Phil Livingston

Contact:  908.938.6412 phil@phillivingston.com

 

CEO | CFO | Corporate Director | Audit Committee Chair

 

Seasoned operating professional with broad leadership experience. Proven track record of fixing tough business problems, focusing on bottom-line results and enhancing shareholder value; repeated role as change agent and turnaround executive, streamlining processes to optimize productivity and aligning employees toward key objectives.

 

CEO experience with three companies.  Director of numerous public companies. Past CEO of Financial Executives International, the not-for-profit professional association for financial officers.  CFO experience with four public companies.  Corporate finance experience specialized in public market financings with two initial public offerings (IPO), numerous secondary offerings and investor relations.

 

 

Executive Management Experience

 

February 2019 - present  – Precision Camera and Video – Austin, TX

Chief Executive Officer

 

Precision Camera provides equipment, education, rentals and photofinishing services to the booming and eclectic Austin photography community.  We have 50 employees and provide friendly expert service to our customers - about 500 a day.  We share a deep passion for imagery with our customers and everyday is a mutual love affair between our team and our customers.  It is a special place.  We have a beautiful 20,000 SQ' store in the heart of Austin's main shopping district, north of downtown. Come see us!

 

March 2016 – August 2016 – UASUSA – Longmont, CO

Chief Operating Officer

 

UASUSA was a small company in the unmanned aeronautical vehicle industry.  The company manufactured fixed-wing planes for use in surveying and research projects.  My position was short-term and part-time.  One of the key investors is a long-time colleague and asked that I help the company through a potential sale process.  My involvement concluded in August 2016 when the prospective buyer withdrew.

 

  • Completed secured bridge loan financing
  • Installed key personnel in sales, finance and GIS data capture
  • Led due diligence response process and financial projections for prospective buyer
  • Implemented Pix4D imaging workflow integrating data files from RGB, multi-spectral and IR sensors

 

 

May 2014 – October 2015 – Ambassadors Group Inc – Spokane, WA

Chief Executive Officer and Board Member

 

AGI was a public company (NASD:EPAX) in the student travel industry.  The company operated the People To People Ambassadors brand.   Revenues of $100M and 14,000 travelers attended company programs on all seven continents.  Brought in by activist shareholders to restructure the company, reduce expenses, dispose of non-strategic assets and evaluate strategic direction.

 

  • After completing one full business cycle and evaluating a number of strategic alternatives and exit strategies, recommended that the company be dissolved and liquidated before significant shareholder value was lost.
  • Implemented wind down and distributed excess cash to shareholders, and closed the business in a successful soft landing for employees and vendors.
  • Sold non-strategic assets including a business unit and large headquarters facility.
  • Delayered the organization structure and reduced headcount by 20% within 60 days of joining the company.
  • Integrated digital media tactics to ongoing direct mail campaign and information meetings go-to-market business model.  Implemented streaming video broadcasts and other digital marketing programs to align product marketing with customer preferences.

 

 

April 2009 – October 2013 – LexisNexis Martindale Hubbell – New Providence, NJ

 

2012 – 2013 CEO - Martindale-Hubbell (Lawyers.com)

2009 – 2012 CEO - LexisNexis Marketing and Business Solutions Division

April 2009 – September 2009 – SVP – Practice Management Software Solutions

 

Martindale-Hubbell was the leader in online marketing services for attorneys.  The division had $200M in revenue, 600 employees and provided marketing services to 25,000 law firm clients. Services included lead generation, website design, SEO, social media campaigns coupled with proprietary connections to the authoritative attorney and law firm directory.  The digital properties included Lawyers.com, the leading destination for consumers looking for a lawyer or legal information, and Martindale.com, the leading destination for lawyers seeking lawyers in a specialized practice area or local geography.

