Robert Schriesheim

Robert A. Schriesheim
Born 1960/1961 (age 55–56)[1]
United States
Residence Winnetka, Illinois
Citizenship United States
Education Princeton University Bachelor's Degree Chemistry
University of Chicago Booth School of Business MBA
Occupation Corporate Director, Corporate Transformations
Spouse(s) Married, 4 children[2]

Career summary

Robert A. Schriesheim (born 1960), is an American business executive.[1] Schriesheim has served as a corporate director, board chairman or CFO of a number of multi-national public companies. According to the Wall Street Journal in an article published in May 2016 he has a long history of working in partnership with private equity firms, hedge funds and institutional investors to create shareholder value in special situation circumstances. [3]He has led companies through broad strategic, operational and financial transformations, including complex restructurings,[4] in a variety of sectors involving technology, business services, software, retail and real estate.

Schriesheim currently serves as a board member of a portfolio of publicly traded companies including as chairman of the audit committee of Houlihan Lokey, an international investment banking firm; Skyworks Solutions,[5] a global provider of semiconductors to the mobile communications market; NII Holdings, formerly known as Nextel International, a provider of wireless communications services in Latin America, primarily in Brazil; and of FirstAdvantage, a portfolio company of private equity firm Symphony Technology Group, which is an international provider of employee screening solutions. Previously, he served as a board director of a number of public companies including Lawson Software, Inc.; Georgia Gulf Corp, now known as Axiall; Co-chairman of MSC Software,[6] acquired by Symphony Technology Group and Elliott Associates;[7] Dobson Communications, acquired by ATT;[8] Golden Telecom, Acquired by VimpelCom;[9] and Global Telesystems, a European communications provider, backed by Soros Private Equity Affiliates which was acquired by KPNQwest.[10]

From 2011 to 2015, Schriesheim served as executive vice president and chief financial officer of Sears Holdings Corporation,[11] a publicly traded retailer with broad holdings of digital, physical and financial assets including Shop Your Way, a social shopping platform. Sears Holdings had $31 billion of revenue and 200k employees in 2014, and is 48%-owned by Chairman and CEO Edward S. Lampert. During Schriesheim’s tenure, Sears substantially adjusted its balance sheet [12] and reconfigured its asset portfolio as part of a strategic transformation including the spin-offs of Lands' End,[13] Sears Canada,[14] Sears Hometown and Outlet Stores,[15] Orchard Supply Hardware[16] and the separation of Seritage Growth Properties,[17] a public REIT. According to an article published in the Wall Street Journal on May 26, 2016 and other publications, Schriesheim was described as having been selected by Eddie Lampert as CFO in 2011 and served as a key lieutenant and architect of the Sears portfolio reconfiguration resulting in securing $9 billion of capital—and departed Sears to focus on his other business interests while agreeing to serve as an advisor.[18]

Prior to joining Sears Holdings, Schriesheim was Senior Vice President and Chief Financial Officer for publicly traded global human resources business services provider Hewitt Associates until its sale to Aon.[19][20] Prior to Hewitt, Schriesheim was a board member, executive vice president and chief financial officer of Lawson Software,[21][22] the world’s third largest publicly traded Enterprise Resource Planning software provider until its acquisition by Infor Global Solutions and Golden Gate Capital.[23] Previously, he held executive positions at ARCH Development Partners, Global TeleSystems, SBC Equity Partners, Ameritech, AC Nielsen and Brooke Group Ltd.

Education and civic

Schriesheim graduated from Princeton University with a degree in chemistry and from the University of Chicago Booth School of Business with an MBA.[24] [25] He is a member of the Chicago Club, The Economic Club of Chicago and served a term as the chairman of the New Trier High School Board Caucus.

While at Princeton he was a member of the Princeton Men's Varsity Swim team.[26][27]

Notable roles

According to interviews and profile articles in Barron's[28] and CFO magazine,[29] Schriesheim has been credited with creating value through the disciplined allocation of financial capital and human resources—and has "spent most of his career at the high end of the strategy spectrum, embroiled in complex restructurings".[29] He has played leadership roles in several transformational situations where he has been chairman, a board director or the CFO for companies that have been turned-around, restructured, built-up via acquisition and, in some cases, sold with equity value creation since 2004 in excess of $20 billion based on published reports:

