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Jay Steller
Verified Expert in Management Consulting
Management Consulting Expert
Hummelstown, PA, United States
Toptal member since July 16, 2018
Bio
Over a 20+ year career in finance, Jay raised $7 billion in public debt, executed $7 billion of interest rate swaps, and managed over $12 billion in foreign exchange exposures for Fortune 500 companies. He developed Hershey's enterprise risk management program and led post-acquisition integration efforts for Hershey's Brookside Foods acquisition. Jay enjoys working with senior executives to help their teams deliver strategic objectives.
Career Highlights
Assistant Treasurer
The Hershey Company
Director, Integration Project Management Office
The Hershey Company
Director, Enterprise Risk Management
The Hershey Company
Education Highlights
Master of Business Administration (MBA)
Columbia Business School
Bachelor's Degree
Hamilton College
Case Studies
Fixed to Floating Interest Rate Swap Strategy
Interest Rate SwapsBoard PresentationsRisk ManagementFinancial Planning & Analysis (FP&A)
Board Update - Credit Rating Agencies
Board PresentationsCredit Ratings
Industry Expertise
- Pharmaceuticals
- Project Management
- Consumer Products
- Debt Capital Markets
- Public Companies
- Pensions
Other Expertise
- Board Presentations
- Capital Structure Optimization
- Corporate Treasury
- Debt Financing
- Financial Planning & Analysis (FP&A)
- Foreign Exchange
- Interest Rate Risk
Work Experience
Assistant Treasurer
2013 - 2015
The Hershey Company
- Developed strategy for, and led execution of, $1.6 billion in long-term bond issuances over tenure. Coordinated legal teams and company staff for bond due diligence.
- Recommended and led the execution of $1.5 billion of forward starting swaps to pre-hedge planned bond issuances, and $450 million of fixed-to-floating interest rate swaps. Worked with the controller’s group for proper accounting of swaps in accordance with FAS 133.
- Led the recommendation and execution of partial tender for $350 million of high coupon bonds with $100 million purchase price cap, resulting in $3 million in annual interest expense savings.
Focus areas: Forecasting, Pensions, Board Presentations, Board of Directors, Credit Ratings, Banking Relationships, Short-term Investments, Interest Rate Risk, Capital Structuring, Debt Capital Markets
Director, Integration Project Management Office
2011 - 2013
The Hershey Company
- Selected as an integral member of the company’s first PMO-integration team. Dual role functioned to lead and coordinate Hershey’s finance functions needed to integrate Brookside Foods and to act as the chief financial officer for the Brookside business.
- Coordinated the integration efforts of 20-30 employees across the company for activities such as establishing monthly financial reporting, determining product pricing and standard cost and managing inventory cut-overs.
- Developed annual and 5-year strategic plan income statements as CFO. Analyzed actual monthly financial results, determining key drivers and variances versus plan. Revised the forecast for monthly and quarterly updates.
- Assisted the finance team’s due diligence for potential acquisition in China. The team reviewed the target's financials with its auditor to evaluate the quality of earnings and assess the integrity of the financial reports.
Focus areas: Financial Planning & Analysis (FP&A), Financial Forecasting, Project Finance, Integration, Mergers & Acquisitions (M&A)
Director, Enterprise Risk Management
2009 - 2011
The Hershey Company
- Led the development of the company’s enterprise risk management program after being selected by the CFO.
- Developed a systematic process to identify, validate, and prioritize key business risks to achieving the company’s strategic objectives along with outside consultants. This model was integrated into the global planning processes.
- Evaluated the risk management framework and recommended efforts to improve risk management activities.
- Designed and recommended the enterprise risk management (ERM) program structure, including governance model, reports, and risk tolerances.
- Communicated Hershey’s progress in implementing ERM to executives, the board of directors, and its committees.
Focus areas: Board Presentations, Board of Directors, Communication, Project Management, Enterprise Risk Management (ERM)
Assistant Treasurer
2005 - 2009
The Hershey Company
- Led Hershey’s first comprehensive review of and developed recommendations for the company’s capital structure. Analyzed and recommended action focused on long-term credit ratings and fixed-floating interest rate targets, which became the standards for the company.
- Developed a model to calculate EPS accretion of share buyback strategies. Implemented a model that calculated the break-even share price for share repurchases.
- Recommended changes for how Hershey managed its accounts payable, starting the process for Hershey to manage working capital more efficiently to generate cash. Between 2006 to 2009, Hershey reduced its working capital by $375 million, enabling it to eliminate its commercial paper balances.
Focus areas: Working Capital Management, Capital Structuring, Interest Rate Risk, Foreign Exchange (FX) Hedging, Short-term Investments, Cash Management
Capital Markets & Derivatives Dealer, Treasury Operations
2004 - 2005
IBM
- Evaluated and recommended term debt financing, including structured products, to meet IBM’s funding requirements based on lowest cost of funds, foreign currency requirements, and tenor considerations. Evaluated and executed interest rate derivatives in an effort to lower IBM’s cost of funds and modify the duration of the debt portfolio. Managed the company’s short-term liquidity by overseeing a $2-3 billion investment portfolio and ran two commercial paper programs with an average outstanding of $1-3 billion.
- Worked with the team in issuing $5.7 billion of fixed and floating rate medium-term notes in USD, CHF, and EUR, with maturities ranging from 2 to 5 years. Led issuance of $1.5 billion with a 2-year floating rate note offering.
- Assisted the team in executing $3.1 billion of fixed-to-floating interest rate swaps. Re-couponed six swaps with a notional value of $2.05 billion, allowing the company to realize $87 million in operating cash flow.
