You are on page 1of 4

Sylvester Omolu MBA

12307 Inwood Drive


Residence (781) 935-1826
Woburn, MA 01801 so884df4@westpost.net
(617) 957-6031
Highly successful MBA business and financial manager with 15 plus years experien
ce leading P&L reporting and financial management for key divisions of a Royal P
hilips Electronics, a $37 Billion global leader in health care, consumer electro
nics, lighting and lifestyle products. Seasoned financial manager with demonstra
ted leadership in financial planning & analysis, manufacturing cost accounting,
contract negotiations, sales operations, financial management, business process
improvements and cash management.
Business process expert who has led the implementation of financial reporting sy
stems that increase efficiency, improve productivity, reduce costs, strengthen c
ontrols, shorten reporting cycles, and improve profitability. Solid organization
al leader who recruits, motivates, develops, and leads high-performance teams to
exceed corporate expectations.

Areas of Expertise:
Sales Finance Management a Manufacturing Cost Accounting a Financial Planning &
Analysis
Business Process Improvements a Budget Forecasting a Budget Planning a Special P
rojects
Business Forecasting a Change Management a Operational Streamlining a P&L Rep
orting
Staff Management a Project Management a Team Leadership & Motivation
Business Application Implementation a Cash Management

PROFESSIONAL EXPERIENCE
Philips Electronics North America Corporation a 2004-Present
Healthcare Sector, Andover, MA
$8.9 Billion healthcare leader providing diagnostic imaging systems, healthcare
technology solutions, patient monitoring, cardiac devices, and customer services
through 32,500 employees in 63 countries.
Senior Manager, Business Process (2007-Present)
Business Unit Controller a" Sector Marketing Communications a" 2009
Instrumental in achieving global process improvement through implementation of h
ealthcare transfer pricing policy, while fostering organizational change managem
ent from cost-plus to market-minus methodology. Orchestrated and directed P&L re
porting and finance activities in support of $70 Million global marketing commun
ications function of Philips Healthcare Sector. Lead and managed forecasting an
d budgeting process, while tracking project expenditures and allocating expenses
to the appropriate business units.
a Spearheaded the implementation of a new healthcare transfer pricing system to
capture pricing data for inter-company sales transaction of over $7 Billion betw
een the factories and sales organizations in more than 60 countries and 15 busin
ess units.
a Implemented a systematic approach for reviewing results in over 60 countries t
o ensure fiscal target EBIT is achieved by the global sales and services organiz
ations.
a Instrumental in working with IT to implement a global master data client for c
apturing market prices as input into the annual operating plan.
a Identified and tracked approximately $10 Million of cost savings opportunities
within marketing communications business unit.
Continueda
Page 2

Sylvester Omolu a so884df4@westpost.net

Controller, Regional Sales, Americas (Optical Storage), Austin, TX (2004-2007)


Led and managed P&L reporting and finance activities in support of $300 Million
Philips Optical Storage sales unit in North America. Key player in managing the
outsourcing of transactional accounting services in Chennai, India, as well as o
verseeing the activities of a high-performance team of four finance professional
s responsible for planning and analysis, business controls, pricing, and sales c
ompensation.
a Successfully achieved division SOX compliance and satisfactory audit rating th
rough documentation of critical financial and operational processes, determinati
on of risk, and the evaluation and testing of associated controls.
a Reduced department operating costs 40% by out-sourcing accounting transactions
to Philips Accounting Shared Services group in Chennai, India.
a Orchestrated and led the divestment activities for 3 business units within Phi
lips Optical Storage Division.

Stratagene/Biocrest, Cedar Creek, TX a 2002-2004


Global leader in developing innovative products for life science research for th
e academic, industrial, and government sectors in fields of molecular biology, g
enomics, proteomics, drug discovery, and toxicology.
Senior Financial Consultant
Provided financial support to the manufacturing and logistics groups of Stratage
ne. Performed all budget versus actual tracking of expenses and prepared gross
margin analysis for $100 Million plus sales group. Directed all budget planning
activities, as well as providing monthly management reporting, covering key per
formance indicators.

