JOSEPH SOCOLOF

Expertise in Lean, Six Sigma, MOS, mergers and acquisitions, corporate finance and business development Two years strategic consulting; six years performance and operational improvement experience; and five years corporate finance / private equity experience Master of Business Administration (Duke University); Bachelor of Economics (University of Illinois)

Joe has significant experience of performance improvement work in the transport industry, with 6 years operational management at North American Bus Industries.  Between 1999 and 2001 he had 2 years strategic consulting with McKinsey and Co. in Charlotte, NC, which included M&A, corporate finance & strategy and business development work.  Prior to this, Joe worked at Heartland in NY, as a trader then manager, responsible for financial modeling in various sectors and before that at Citigroup, as a private equity/M&A analyst.  Joe is married and enjoys golf, tennis and entertaining his German Shepherd. He was also a member of the U.S. National Fencing Team from 1989-1993 earning a Pan American Games bronze medal in 1991.

CAREER SNAPSHOT

At North American Bus Industries, Joe was VP of Operations (2003 – 2004), VP of Strategy/Lean Manufacturing (2002 – 2003) and VP of Program Management and Lean Enterprise (2004 – 2006).  He was responsible for supporting the CEO and the Board of Directors strategically and operationally with the turnaround and recapitalization of a $400 million bus manufacturer. His roles grew from managing special initiatives to running the day-to-day operations of a global multi-site facility to owning all global Lean and Supply Chain responsibilities. Most recently, he had full P&L responsibility for the build-to-order and delivery of approximately 800 environmentally-friendly mass transit buses annually.  Highlights included:

• Successfully delivered the best quarter in the Company’s history beating budgeted revenue and cost targets. Repaid $12 million of Company debt that resulted in the recapitalization of the Company with the closing of a new long-term financing deal.
• Supported CEO and Board with strategic issues. Developed strategic planning, budget and management review process for entire organization. Wrote first draft of the 5-year strategic plan which was approved by the board.
• Drove organization change by designing, implementing and managing a Global Program/Project Management structure to improve cross-functional product development and contract execution. Under this structure, delivered first-ever new product under budget and on-time for all pre-production milestones. Currently leading the development of a new Hybrid vehicle for introduction in 2006.
• Managed global team of 25+ in the development and the implementation of a new management operating system (MOS) and associated processes. Effort crossed two continents and has resulted in the identification of approximately $6 million in cost reductions.
• Introduced and executed lean manufacturing principles to eliminate waste in both manufacturing and support functions. Efforts have resulted in a $13 million (50%) reduction in WIP inventory, a 60,000 square foot (20-30%) reduction in space requirements, a 33% reduction in throughput time and a 10% increase in labor productivity. Additionally, capacity has doubled while on-time delivery has improved from less than 50% to 90%. Current plan targets a 35% improvement in productivity and a 5% improvement in margins over the next 12 months.
• Drove initiative to reduce raw material inventory by $3.5 million by aligning purchasing policy with material usage variability.

At McKinsey and Co. from 1999 to 2001, Joe was responsible for solving strategic and operational problems of critical importance to senior management of corporations. He gained significant experience leading change efforts across functions and sectors. Joe was a member of Silver Medalist team in McKinsey’s Practice Olympics (256 teams), work focused on maximizing corporate balance sheets to enhance shareholder value. He participated on twelve engagements and the highlights include:
Mergers & Acquisitions:

• Led effort to determine appropriate partner for the leading logistics company in the chemical industry. Developed clear set of criteria for determining attractive partners and price recommendations.
• Managed effort to support a leading agrichemical company’s acquisition of one of its major competitors, including price recommendations, strategic and financial synergies and appropriate due diligence. Completed acquisition potentially generating $50 million in shareholder value.

Corporate Finance & Strategy:

• Worked with a global packaging company to improve its overall strategy. Developed recommendations for financial restructuring, acquisitions, operational improvements and investor communications. The effort resulted in a 20% increase in share price over six months
• Created a CEO-level strategy for a global financial services company including recommendations for divestiture of a major business unit, an enhanced investor relations approach and two new business development opportunities. The company’s share price appreciated 50% in twelve months and the company was given an award for its investor communications.

Business Development

• Managed the development of strategic initiatives for a super-regional retail bank in order to improve and maintain earnings growth at 10-12%.  Resulted in the development of several ready-to-pilot new business ideas.
• Developed a business plan for establishing a captive finance subsidiary within a global energy company. Determined appropriate corporate structure, compensation structure and transaction opportunities for the new business. Effort resulted in board approval of $1 billion for development of the new entity.

At Heartland, New York, Joe was a trader between 1995 and 1996, and a Manager from 1996 to 1997.

• Responsible for developing financial models and performing fundamental and technical analysis of a variety of financial products.
• Investments resulted in an annualized return in excess of 300%.
• Trained, supervised and evaluated analysts that grew to perform consistently in the upper quartile of the organization

At Citigroup, New York,  Joe was an Analyst from 1992 to 1994 (Sponsor Management) and an Associate from 1994 to 1995, focusing on High Yield Capital Markets and Mergers & Acquisitions.

• Responsible for providing analytical support for private equity financings, merger and acquisition activity and highly leveraged bond offerings.
• Worked closely with private equity firms (e.g. KKR, JLL) to develop a strong perspective on the financial viability and attractiveness of businesses across numerous sectors.
• One of three analysts (out of 19) offered a third year and an associate position.

EDUCATION

Joe holds a Bachelor Degree in Economics, from University of Illinois and a Masters in Business Administration from the Fuqua School of Business, Duke University, where he was a Fuqua Scholar (top 10% of class).  He also has a Certificate in Lean Manufacturing (included more than 200 hours of coursework and Six Sigma Black Belt certification, both from the University of Michigan.