Download richard r - National Association of Corporate Treasurers

RICHARD R. THEVENET
2 Cowles Avenue; Rye, New York 10580
cell: 914-629-5487
[email protected]
SUMMARY
Accomplished Treasury and Finance professional, working in Fortune 100 and Fortune 200 firms. Deep
knowledge of Capital Markets, Foreign Exchange, Derivatives, Risk Management, Tax Structures,
Investments, Rating Agencies and Pensions. Broad Treasury and Finance experience; innovative problem
solver; good team builder and leader; apply finance tools to drive business results. Derive/implement new
strategies to reduce costs/achieve objectives. Hire/develop/retain world class finance talent.




Corporate restructurings, Spin offs and IPOs
Domestic and international tax restructurings
Capital raising (over $30Bn debt and equity)
9 years top quartile pension management returns




Won two National Treasury Excellence Awards
Domestic, international cash management systems
Managed rating agency and bank relationships
Derivatives, interest rate, energy risk control
EXPERIENCE
TIME WARNER, New York, New York
2008 -2010
VP and Assistant Treasurer Corporate Finance
Managed: Bank and Rating Agency relationships; Responsible for Corporate Finance and Capital
Structure Recommendations and Capital Structuring for the AOL spinoff.
 Analyzed Time Warner and peers to recommend/execute new capital structure and new target leverage
after the Cable spin-off, restart stock buybacks and increase dividend.
 Paid down $6Bn of debt with Cable spinoff proceeds.
 Issued $2Bn of debt at lowest rates in Time Warner history, tendered/called bonds to use proceeds.
 Structured and executed $250MM revolver for AOL spin-off, with no ratings and no bank meetings.
 Negotiated with rating agencies on new rating post AOL and Cable spin-offs.
MBIA, Inc., Armonk, NY
2006 - 2008
SVP Treasurer and Managing Director
Managed: Bank and Rating Agency relationship management; Four Rating Agency and internal Capital
models; Corporate Planning function and annual plan; Pricing Strategy and Performance Metrics;
Capital structure and management; Stock buybacks; Reinsurance; Cash Management.
 Raised $2.6Bn of capital in late 2007/early 2008 in extremely stressed markets to preserve AAA rating.
 Changed risk management strategies, resulting in $13MM in savings in first year.
 Redesigned Pricing models to improve alignment of risk and economics, resulting in higher returns,
lower risk and lower capital usage.
 Initiated strategic project to create capital markets alternatives to traditional risk management tools,
resulting in first execution of First Loss risk transfer, reducing risk by $47MM.
 First ever inclusion of Capital Plan and quarterly update in planning cycles, aligning revenue generation
with capital usage, allowing management to plan capital allocation and stock buybacks.
PITNEY BOWES, Stamford, CT
2002 – 2006
Deputy Treasurer, Cash Management, Capital Markets and International Treasury (2004-2006)
Deputy Treasurer, Capital Markets and International Treasury (2003-2004)
Deputy Treasurer, International Treasury (2002-2003)
Managed all aspects of Capital Markets, International and Domestic Treasury, including first MTN
program, funding strategy, bank and rating agency relationship management, FX trading and hedging.
 Changed FX hedging strategy, improved effectiveness and reduced costs by $4+MM/year.
 Designed plan and resolved issues making Treasury first group to become fully SOX compliant.
 Created new strategy for Dublin Docks Treasury, moved from $2+MM annual loss to $3+MM annual
after tax profit.
 Integrated over 20 acquisitions in central cash management system in 3 years, reducing expenses,
improving controls and reducing cash balances.
Richard Thevenet
Page 2
 Reduced Treasury staffing by 50% while upgrading caliber of staff, and reducing total staffing costs.
 Implemented new cash managements processes, reducing international cash balances by $30MM, made
international cash management system SOX compliant.
MASTERCARD INTERNATIONAL, Purchase, NY
2001 – 2002
Senior Vice President and Treasurer
Managed insurance, pensions, interbank settlement of $1+ trillion annually in credit and debit card
volumes, strategy and planning of process improvements, Initiate/executed of currency hedging strategy.
 Changed domestic and international cash management strategy and systems, reduced float by $10MM
and reduced expenses by more than $500,000 annually.
 Created new Foreign Exchange settlements strategy, producing $25+MM in annual profits.
 Implemented new interbank settlement strategy, implemented charges for “fails”, eliminating same day
revolver borrowings, improving liquidity, resulting in $10+MM per year in new revenue and profit.
PEPSICO, INC., Purchase, NY
1993-2001
Assistant Treasurer, Capital Markets (1996 – 2001)
Director, Capital Markets (1994 – 1996)
Manager, Capital Markets (1993 – 1994)
Managed funding strategies, debt issuance, swap origination, structuring/financing Tricon spin off and
Pepsi Bottling Group IPO. Led due diligence and Treasury integration of Quaker and Tropicana.
 During spin-off of Tricon restaurants ($9+Bn):
­ Changed franchise strategy from buy/hold/operate to sell/franchise, freeing up over $3Bn of capital.
­ New refranchising strategy to increase debt capacity to $4.5Bn.
­ Executed strategy changing $3Bn IPO to $9Bn spin off, increasing value to shareholders by $6Bn.
­ Set-up special purpose funding vehicle to lend to franchisees and accelerate deleveraging of Tricon.
Result: accelerated re-franchising by 75%; grew sales multiples 30%, increased dividend by $2Bn.
­ Staffed and trained Tricon treasury, set up banking systems and core Bank relationships.
 During PepsiCo IPO of its major bottler “PBG”:
­ Derived strategy for capitalizing PBG, set the size and price of equity offering along with internal
leverage. Fully priced stock offering resulted in “IPO” bounce (cost) of less than $100MM.
­ Increased leverage and dividend by $1Bn from banker recommendations, maintained BBB rating.
­ Created innovative “Capital Markets Bridge Note” instrument to fund tax related restructurings.
Saved $40MM in banker fees; won “National Treasury Excellence” Award for spin off execution,
“Highly Commended Deal” award from IFR magazine and Chairman’s award and special bonus.
­ Staffed and trained PBG treasury, set up banking systems and core Bank relationships.
 Changed staffing strategy, resulting in 80+% turnover reduction, creating “world class Treasury”, won
2 National Treasury Awards, 7 hires went on to become CFOs or Treasurers of large public companies.
 Initiated first derivatives risk control methodology in corporate America, won National Treasury
Excellence Award. Allowed expansion of swap driven funding, saving $4-6MM interest expense.
PRIOR WORK EXPERIENCE
INTERNATIONAL PAPER, Purchase, NY
1991 - 1993
Manager, International Treasury
BANKERS TRUST COMPANY, New York, NY
1989 - 1991
V.P. and Department Controller, Treasury Department
STERN, STEWART & CO., New York, NY
1987 - 1989
Vice President, Corporate Finance Consulting
MOBIL CORPORATION, New York, NY
1982 - 1987
Senior Manager Internal Consulting , Manager Operations, Senior Analyst Planning & Operations
EDUCATION
UNIVERSITY OF CHICAGO MBA: Specialization in Finance, Graduate School of Business, 1982.
LEHIGH UNIVERSITY PhD program: in Chemical Engineering, 1978 to 1980. All but dissertation.
LEHIGH UNIVERSITY: B.S., Chemical Engineering, College of Engineering, 1977.