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Joseph Weltz, CPA

Home: 215-343-4536

Jamison, PA 18929 Cell: 215-593-0106


Entrepreneurial and hands-on financial and operations executive with years of success delivering mission-critical results as a key member of the executive team in the highly competitive manufacturing, wholesale and retail apparel industry. Proven expertise in guiding the financial direction of the organization through cycles of both turnaround and expansion from a single operation to multiple enterprises. Experienced in managing change through numerous mergers and acquisitions, with particular emphasis on post-acquisition integration, enterprise risk management and business process reengineering strategies in achieving international expansion success and shareholder value. Highlights include:
Business leader valued for transformational global market expansion, breakthrough top- and bottomline improvement, tripling the business to $100M, and consistently exceeding business goals within highly competitive and evolving markets. Extensive experience implementing enterprise risk and change management strategies. Keen ability to evaluate risks and opportunities; monitor and mitigate operational and strategic risk; and analyze riskreturn tradeoffs for large corporate deals. Establishing track record in controlling costs, growing revenues, managing large-scale projects, and aligning goals with organizational vision to drive companies

Recognized for cultivating long-term relationships and strategic alliances with domestic and overseas partners, vendors, and service providers to support financing needs, strategic acquisitions, and other initiatives.

PROFESSIONAL EXPERIENCE Alfred Angelo Inc., Fort Washington, PA

1984-2013 Second Largest Bridal apparel manufacturer and distributor in U.S, with global wholesale and U.S. retail distribution through 70 stores in 25 states; sourcing products from a company-owned, state-of-the-art manufacturing facility in China. Chief Financial Officer, (1997-2013) Progressed through a series of promotions, culminating in CFO role. Oversaw strategic planning, financial forecasting/reporting, and day-to-day operations of organizations finance and human capital functions, managing a peak team of 30 in-house and outsourced staff, including controller, credit department, budget/analyst group, accounts payable/receivable, and HR. Recapitalized the balance sheet, led the startup of ancillary businesses and the restructuring of the supply chain, and managed organizations risk profile. Key Results include: Global Expansion: Transitioned company from a U.S.-based wholesale manufacturer to an international sourcing and multifaceted product distribution company. Restructured supply chain, purchased manufacturing plant in China and established relationships with overseas vendors/suppliers. Improved annual margins by 30%, with products now sold to chains throughout the U.S., Canada, UK, and Australia. Exceeded Growth Targets: Drove 250% increase in annual revenues at tens of millions of dollars in growth, guiding expansion from a wholesale operation to a retail distribution model from three to 70 stores. Led company to the #2 retail bridal chain in the U.S. Financing Leadership: Secured multiple debt financings totaling $35M to fund growth and operating capital needs. Achieved accelerated debt to equity improvement in less than 16 months and changed companys financial position from $20M personally guaranteed debt to $5M cash with no guarantees. Strategic M&A Leadership: Negotiated strategic acquisition of ancillary business purchased for less than 5% of its total valuation, to offset declining core business revenues. Acquisition generated $35M in first-year revenue and quickly became the companys leading profit-producer.

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Turnaround Management: Achieved the rapid turnaround of organization from multimillion-dollar loss to multimillion-dollar profitability within first year as CFO through improved management of assets and expenses. Risk Management: Managed risk profile by employing foreign currency hedges. Monitored insurance programs, leading to a 10% reduction in annual premiums and optimum legal entity set-up. Tax Planning Strategies: Directed tax research with outside counsel, successfully achieving a multimilliondollar refund through use of a since-closed tax loophole. Business Process Improvements: Led enterprise-wide implementation of intelligent business software used throughout the organization. Results include improvements to processes, workflow, and efficiency as well as reporting timeliness, accuracy, and transparency. Human Capital: Creatively managed human capital, increasing employee medical benefits while reducing company costs by 15% annually. Also negotiated mutually satisfactory settlement with union members. Recognition: Offered shareholder status in 2011 by family-run owners in recognition of contributions made to the continuing success of the business

Vice President Finance, 1995-1997 Promoted in 1995 to provide turnaround leadership of troubled operations achieved within one year. Prepared and presented financial analysis, budgets, and cash flow reports to management and third parties; served as lead company representative during union negotiations; and obtained debt financing for company. Key Results Include: Banking Relations: Strengthened senior banking relationship, and stabilized companys performance during difficult period of profitability due to industry changes. Financial Controls: Implemented sound controls and effective systems in supply chain, international accounting, and financial reporting, safeguarding assets and ensuring records transparency and reporting compliance. Tax Strategies: Restructured UK entity to allow for repatriation with no tax consequences, saving 40% annually. Union Negotiations: Negotiated termination of contract with bargaining unit. Reached agreement that allowed company to relocate and operate without union employees.

Controller, / Cost & Managerial Accounting Manager, 1980-1995 Identified areas of cost-control improvement in supply chain that eliminated millions of dollars in variances. Subsequently promoted to controller, with responsibility for the care, custody, and control of assets and the implementation of budget-review processes. Gained experience within the Fortune 500 sector as a Cost Accounting Manager for Richardson Vicks, Inc. (later acquired by P&G) in Ft. Washington, PA.

MBA, Accounting and Finance BS, Accounting, with Highest Honors Drexel University, Philadelphia, PA Certified Public Accountant, Pennsylvania Technology: Proficient user of office, general ledger, and server-based software. Experienced in implementing business intelligence software such as Cognos.

Board Appointment: Member of Alfred Angelo, Inc. Board of Directors, 2007 to 2013