 

  • Initially brought in to run the software solutions business leveraging my software experience at Approva and Broadsoft.  Promoted to run a broader piece of LexisNexis after five months.
  • Drove Lawyers.com content and user experience improvements producing over three million unique visitors a month. Fast moving market required constant innovation and reinvention of products for mobile devices.  Launched APIs and mobile apps at early stages of those developments.
  • In 2012 tasked with leading the disposition/sale of Martindale-Hubbell, as marketing services was no longer strategic to the broader company.  Sale successfully closed on October 31, 2013.
  • For most of LexisNexis tenure, led the broader Marketing and Business Solutions division included Martindale-Hubbell and a collection of leading legal software applications.  Total revenue under my management was $280M.  Applications included SaaS and enterprise offerings.  Specific products included InterAction (CRM), PCLaw, TimeMatters, Juris, Redwood Analytics and atVantage.

 

 

2007 – 2009 – Touchtunes Music Corporation – New York, NY

Chief Financial Officer

 

TouchTunes has 36,000 digital jukeboxes in bars and restaurants in North America.  The company designs, manufactures and distributes jukeboxes through a direct sales force and distributor network.  The company was privately held and had $70M in revenue and approximately 150 employees.

 

  • Initially recruited to join the company’s board of directors, but the company was in severe financial distress and needed a CFO.  Within 60 days of joining the company, completed a $50M debt refinancing with Goldman Sachs.
  • The company became profitable during my tenure. Implemented significant cost reduction programs and strong inventory controls.

 

 

March 2006 - September 2006 – Duff & Phelps, LLC – New York, NY

Chief Financial Officer

 

Duff and Phelps is a professional services firm that provides valuation, investment banking and consulting to corporate clients.

 

  • Introduced by Vestar Capital as the business had recently been divested by McGraw Hill.
  • Managed all finance and accounting operations. Principle challenge and accomplishment was post-acquisition integration of financial operations of $140 million consulting business.
  • Completed difficult first-time, external audit and creation of financial statements for the new entity.

 

 

2003 – 2005 – World Wrestling Entertainment – Stamford, CT

Chief Financial Officer and Member of the Board of Directors

 

WWE is an integrated media and entertainment company producing the top-rated television shows Raw and SmackDown!  WWE is listed on the NYSE, employed 400 people and had revenue of $375M.  The business is 70% owned by the McMahon family.

 

  • Dramatically improved profitability by reducing overhead costs and implementing systematic budget and business review processes.  In one year, operating income reached $80M compared to $27M in the year prior to my arrival.  Generated analyst research coverage from four new firms.  There was no analyst coverage prior to my arrival. Completed $81M secondary stock offering on behalf of selling family members.  UBS acted as lead underwriter.  Initiated and completed the implementation of full ERP system – JD Edwards.
  • Responsibilities included finance, investor relations, planning, information technology and facilities.

 

 

1999 - 2003 – Financial Executives International – Morristown, NJ

President and Chief Executive Officer

 

FEI is the preeminent membership association for chief financial officers, controllers and treasurers.  FEI is a not-for-profit with revenue of approximately $10M and 50 employees.

  • Installed as CEO to revitalize and turn around the 70-year-old institution as a contemporary and technology–driven organization.  Greatly increased advocacy efforts on behalf of finance profession.
  • Significant participation in formulation and passage of the Sarbanes Oxley Act of 2002 culminating in White House signing ceremony.
  • Personally led web-based product development through high-energy management style, technological know-how and creativity.
  • Implemented many new communication and web-based initiatives that received dramatic, positive member/customer reaction. Led a staff of 50, board of 25 and $10 million operation.

 

 

1995 - 1998 – Catalina Marketing Corporation - St. Petersburg, FL

Senior Vice President and Chief Financial Officer

 

Catalina Marketing is an in-store marketing services company.  Its network of computers and printers in installed in over 40,00 retail grocery and drug stores. The company was public and had revenue of $350M.  It is now privately owned by Berkshire Partners.

 

  • Member of executive management group with full responsibility for finance, information technology, investor relations and human resources.  Managed overall staff of approximately 120.
  • Operational responsibilities for 80-person technology department that developed, maintained and implemented the company’s core in-store promotions.  P&L and operational responsibility for the company’s internet business, Supermarkets OnLine.
  • Significant accomplishments included upgrading finance, information technology and human resources staff, reducing the capitalization of the company by 8% through $50 million share repurchase.
  • Recipient of 1996 President’s Club Award.
  • The company experienced substantial revenue, earnings and cash flow growth through a unique combination of packaged goods marketing competency and software engineering.

