch numbers. He is a leader who participates in all aspects of the business. He

oversees the HR, facilities, IT, quality assurance, legal af-fairs and corporate communications departments. Dun-ning is highly interactive, social and consensus-oriented. He is a great team leader and conveys a sense of conviction and love for the company that is contagious. He leads by example.

Dunning, who holds a Bachelor of Arts degree from Pomona College and an MBA in Accounting and Taxation from the University of Southern California, joined Barney & Barney in 2001 as CFO, became a principal in 2003 and was promoted to COO and joined the board of directors in 2006, still retaining his dual position as CFO.

Barney & Barney’s current rate of growth (nearly a 20 percent compounded annual growth rate) – advancing from a $16 million organization in 2000 to $64 million in 2008 – is largely due to Dunning’s leadership and abilities as a CFO. In 2008, he played a key role in managing the transaction details associated with the company’s merger with Bay Area firm Saylor & Hill. During this time, Dun-ning addressed many challenging legal, accounting and tax-related issues requiring a great deal of creativity, acu-men and patience. The recent merger has given the orga-nization a new statewide footprint and makes Barney & Barney one of the largest privately owned insurance bro-

kerage firms in the country.In addition to overseeing Barney & Barney’s account-

ing department, Dunning is Barney & Barney’s COO and has overall responsibility for the HR, facilities, IT, qual-ity assurance, legal affairs and corporate communications departments. During the 2008 merger, Dunning navigated these teams through the often challenging project of blend-ing and integrating the resources of the two joining com-panies. Today, under Dunning’s guidance, 41 professionals successfully and efficiently provide operational support to three locations and more than 300 associates.

Dunning chairs the CFO Roundtable and is the chair-man and one of the founders of Day for Change, a fund-raising initiative that was started five years ago to raise money for organizations that help abused and neglected children of San Diego. Since its inception, Day for Change has raised more than $200,000 – all of which has gone di-rectly to non-profits.

For the past five years, Dunning has been the president of the board for Walden Family Services, the largest foster family agency in San Diego. Hal has also volunteered at Scripps Memorial Hospital, La Jolla, since 1995. In con-junction with Barney & Barney’s 100 year anniversary, Dunning along with CEO Paul Hering, and the rest of the ownership group, have formed the Barney & Barney Foun-dation as a way to give back to the community which has supported the company’s growth over the past century.

hal Dunning


Paul Sullivan is a CPA who practiced public account-ing for several years before joining the YMCA in Topeka, Kan. where he helped the YMCA through

a difficult property tax dispute. After five years with the Topeka YMCA, Sullivan moved on to become CFO of the Seattle, Wash. YMCA where he led significant improve-ments to its IT systems. In 1996, Sullivan moved to a much larger YMCA in Houston, Texas, as senior vice president and CFO, where he developed a tax exempt bond financing program to support capital expansion. In 2002, Sullivan joined the San Diego YMCA, again as CFO where he is responsible for accounting, finance, treasury, IT, risk man-agement and legal functions.

Sullivan has provided strong leadership in budgeting and accountability in these uncertain economic times. During his seven years with the San Diego YMCA, its an-

nual operating revenues have grown from $87 million in 2002 to more than $125 million this year – nearly 6 per-cent CAGR.

This year, San Diego YMCA directed its volunteers and staff to stay positive and focus on serving the growing needs of the San Diego community. As a result, it raised more than ever in its annual support campaign – more than $6 million – and revenues this fiscal year will meet budget. Sullivan played a big role in this effort.

Sullivan is treasurer and past membership director of the RB Sunrise Rotary Club. He serves on the admin-istration and finance committee of his church, RB Com-munity Presbyterian. He is a member of the board of the San Diego Chapter of the FEI. Sullivan also serves on the finance committee of the San Diego Regional Chamber of Commerce.

paul Sullivan

exempLArY AwArD Honoree 2009

Brent RivardA 2009 CFO of the Year Finalist

Congratulations


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Robert Hemker was appointed CFO of Palomar Pomera-do Health in May 2001, also serving as its interim pres-ident and CEO from May 2002 through January 2003.

A 27-year veteran of the health care industry, Hemker has extensive experience managing the financial and operational aspects of health care organizations, working closely with community, physician and board representatives. His career includes CFO, COO and CEO experience in for-profit, not-for-profit and governmental acute care hospitals in Southern California and Hawaii, as well as consulting experiences to various health care sectors.

Hemker has turned around financially one of the larg-est business operations in San Diego County and has been recognized by his peers for his outstanding leader-ship and his promotion of financial stewardship as well as the translation of the entrepreneurial efforts at Palomar Pomerado Health into the making of one of the strongest health care districts in the United States and the strongest in California.

Hemker has spent 27 years in health care management, including successful turnarounds of crisis organization. He implemented corporate consolidation of the system for a 12-hospital organization and issued revenue and general obligation bonds, including the first-time use of variable rate instruments. He has been recognized regionally and nationally by the Healthcare Financial Management As-sociation for his leadership and has become the most suc-cessful health care CFO in the region.

Hemker’s responsibilities include strategic financial planning, treasury, capital formation, financial accounting,

budgeting, contracting, revenue cycle and real estate. Ad-ditionally, he is currently responsible for the development and execution of a comprehensive plan of finance for a $1 billion master facility plan utilizing revenue bonds and general obligation bonds – the largest one of its kind in the history of the state of California.

Hemker facilitated and negotiated the acquisition of numerous buildings and land in support of the MFP. He is a key member of the executive management team; a strat-egist, advisor and negotiator on numerous joint ventures; and an advisor to the board of directors.

A member of the Healthcare Financial Management Association since 1983, Hemker is past-president of the San Diego-Imperial chapter, having served on its board of directors since 2002. He served on HFMA’s National CFO Forum Peer Council and was its 2007-2008 chair. Hemker has been a member of the Association of California Health-care District’s finance committee since 2004 and is cur-rently vice-chairman of the ALPHA council, its worker’s compensation insurance captive, having served on it since 2004. He has been a board member of the malpractice car-rier, BETAlliance Insurance Group since 2007.

Hemker serves on the steering council of the VHA West Coast COO / CFO Forum and served as its chair for two years (2007-2009). He is a former board member of the Healthcare Association of San Diego and Imperial Counties. Hemker holds a Master’s degree in Healthcare Administration and a BS in Accounting. He is a frequent speaker at the local, regional and national level on health care financial management topics.

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gOvernment Honoree 2009


Mark Hovey was hired out of college by then “Big 8” firm Ernst and Young in 1979. He was recruited to General Mills in 1982 and promoted to general

accounting manager in 1984, promoted again to cost ac-counting manager in 1986, promoted again to director of finance in 1989, and promoted yet again to director of fi-nance and administration in 1989. Hovey was recruited to Washington Inventory Service as controller in 1995, and promoted to CFO in 2000. Following a merger-related lay-off from WIS in 2005, he was recruited to Pulse Engineer-ing as vice president and segment controller in 2006, and in 2007, accepted the CFO position with San Diego City Employees’ Retirement System.

SDCERS is a non-profit governmental entity, so tradi-tional growth and profitability measures don’t apply. How-ever, Hovey completed and issued three comprehensive an-nual financial reports in a 12-month period, bringing the system current in its financial reporting for the first time since 2003. Being current in its financial reporting pro-vides SDCERS with significantly more leverage in dealing with vendors, bankers and prospective new plan sponsors.

