Maureen Burke was hired as ACTH’s CFO in March of last year to professionalize finance and accounting operations including corporate-subsidiaries financial planning, analysis, and reporting. But, just as she started, the company had technically defaulted on the terms of its credit facilities because of the unexpected loss of a key customer, adding urgent new priorities. During the first year of her tenure, Burke achieved a number of accomplishments in this unexpectedly challenging environment. For example, she resolved the default conditions by working with a lender consortium that refinanced $155 million in corporate borrowings at lower borrowing rates – all in 60 days. She also secured ACTH participation in the CoreTrust buying consortium, resulting in significant future cost-savings for corporate activities such as travel planning, shipping, and IT acquisitions. She carved out two business units and created their standalone financial statements, and even began ACTH’s first comprehensive, corporate level cost savings initiative to consolidate and leverage buying power across business units, resulting in savings in excess of $3 million.
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