The posting
Client: Hayward Tyler
Position: Finance Director
Website: www.haywardtyler.com
Location: Colchester, VT (Hayward Tyler) or Rochester Hills, MI (subsidiary Energy Steel)
Salary: $185,000 – $250,000/year, depending on experience
Position Type: Full-time, Exempt
About Hayward Tyler
Hayward Tyler designs, manufactures, and services performance-critical electric motors and pumps for the global energy and chemical industries, as both an OEM supplier and trusted partner. At Hayward Tyler, you’ll be both challenged and supported, working on exciting projects and growing your skills alongside industry experts. We pride ourselves on creating a welcoming environment where the brightest minds use the latest analysis tools to tackle tough challenges. Join us to be part of a company experiencing substantial growth that has a global reputation for innovation, quality, and reliability.
The Role
Hayward Tyler is looking for an experienced Finance Director to lead the North American operations of Hayward Tyler (in Colchester, VT) and their subsidiary, Energy Steel (in Rochester Hills, MI). Since the organization is undergoing significant growth, the ideal candidate will have experience guiding an organization to reach the next level and beyond. The next Finance Director will be someone who is focused on people, processes, pace, and performance and who knows how to be a professional and strategic business partner.
The Finance Director is directly responsible for (1) developing and implementing financial vision, strategy, goals and practices, (2) leading all aspects of financial systems, (3) overseeing and adjusting financial policies, processes, KPIs and KRIs, and administration functions, and (4) as business partner to the President, overseeing and leading the organization to deliver the strategic intent while promoting a favorable business culture across all North American locations.
The Finance function supports business needs by: generating timely and accurate information to provide meaningful insight and advice to all business functions to ensure sound business judgement; championing continuous improvement; and helping employees and management work with and around risk. The Finance function includes, but are not limited to, financial control, reporting / performance management, forecasting / budgeting / targeting, development / new business, cost management, and profit and liquidity maximization.
Key Responsibilities
1. Financial Control
- Continually review, randomly audit and identify any weaknesses in the existing processes and financial controls in the business to ensure excellent corporate governance.
- Ensure Hayward Tyler financial policies and procedures are fully employed and adhered to.
- Work with the Finance team and external audit team(s) to implement / action raised issues (ex. payroll / purchase ledger / sales ledger / capital expenditure).
- Maintain monthly audit ready balance sheets, undertaking rigorous analysis and appraisal to identify any specific performance weaknesses. Take action to implement process improvement, effectively manage working capital and cash, and better leverage resources.
- Ensure compliance with all statutory and legislative instructions.
- Establish and enforce procedures and workflows as required by the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS).
- Manage the monthly movement in cash flow through the finance team and manage banking relationships.
- Provide processes to enable the external auditors to have confidence in the financial reporting through provision of timely detailed reconciliations covering Balance sheet provisions, accruals and overall movements. Comparisons to be made against forecast, budgets and the prior year.
- Manage risk through continuous review and evaluation against established contractual risk analysis and identify any deviation.
- Coordination of due diligence as part of an acquisition or divestment opportunity.
2. Reporting /performance management
- Ensure the timeliness and relevance of management information provided to external and internal customers to ensure the information fully meets all needs.
- Provide meaningful insights to performance and provide impactful reporting to the members of the Management Team to ensure that profit, cash and capital targets are achieved.
- Provide monthly, quarterly and annual reporting on a timely basis as required by the HTI President and Parent Group.
- Provide periodic reporting on a timely basis as required by active contracts.
- Ensure regular and ad hoc Parent Group needs, requests and support are given is a full and timely manner.
- Continually challenge and identify areas of opportunity or risk through detailed performance review at business unit level.
- Maintain and operate a business unit dashboard to focus management attention on key operational performance deviations or trends.
- Maintain copies of the negotiated contracts and ensure processes are in place to ensure full compliance of terms.
- Ensure that any deviation on contractual terms is approved by the HTI President.