Hovey selected and implemented SDCERS’ first ever, stand-along financial applications system, bringing the project to completion $500,000 under budget, with ongo-ing support costs that are $100,000 per year less than the

previous city-supplied system. He also sets the agenda and leads monthly all employee meetings and presents ser-vice recognition awards. Hovey coordinates the activities and projects completed by the outside vendor with whom SDCERS does the most amount of business (actuary) – $600,000 annually.

Benefits administration, the single-largest department in the company with 17 staff members, was put under Hovey’s direction in January to provide fresh leadership to the department and develop synergies and cost efficiencies with the finance and accounting department.

Hovey has served on several boards, and currently is the board vice chair for Volunteers of America Southwest California. Volunteers of America is one of the nation’s largest and most effective human service organizations, serving more than a million people each year in more than 300 communities throughout the United States, with 40 affiliate offices across the nation. He is the board chair of the Jackie Robinson Family YMCA in Southeast San Diego, president of Poway High School Music Boosters, a board member at Financial Executives International, San Diego, and a church elder at Chula Vista Presbyterian. Hovey obtained his Certified Public Accountant from Min-nesota in 1979 and a Certified Management Accountant from California in 1991.

mark hovey

gOvernment Honoree 2009

Malinda McDonald has spent nine years at the American Red Cross San Diego/Imperial Coun-ties Chapter and has earned the respect of her

colleagues, board members and vendors in such a way that her promotion to CFO was easily accepted. She has worked in every aspect of the finance department and has seen the dark days of the chapter in 2003 and helped resurrect it, re-turning prominence, recognition and respect on a local and national level. The respect McDonald has achieved is most recognizable by the national headquarters of the Ameri-can Red Cross naming the San Diego Chapter a Chapter of Excellence in Finance for 2009-2010. That recognition means the chapter will oversee finances for a number of other Red Cross chapters. This recognition is a tremendous honor and a great deal of work, but speaks volumes about the professionalism and respect this chapter is receiving.

McDonald also played a major role in the finances and accounting of funds raised during the 2007 San Diego Wildfires. The chapter performed so well during the wild-fires that it was given the responsibility of overseeing the entire $26.5 million allocated for the Relief, Planning and Assistance Program which has helped more than 300 cli-ents regain their independence after losing personal items, including homes, during the fires. The chapter has over-seen the funds for not just San Diego, but Los Angeles and San Bernardino as well.

With the Red Cross since 1987, McDonald oversees about 50 staff members and works closely with several departments as well as accountants, trustees and board members. She is credited with playing an integral role in the successful operational changes at the chapter that have led to a return to prominence. She has focused on accountability, financial reporting and operational effi-ciencies on the worst economic conditions in more than 70 years. McDonald has also played a key role in the chapter becoming the largest of any Red Cross Chapter west of the Mississippi, with a staff consisting of 204 employees.

McDonald is responsible for overseeing all operational budgets from a macro perspective for the entire chapter. She routinely holds budget meetings with directors in order to gauge overall spend, budget and staffing needs and address operational efficiencies. She is responsible for overseeing HR, IT and the organization’s Services to Armed Forces program, in addition to her finance and ac-counting team. As head of HR, she’s routinely involved in directing staff functions including all-staff meetings, staff morale events and volunteer events in which the chapter has more than 1,400 volunteers involved. As the head of IT, McDonald is responsible for keeping the chapter on the cutting edge of its communication needs and that includes the needs of its emergency response department.

malinda mcDonald

nOnprOFit SmALL Honoree 2009

AmericanRed Cross

San Diego/Imperial Counties



Submitted by SAPSAP is proud to be a sponsor of the San Diego

CFO of the Year Awards. As a leading provider of business software that helps companies manage their most critical financial functions, SAP works with thousands of chief financial officers around the world. And we recognize that the role of the CFO continues to change and expand.

In the past, the responsibilities of the CFO were usually limited to oversight of the company’s accounting and finance functions. But as business demands have grown more complex, the role of the CFO has expanded into new and often uncharted areas.

Regulatory ResponsibilitiesToday’s CFO must ensure compliance with an

ever-growing list of regulatory requirements. For example, challenging regulations such as the Sarbanes-Oxley Act place enormous responsibility directly at the door of every CFO. CFOs in multinational corporations must also ensure compliance with a growing body of global regulations. Meeting these requirements has demanded new skill sets on the part of CFOs and their staffs, as well as the implementation of powerful new monitoring and reporting capabilities. Moreover, while the CFO’s name has always appeared on a company’s financial statements, his or her responsibility for the accuracy of those reports is now deeply personal.

Market PressuresCFOs of public companies face ever-greater

scrutiny from the investment community, which demands fair and accurate guidance on future earnings and exacts severe punishment on those companies that fail to meet expectations. This has become an especially unenviable position during a time of global recession, when disappointing earnings have become the rule rather than the exception.

Strategic DirectionMore and more, CEOs and directors look to

the CFO to take a more active role in setting, validating, overseeing and ensuring execution of a company’s business strategy. And while CFOs can be gratified to have such a prominent seat at the management table, they must also assume greater responsibility for understanding day-to-day operations and for establishing a clear vision of the future.

Financial ExcellenceAs business demands grow more complex,

CFOs are required to help their organizations achieve overall financial excellence. For instance, they must now strive to optimize and streamline processes, reduce operating costs, and improve

business performance all while taking the necessary steps to avoid risk. It’s an enormous responsibility especially in an environment of changing regulations, increasing business risk, rising shareholder demands and skyrocketing operating costs.

Global CompetitionA generation ago, many companies had the

luxury of competing only with businesses in their immediate regions, where common currencies, labor costs and business practices made for a relatively level playing field. But with globalization and e-commerce, competitive pressures now emanate from all corners of the world and impact companies of all sizes. CFOs are at the forefront of the competitive struggle as they help their organizations cope with currency fluctuations, severe pricing pressures and changing business practices.

Business EthicsAs they meet today’s challenges, CFOs must

continue to maintain the highest standards of business ethics. Every decision, large or small, faces unprecedented scrutiny from internal management and external regulators. And the cost of ethical lapses is now higher than ever, both to a company’s reputation and to a CFO’s career.

Traditional Finance ActivitiesIn the face of all these new demands, CFOs

must continue to perform their traditional roles as stewards of a company’s fundamental financial health. The finance function remains responsible for companies’ core transaction processing, financial reporting, audit management and other traditional controllership activities.

New Tools for New TimesSo how are CFOs coping with today’s

challenges? For many, the answer is a combination of new skills, new diligence and new tools.

Many CFOs continue to expand their knowledge through educational programs and industry seminars that help them keep pace with a changing environment.

In addition, many are expanding their authority over those areas of the business for which they hold bottom-line responsibility.

As they do, CFOs are implementing new systems and practices that help them track, measure and control the information that is essential to their expanding roles. These include a new generation of integrated enterprise-resource-planning solutions that provide unprecedented transparency along with advanced analytical tools that monitor performance based on real time data.

At the same time, the demand to keep

transactional processes running with close control, improved efficiency and lower cost pushes finance into a continual evolution of its processes and systems. This evolution—sometimes gradual, sometimes rapid—allows finance executives to standardize, streamline and simplify routine transaction processing. Companies are then able to execute routine activities more quickly and with fewer errors, which frees up CFOs’ time to act as a partner to the CEO and operational leaders, and to provide better and faster information for competitive decision making throughout the corporation.

San Diego’s Tradition of Business Excellence

Even in today’s recessionary climate, the San Diego business community remains one of the nation’s most robust and diverse, with companies of all sizes, industries and descriptions. The region has become known for business excellence, and its CFOs deserve a great deal of the credit for continually raising the bar for their respective companies.