Schriesheim was named as Executive Vice President and Chief Financial Officer of Sears Holdings in August 2011. According to the company issued release, then CEO Louis D'Ambrosio explained that Schriesheim was brought on to help navigate Sears through a corporate transformation.[30] Sears Holdings is the fourth largest broadline retailer in the United States operating through 2,000 Sears and Kmart stores with total revenues of $31 billion and approximately 200,000 employees. Sears Holdings was formed in 2005 through the merger of Kmart and Sears engineered by billionaire investor and financier Edward S. Lampert who serves as Chairman and CEO of Sears Holdings.[31]

Before arriving at Sears, he was CFO of Hewitt Associates starting in January 2010 reporting to CEO Russell P. Fradin.[32] Hewitt was publicly traded on the NYSE and was the world’s leading global provider of human resources and outsourcing solutions with $3B+ in revenues and 23,000 employees with offices in more than 30 countries.[32] Within 6 months of Schriesheim joining Hewitt, it was announced, in July 2010 that Aon Corporation would acquire Hewitt for $4.9 billion in a transaction that closed in October 2010 at a 41% premium to the prior day’s closing price resulting in $1.5 billion of shareholder value.[33]

Prior to his role at Hewitt, he was Executive Vice President and Chief financial officer from 2006 to 2009, and a board director of Lawson Software [32][34][35] from 2006 until July 2011. In a Barron's article Schriesheim was credited for the turnaround in financial performance.[28] Lawson's investors included Forbes 400 billionaire Romesh T. Wadhwani through his private equity firm Symphony Technology Group with Wadhwani serving Lawson as Co-Chairman.[36] Lawson announced its sale April 2011 to software company Infor Global Solutions (backed by private equity firm Golden Gate Capital) for $2 billion [37][38][39] for a 14% premium to the stock price before speculation and 35% premium to the 52 week average closing price. Billionaire investor Carl Icahn had earlier taken a 10.9% stake in the company and supported the sale to Infor and according to documents did very well on the investment.[40][41] Lawson was the world’s third largest public ERP software company with about $800 million in revenues, 4,000 customers and 4,000 employees.[34][42] According to published reports, during his tenure at Lawson he helped lead a strategic, financial and operational turnaround that increased gross margins from 49% to 63%, operating margins from 5% to 18% and EPS 7 fold while core revenue grew at a CAGR of 6% while delivering $900 million in increased value to shareholders.[32][34]

He was named a board director of MSC Software, a global provider of simulation software, in December 2007.[43][44] In May 2008 activist hedge fund Elliott Associates founded by billionaire investor Paul Singer disclosed it held a 5.5% stake in MSC Software.[45] This followed by several years when the firm ValueAct Capital had acquired a stake in a failed effort to take MSC Software private.[46] In 2009, Schriesheim became Co-Chairman of MSC Software.[47] MSC was sold to private equity firm Symphony Technology Group, controlled by Romesh T. Wadhwani, for $390 million in 2009 with an interesting twist being that financing was provided by activist hedge fund Elliott Associates.[48][49]

He was a board director of Dobson Communications – the largest independent rural wireless provider in the US with over $1 billion in revenues[50] from 2004 until its sale in 2007 to ATT for $5.1 billion resulting in $2.5 billion of shareholder value creation.[51]

In addition Schriesheim has been a board member of Skyworks Solutions since 2006 while the equity market capitalization has increased from about $600 million to about $15 billion.[52] Skyworks is an innovator of high reliability analog and mixed signal semiconductors.[53]

From 1999 to 2002, Schriesheim was Executive Vice President, CFO and a board member of NYSE-listed Global TeleSystems ("GTS") (the owner of Ebone one of Europe's leading broadband optical and IP network service providers, a Tier 1 network). He was brought in to help restructure and refocus the company.[54] GTS was a pan-European communications services provider, backed by hedge fund Investor and Philanthropist Alan B. Slifka and affiliates of Forbes 400 billionaire hedge fund Investor and Philanthropist George Soros and Soros Private Equity. GTS had revenues of over $1 billion and operations in 20 countries in Europe as well as a NASDAQ-listed subsidiary, Golden Telecom, which held communications assets in Russia.[55] GTS was a portfolio of communications assets in Western and Eastern Europe which went through an IPO in 1998. It subsequently experienced challenges with an over-levered balance sheet as Europe went through deregulation of the communications industry and was impacted by the dot.com bust which affected its customer base. In 2001, to facilitate the sale of GTS, Schriesheim helped lead it through a pre-arranged filing under Chapter 11 of the United States Bankruptcy Code (U.S.B.C.) and, in prearranged proceedings, a petition for surseance (moratorium), offering a composition, in the Netherlands to restructure its debt, in excess of $2 billion. All such proceedings were approved, confirmed and completed by March 31, 2002 as part of the sale of the company to KPNQwest.[56][57]

