Patrick J. McDonnell
Particularly experienced in troubled situations requiring decisive change.
Well qualified by experience
and interest to serve on Corporate Boards and Audit Committees.
Experience And Capabilities
Key skill is strategic and tactical business
problem solving, including organizing and directing processes to achieve results. Available to utilize broad financial, operational, bankruptcy, turnaround, strategic planning; and merger and acquisition experience to assist companies in transition to assess circumstances, evaluate alternatives and opportunities, formulate responsive plans and execute in a meaningful manner. Experienced in the management of public and private professional services firms. Also experienced in manufacturing,
distribution and financial services. Experienced with distressed companies. Consistent record of success.
$15 million manufacturer of medical devices. Currently directing a financial recovery plan. In less than ninety-days, the company has
established positive cash flow through cost cutting and margin improvement, reduced AIR and inventories, brought NP current and negotiated waivers with the bank. Now in the process of reviewing all internal processes to enhance efficiency and improve gross margin. Strategic alternatives now being evaluated.
Advisor to a company providing technology based management services to the franchise industry. Services have included strategy development, identifying product offerings, and
partnering opportunities. Now assisting in implementing the vision.
$450 million manufacturer and distributor of industrial safety products. Successfully completed a six-month assignment as acting COO. Restored troubled company to profitability by substantially reducing operating cost, reducing and realigning corporate wide human resources, improving margin by enhanced pricing and inventory control, and reorganizing and refocusing sales effort. Also established appropriate
financial and operational controls to support substantially higher profitable sales volume.
$60 million distressed publisher and distributor of books. Developed a plan to reduce inventories, improve sales and operational cash flow and position company for a strategic transaction.
$25 million manufacturer and distributor of medical supplies. Evaluated alternative proposals for implementing a new system of financial and operational control.
September 1999 to June 2000
Retained to create a professional services firm of accounting, audit and consulting
firms to provide outsourced services to the middle and larger corporate market. Evaluated a broad spectrum of privately held professional services firms ranging in size from $5 million to $25 million in revenue. Concluded the project was not viable and terminated it.
Successfully completed consulting projects for Jordan Industries, Inc. companies.
September 1998 to September 1999
Responsible for all operations for LAI, one of the top five executive recruiting firms in the U.S. and the only one publicly
registered at the time. Revenues were $90 million.
Member of the Board of Directors.
Enhanced operating controls, reduced cost and terminated and unwound an unsuccessful international initiative that was losing $1.5 million per month. Facilitated the sale of LAI to TMP Worldwide, Inc. and effected an integration with TMP.
The sale was closed in August 1999.
June 1970 to September 1998 Coopers & Lybrand
1993 to 1998 Vice Chairman, Business Assurance
Senior member of firm management responsible for the
largest line of business with 1998 revenues of $1.25 billion. Over the period from 1993 to 1998, this practice was consistently among the largest and fastest growing in the Big Six.
Beginning in 1993, oversaw the transformation of the business with the introduction of technology to better manage and serve clients and developed value adding new services that aggregated $300 million in 1998. Enhanced audit processes resulted in
substantial savings in personnel and operating costs. Effected substantial cultural change.
From 1996 to 1998, also Chairman, International Accounting and Audit Board, a group comprising the leaders of member firm audit practices, responsible for replicating the aforementioned assurance processes and products throughout the global Coopers & Lybrand firm.
In the merged PricewaterhouseCoopers firm,
was the Director of Global Assurance Services, one of five senior partners responsible for the $6 billion global merged practice.
1992 to 1993 Vice Chairman, Client Service and Relationship Management
enhancing the service to, and profitability from, client relationships. Introduced programs to monitor client satisfaction and to increase client penetration with value adding services. Also developed and introduced industry based client targeting and relationship management programs firm wide. Financially and culturally very successful.
1991 to 1992 Vice Chairman, Midwest Region
1990 to 1991 Managing Partner, Chicago Office
1985 to 1990 Managing Partner, Hartford Office
1970 to 1985 Practice Professional, Detroit
Served clients from entrepreneurial to Fortune 500 in manufacturing, health care
and financial services. Developed excellent client service, decision-making and technical skills. Admitted to the Partnership in 1979.
University of Notre Dame BBA, 1965
University of Michigan MBA, 1970
Commissioned Officer, U.S. Marine Corps, 1965 to 1968
Principal in the Dorado Fund, a VC funding the initial operations of health care related technology companies.
Member of the Board of Directors, and the Audit Committee of SS&C
Technologies, Inc., a $70 million SEC Registrant provider of accounting software and
services to the financial industry.
Former member of the Board of Directors of LA! Worldwide, Inc., a SEC Registrant Executive Search and Consulting firm.
Author of Everybody Wants To Go To Heaven — Six Steps To Organizational
Excellence. Publication in Summer 2002.
Member American Institute of Certified Public Accountants.