The nominees for the San Diego CFO of the Year Award, therefore, represent some of the best and brightest financial executives in the nation. And those who walk away with this coveted award can feel extremely proud of their accomplishments—and their ability to stand out in an extremely talented and accomplished field.

About SAPSAP is the world’s leading provider of business

software, offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 86,000 customers in more than 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.”

The SAP ERP Financials solution is a comprehensive financial management solution engineered for the most complex, multinational companies across a broad range of industries. As the leading enterprise software solution, SAP ERP Financials enables companies to thrive in a business environment characterized by intensified competition, uncertain market conditions and increased regulatory oversight.

A seamlessly integrated solution, SAP ERP Financials combines core accounting and reporting capabilities with financial-supply-chain, treasury, compliance and performance-management applications. These applications help you streamline finance business processes, reduce operating costs, manage risk, ensure compliance and provide robust and timely business insight.

An advertorial submitted by SAP. For additional information, please visit sap.com.

Honoring the Best in a Demanding Field


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nOnprOFit LArge Honoree 2009

richardrothberger

As the CFO of Scripps Health since August 2001, Richard Rothberger played a pivotal

role in what has been called one of the most impressive financial and cultur-al turnarounds in U.S. health care.

Rothberger brought both financial and operations experience to the lead-ership team during a year of organiza-tional recovery. That year, Scripps had operating losses of $15 million. The former CEO resigned under pressure, and resulting media coverage left doubts among financial, clinical and public supporters. Rothberger’s finan-cial practicality and discipline helped focus efforts on improving the balance sheet, and his transparent approach helped change the financial culture. Five years later, Scripps reported an operating margin of $100 million – a $115 million operations turnaround, a level which it has sustained. Success has meant an ability to invest in the work force, facilities, equipment and community.

Rothberger came to Scripps al-most eight years ago from Mercy Healthcare Sacramento, a division of Catholic Healthcare West with seven hospitals, a home care agency and two large multi-specialty medi-cal group practices. He has 30 years of experience in health care, much of it in hospital operations. Rothberger obtained his bachelor’s degree in mathematics and his master’s in in-dustrial engineering/health systems.

Rothberger’s turnaround talent lies in recognizing and rebuilding the basic business and financial tenets of hospital operations and educating in clear terms how financial goals should lead the way. By calling focus to major expenses, reimbursement contracts, accounts receivable, and cash reserves, he helps build a foun-dation that leads to financial turn-around and sustained opportunity.

Collaborating with the leader-ship team, Rothberger helped the organization narrow its priority projects from hundreds to a list of 10. In dozens of education sessions each month, he discussed goals with management, board committees and medical staff, and why it was impor-tant to work together.

Unlike other financial reorgani-zations, the philosophy at Scripps was not slash and burn. Instead of downsizing and cutting valuable staff, its system focused on the basics of financial management. Rothberger took the necessary steps to improve cash flow dramatically, worked with the contracting team to increase in-come from payer contracts and, with project management and contracting offices, worked closely with Scripps Clinic to reverse its negative bottom line. Working with the supply chain team, he helped identify new ways to reduce costs, and he developed a long-term capital plan that is in full alignment with the organization’s operations and growth strategy.

Rothberger’s responsibilities in-clude investments, real estate and

facilities design and construction, in addition to corporate finance, trea-sury, financial and capital planning, payer contracting, supply chain, and revenue management. Roth-berger advises the board’s financial

committees and strategic planning committee and, because operating performance and financial stability are inexorably linked, he also leads monthly operating reviews with business unit chief executives.


Jaye Connolly has played an integral role in the strong growth and positioning of A-Life Medical in the hos-pital information coding industry. This was, in part,

achieved during the past year by her involvement in the strategic acquisition of A-Life Hospital Coding LLC. Con-nolly was deeply involved in every step throughout the ac-quisition process. As a result of the successful acquisition, Connolly was promoted to chief operating officer. She is now tasked with managing the company’s day-to-day op-erations in addition to her responsibilities as CFO.

Connolly has extensive experience in the accounting and finance industry. Since joining A-Life Medical in 2005, she has significantly improved the company’s processes and accounting framework.

Outside of A-Life Medical, Connolly has dedicated her time to helping children grow and develop through her continued support for Walden Family Services. She has been a board member for more than seven years and has fulfilled the role as treasurer as well as participated in the finance committee.

Connolly has more than 24 years of experience in fi-nance, operations and acquisition across a range of compa-nies and industries. She has worked with six public com-panies as well as private equity-funded companies and she has worked with them from startup through to IPO.

Connolly successfully streamlined the coordination and control of financial operations such as financial analy-sis, management control issues, budgets, financial forecast, monthly reports, preparation of reports required by cor-

porate and governmental regulations, and worked closely with the board of directors. She has successfully devel-oped and implemented the merger, acquisition, strategic partnership and integration functions, which lead to the successful completion of eighteen accretive transactions adding $915 million to revenue over a 5-year period from negotiations to integration stages.

One of the ways Connolly has contributed to A-Life Medical’s growth and profitability is by developing policy and procedures for finance, human resources and contract-ing. She also automated all functions from contracting payables, payroll, billing, collections, month end, report-ing, budgeting, purchasing and forecasting. She developed a three year strategic plan which includes an exit strat-egy for a valuation of in excess of 4.0x LTM REVENUES achieving 3.0x returns for investors, as well as implement-ed automation that resulted in a reduction in the account-ing close cycle by 30 percent.

As COO and CFO, Connolly is responsible for all corpo-rate functions, financial affairs, compliance, treasury, HR, sales, marketing, product development, operations, IT and acquisition functions allowing the company to formulate an exit plan. She performs as chief compliance officer as well as fulfilling business development roles in conjunc-tion with her other chief roles. Connolly successfully raised equity in a down market to complete the company’s May acquisition, and she completed the key acquisition allow-ing the company’s patent technology to expand into the ever-growing hospital space.

JayeConnolly

privAte SmALL Honoree 2009

“For us, it came down to who had the real experience.”

People who know, know BDO.

Congratulations to theCFOFinalists

BDO Seidman, LLP4250 Executive Square, Suite 600La Jolla, CA 92037 (858) 404-9200

www.bdo.com

© 2009 BDO Seidman, LLP. All rights reserved.

BDO is proud to be an active memberserving this talented community

SD-SDBJ7-09 7/22/09 10:46 AM Page 1

Five Point Capital

Congratulations!

CFO Award Finalist

Five Point Capital would like to congratulate Derek Wiesner in receiving the 2009 San Diego Business Journal’s

3rd Annual CFO of the Year Finalist Award.

2009 CFO of the Year Award

San Diego’S

awards

of the year

3rd annual

American Red Cross San Diego / Imperial Counties

Congratulations!

CFO Award Honoree

American Red Cross San Diego/Imperial Counties would like to congratulate Malinda McDonald on receiving the 2009

San Diego Business Journal’s CFO of the Year Honoree Award.

2009 CFO of the Year Award

San Diego’S

awards

of the year

3rd annual


privAte meDium Honoree 2009

Bill Kuncz was recruited to San Diego to help launch Jitterbug in December 2006. At that time, Jitter-bug had less than 15 employees, had not yet billed

a single customer, had an accounting system run only on Quickbooks, and had yet to secure any outside financing. Kuncz has been instrumental in securing more than $100 million in financing and in structuring and implementing the financial and operational plans that have led to Jit-terbug’s rapid growth. Jitterbug now employs more than 250 people in San Diego County and continues to grow at a rapid rate. Since Kuncz’s arrival, the company has re-corded 10 consecutive quarters of growth in revenue, sub-scribers and gross margin, with annual growth rates far exceeding 100 percent.