Siemens, ICM, San Diego, CA a 1997-2001


$585 Million division of Siemens with 1,200 employees manufacturing cordless pho
nes, mobile phones, fiber optic cables, computers, network infrastructures, and
network LANs.
Financial Controller, Austin, TX (1999-2001)
Manager, Cost Accounting, San Jose, CA (1997-1999)
Delivered business partnership and financial support to the CIO, while managing
the facilities operations with a staff of 7 in Austin, TX, and San Diego and Sa
n Jose, CA. Formulated and controlled more than $13 Million operating budget, in
cluding IT outsourcing cost and other operational expenses. Directed and led al
l budget planning activities and developed and implemented allocation methodolog
y, which reflected activity-based costing concept. Managed Cost Accounting depar
tment in San Jose, CA, with over $40 Million of inventory for this computer busi
ness unit. Coordinated month-end close activities, as well as analysis gross mar
gin and quarterly standard cost revision process.
a Instrumental in saving $1.5 Million per annum by negotiating the outsourcing o
f Information Technology services.
a Key player in creating a net profit of $6 Million by working with Siemens inte
rnal Real Estate group to dispose of office property in Austin, TX.
a Coordinated the relocation and leasehold improvement activities for a new 50,0
00 sq. ft. office location in Austin, TX ahead of schedule and within budget.
a Managed the disposition of $10 Million capital assets for R&D and Manufacturin
g operations, improving the company's Economic Value Added position.
a Saved $500,000 by realigning site operations in 3 locations.
a Achieved exemption from physical inventory from auditors with 98.7 cycle count
accuracy.
Page 3

Sylvester Omolu a so884df4@westpost.net

Compression Labs, San Jose, CA a 1994-1997


$100 Million world leader in design, manufacture, and marketing of systems that
use proprietary and industry standard algorithms to compress the data required t
o transmit digital video and audio signals.
Manager, Cost Accounting (1996-1997)
Staff Cost Analyst (1994-1996)
Responsible for the cost accounting with a staff of two professionals. Provide
d operational financial package that measured performance and participated in th
e revenue forecasting process, in consultation with Sales, Marketing, and Manufa
cturing Operations. Provided products mix analysis and explained variances to fo
recast. Supported annual budgeting process for manufacturing operations and pre
pared product line P&L for the marketing group. Tracked sales bookings and prep
ared schedules (PBC) to support audits by KPMG.
a Designed and distributed product line P&L resulting in new-found management fo
cus on product profitability.
a Provided product costing analysis during New Product Phase Review process, res
ulting in better price positioning.
a Participated in due diligence in the divestment activities of Broadcast Divisi
on, resulting in appropriate, well-documented, management decisions.
a Reported on sales discounting behaviors, resulting in less aggressive discount
ing, while increasing revenue by one-to-two percentage points.

Applied Materials, Inc. Santa Clara, CA a 1992-1994


NASDAQ: AMAT is a $9.7 Billion capital equipment producer serving the semiconduc
tor, TFT LCD Display, Glass, WEB and solar (crystalline and thin film) manufactu
ring industries.
Senior Financial Analyst, Contract Employee
Responsible for recording revenue transactions for the Service Division. Analyz
ed and published monthly results, while participating in financial forecasting p
rocess. Performed account reconciliations and prepared schedules for corporate r
eserves review. Participated in the initial SAP systems transition team.
Career Notes: Additional experience as Financial Analyst with Digital Equipment
Corp., Cupertino, CA, 1989a"1992.

EDUCATION & CREDENTIALS


MBA, Business Administration ~ National University, San Diego, CA, 1999
BBA, Financial Accounting ~ National University, San Diego, CA, 1997
PROFESSIONAL EDUCATION
Foundation in Marketing Through Insights and VPH, Philips Workshop
Introduction to Price Management, Philips Workshop
Managing Successful Project, Philips Workshop
Modern Financial Modeling, NCCE Workshop
Expert Price Management, Philips Workshop
Revenue Recognition, Philips Workshop