- Ensure that any deviation from the Business Plan is approved by the HTI President.
3. Forecasting/ Budgeting /Targeting
- Manage the production, consolidation of the reviews, forecast and budgets.
- Challenge, with the HTI President, budget/forecast submissions and identify actions to improve profitability and /or develop workshops with the business units from account level upwards.
- Summarize and provide support to Parent Group.
- Develop, motivate and appraise the finance team.
- Identify individuals for development and opportunities to work across the other business units to develop careers.
4. Development / new business
- Support the development of commercial arrangements cost proposals and contractual arrangements on new projects working with the Business Development and Contracts teams.
- Work directly with customers to develop and sell commercial propositions.
- Ensure deals are robust through well negotiated contractual arrangement and meet both Parent Group commercial criteria and GAAP.
- Write or support the development of project papers for business proposals. Run financial models and prepare for ultimate sign off by the HTI President, and then upwards to the Parent Group.
- Lead the financial interpretation and development of the business unit strategic plan / IBP and ensure it is consistent with the parent plan.
- Work with the team to develop and evaluate business unit targets for customers and products and ensure alignment with other business units.
5. Cost Management
- Seek areas to recover overhead costs in the business (ex. Insurance, IT etc.), and to ensure that strong processes exist for reporting and recharging realistic recovery while accelerating growth.
- Champion cost reduction and profit maximization initiatives.
6. Profit & Liquidity Maximization
- Develop and maintain cost models in the BU to ensure that profitability and cash are maximized.
- Manage and audit on an ongoing basis customer profitability.
- Manage an effective treasury department including cash, forward exchange contracts, bonding and asset-based lending.
Skills & Qualifications
- Bachelor’s degree in Finance, Business or Accounting or equivalent job experience.
- 10 years’ minimum work experience in Finance for a manufacturing organization.
- Deep and current knowledge of GAAP and IFRS.
- Extensive familiarity with long term Government contracts and associated compliance requirements.
- Previous experience in commercial finance or senior analytical roles Extensive cross functional continuous improvement experience.
- Ensures best practice across finance policies, procedures, and processes.
- In office leadership with frequent interaction across finance, operations, HR, and senior management.
- Track record of having developed high performing teams.
- Can demonstrate effective leadership and influencing skills both within the Finance function and at senior leadership level.
- Exceptional interpersonal skills including listening, coaching, and training.
- Excellent written, verbal, and non-verbal communication skills.
- Able to build strong relationships with employees, management, and parent group.
- Solid business acumen, management reporting, and problem solving.
- Detail oriented, organized, highly motivated leader of people, and champion of improvements.
- Expected travel is 10-25% yearly.
Benefits:
- Health and dental benefits – the company contributes 85% of the premium for employees and covered dependents.
- Vision insurance
- Generous paid time off
- 11 paid holidays
- 401(K) retirement plan with a company match of up to 5%
- Health Savings Account – the company funds up to $1,500 for individuals and $3,000 for two people or families
- Flexible Spending Accounts for healthcare or dependent care
- Short-term disability insurance
- Long-term disability insurance
- Life insurance
- Travel insurance
- Educational reimbursement up to $10,000 per year
- Employee Assistance Program
- Gym membership
- Annual wellness bonus
- Costco membership
Disclaimer: What is listed above is representative of the position's responsibilities but is not meant to be an exhaustive list. Responsibilities may change during employment at the company's discretion. BST Gallagher Flynn LLP and our client do not discriminate in employment based on race, color, religion, sex (including pregnancy and gender identity), national origin, political affiliation, sexual orientation, marital status, disability, genetic information, age, membership in an employee organization, parental status, military service, or other non-merit factors.
BST Gallagher Flynn LLP has been retained to conduct this search. Interested candidates may apply by sending a resume and cover letter. While we appreciate all interest in this exciting opportunity, only candidates most closely aligned with our search will be contacted.