Kuncz developed a new accounting system for monitor-ing, reporting and consolidating the results and compli-ance complexities of serving customers in all 50 states and reporting in more than 15,000 separate tax jurisdictions. This also required the need to establish new banking, pay-roll, insurance, risk management and legal relationships. In designing a flexible administrative structure to support this rapid growth, his leadership in HR has helped nurture a corporate culture which has motivated employees to in-crease both productivity and job satisfaction.

Prior to joining GreatCall in December 2006 as CFO, vice president of finance and administration and corpo-rate secretary, Kuncz built a career over 20 years demon-strating financial management experience across multiple

technologies and business models. Most recently, he served as CFO, vice president and secretary of Vertical Circuits, a global supplier of semiconductor and electronic products and services to worldwide commercial, aerospace and mili-tary customers.

In conjunction with the CEO, Kuncz has been inti-mately involved in all details of the strategic direction of Jitterbug along with full responsibility for the resource al-locations among the company’s many initiatives. His in-novations in receivables management have led to industry low write-offs for bad debt, even while not requiring cus-tomers to enter into contracts or undergo credit checks. He personally built unique relationships and negotiated with special price concessions with several strategic partners.

Kuncz led all recruitment efforts to efficiently secure key talent in all functional areas as the company grew from 15 to 250 employees. He also initiated the idea of pub-licly promoting the company policy of basing all customer service in the United States. This struck a chord with the national press, resulting in free company spotlights. He personally has secured and negotiated all of the company’s real estate assets, skillfully timing moves to accommodate the company’s rapid growth in a very dynamic real estate environment. Kuncz is involved with the Torrey Pines El-ementary School Foundation, La Jolla YMCA Adventure Guides and La Jolla Youth Soccer, and is a volunteer with Interplast, which provides free reconstructive surgery in developing countries.

BillKuncz

We salute our friend and colleague, Shauna Antonfor the richly deserved honor of being named a San Diego

Business Journal CFO of the Year Nominee.

Best wishes from all of us.

Shauna Anton Ad:Shauna Anton Ad 7/14/09 4:45 PM Page 1


By Adrienne MochAll sports fans know that it’s not a challenge

to support a winning team; it’s when your team struggles that your mettle is tested. The same might be said for CFOs, who face greater challenges in a down economy, but are also presented with great opportunities to demonstrate their business aptitude.

Comerica Bank has a long history of working with CFOs in varying market conditions, since it celebrates its 160 year anniversary in 2009. As a result, its banking team is well versed on CFO “dos and don’ts” as well as what steps companies can take to survive a recession. Edmund Ozorio, senior vice president of the Western market and manager of Middle Market Lending in San Diego, has been in banking for 18 years, so he’s worked with his share of CFOs with varied abilities.

“What separates good from great CFOs is the ability to be strategic, using judgment and business acumen to reach conclusions, and having excellent communications skills to disseminate that information appropriately,” Ozorio said. “CFOs are often perceived as numbers-oriented individuals, and while they must have the ability to crunch figures and keep accurate records, their strategic skills are going to play a bigger role in their success than their analytical skills.”

The CFO RoleThe primary areas of responsibility for CFOs

– managing financial risk, financial planning and communications – remain constant regardless of the state of the economy, but the importance of each is magnified when the economy is down. Gathering information to facilitate realistic planning is critical, from knowing what’s occurring in-house, to understanding the competitive landscape.

“CFOs will use a combination of resources to ensure their projections are as accurate as possible,” Ozorio said. “This may include a numerical approach as well as a qualitative approach, talking to company salespeople and customers, with the goal being the same: determining where revenue is headed.”

Being aware of the competitive climate is another variable that will help calculate potential revenue stream. It’s necessary to both assess the demand from the company’s current client base, and understand the potential for competitors to disappear.

“Weaker companies will go away in a market like this one, and savvy CFOs will understand the potential to take advantage of the opportunities that open up for their companies when their competition vanishes,” Ozorio said. “It all goes back to knowing where your revenue is headed, so accurate planning with respect to costs and other operational variables can occur. At times like these, strong CFOs and management teams

will thrive, while the shortcomings of those not up for the challenge will be exposed.”

Enhancing CommunicationsEven in the best of times, CFOs must have

the ability to communicate with a variety of constituents that can be affected by their companies’ financial performance, including investors, suppliers, clients and bankers. When times are tough, communication is even more critical, to both ensure accurate information gets out and eliminate panic.

“Open lines of communication are always important, but that’s even more so in challenging economic conditions,” Ozorio said. “Bankers prefer not to be surprised, and the more we know about our customers’ situations, the more we can anticipate their needs and address them.”

Ozorio added that when banks are faced with dealing with fire drills, it limits their ability to be flexible and come up with creative solutions. When CFOs keep their bankers apprised of what’s happening from a revenue standpoint, they facilitate a “multiple choice” situation rather than one that’s limited to “true/false.”

“It’s really important in uncertain times for CFOs to not react to fear in the marketplace,” he said. “As bad as things sound, a lot of companies are doing perfectly fine right now and even taking advantage of the opportunities that present themselves in this type of market.”

Assessment…and ReassessmentBut Ozorio doesn’t overestimate the

importance for CFOs to continually assess what their companies will be facing in order to gauge expected revenues and be able to plan financials around that. It’s imperative that cost structures be in line with revenue, and adequate financial resources are available, whatever the situation.

“CFOs need to understand the capacity their companies have to borrow, or raise money in other ways, such as selling assets,” he said. “Assessing revenue, which is actually more art than science, is step one in that process, and it involves both internal and external components.”

He added that it’s as important for CFOs to have contingency plans in place for downside scenarios as it is for them to have a realistic expectation of future revenues. This is another opportunity for CFOs to really add value to companies, by demonstrating their ability to plan for the unexpected.

Ozorio said it’s a good strategy when dealing with a bank to under-commit, with the hope of over-delivering after financial covenants are put in place. Comerica enjoys setting up CFOs to succeed, but that is only possible when the bank has a realistic picture of the company’s current operations and future prospects.

“In an environment like this, many of our

clients are facing unique challenges,” Ozorio said. “This is no time to try to sugarcoat things, and I often remind clients that it’d be a lot more embarrassing to be delivering bad news if the economy was healthy.”

Weathering the StormCFOs will have a lot to do with whether their

companies are among the survivors of the current economic downturn, starting with not reacting to the general fear in the world, but assessing their specific situations and taking advantage of opportunities that the downturn presents.

“In the Middle Market arena, things that are occurring in the general world don’t necessarily apply, especially in California, where the economy is so diverse,” Ozorio said. “Those companies that are in the right niche, offering the right products and services, may actually be doing really well.”

Ozorio notes that it is no great secret how CFOs can plan to survive a recession, but it’s the implementation of those plans that will make the difference. He notes that it’s necessary to live more conservatively, while focusing on:

Maintaining profitabilityPreserving existing client relationshipsCutting costs

“Since we don’t know the length of the recession, it’s prudent to prepare to operate in a lean mode for a longer period of time, to be one of the survivors,” Ozorio said.

Focus on ComericaThere seems to be perception that banks are

no longer providing support to companies, but Ozorio stresses that his Middle Market team is making loans. Priority is given toward existing bank customers, and the underwriting guidelines that have allowed Comerica to thrive for so many years are still in place.