 

 

1993 - 1995 – Celestial Seasonings, Inc. - Boulder, CO

Vice President and Chief Financial Officer

 

Celestial Seasonings is the leading specialty team manufacturer in the US. It remains a famous story of entrepreneurial achievement.  The company had $90M in revenue.  Today the brand is part of Hain-Celestial.

 

  • Awarded 1994 Chairman’s Golden Tea Cup Award as the outstanding executive of the year.
  • Successfully completed $42M initial public offering four months after joining the company.  Simultaneously closed $38M credit facility, bringing total refinancing to $80M.  Subsequently completed secondary offering on behalf of private equity sponsor Vestar Capital, completing their exit and participation in the investment.

 

 

1989 - 1993 – Kenetech Corporation - San Francisco, CA

Vice President and Chief Financial Officer

 

Kenetech was an independent power company and owned U.S. Wind Power, an early pioneer in wind power. The company owned and operated thousands of wind turbines in California.  Today its windplant operations and products are owned by GE.

υ Responsible for all finance and administration of this $250M, 500 employee, alternative energy company. Completed initial public offering consisting of $100M public senior note offering (rated B/B3).  Direct management responsibility for energy plant operations for 250 megawatt wind power facility staffed by 150 employees.  Closed $21M private placement of convertible preferred stock.  Coordinated $10M "Dutch auction" stock repurchase from shareholders and $25M limited partnership buy-back.  Recipient of 1990 CEO’s Award for Outstanding Planning.

 

 

1985 - 1989 – Genentech, Inc. - South San Francisco, CA

Manager of General Audit; Manager of Capital Planning; Financial Reporting Coordinator

 

Genentech is the well-known biotechnology industry pioneer.

  • Joined the company just prior to the approval and launch of the company’s first commercial recombinant DNA pharmaceutical product.  Personally conceived and designed early buyout of R&D partnerships.  Transactions represented $450M acquisition. Represented accounting function in $150M convertible debt public offering.

 

 

1982 - 1985 – Arthur Young & Company - San Francisco, CA

Senior Audit Accountant

 

 

1980 - 1981 – Oakland Raiders - Oakland, CA

  • Offensive tackle. Made the roster as a first year, free agent of the 1981 World Champion Raiders. No real playing time unfortunately.  Specialized in the practice squad and bench action behind Art Shell and Henry Lawrence.  Unmatched experience as participant on a team that achieved its ultimate goal.

 

 

Education and Certifications

 

  • Master of Business Administration, University of California, Berkeley
  • Bachelor of Arts and Bachelor of Science, University of Maryland, College Park
  • Certified Public Accountant 1983 - 2007
  • Member, AICPA
  • Past member, National Association of Corporate Directors NACD

 

Achievements

 

  • Past member, The Economic Club of New York.
  • Past member of advisory councils to the Financial Accounting Standards Board and the International Accounting Standards Board
  • Past Director, CPA Exam Board of Examiners
  • Named Outstanding Alumnus of ODK, National Leadership Society.

 

 

 

 

Board Directorship Experience

 

2016 – 2020– The Tile Shop - Director and Audit Committee Member

  • The Tile Shop is a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories. The Company offers a wide selection of high quality products, exclusive designs, knowledgeable staff and exceptional customer service, in an extensive showroom environment with up to 50 full-room tiled displays. The Tile Shop currently operates 117 stores in 31 states, with an average size of 21,600 square feet and sells products online at www.tileshop.com

 

2014 – Present – Rand Worldwide

  • Rand is a leading value added reseller of computer aided design (CAD) software.  The company specializes in the support and training of AutoDesk applications.  Kamin Limited Partners introduced me to the company.

 

2014 – Present – Ambassadors Group Inc.

