CFO for Automotive Wholesale Distribution Company
Client: Automotive Distribution Company
Requirement: Retained Search - CFO
Business Situation:
The client is a leading supplier in the automotive wholesale distribution industry, based out of Syracuse, NY. The Company supplies original equipment, aftermarket automotive parts, and accessories. Currently, the client employs 500 people, manages 30 locations, and operates 200 delivery vehicles serving over 10,000 customers daily. In addition, the client represents over 100 manufacturers’ product lines including industry-leading manufacturers such as ACDelco, Motorcraft, Raybestos, and Chevron among others.
The client’s current Controller was leaving, and the client decided to replace that individual with a hands-on CFO. This would enable the client to have someone in the role that could provide high-level accounting and finance functions and provide strategic analysis for new ventures.
As a result, the client engaged ProNexus exclusively to perform a Retained Search Project for a CFO.
ProNexus Solution:
ProNexus was engaged by the client to assess the current finance team, review financial policies, processes, and procedures and to recommend changes as needed. As part of our due diligence review, ProNexus recommended the client needed someone who had a strong background in process improvement and timely reporting. They also needed a candidate that had experience in implementing NetSuite and could manage the team moving forward.
In order to start the Search Project, ProNexus performed additional due diligence which resulted in the development of the Client, Department, and Position Profiles. With these profiles, we captured the company’s culture, differentiators, organizational structure, management & communication style, challenges, systems, and reporting requirements. In addition, we captured position background, priorities, time allocation, challenges, and compensation & benefits.
As a result of the unique ProNexus process, we were able to provide two candidates to the client within two weeks of kicking off the Search Project. The candidate that was hired was a CPA and CFE, came from a background in public accounting and private industry. The candidate’s strengths included leading a team of 22 FTEs accountable for all accounting functions, audit readiness, internal control audit, and financial statement preparation.