“Some of our most loyal client relationships have strengthened as we’ve worked through challenges with them,” Ozorio said. “We’re especially comfortable working with companies that have weathered similar conditions, and can show us the steps they took to maintain profitability.”

Comerica’s experience, much of it derived by working with companies in the very cyclical industries of the Midwest, leave the bank uniquely qualified to serve clients in a challenging market.

“We’ve been through lots of ups and downs, so our bank culture is to be prepared, and not overreact when bad times occur,” Ozorio said.

An advertorial submitted by Comerica. San Diego companies interested in learning more about Comerica’s Middle Market products and services can contact Edmund Ozorio at 619-652-5775. Additional information about Comerica is available on its Web site, comerica.com.

•••

Comerica Bank Stresses Need for Enhanced Communication

Down Economy Offers Great CFOs a Chance to Shine


CalCPA Members. Trusted. Objective.At the heart of sound financial decisions.

privAte meDium Honoree 2009

In the past decade, Quantum Design CFO David Schultz has brought financial focus to the creation or acquisition of subsidiaries in Japan, China, India and

multiple countries in Europe, all accomplished without additional outside investment. Schultz effectively com-municates the intricacies of international deal making to the other members of the “C” suite while maintaining a friendly, yet professional accounting department. Schultz excels in cross-culture communication, from briefing the physicists of the “C” suite at QD on the nuances of inter-national transactions to coordinating the audit of world-wide financial statements with in-country finance staff and worldwide accounting firms. Despite today’s economy, through Schultz’s leadership, QD remains a strong and vi-able corporation with a global footprint.

Schultz has been a finance professional for more than 30 years. He started his career as an auditor back when there was a “Big 8.” He has since been a CFO at compa-nies in retailing, software development and manufactur-ing ranging in size from under $5 million to more than $100 million.

Schultz’s focus on financial controls and meaningful reporting allows the company to enter new markets with minimal risk. Capitalizing on the benefits of being pri-vately held, QD can enter into transactions which make sense for long-term growth instead of quarterly profits. Maintaining close personal contact with the bank and other stakeholders keeps them confident that results are

on track. Schultz works diligently to avoid a “cookie cut-ter” mentality. Profitability is enhanced by working closely with sales and manufacturing colleagues to craft non-stan-dard solutions to unique customer needs.

During his tenure at QD, Schultz has had management responsibility over every discipline. Schultz views his team as financial consultants to the rest of the company. They are trained to understand all aspects of the transaction, not just the financial, and to offer concise, meaningful counsel.

Dave works diligently to avoid a “cookie cutter” mental-ity. Profitability is enhanced by him working closely with sales and manufacturing colleagues to craft non-standard solutions to unique customer needs.

Schultz spends extensive time visiting QD offices around the world. While there is always a financial focus, a large part of his time is spent making the local staff feel part of the QD “family” and working to integrate different cultures and disciplines into the most efficient operation.

Schultz is currently chairman of the board of World Trade Center San Diego. As chairman, Schultz leads the full-time staff of six and 42-member board of directors through all elements of strategic planning, financial reporting and strong corporate governance. Schultz is also a member of the Arthritis Foundation Pacific Region Council. He is cur-rently an advisor to the president of the San Diego Chapter and a former board chair of the San Diego Chapter. Both organizations benefit greatly from Schultz’s dedication and sense of action that continues to move them forward.

DavidSchultz


privAte LArge Honoree 2009

As a top level executive at DJO Incorporated, Vickie Capps possesses an exceptionally strong skill set consisting of corporate finance, operations, inves-

tor relations, corporate recapitalization and restructur-ing, and strategic business development, which has been instrumental in DJO achieving its success. Capps is also a strong leader, building great teams through staff develop-ment and key hires.

Capps’ unique and broad-based talents have been an in-tegral part of DJO’s growth story for the past seven years. When Capps joined DJO in 2002, company revenue totaled $182.6 million. At the end of 2008, DJO’s revenues were $980.2 million, a 32 percent compound annual growth rate. This strong growth result reflects her contributions, which broadly include a corporate performance improvement program, six years of managing above market organic sales growth, and leading six acquisitions and one merger.

Capps was recruited to help the company turn its busi-ness around. She had key responsibilities in establishing DJO’s performance improvement program, which focused on lowering operating costs, tightening DJO’s strategic fo-cus and increasing shareholder value. During her tenure at DJO, the company’s market capitalization increased from approximately $54 million during July 2002, or about $3 per share, to more than $1.2 billion during November 2007, or $50.25 per share, when DJO merged with

Blackstone Capital-owned ReAble Therapeutics, a transaction that took DJO private. Capps is among an elite class of the most highly credible voices to the finan-cial community as a result of delivering on commitments. Post merger, she has led DJO’s many strategic initiatives

to integrate the legacy DJO and ReAble operations and achieve the new DJO’s cost-saving goals.

After Capps received her Bachelor of Science degree in Business Administration/Accounting from San Diego State University, she went to work for Ernst & Young and served 10 years as a senior audit and accounting profes-sional. Capps is well versed in strategic M&A transactions and investment banking activities. She presently sits on the board for SenoRx. She is a California Certified Public Accountant

Capps has led all financial transactions, including the syndication of several debt financings, which were used for strategic acquisitions. In late 2003, she led a team that purchased the bone growth stimulation device business from OrthoLogic Corporation and a smaller acquisition of a cold therapy business. This acquisition put DJO into a faster growth market with higher gross profit margins than the company’s historical products. In 2004, Capps led a follow-on stock offering, the proceeds of which were used for the early redemption of DJO’s high-yield public debt securities, saving the company millions of dollars in inter-est expense annually. In 2004, DJO also acquired KD In-novation A/S, one of the company’s third party distributors in Scandinavia. In 2005, she led the acquisition of the soft goods business from Encore Medical and Axmed in France, an orthopedic rehabilitation device business. In 2006, she led the acquisition of Aircast Incorporated, a global reha-bilitation business. Capps currently manages DJO’s inter-national business, approximately $100 million in revenue, for the past three years in addition to IT and enterprise resource planning.

vickieCapps

San Diego’S

awards

of the year

3rd annualFive Point Capital would like to congratulate Derek Wiesnerin receiving the 2009 San Diego Business Journal’s 3rd Annual CFO of the Year Finalist Award.

CFO Award FinalistDerek WiesnerCongratulations!



Barrett Lambert is an experienced CPA and finance professional, having served more than 25 years in financial management at technology companies in

San Diego County, most of them privately held. Lambert has been able to utilize his background in both finance and engineering with these companies. He has developed fi-nancial budgeting, reporting, and cash control systems for managing key business metrics while maintaining excel-lent relationships with banks, auditors, investors, boards, benefits providers and risk management providers. Lam-bert has a keen ability to develop and manage a multi-cul-tural financial staff globally, and has always maintained good cooperation with other members of the management team and board of directors.

Lambert began as CFO of Autosplice in October 1996, when revenues were at $36 million. With his contribu-tions, revenues grew to $115 million by 2007, more than a 300 percent increase from the onset of his tenure. While at Autosplice, Lambert has been responsible for all global financial reporting and budgeting, cash flow management, certified audits, international tax planning and reporting, banking relationships, management information systems, benefits administration, business risk management, capi-tal acquisition planning and financial presentations to the board of advisors. In his role as CFO, he has successfully mentored controllers in nations such as Japan, Singapore and Mexico, as well as others worldwide, interacting with different cultural backgrounds.