Earlier in his career he was affiliated with Brooke Group, a Leveraged buyout firm controlled by Bennett S. LeBow. Investor Bennett S. LeBow acquired control of Western Union through an outside of chapter 11 process that included the concurrent acquisition of the international telex operations of ITT as part of a complex leveraged recapitalization that was financed by Drexel Burnham and Michael Milken in a process that included many prominent investors who had also attempted to acquire control including Richard Rainwater and Jay Pritzker.[58][59] LeBow installed Schriesheim at Western Union from 1987 to 1990 as a special adviser to CEO Robert J. Amman to help oversee a strategic, operational and balance sheet restructuring of the company. They executed a strategy of redirecting Western Union from being an asset-based provider of communications services into a provider of consumer-based money transfer financial services.[60] Schriesheim focused his attention on the divestiture of the non-strategic telecommunications assets. Ultimately, LeBow's $25 million investment to acquire control of Western Union in 1987 was rewarded when the company was acquired by First Financial Management in 1993 for $1.15 billion also making Carl Icahn a return of 3 to 4 times his investment in the bonds in the process.[61] First Financial Management was subsequently acquired in 1995 by First Data Corp in a $6.6 billion merger).[62][63][63][64][65]

Early life and family

Schriesheim was raised in Summit, NJ, a suburb of New York City, by parents Beatrice and Dr. Alan Schriesheim who were scientists and educators and he has an older sister.[2] He attended the Pingry School, a college preparatory school in New Jersey, graduating in 1978.[66][67][68] His father is Dr. Alan Schriesheim[69] the Director emeritus and retired CEO of Argonne National Laboratory, and an internationally noted chemist.[70][71][72][73][74] In 2008 The Schriesheim Distinguished Graduate Fellowship was established at the Eberly College of Science at Penn State University. His mother Beatrice Schriesheim was a long-time high school chemistry teacher committed to improving science education in the United States. She was born in 1930 in Poland and survived the Holocaust by escaping the Nazi invasion in 1939, surviving imprisonment in Siberia and arriving in the US in 1947. Her memoirs, “Bea's Journey”, documented her Holocaust journey and her life in the United States . They were self-published in 2003 after her death at the age of 73.[69][75]