- Evaluated funding alternatives in the Japanese yen. Recommended and led the execution of a ¥10 billion long-dated USD-JPY cross currency swap, with forecast interest expense savings of about $18 million.
Focus areas: Short-term Investments, Commercial Finance, Interest Rate Swaps, Interest Rate Risk, Public Companies, Bonds
Foreign Exchange Dealer, Treasury Operations
2001 - 2003
IBM
- Managed IBM’s $2.5 billion Hedge of Cost program for Personal Systems Group. Worked with Japan and Europe finance teams to develop a strategy for hedging quarterly exposures through the use of average rate options and synthetic forwards. Executed hedge trades with banks. Tracked and reported results to senior management.
- Managed IBM’s $200 million Net Exposed Asset Hedging program. Collected local currency exposures for US dollar functional entities throughout the world from regional treasury teams. Analyzed exposures and reported monthly results to the Assistant Treasurer. Executed trades per guidelines.
- Assisted a senior trader in developing strategies to hedge exposure in IBM’s $9.5 billion Hedge of Earnings program. Executed average rate options and synthetic forwards to hedge exposures. Analyzed structures proposed by banks to hedge exposures, taking into consideration FAS 133 requirements and appropriateness within IBM policies.
Focus areas: FAS 133, Foreign Exchange (FX) Hedging
Senior Financial Analyst
1999 - 2001
Bristol-Myers Squibb Company
- Invested the company's excess cash in short-term money market instruments (average investment portfolio $2.3 billion).
- Managed the company's foreign exchange activities: executed options and forwards to hedge exposure ($5.4 billion annual volume); tracked and reported exposures and coverage to the divisions and senior executives; worked with divisional contacts to ensure proper exposures were hedged and provided divisions with up-to-date foreign exchange information to assist hedging decisions.
- Worked with a cash management group and investment bank to determine cash needs and the best way to execute commercial paper trades to fund short-term cash requirements.
- Analyzed proposals from banks concerning the company's investments, FX hedging program, share repurchase strategies, and funding options. Recommended solutions to senior executives from the analysis.
Focus areas: Foreign Exchange (FX) Hedging, Money Market, Short-term Investments
Financial Associate
1998 - 1999
Bristol-Myers Squibb Company
- Served as a member of the company’s MBA financial associate rotational program. Completed four rotations across the organization—US Medicines Group, Domestic Treasury, ConvaTec, and Pricing and Sourcing—described below.
- Analyzed third-quarter gross margin results for US Medicines Group. Forecasted product sales using prescription trends. Developed a model to simulate variability in a key product's projected sales.
- Invested Domestic Treasury's excess cash (average investment portfolio of $1.9 billion). Maintained a database to track share repurchases.
- Spearheaded the financial analysis of a key productivity initiative to enhance ConvaTec's margins, improve capacity, and reduce inventories. Developed post-launch financial assessments for new products. Prepared discounted cash flow valuations for two strategic product launches.
- Significantly updated Pricing and Sourcing's intracompany pricing procedures.
Focus areas: Contribution Margin Analysis, Treasury, Financial Planning & Analysis (FP&A)
Relationship Manager
1993 - 1996
The Chase Manhattan Bank
- Managed 21 middle market corporate client relationships (sales over $10 million), consisting of $42 million in loan commitments and $3 million in account balances.
- Evaluated companies' risk profiles and formulated exposure and marketing strategies based upon these profiles, the bank's parameters, and market conditions.
- Structured senior debt financing solutions, trade finance alternatives, and cash management systems to solve companies' cash needs.
Focus areas: Commercial Banking
Associate
1992 - 1993
The Chase Manhattan Bank
- Successfully completed Chase's ten-month corporate credit training program that consisted of MBA courses and projects which applied credit analysis to Fortune 500 companies.
- Developed analytical skills to evaluate the company's risk profile based upon its operations, industry trends, management style, historical financial performance, and sensitized projections.
- Worked with a team to formulate solutions to customers' financial situations. Developed written and oral presentations outlining history, analysis, and recommendations.
Focus areas: Financial Statements, Credit Analysis
Education
1997 - 1998
Master of Business Administration (MBA) in Finance
Columbia Business School - New York, NY
1988 - 1992
Bachelor's Degree in Government
Hamilton College - Clinton, NY
Skills
Finance
Capital Structure Optimization, Share Buybacks, Dividend Policy, Cash Management, Interest Rate Risk, Working Capital Management, Cash Flow Forecasting, Corporate Treasury, Mergers & Acquisitions (M&A), Financial Planning & Analysis (FP&A), Capital Structuring, Short-term Investments, Forecasting, Project Finance, Foreign Exchange (FX) Hedging, Interest Rate Swaps, Commercial Finance, FAS 133, Money Market, Contribution Margin Analysis, Credit Analysis
Output Software
Microsoft Excel, Microsoft Word, Microsoft PowerPoint, Apple Numbers, Apple Pages, Apple Keynote
Data & Analysis Software
Bloomberg
Industry Expertise
Consumer Products, Debt Capital Markets, Pharmaceuticals, Technology, Pensions, Public Companies
Geographic Expertise
United States
Other
Enterprise Risk Management (ERM), Credit Ratings, Banking Relationships, Project Leadership, Competitor Analysis & Profiling, Debt Financing, Treasury & Liquidity Management, Foreign Exchange, Board Presentations, Executive Presentations, Treasury Management, SAP, Microsoft 365, Strategy Planning, Board of Directors, Integration, Financial Forecasting, Project Management, Communication, Bonds, Treasury, Commercial Banking, Financial Statements, Risk Management
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