Lambert has increased bank lines of credit at favorable terms to facilitate growth and operations of the company

and to further mitigate risk. He was able to secure equip-ment financing for a large production facility in Tijuana, and has coordinated the corporate requirements for three new Autosplice corporate entities and the disposition of four other entities. Lambert orchestrated the acquisition of two companies for Autosplice, one in the UK and one in California. He negotiated a significant insurance settle-ment on behalf of Autosplice for a Tijuana factory fire. Lambert restructured capital of several foreign Autosplice affiliates to provide working capital and to improve their balance sheets. He developed a new structure for quarterly forecasting and financial reporting for all Autosplice affili-ates to improve profitability and cash flow. He developed a structure of cash flow budgeting and reporting on a direct basis for all affiliates which greatly enhanced the control of cash on a global basis. He navigated the Autosplice ex-ecutive team through the treacherous waters of explosive growth in 2000 and then through a spiraling downturn which began in 2001. Lambert developed international ac-counting policies which have been adopted by eight inter-national corporate affiliates.

Lambert’s community involvement includes Partner-ship with Industry, a San Diego non-profit organization that provides employment for the developmentally dis-abled. Lambert has served as a board member, treasurer and vice chairman. Lambert has also served as a board member, vice president and secretary for Financial Execu-tives Institute. He is currently a member of CFO Round-table and serves as treasurer for RASCALS (Rice Alumni of Southern California) Investment Club.

BarrettLambert

Hal DunningPrincipalChief Operating OfficerChief Financial Officer Barney & Barney LLC

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Ann Rhoads is a senior executive with more than 20 years of progressive corporate financial manage-ment experience. Having started her career in the

private equity and venture capital business, Rhoads uses those skills and perspective to evaluate new business op-portunities from both an investment and a strategic per-spective. Her current role as CFO at Premier has allowed her to gain management experience in leading not only the finance organization but also IT, corporate development, ethics and strategic planning. The contributions from Rhoads’ areas of responsibility have resulted in identifi-able success in positioning Premier as a dominant player in a competitive industry.

During Rhoads’ tenure as CFO at Premier, the com-pany has experienced substantial revenue and income growth. Revenue has grown from $341 million in 2000 to more than $645 million in 2009. Shareholder returns have exceeded $1.6 billion during this period and have increased at a 12 percent compound annual growth rate.

Rhoads has been an advocate for profitable revenue growth for Premier. She has identified and closed strategic acquisitions with approximately $40 million in incremen-tal revenue for the company. One acquisition of an infec-tion control/safety business resulted in contract revenue of more than 8 times the purchase price within 18 months of closing. She has also initiated and led the successful sale of two business units with collective revenues of $165 mil-lion.

Rhoads also led an initiative to ensure that corporate-related costs were in line with other top performing orga-

nizations. This transformation initiative resulted in a re-duction of Premier’s corporate related-costs by $14 million, a 20 percent decline.

Rhoads’ contributions and results come from her part-nership with other members of the executive team to help formulate and quantify the company’s long term strategic priorities and goals for the business. There is a very ro-bust goal development and deployment system at Premier where the team wants all employees to know and under-stand how their day-to-day work helps contribute to the overall corporate objectives and success.

In 2004, Rhoads was instrumental in working to devise and implement the company’s code of conduct and estab-lish the Premier’s first Ethics and Compliance organiza-tion.

Rhoads is also responsible for the company’s strategic planning function. As part of the review when Premier re-ceived the Malcolm Baldrige National Quality Award, the national examiners cited the strategic planning function as a “best in class” benchmark.

Rhoads contributes her time to various San Diego charities through volunteer team building events with her staff. Recent events have been at Father Joe’s Villages, San Diego Food Bank, San Diego Center for Children and Hab-itat for Humanity. She is a member of Finance Executives International, Healthcare Financial Management Associa-tion, Harvard Club of San Diego, Harvard Business School Club of San Diego, Harvard Business School Health Indus-try Alumni Association and the San Diego Chapter of the California Dressage Society.

Annrhoads

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puBLiC SmALL Honoree 2009

John Burke was hired in October 2007 by St. Bernard Software’s board of directors to execute a financial and operational turn-around of a near bankrupt pub-

lic company. He owns a turn-around consulting business, BOSS Corporation – Business Optimization and Strate-gic Services – and has spent the past 20 months working as vice president of operations and CFO at St. Bernard. He dramatically transformed this business from a near bankrupt public company to a cash flow positive growing business with very efficient and streamlined operations. His quick decision making and positive leadership built motivation and a culture focused on redefining the future of St. Bernard. Burke’s efforts showcased his ability and belief that a well run business can generate its own cash flow to make key investments to redefine the business and provide a better future for all stakeholders.

Burke increased operational results from a cash loss of $3 million in the fourth quarter 2007 to more than $1 mil-lion in positive cash flow within the fourth quarter 2008. He increased sales by almost 20 percent by partnering with the vice president of sales and marketing to improve marketing effectiveness and sales morale. He implement-ed new operational systems that dramatically streamlined business process and improved customer interactions and sales efficiencies.

Burke obtained critical $3.5 million debt financing to accomplish the turn-around and minimize dilution to existing shareholders. He settled more than $1.2 million in trade debt for approximately $200,000 that improved

liquidity and freed up cash to focus on business growth. He subleased half the corporate facility and closed two of-fices within Europe resulting in more than $4 million in annual savings. He also improved product quality from a 20 percent annual failure rate to 2 percent failure rate de-creasing warranty costs and improved customer satisfac-tion. Burke improved the financial controls and systems resulting in the removal of the Sarbanes Oxley material control weakness and decreased public company costs by 50 percent. He settled a shareholder lawsuit resulting in a favorable outcome for the company.

Burke started his career at PricewaterhouseCoopers, formerly Coopers & Lybrand, where he served in both the business assurance practice and financial advisory ser-vices. He received his CPA during his time at PwC. Burke specialized in mergers and acquisitions, business valua-tion and forensic accounting. During his time at PwC he also was an instructor for Becker CPA Review where he taught accounting students how to pass the CPA exam. Burke received his Bachelor of Science degree in Business Administration with an emphasis in Accounting from San Diego State University.

Additionally, Burke is chief executive officer of TakeAc-tionMarketing.com, a marketing analytics and campaign management company which he founded in 2002 and re-mains CEO and chairman of the board of directors. He is a CFO Roundtable member, the founder of Mikey Burke Foundation and a member of the Turkey Bowl Golf Char-ity committee.

John Burke

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puBLiC SmALL Honoree 2009

Taiyo Yuden’s (U.S.A.) CFO, Joseph Wilkinson has more than 20 years of senior level financial manage-ment experience involving the high-tech electronics

industry in operations and marketing. He has worked di-rectly with business units and manufacturing operations to run the business, review costs and conduct financial analyses. Wilkinson has investor relations experience in-volving banking relations and has negotiated bank lines. He is a key leader on due diligence teams in support of M&A opportunities and established foreign corporations/subsidiaries including the creation of a Mexican Maquila operation and an assignment as general manager in Mex-ico. He is well-versed in working within the Asian high-tech electronics industry and the only U.S. employee to be elected to the company’s board of directors for a subsidiary. Wilkinson played a key role in managing the U.S. revenue increase from $130 million to $195 million in three years from 2006 to 2008 – with sales per headcount from under $1 million to $2.5 million per head.