References

  1. 1 2 Robert A. Schriesheim Profile - Forbes.com
  2. 1 2 Beatrice Schriesheim, 73 - Chicago Tribune
  3. ↑ "Wall Street Journal: Sears CFO to Step Down".
  4. ↑ "A CFO's Strategy: Verticals Within Verticals -". CFO. Retrieved 2016-03-07.
  5. ↑ "Skyworks Elects Robert A. Schriesheim to its Board of Directors; Executive Brings Global Corporate Development and Finance Experience in Technology Sector (NASDAQ:SWKS)". investors.skyworksinc.com. Retrieved 2016-03-07.
  6. ↑ MSC.Software. "The Board of Directors of MSC.Software Names Ashfaq Munshi Interim CEO and President". GlobeNewswire News Room. Retrieved 2016-03-07.
  7. ↑ Group, Symphony Technology. "Symphony Technology Group and Elliott Associates Announce Proposed Acquisition of MSC.Software". www.prnewswire.com. Retrieved 2016-03-07.
  8. ↑ Sharma, Amol. "AT&T to Acquire Dobson for $2.8 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-03-07.
  9. ↑ "VimpelCom to acquire 100% of the outstanding shares of Golden Telecom for $105 in cash per share - VimpelCom". www.vimpelcom.com. Retrieved 2016-03-07.
  10. ↑ KPNQwest. "KPNQwest Completes Acquisition of GTS's Ebone & Central Europe Businesses and Finalises EUR 525 Million Senior Credit Facility". www.prnewswire.com. Retrieved 2016-03-07.
  11. ↑ "Sears Holdings Names Robert A. Schriesheim Chief Financial Officer - Aug 16, 2011". searsholdings.mediaroom.com. Retrieved 2016-03-07.
  12. ↑ Corporation, Sears Holdings. "Sears Holdings Reports First Quarter 2015 Results". www.prnewswire.com. Retrieved 2016-03-07.
  13. ↑ "Sears Completes Lands' End Spinoff". Forbes. Retrieved 2016-03-07.
  14. ↑ "Sears Holdings Corporation Announces Sears Canada Rights Offering Fully Subscribed - Nov 10, 2014". searsholdings.mediaroom.com. Retrieved 2016-03-07.
  15. ↑ "Sears Holdings Corporation Completes Separation Of Its Sears Hometown and Outlet Businesses; Receives $446.5 Million In Gross Proceeds - Oct 11, 2012". searsholdings.mediaroom.com. Retrieved 2016-03-07.
  16. ↑ "Sears Holdings Corporation Completes Spin-Off of Its Interest in Orchard Supply Hardware Stores Corporation - Dec 31, 2011". searsholdings.mediaroom.com. Retrieved 2016-03-07.
  17. ↑ "Sears Launches Rights Offering for REIT Spinoff". GlobeSt.com. Retrieved 2016-03-07.
  18. ↑
  19. ↑ Holdings, Sears. "Sears Holdings Names Robert A. Schriesheim Chief Financial Officer". www.prnewswire.com. Retrieved 2016-03-07.
  20. ↑ The Associated Press (2010-07-12). "Aon Buys Hewitt in Move to Expand Its Consulting Arm". The New York Times. ISSN 0362-4331. Retrieved 2016-03-07.
  21. ↑ Veverka, Mark. "SAP, Oracle And...Who?". online.barrons.com. Retrieved 2016-03-07.
  22. ↑ "Lawson Software Names Schriesheim EVP & CFO | Business Wire". www.businesswire.com. Retrieved 2016-03-07.
  23. ↑ Pollock, Ben Worthen And Lauren. "Lawson Software Signs $2 Billion Deal With Infor, Golden Gate". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-03-07.
  24. ↑ "Robert A. Schriesheim: Executive Profile & Biography - Businessweek". Businessweek.com. Retrieved 2016-03-07.
  25. ↑ Robert Schriesheim - Tracked.com
  26. ↑ http://www.goprincetontigers.com/fls/10600/pdf/MSWM_Record_Book.pdf
  27. ↑ Schriesheim, Robert. "Princeton University Varsity Letter Winners" (PDF).
  28. 1 2 Veverka, Mark. "SAP, Oracle And...Who?". online.barrons.com. Retrieved 2016-03-07.
  29. 1 2 "A CFO's Strategy: Verticals Within Verticals -". CFO. Retrieved 2016-03-07.
  30. ↑ "Press Releases | Sears Holdings Corporation". www.searsholdings.com. Retrieved 2016-03-07.
  31. ↑ "COMPANY NEWS; KMART COMPLETES ACQUISITION OF SEARS". The New York Times. 2005-03-25. ISSN 0362-4331. Retrieved 2016-03-07.
  32. 1 2 3 4 "Hewitt Associates Announces Chief Financial Officer Transition | Business Wire". www.businesswire.com. Retrieved 2016-03-07.
  33. ↑ The Associated Press (2010-07-12). "Aon Buys Hewitt in Move to Expand Its Consulting Arm". The New York Times. ISSN 0362-4331. Retrieved 2016-03-07.
  34. 1 2 3 "A CFO's Strategy: Verticals Within Verticals -". CFO. Retrieved 2016-03-07.
