Our client is a manufacturer and supplier of custom engineered die cut, formed foam, nonwoven, and multi-material component solutions to the transportation, healthcare, and composites markets. Through technical innovation, the Company’s Transportation division is focused on providing solutions to continually evolving vehicle issues primarily related to noise, vibration, or harshness along with sealing, airflow, or insulation concerns. Its Healthcare division offers capabilities in radio frequency welding, which enables the company to deliver application solutions to consumable medical products such as sequential compression wraps, temperature regulating devices, and body comfort pads. With extensive capabilities in foam encapsulation, molding/coating, and in-house materials testing, the Healthcare division also provides products and services for medical imaging applications, patient-positioners, and table pads. Through its Composites division, the company is a market leader. The Company is headquartered in Michigan. The 12 facilities across North America feature over one million square feet of production space.
The Board’s vision for the company is to bring the myriad of product technologies, excellence manufacturing processes and best-in class workforce into the 21st century with improved operational excellence, marketplace presence, customer delight and new products that can benefit from the company’s expanding technological core.
The President & CEO of the Corporation will report directly to the Chairman of the company who is also an Operating Principal of the Private Equity firm, as well as to the full Board of Directors.
The President and CEO will oversee all strategic and operational management of the Company and will have full P&L, balance sheet and cash flow responsibilities. The President & CEO will lead the Company during a dynamic time of opportunity, focusing on a more robust growth agenda which capitalizes on the strength of the Company brands, industry wide product placement, and the current market conditions. This will involve gaining alignment and collaboration among a broad base of stakeholders behind the strategic vision.
This common vision is focused on: operational excellence and new business development. This will be achieved by the development and execution of our manufacturing excellence plans and the acute focus on creating market-leading products that are relevant for the three industries served – Transportation, Healthcare and Composites. The President & CEO will be responsible for providing leadership and direction for the identification, design, development, testing, marketing and introduction of all new products and product categories. This will entail managing and coordinating the product management, business development, quality & continuous improvement, and the Technology & Innovation teams to ensure a continuous flow of innovative and synergistic new products. The President & CEO would be responsible for implementing these initiatives with flawless execution and continuing to deliver business results that meet the key operational metrics and targets set forth by the BOD. The Company is essentially is in the business-to-business product sector and as such, the President & CEO will also be charged with execution and monitoring market development initiatives that are underway.
The Company is continuing focus on a cultural change and the Corporation is moving to focus on product divisions and a best-in-class organization. Most of the employees have been at the company for many years and are consider a significant component of our past/preset/future. Further, The President & CEO will be charged with creating a cohesive, forward thinking team that embrace change, adopt best practices, and create and foster a culture where all team members feel a sense of ownership and accountability.
The President & CEO will have six direct reports which will include the Chief Financial Officer, President – Transportation & Composites, President – Healthcare, V.P. – Quality & Continuous Improvement, V.P. - Human Resources, and V.P. – Technology & Innovation. These six positions plus the Chairman represent the Executive Team.
During the first 100 days, the new President & CEO, with the guidance of Chairman Phil Fioravante, will review the existing strategic plan and make recommendations for achieving the Plan while also bringing forth new ideas, strategies, tactics, and metrics. In addition, The Board would also like to review a list of vital initiatives for the next six to nine months as determined by the President and CEO.
general responsibilities include
- Assume complete accountability for the overall business performance and ensure that all agreed-to operational metrics are met, to include revenue performance, EBITDA, cash flow as well as related cost/expense management.
- Work to reinforce the business culture through exceptional leadership and clear articulation of the values and expectations for the business. Create an environment that promotes collaboration amongst the entire team, with a single vision.
- Evaluate the capabilities of the management team and drive appropriate talent development and recruiting initiatives to optimize performance.
- Create a high level of effective and efficient communication among the management team and within the employee base to execute an expansion of the business with precision and speed.
- Quickly examine and drive the opportunities for the addition of new product categories and innovation through internal development and acquisition to accelerate the growth of the business.
- Monitor and measure the growing Healthcare Division growth initiative.
- Support and monitor new product development initiatives that address the changing technologies and demographics of the market and the gaps in the current product portfolio.
- Secure the necessary alignment with the management and investors with the support of the Chairman and the Board of Directors on the enhancement of the business strategy and the appropriate operational plans.
- Work with IOP Investment team members as necessary to integrate best business practices in all functional areas.
- Demonstrate strong leadership through a hands-on business operating style and through visibility, engagement, and continuous communications across the enterprise.
The President & CEO position is based at the company’s headquarters in Michigan. Based on the current business integration initiatives and business demands, there is an expectation of travel 20 - 25% of the time. It is expected that compensation will include, what might be considered normal cash comp (salary plus bonus) for this position in addition to an equity opportunity.
The career opportunity here is to be part of a transition into a modern, system-driven products company that is well-known in the transportation (automotive) industry, growing within Healthcare and stable in the Composites. The opportunity comes with a restricted stock management incentive plan that would allow the position to earn significant compensation upon a successful sale of the business.
· Significant leadership experience in an organization generating at least $250 million of revenue with a demonstrated track record of success as a key executive.
· Strong understanding of manufacturing and operational principles and tenants including supply chain, inventory management, lean manufacturing, and product technologies.
· Skilled at understanding and communicating the need for standard operating procedures, establishing best-in-class practices, and creating data driven KPIs to monitor and continuously improve upon business performance.
· Skilled at developing strategic initiatives to position and enable a growth- oriented direction.
· Significant experience with development and implementation of data-driven initiatives.
· Demonstrated experience with acquisition and merger integration.
· Reasonable knowledge of ERP systems.
· Experience working within a private equity backed company is a plus.
· Experience working for a rapidly growing company and dynamic industry.
education & certification/ license credentials
· Bachelor’s Degree and MBA or MS preferred
leadership & management/ behavioral competencies
· Excites and inspires peak performance from all members of the organization.
· Leads by example - the President & CEO must be a doer (willing to get “hands dirty”) and a leader to be successful in this environment.
· Effectively coaches all team members to achieve agreed-to objective and goals.
· Fosters a culture of operational excellence in all that the company does.
· Lead a culture promoting transparent operational metrics and measured performance by all operational team members and the executive leadership team.
· Amenable to significant visibility with Industrial Opportunity Partners and internally.
· Communicate with and be highly accessible to employees, customers, and the board. Be open and approachable.
· Possesses a mind-set for continuous improvement accompanied by problem sensitivity and critical thinking skills.
· Possesses entrepreneurial mind-set with the courage to propose new directions for the strategic execution.
· Strike the appropriate balance between oversight and direct involvement, with a willingness to be hands-on with all aspects of operations functions as needed.
· Hires, trains, and retains a top-notch team capable of scaling the company as it continues to grow.
· Project a presence and personality that inspires confidence and earns respect from all employees.