Wilkinson regularly visits customers to discuss strate-gic growth initiatives and customer service improvement programs. He implemented automated expense reporting and AP enhancements resulting in 30 percent annual sav-ings in AP processing. In CY 2002 and 2003 at ESI, Wilkin-son acted as the key person that identified accounting anomalies and related reporting issues. He headed an in-vestigation on these issues and led efforts to restate earn-

ings for two prior fiscal years and a complete disclosure to the SEC. He implemented key disciplines in revenue recog-nition and accounting for multiple deliverables. As director of FP&A, Wilkinson established a strategic planning and monthly budget and expense review process for the compa-ny with the full implementation of the Hyperion Financial Management tool. He is the team leader responsible for the consolidation of Escondido operations to Taiyo Yuden’s corporate location. These actions saved the company $8 to $10 million per year. He was the chief facilitator and ne-gotiator on the acquisition of two companies. As COO of a direct marketing company, Wilkinson managed double-digit profitable growth throughout the 90s. He established a customer service organization and a state-of-the-art call center in support of more than 1,000 calls a day with less than 2 percent abandon rates. He was also a key member of the management team responsible to build efficiencies into the current organization.

Wilkinson has spent 13 years volunteering as a little league and recreation soccer coach in the local community, and he served on the soccer board of directors as treasur-er for a $600,000 organization. He is involved in regular volunteer work and support to local charities including “Friends of the Poor,” the Mother Teresa U.S. organization operating in South San Diego. He is also a member of the Finance Council for the Church of Nativity.

Josephwilkinson

puBLiC LArge Honoree 2009

Dan Devine has been an integral part of Bridgepoint Education from the very beginning. His financial acumen has led Bridgepoint to a tremendous com-

pounded growth rate of 7,000 percent in a just a few short years. During that period, Devine has successfully man-aged the financial operations of the company including the purchase of its operating subsidiaries Ashford University and University of the Rockies, as well as the subsequent conversion of the universities from non-profit to for-profit organizations.

Additionally, Devine’s ability to articulate the financial aspects of executing on both universities’ missions has led the company through successful negotiations with venture capitalists, banks, real estate and other financial institu-tions. His thorough understanding of the business aspects of running a university and development of his staff has led the company through three highly successful compli-ance audits for the Department of Education. In addition to success in the past and present, Devine is leading the company’s efforts in meeting the goals of its strategic plan that outlines continued tremendous growth without the use of additional funding from its equity sponsor. In ev-ery way Devine performs his job ethically and responsibly. Devine’s ability to keep Bridgepoint efficient, without com-promising the quality of its programs, enriches the lives of thousands of people, who otherwise couldn’t afford an education.

Devine graduated from Drexel University in Philadel-phia and is a non-practicing CPA in the state of Pennsyl-

vania. He began to work with the founding members of Bridgepoint in 2003, as the team began to seek funding to execute on its mission of affordable and accessible educa-tion, officially starting with the company in January 2004.

Devine’s background of working at the senior levels of other large organizations and dealing with venture funds, lending institutions and public company boards has been an asset to Bridgepoint and greatly compliments its management team. He added great value to the compa-ny, achieving its goals by developing comprehensive and measurable goals for departments and supporting those departments with timing and accurate financial reporting to measure their success. Additionally, Devine has a focus on profitability and has improved the loss margin by 75 percent between 2005 and 2006 and reached profitability for Fiscal Year 2007.

Devine brought the understanding of departmental “best practices” with him when he came to Bridgepoint and was the company lead administrative officer in the first year of the company. As the company has grown new executives were hired for specific areas, however, Devine is still active with the executives in all areas to assist them in achieving their goals.

Devine has led and participated in many of Bridge-point’s philanthropic ventures, ranging from raising a large donation to the Red Cross’s Katrina Fund, Junior Achievement, San Diego’s Child Abuse Prevention Foun-dation, as well as donating masters’ degree scholarships to some San Diego public school teachers.

DanDevine


puBLiC LArge Honoree 2009

Christian Henry is a key member of the senior man-agement at Illumina, one of San Diego’s preeminent and most profitable life sciences company. During

2008, a year in which Illumina was added to the NASDAQ-100 Index, Henry elevated his presence at the company by continuing to take a more operational role as the acting general manager of the sequencing business unit. Henry’s recent contributions span across the spectrum of Illumina’s business, from strategic initiatives to operational achieve-ments, such as leading the completion of the new corporate headquarters, the launch of the Singapore manufacturing operation and continually improving Illumina’s financial reporting and forecasting abilities.

Henry’s focus, drive and vision have been integral in helping Illumina and its infrastructure scale along with its rapid growth. The company’s revenue grew from $366.8 million to $573.2 million during 2008 fiscal year. Henry is well respected throughout the organization and this influ-ence has allowed him to affect many positive changes and new processes throughout Illumina to help manage this stellar growth.

In addition to his responsibilities as senior vice presi-dent and CFO, Henry continued to take on the role of acting general manager of Illumina’s sequencing business unit in 2008. This business unit, located in Hayward, Calif. and the United Kingdom, was created as a result of Illumina’s acquisition of Solexa. In his role as general manager, Hen-ry is responsible for all research and development, man-ufacturing, strategic and administrative aspects of this business, as well as continued integration of this business

unit into Illumina’s corporate structure. Both before and during his tenure as acting GM, Henry has transformed Illumina’s sequencing business from a fledging commer-cial operation into a key driver of Illumina’s growth and success over the past year.

Under Henry’s guidance, Illumina achieved four quar-ters of sequential revenue growth in 2008, representing the 27th through 30th consecutive quarters of revenue growth dating back to 2001. This revenue growth and his financial discipline and leadership over corporate spend-ing led to Illumina delivering a 164,628K in operating cash to shareholders and industry-leading profitability from the beginning of April 2008 through March 2009.

Henry is also the head of Illumina’s facilities organiza-tion. With the explosion of activities and headcount, Henry has led the development of several expansion projects. In 2008, he was instrumental in leading the completion of the new corporate headquarters in San Diego as well as the launch of the 25,000-square-foot manufacturing and op-eration facility in Singapore. Additionally, Henry has been significantly involved in the designs of each of these sites.

Henry co-founded a non-profit organization in 2005 called the Laguna Beach Parents Club, which creates a support system for families with young children in Laguna Beach and raises funds for underprivileged families in oth-er communities. Henry is an active leader within the club working with the board to execute events that increase the sense of community and support for Laguna Beach fami-lies. He is also a member of the Surfrider Foundation.

Christianhenry

A ’ .

JOE TORRE, MANAGER

We would like to

Congratulate CFO Finalists & Honorees

all the 2009

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Offices in California, New York, Connecticut, and New Jersey


ChieF FinAnCiAL OFFiCer AwArD Judges 2009

Jill Broadfoot

Jill Broadfoot joined Vical as vice president, CFO and secretary in October 2004, and was named senior vice president in Janu-

ary 2009. From February 1999 until joining Vical, Broadfoot held various positions at DJO Incorpo-rated, a publicly-traded medical device company, most recently as vice president of finance and controller, with broad responsibilities in finance, accounting, treasury, risk management and cor-porate governance. From September 1994 until joining DJO Incorporated, Broadfoot served as an audit manager at Ernst and Young, where her cli-

ents included life sciences, computer software and telecommunications companies as well as govern-ment contractors. From June 1990 until joining Ernst and Young, she was division controller at Medical Imaging Centers of America, a chain of freestanding imaging centers and mobile imaging centers, where she held divisional accounting and financial reporting responsibilities. Broadfoot re-ceived her bachelor’s degree in business adminis-tration and accounting from San Diego State Uni-versity, and is a Certified Public Accountant.