  • AGI was a public company in the student travel industry.  The company operated the People To People Ambassadors brand of high school and adult educational trips abroad.  The company has discontinued operations and filed a plan of dissolution having paid out its net assets to shareholders.  The company continues to exist in a shell form until the legal three-year period has passed.  Kamin Limited Partners introduced me to the company.

 

2014 – 2016 – SITO Mobile Director and Compensation committee chair

  • SITO is an emerging public company in the mobile advertising industry.

 

2007 – 2012 – Nexsan Technologies, Inc. – Thousand Oaks, CA – Director and Audit Committee Chairman

  • Nexsan, a private company, is a leading provider of secondary storage devices an archival compliance software. Nexsan was sold to a strategic investor in 2012. RRE Ventures introduced me to Nexsan.

 

2005 – 2010 – Broadsoft Corporation – Gaithersburg, MD  - Director and Audit Committee Chairman

  • Broadsoft went public in 2011 and is the leading provider of voice over the Internet enterprise software.  Columbia Capital introduced me to this opportunity.

 

2007 – 2010 – Seitel, Inc. - Houston, TX – Director and Audit Committee Chairman

  • Seitel is a leader in oil and gas seismic data.  The company was recently taken private by ValueAct Capital in a leveraged buyout with $400 million of high-yield debt and a $300 million equity investment. ValueAct introduced me to the company.

 

2003 – 2009 – Approva Corporation – Reston, VA – Director and Audit Committee Chairman

  • Approva was an enterprise software development company focused on ERP system controls.  The company was private and venture capital-backed by New Enterprise Associates, Columbia Capital, Novak Biddle and Sierra Ventures.  Approva was sold to a strategic investor in 2009.  Active role in 2005 assisting with sales opportunities and strategic initiatives.  Leveraged relationships to introduce the company to their first customers in 2003. NEA introduced me to this opportunity.

 

2003 – 2009 – Cott Corporation – Toronto - Director, Audit Committee Chairman, Governance Committee

  • Cott is the leading manufacturer of retailer-branded carbonated soft drinks. The company has revenue of $1.5B, and is listed on the NYSE.  Korn Ferry introduced me to this opportunity.

 

2007 – 2008 – QLT, Inc. – Vancouver, BC – Director

  • QLT is a publicly traded pharmaceutical company focused on ocular therapeutic drugs and drug delivery.  The company was under significant pressure from activist shareholders. During  my  year  on  the  board,  we  significantly  downsized  the  company  and  hired Goldman Sachs to evaluate strategic alternatives and liquidate many assets. Jana Partners introduced me to the company.

 

2005 – 2006 – MSC Software, Inc. – Santa Ana, CA – Director & Audit Committee Chairman

  • MSC is a $400M provider of virtual product development software.  NASTRAN is used by the aerospace and automotive industries to develop and certify products in a safe and efficient manner.  The company was delinquent in its SEC filings and without an auditor when I joined as audit committee chairman.  We successfully restated previously issued financial statements and regained listing on the NASDAQ.  ValueAct Capital introduced me to the company.

 

2003 – 2005 – Insurance Auto Auction, Inc. – Chicago, IL – Director & Audit Committee Chairman

  • IAAI is a leading automobile salvager on behalf of insurance companies.  In 2005 the board ran a formal auction process and sold the company in a very successful $385M transaction.  Stock tripled during my tenure.  IAAI’s board was number 2 in the Chicago Tribune’s top boards list in 2005.  IAAI was listed on NASDAQ.  ValueAct Capital introduced me to the company.

 

2003 – 2004 – Catalina Marketing Corporation – St. Petersburg, FL – Director

  • Joined the board during a financial reporting restatement crisis.   Successfully retained new auditors and got the company back on track with NYSE and other regulators. Catalina is the leading behavior-based electronic marketing services company. The opportunity to serve a company where I previously served as CFO was a personal highlight and very rewarding.

 

2000 – 2002 – Intrado Corporation – Boulder, CO – Director & Audit Committee Chairman

  • Intrado provided 911 data quality assurance services to the telecom industry.    The company was listed on the NASDAQ.

 

 

Copyright 2017 Philip Livingston

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