Chief Financial Officer
Position Title: Chief Financial Officer
Reporting to: Chief Executive Officer
Location: Minneapolis, MN
Industry: Life Science ($500+ million in revenue)
Main Focus: This position is a member of the organization’s Executive Team and provides strategic and operational oversight of the Finance department. The CFO provides vision and leadership, as well as oversees all finance led initiatives that improves the financial health and growth initiatives of the organization by collaborating with internal and external business partners and stakeholders – domestically and internationally. The CFO leads the strategic and tactical evaluation, planning, development, coordination and execution of organization-wide financial processes, systems, programs and projects. As a member of the Executive Team, the CFO also contributes to the strategic direction and transformation of mission-critical business processes and services central to the company and provides input on the strategic direction of the organization. The CFO is the primary liaison to the Audit and Finance Committee of the company Board and supports the CEO on all financial matters and communications with key Board members.
Plans, implements and directs the company’s finance, accounting, project and portfolio management, enterprise risk, compliance and tax management programs. This includes a team of approximately 50 employees, including three direct reports, the Corporate Controller, the Enterprise Risk Management Leader, and the Director of Financial Planning and Analysis.
- Collaborates with other executives and board members to set policy and develop business strategy for the company.
- Assists in prioritizing the strategic activities and business initiatives of the company and the development and implementation of short- and long-term objectives that support and achieve the company’s mission statement and organizational goals.
- Leads the financial five-year plan to ensure the company can financially support the strategic plan.
- Develops Finance and ERM strategic department plans that supports the company’s mission and business objectives.
- Annually develops, reviews, evaluates, and advises the Board, the Audit and Finance Committee, the Executive Committee, and the Investment Committee, with regard to the financial budget, financial forecasts, and strategic investments for the company and all subsidiaries.
- Monitors financial stability through:
- Periodic strategic analysis of fees charged for services provided to transplant centers; and develop pricing strategies based on country.
- Strategic evaluation of spending and cost saving initiatives to ensure competitive pricing.
- Reviews interim financial statements to monitor the financial performance in relation to the budget and quarterly forecasts including releasing additional funds and reducing expenses.
- Recommends investment policies and maintain investments in conjunction with the Investment Committee.
- Make recommendation to Audit and Finance Committee on Financial Audits to perform; oversees all financial audits within the organization.
- Oversees cash management including maximizing returns on cash and investments.
- Leads the development of the cash reserve required balance and ensures the company meets the cash reserve targets through financial management, cash management and investment prioritization.
- Partners with the Enterprise Project Management Office (EPMO) for the execution of end-to-end program and portfolio management and building of program management capabilities for the enterprise to deliver maximum return on investment to support the organization’s strategic objectives.
- Leads financial due diligence for all mergers and acquisitions. Partners with the General Counsel to determine optimal legal structure to achieve the organization’s strategic objectives.
- Ensures the company’s compliance with state and federal laws, including compliance with Generally Accepted Accounting Principles (GAAP) and government Cost Accounting Standards (CAS). Ensures the company compliance with the company audit processes (DCAA, CPSR, GAO) and all federal, state, local and regulatory agency requirements in the area of government awards.
- Oversees the Internal Audit Program and Enterprise Risk Management in conjunction with the Audit and Finance Committee. Auditing responsibilities include the development of systems and controls including SOX procedures. Develops the ERM program to focus on risk mitigation strategies and appropriate investments.
- Procures and reviews an annual financial audit by an independent certified public accounting firm.
- Ensures that officers, directors, management, committees and contractors operate in reasonable accordance with established policies and procedures.
- Verifies that appropriate financial and management controls are in place – for both domestic and international businesses.
The candidate will possess a Bachelors degree in accounting or finance and an active or inactive CPA license or MBA is preferred.
This person will need to be a strong leader who has a proven track record in driving results. The successful candidate will possess the ability to apply analytical, strategic and tactical thinking to the planning process and have demonstrated the ability to work collaboratively in a cross-functional organization, yielding desired results. The ideal candidate will have good interpersonal and critical thinking skills, commanding presence, demonstrated strong general business skills, including financial management and the ability to communicate effectively with employees at all levels within the organization.
The candidates professional background will include accounting and financial principles and practices, cost control measures, audit practices, tax standards, pricing strategy, growth strategies, business management, strategic and operational planning, program implementation, finance within a regulated business, and mergers and acquisitions experience.
This person must have 20+ years of progressively responsible financial management experience to include full-charge responsibility for the financial operations of a company with similar fiscal operations, such as a company in a fast-paced changing industry, preferably life science. Experience in a highly regulated field with a global footprint preferred. Five years of the required experience must be in a senior management position.
Critical Success Factors:
- Serve as a leader in the organization and work with the CEO and leadership team to drive results and continue to build upon the Company’s mission driven culture.
- Build trust and credibility with management, banks, auditors, and the Board of Directors.
- Be forward looking and bring financial strategy and leadership to the organization.
- Willingness, interest and ability to get involved in the operations of the business in order to make key strategic and financial decisions.
- Strong oral and written communication skills with the ability to effectively deliver formal presentations.
Strong business acumen. This includes knowledge about how businesses work, business trends and the implications to their business, strong competitive knowledge, and how strategies and tactics work in the marketplace.
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