Gary Correia is the vice president of finance at Taylor Guitars and has been with the company since July 1996. He is respon-

sible for finance, accounting, insurance, payroll, benefits, legal, banking and auditors. Correia manages a staff of 13 that includes three manag-ers. He graduated from San Diego State Univer-sity with a Bachelor’s degree in Accounting and obtained his CPA certification while working with Ernst & Young. Correia has worked as a CFO and vice president in both public and private compa-nies and has worked in executive financial posi-tions with companies ranging from $5 million to $2 billion. Besides guitar manufacturing, his in-

dustry experience includes oil services, consumer products, construction and testing services, legal and high-tech electronics. Correia was recently the president of the Financial Executives Interna-tional – San Diego Chapter and currently serves on the advisory committee to Profit Recovery Partners in Irvine, and is active in several other organizations. Correia grew up in the Point Loma and Ocean Beach area and continues to reside there with his wife, Mary, and his two children, Michael, a senior at the University of San Diego, and Gelena, a recent graduate of The Academy of Our Lady of Peace High School.

Robert Hoffman has served as Arena Phar-maceuticals’ vice president, finance and CFO since December 2005. Hoffman has

served in various positions at Arena Pharmaceu-ticals since August 1997. He has been instrumen-tal in the company’s fundraising activities, and has helped raise nearly $1 billion over his Arena tenure, including an initial public offering in 2000 and raising nearly $350 million in public offerings in 2006. From 1994 to 1997, Hoffman served as assistant controller for Document Sciences Corpo-ration, a software company. He serves as a mem-

ber of the steering committee of the Association of Bioscience Financial Officers and has served as a director or supervisory committee member of the more than $4 billion San Diego County Credit Union since 2003. He is also a director and the im-mediate-past president of the San Diego chapter of Financial Executives International. Hoffman is a director of the not-for-profit “Day for Change” which serves underprivileged and abused chil-dren in San Diego. Hoffman holds a B.B.A. from St. Bonaventure University and is licensed as a CPA in the State of California.

robert e. hoffman

gary Correia


phOtO gALLerY snapsHots from tHe event HeLd on JuLy 16 2009

Adam, left, and Pam Larsen from SCIS enjoy cocktails.

Finalist John O’Dea from La Jolla Playhouse.

Mark Schulze, left, and Patty Mooney from New Unique Videos.

Darlene Mera from 1st Pacific Bank enters the Audience Appreciation Drawing.

Paul Slater, left, from Coastal Property Solutions and Ann Rhodes from Premier Inc.

Holly Dixon, left, and Kelly O’Neil from CBIZ and Mayer Hoffman McCann.Claire Heazlitt, left, and Bobbie Crawford from Furniture Resources and Susan Pace from Robert Half Management enjoy themselves at the event.


phOtO gALLerY snapsHots from tHe event HeLd on JuLy 16 2009

Tanisha Mills, left, and finalist Jeffrey Ishmael from Osiris Shoes.

Finalist Derek Quackenbush, left, and Don Quackenbush from Concerro.

Vicki McDonald from American Red Cross.

David Wescoe, left, and Mark Hovey from San Diego City Employees’ Retirement System share a drink.

Bill VanDeWeghe, left, from RA Capital Advisers and Darin Anderson from ESET.

David Inns from GreatCall, creator of the Jitterbug cell phone.

Robert Nicholson converses with attendees.


&

CFORoundtable

San Diego’S

awards

of the year

3rd annual

C0-SponSorS

This annual event recognizes most outstanding CFOs in San Diego

county, as nominated by their own employees or clients.

presents

2009 CFO of the Year Awards

Charles Blottin Ace Parking

William McArdle Ace Relocation Systems Inc.

Bill Comer American Specialty Health

Derek Quackenbush Concerro Inc.

Patty Mooney Crystal Pyramid Inc.

David Lyle Entropic Communications

Derek Wiesner Five Point Capital

Bobbie Crawford Furniture Resources

Herm Rosenman Gen-Probe Inc.

Brent Rivard Grubb & Ellis I BRE Commercial

David Morash ISE Corp.

Colleen Harvey Karl Strauss Brewing Co.

Anthony Turnbull KOJO Worldwide Corp.

John O’Dea La Jolla Playhouse

John Sommantino Laptops Plus

Kevin McCarty Mr. Copy

Jeffrey Ishmael Osiris Shoes

Eric Bader Pacific Rim Mechanical

Shauna Anton Pala Casino Resort and Spa

William Keitel Qualcomm Inc.

Corbet Lancaster ResMed

Jeanne Bonk San Diego Chargers

Mark Emch San Diego Convention Center

Kevin Mattson San Ysidro Health Center

Adam Larson SGIS

Mark Woelfel Sycuan Band of the Kumeyaay Nation

R. Craig Spitz Synteract Inc.; Synteract Holdings Corp.

Barbara Wight Taylor Guitars

Keith Meadows USA Federal Credit Union

Michele Lambert Vista Community Clinic

Chris Nelson VOCEL Inc.

to the Congratulations

Lifetime aChievementaward reCipient

haL dunningBarney and Barney LLC

exempLary award

pauL SuLLivanymCa of San diego County

Finalists & Honorees

Robert Hemker Palomar Pomerado Health Government

Mark Hovey SD City’s Employees Retirement System Government

Malinda McDonald American Red Cross San Diego Non Profit Small

Richard Rothberger Scripps Health Non Profit Large

Jaye Connolly A-Life Medical Inc. Private Small

Bill Kuncz Jitterbug/GreatCall Private Med.

David Schultz Quantum Design Inc. Private Med.

Barrett Lambert Autosplice Inc. Private Large

Vickie Capps DJO Inc. Private Large

Ann Rhoads Premier Inc. Private Large

John Burke BOSS Corp. Public Small

Joseph Wilkinson Taiyo Yuden (USA) Inc. Public Small

Dan Devine Bridgepoint Education Public Large

Christian Henry Illumina Inc. Public Large

Finalists

Honorees


CONGRATULATIONSto all of the finalists for this year’s

CFO of the YEAR AWARDS

© C

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9. C

BIZ,

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We are proud to work with such outstanding and accomplished CFOs. As long time sponsors of this event, we wish continued success to our clients and all the finalists for

these awards.

CBIZ and Mayer Hoffman McCann P.C.* is the largest accounting provider in San Diego, outside the Big Four. We offer our clients a wide range of specialized accounting, tax and consulting

services.

*CBIZ and Mayer Hoffman McCann P.C. are associated through an alternative practice structure.

CBIZ and Mayer Hoffman McCann P.C.would like to especially recognize our clients who are finalists

858.795.2000 • www.cbiz.com 858.795.2000 • www.mhm-pc.comAccounting • Tax • Valuation • Consulting • Mergers & Acquisitions

Wealth Management • Benefits & Insurance • Employee ManagementAudits • Reviews • Forecasts & Projections

CHARLES BLOTTINAce Parking Management, Inc.

JAYE CONNOLLYA-Life Medical

BARRETT LAMBERTAutosplice Inc.

BILL KUNCZJitterbug/GreatCall

COLLEEN HARVEYKarl Strauss Brewing Co.

JOHN O’DEALa Jolla Playhouse

DAVID SCHULTZQuantum Design

ADAM LARSONSGIS

CRAIG SPITZSynteract, Inc.

MayerHoffman McCann P.C.An Independent CPA Firm

MayerHoffman McCann P.C.An Independent CPA Firm

Documents

A supplement to tHe CFO - Ellington CMSocbj.media.clients.ellingtoncms.com/static/sdbj/... · has overall responsibility for the HR, facilities, IT, qual-ity assurance, legal affairs