Erik has served as the CFO of a $1.8 billion business unit at Staples and of venture-backed startups and private equity portfolio companies with $20 million to $700 million in revenue. He's also worked with management teams in profitability improvements, corporate strategy, financial models, and board reporting. As a freelancer, Erik enjoys bringing his seasoned, real-world operating experience to a variety of clients.
Executed cost savings initiatives that encompassed indirect spending, selling, general and administrative expenses (SG&A), and direct labor. These efforts combined removed $7.5 million from the annual expenditure.
Developed product and store profitability KPIs which eliminated value leakage. Reduced day-sales-outstanding (DSO) by a third—raising cash holdings by $2.3 million.
Created a three-statement operating model that highlighted critical drivers and KPIs. The KPIs included store sales per hour (SPH), product category gross margin after advertising cost (MaAC), and DSO by product department (DPSO) for each store.
Led the company's initiatives in aligning its business plan with its budget by managing the financial resources, setting up and executing the stretch goals, and assigning accountability.
Created a weekly scorecard that included thirteen-week cash flow forecasts, weekly actual-versus-planned results, and a summary of notable activity. Also created quarterly board updates that included financial results and forecast, operational hits and misses, and go-forward plans.
Partnered with the CEO in developing a strategy to transform the business from a collection of stand-alone stores to an integrated, omnichannel brand. Achieved same-store sales growth of 12% within eight months.
Developed the company's real estate portfolio strategy, efficiently allocating the company's capital and labor resources.
Implemented numerous finance and accounting processes such as long-range planning, budgets, P&L and cash forecasting, month-end reporting, store labor models, and a retail calendar.
Served as a part-time CFO to an early-stage eCommerce company in which Second Time Around invested. Developed the company's financial model, implemented financial processes, and provided comprehensive company leadership.
Partnered with the CEO in stabilizing and transforming an $80 million, 115-unit multi-channel lingerie retailer with 800 employees. Built the eCommerce capability, managed the liquidity, monitored debt covenants, and had full P&L and balance sheet responsibility.
Developed the company's real estate portfolio strategy along with the head of stores—reducing the number of stores by 20%, and improving EBITDA by more than $1.2 million. Negotiated leases with landlords.
Implemented a product portfolio strategy and eliminated multiple unprofitable product categories—improving gross margin by 390 basis points.
Streamlined the supply chain by using eCommerce warehouses to backfill stores. This effort allowed the company to send overall inventory to stores, eliminating markdowns while reducing out-of-stock items at stores needing next-day replenishment.
Focus areas: CFO, Private Equity, Corporate Strategy, Three Statement Operating Model, Working Capital Management, Cost Reduction & Optimization, Ecommerce, Unit-level Economics, Product Profitability
Vice President of Finance
2006 - 2012
Implemented structural savings initiatives which involved reducing basic “keep the lights” spending from 80% to less than 60%. These initiatives resulted in a savings of $35 million.
Implemented the run-grow-transform framework to achieve better visibility and ability to manage IT expenditure.
Implemented a rolling forecast mechanism to align resource allocation with our strategy—simplifying the annual long-range planning and budgeting processes.
Led an outsourcing strategy involving 850 full-time equivalents (FTE) that reduced annual labor costs by 15% or $20 million.
Focus areas: information Technology Finance, Outsourcing, Capital Budgeting, Cost-saving Structure, Budget Controls, Financial Planning & Analysis (FP&A)
Business Unit CFO
2001 - 2006
Served as the business unit CFO and was responsible for a $1.8 billion eCommerce and catalog business.
Introduced the concept and KPI of margin after advertising costs (MaAC) which enabled the measurement and management of marketing ROI as well as the alignment of the marketing and merchandising teams.
Performed a marketing spend optimization analysis that resulted in an annual savings of $10 million.
Conducted a root cause analysis to identify delivery issues; streamlined the order delivery to improve the ratio of delivers to orders placed from 1.4 to 1.2, resulting in $750,000 in annual savings in delivery expenses.
Initiated a cost savings contest across the business unit resulting in a savings of $1.2 million.
Technical debt, which relates to suboptimal technology infrastructure in an organization, can actually be a huge financial burden on a business. However, like traditional financial debt, there are steps and processes that can be taken to manage and mitigate the risk. In this article, we elaborate on how CFOs can tackle their technical debt burden.
Certified Public Accountant (CPA) in Accounting
Massachusetts Board of Public Accountancy - Boston, MA, USA
2005 - 2011
Master of Business Administration (MBA) in Finance