  35. ↑ "Lawson Software Names Schriesheim EVP & CFO | Business Wire". www.businesswire.com. Retrieved 2016-03-07.
  36. ↑ "Sheikha Mozah Bint Nasser Al-Missned". Forbes. Retrieved 2016-03-07.
  37. ↑ Dealbook. "Lawson Software Agrees to $2 Billion Buyout". DealBook. Retrieved 2016-03-07.
  38. ↑ Lawson Software Enters Into Definitive Agreement to be Acquired by an Affiliate of Golden Gate Capital and Infor - Yahoo! Finance
  39. ↑ "Lawson Enters into Agreement to be Acquired".
  40. ↑ "Carl Icahn Hits a Homerun with Lawson Software Takeover - GuruFocus.com". www.gurufocus.com. Retrieved 2016-03-07.
  41. ↑ "UPDATE 5-Lawson Software to go private in $2 bln deal". Reuters. 2011-04-26. Retrieved 2016-03-07.
  42. ↑ Veverka, Mark. "SAP, Oracle And...Who?". online.barrons.com. Retrieved 2016-03-07.
  43. ↑ HPCwire: MSC.Software Names Robert A. Schriesheim to Board
  44. ↑ Schriesheim, Robert. "MSC Software Names Schriesheim to Board".
  45. ↑ Juricic, Lon. "Elliott Associates Discloses 5.5% Stake in MSC.Software, Wants A Sale Considered". Seeking Alpha. Retrieved 2016-03-07.
  46. ↑ "MSC.Software rejects ValueAct's offer - L.A. Biz". L.A. Biz. Retrieved 2016-03-07.
  47. ↑ "MSC.Software Executives Resign, Firm Names New CEO | socalTECH.com". www.socaltech.com. Retrieved 2016-03-07.
  48. ↑ "Symphony Technology Group Completes MSC.Software Buy | socalTECH.com". www.socaltech.com. Retrieved 2016-03-07.
  49. ↑ Dealbook. "Small Deals, Big Issues". DealBook. Retrieved 2016-03-07.
  50. ↑ "FindArticles.com | CBSi". findarticles.com. Retrieved 2016-03-08.
  51. ↑ "Sign In". professional.wsj.com. Retrieved 2016-03-08.
  52. ↑ "News Releases". phx.corporate-ir.net. Retrieved 2016-03-08.
  53. ↑ "SKYWORKS". www.skyworksinc.com. Retrieved 2016-03-08.
  54. ↑ "FindArticles.com | CBSi". findarticles.com. Retrieved 2016-03-08.
  55. ↑ "telecomvisions.com - This website is for sale! - telecomvisions Resources and Information." (PDF). www.telecomvisions.com. Retrieved 2016-03-08.
  56. ↑ Global TeleSystems looking to restructure Esprit debt after payment default - Business News, Business - The Independent
  57. ↑ "Global TeleSystems to Restructure Esprit Debt".
  58. ↑ Crudele, John (1986-09-17). "DREXEL'S TIES TO PACIFIC ASSET". The New York Times. ISSN 0362-4331. Retrieved 2016-03-08.
  59. ↑ "N.y. Investor To Buy Western Union And Add Itt Telex Operation To It". philly-archives. Retrieved 2016-03-08.
  60. ↑ KEPPEL, BRUCE (1989-06-29). "Western Union's Message Changing : The sale of its microwave network ends an era as the firm shifts from being a utility to a service business.". Los Angeles Times. ISSN 0458-3035. Retrieved 2016-03-08.
  61. ↑ Reuters, From (1994-09-20). "Western Union Auctioned for $1.15 Billion : Bankruptcy: First Financial Management wins unusual open-court bidding for the money transfer company.". Los Angeles Times. ISSN 0458-3035. Retrieved 2016-03-08.
  62. ↑ AllBusiness.com | Business solutions from AllBusiness.com
  63. 1 2 "FirstData Acquires Western Union".
  64. ↑ "Bloomberg Business". Bloomberg.com. Retrieved 2016-03-08.
  65. ↑ "Something old, something new in deals. (First Financial Management Corp. to acquire money transfer operations of Western Union) - US Banker | HighBeam Research". www.highbeam.com. Retrieved 2016-03-08.
  66. ↑ http://www.pingry.org/uploaded/Supporting_Pingry/Annual_Report_Final_2008-2009.pdf
  67. ↑ "Pingry School Annual Report" (PDF).
  68. ↑ Schriesheim, Robert. "Pingry School Annual Report" (PDF).
  69. 1 2 "Schriesheim Gift of $250,000 Creates Distinguished Graduate Fellowship in Science — Eberly College of Science". www.science.psu.edu. Retrieved 2016-03-08.
  70. ↑ 1984-1996: Years of Renewal
  71. ↑ "Argonne National Laboratories - History".
  72. ↑ Schriesheim, Alan. "Argonne National Laboratories - History: Years of Renewal".
  73. ↑ Schriesheim, Alan. "Argonne National Laboratories - History".
  74. ↑ Schriesheim Gift of $250,000 Creates Distinguished Graduate Fellowship in Science — Eberly College of Science
  75. ↑ "Schriesheim, Beatrice D.". tribunedigital-chicagotribune. Retrieved 2016-03-08.
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