Stephen C. Hendrix, CPA, CFA
2403 Woodview Way
Malvern, PA 19355
610-647-5353
stevehendrix@yahoo.com
EXECUTIVE SUMMARY
Consultant, Vice President & Treasurer, and Operating Unit CFO. Strong leadership in corporate
finance and investment management at AstraMerck, Armstrong World Industries, SmithKline
Beecham, and DuPont. MBA, MA, CPA, CFA.
PROFESSIONAL EXPERIENCE
Independent Consultant, Malvern, PA
1997-present
Consultant to AstraMerck, Wayne PA (1997-1999), a $4 billion sales pharmaceutical now part of AstraZeneca,
and Life Sensors, Malvern, PA, an early stage biotechnology company involved in genomics.
Consultant
Performed corporate finance and pension investment management projects:
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Developed business plan to attract venture capital financing.
Negotiated key process royalty agreement with product manufacturer.
Improved balance sheet forecasting accuracy 100% through correlation analysis.
Freed up $50 million cash using linear programming to optimize payments.
Created 401(k) investment guidelines and added investment options.
Augmented pension manager performance using style, benchmark, and attribution analysis.
Armstrong World Industries, Lancaster, PA
1992-1996
A $3 billion sales building products company that won the 1995 Malcolm Baldrige Quality Award.
Treasurer
Directed treasury, investor relations, pension investment management ($1.8 billion fund), credit,
receivables and administrative services, with staff of 100:
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Promoted EVA goals to create $1.2 billon stockholder gain, twice the S&P 500.
Prepared company’s first shelf registration for $500 million.
Arranged $300 million five-year revolver with 12 banks.
Obtained $30 million of State government financing to save $5 million.
Gave Board presentations on capital structure, banks, derivatives, stock buyback and cash.
Identified new buy-side analysts to increase purchase of company stock.
Prepared financial presentations and met with rating agencies.
Developed comprehensive plan for optimal capital structure.
Enhanced business focus by moving credit and receivables to the business units.
Partnered with business unit to propose reduction of manufacturing costs by $50 million.
Negotiated with SEC for innovative 10-K format for derivatives reporting.
Created global cash management pools, including Spain and Italy.
SmithKline Beecham Corporation, Philadelphia, PA
A $7 billion sales pharmaceutical now part of GlaxoSmithKline.
Vice President & Treasurer 1989-1991
1978-1991
2
Vice President & Assistant Treasurer, International 1982-1989
Assistant Treasurer, Domestic 1979-1982
Corporate Treasury Manager 1978-1979
Directed treasury, London corporate office, five finance companies, a leasing company, and pension
investment management. Member of acquisition evaluation committee:
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Participated in IPO road show and creation of S-1 for Beckman Instruments.
Launched one of the three original UK Sterling commercial paper programs.
Obtained $1 billion financing in 50 countries from public and private sources.
Developed new capital structure, share repurchase and restructuring of debt.
Valued and financed $1.5 billion of acquisitions.
Developed pro-forma financial statements for spin-off of Allergan Inc.
Designed real-time computer cash flow management software for 100 entities.
Created 13 innovative foreign cash management pools to offset debt with cash.
Achieved 1st quartile foreign exchange results using options and forwards.
Achieved 1st quartile portfolio pension performance through quality manager selection.
Designed innovative cross-currency netting software, later adopted by Citibank.
Developed low cost plan to repatriate $500 million of foreign earnings.
E.I. Du Pont De Nemours & Company, Wilmington, DE
Bank Relationship Manager
1973-1978
Anchor Hocking Corporation, Lancaster, OH
International Controller / Manager, Finance & Planning (Unit CFO)
1970-1973
Litton Advanced Systems, College Park, MD.
Manager, Marketing Administration
1968-1970
Agency for International Development, Washington, D.C.
Junior Officer
1967-1968
EDUCATION
Chartered Financial Analyst, 1995.
Certified Public Accountant, 1992.
Master of Business Administration, Finance, Ohio State University, 1972.
United States Foreign Service Institute, 1967-68.
Master of Arts, International Affairs, American University School of International Service, 1966.
Bachelor of Arts, International Relations, Texas Christian University, 1964.
OTHER
Achievements recognized in the McGraw Hill Business Book Club selection “The Floating
Battlefield”, the Economist's Treasury and Finance, and the publications Treasurer, Corporate
Financing Week, Risk, and Pension & Investments.
Board of Directors, National Association of Corporate Treasurers, 1994-1999.
Business travel to 30 countries.