20091005-NEWS--17-NAT-CCI-CL_-- 10/1/2009 2:17 PM Page 1

THE FINALISTS t’s no doubt been a rough time for those watching the numbers at A roster of the 20 finalists in Northeast companies and Crain’s Business’ 2009 nonprofits. IThe year has presented fiscal chal- CFO of the Year awards: lenges like none other as the region and ■ Rick Coan, Garick (Cleveland) country muddle through what has ■ Robert C. Dills, American Red become known as the Great Recession. Cross of (Cleveland) For the CFOs leading the charge, it has meant harnessing the perfect ■ Richard C. Ebner, Liberty Bank combination of creativity, frugality and (Beachwood) steadfastness. ■ Steven C. Glass, Cleveland Clinic As part of the third Crain’s Cleveland (Cleveland) PAGE 18 Business CFO of the Year awards, the ■ John D. Grampa, Brush Engi- area’s financial stewards are being neered Materials Inc. (Mayfield Heights) honored for their efforts. PAGE 18 An independent panel of judges reviewed the nominees, taking into ■ Robert Gudbranson, Invacare account the following: candidate Corp. (Elyria) PAGE 19 backgrounds; how the nominee ■ Michael E. Hicks, Omnova contributed to the company’s growth Solutions Inc. (Fairlawn) PAGE 19 and/or profitability; how the nominee contributed to other areas of corporate ■ Ann Holt-Wiolland, Center for management; and how the nominee Families and Children (Cleveland) PAGE 19 made contributions outside the ■ Yvette M. Ittu, Greater Cleveland company (such as social, nonprofit, Partnership (Cleveland) PAGE 20 family, faith-based and community ■ Fredric “Fritz” Kohmann, involvement). Shearer’s Foods Inc. (Brewster) PAGE 20 This year’s judges were K. Michael Benz, president and CEO, United Way ■ Julie McGraw, National Interstate of Greater Cleveland; James Malz, Corp. (Richfield) PAGE 21 president, JP Morgan Chase; Karen ■ Frank Mercuri, Vocon (Cleveland) Schuele, dean, Boler School of Business, PAGE 22 John Carroll University; Allyn Adams, retired audit partner, Deloitte & ■ Patrick J. Powers, Donley’s Inc. Touche LLP; and James Abel, past (Cleveland) PAGE 22 chairman, president and CEO, ■ Joseph Rudolph, Darice Inc. Financial Executives International. (Strongsville) PAGE 22 Winners will be announced at an ■ Gregory Rufus, TransDigm event at 6 p.m. Wednesday, Oct. 7, at Group Inc. (Cleveland) PAGE 22 LaCentre Conference and Banquet Facility in Westlake. ■ C. Michael Rutherford, Summa Health System (Akron) PAGE 23 ■ Gerhard Schmidt, MobilityWorks (Akron) PAGE 23 Rick Coan distributes mulch, waste plant near the complete necessary tasks. ■ John P. Sesek, Positive compost, soil and biomass Kansas PepsiCo location Mr. Coan also is responsible for Education Program (Cleveland) PAGE 24 Garick, Cleveland products to companies and won the job, which a variety of legal and financial ■ Stephen J. Smith, American 2008 NUMBER OF EMPLOYEES: across the country. enables Garick to supply functions, banking relationships, Greetings Corp. (Brooklyn) PAGE 24 100 In his five years with the site with biomass fuel budgeting and forecasting, manu- 2008 REVENUE: $40 million Garick, Mr. Coan has and gain a new central facturing standards, inventory and ■ Ken Stefanov, Cleveland Indians facilitated the sale and location that Garick internal controls, risk manage- (Cleveland) PAGE 24 ick Coan seems to have buyback of the company, otherwise would not have ment and human resources. (Profile information on finalists is been born with an entre- helped the firm acquire secured. Also close to Mr. Coan’s heart is from nomination forms submitted to preneurial spirit. four facilities and created relation- Cleveland-based Garick now the annual Cleveland Leadership Crain’s Cleveland Business for CFO of While in high school, he ships with national companies. has eight manufacturing plants, Prayer Breakfast, which he co- Rran his own business mowing One such partnership is with which Mr. Coan has transferred to founded in 1986. The breakfast has the Year consideration.) lawns, cleaning gutters and PepsiCo Frito-Lay, in which Garick a payroll system that operates brought to Cleveland speakers such CFO MINUTIAE washing windows — a work ethic now supplies a location in Kansas online in real time, freeing up time as Elizabeth Dole, former president that has served him well as the with biomass fuel. Mr. Coan and allowing managers to more of the American Red Cross and sec- ■ For post-event coverage of this CFO of Garick, which makes and applied to have Garick run a yard effectively distribute their staffs to retary of transportation. year’s CFO of the Year awards recep- tion, to be held Wednesday, Oct. 7, at LaCentre in Westlake, visit www. Robert C. Dills process by the strategic Richard C. Ebner William Valerian wrote in crainscleveland.com/marketing/ use of technology and has nominating Mr. Ebner. He cfo.html. American Red Cross of created additional effi- Liberty Bank, Beachwood called Mr. Ebner responsi- Greater Cleveland, ■ ciencies to reduce the ble for turning a “mediocre For detailed information on the Cleveland 2008 NUMBER OF past two CFO of the Year classes, visit monthly close time by institution to one with an 2008 NUMBER OF EMPLOYEES: 45 www.crainscleveland.com/ 25%,” according to the excellent reputation for EMPLOYEES: 50 2008 REVENUE: $12.9 marketing/cfopastclasses.html. form nominating Mr. Dills financial records and 2008 REVENUE: $7.6 as CFO of the Year. He million performance.” million also “led the charge to ap- Since he came on board, UPCOMING EVENTS ply new systems that improved ichard C. Ebner, CFO and the bank has seen improvement in olid accounting practices controls and enhanced the level of chief operating officer of nearly all of its financial measure- Ideas at Dawn are the lifeblood of any good reporting and business analytics.” Liberty Bank, is more than ments. Efficiency ratios have sur- nonprofit organization, and Under Mr. Dills’ direction, the a numbers man. passed industry averages and asset breakfast series the American Red Cross of Red Cross in Cleveland has never RSure, he restructured the bank size has more than tripled. His ef- SGreater Cleveland is no exception. financially, making it more innova- forts often have meant the bank’s ■ 7:30 a.m. to 9:30 a.m., Oct. missed a deadline in its audit 22, The Ritz-Carlton, Cleveland: It’s Robert C. Dills’ job to make process, and there have been no au- tive and efficient since he came on business forecasts were surpassed. Advisory Boards — Unlocking valuable sure the Red Cross finance depart- dit adjustments in the last six years. board in 2004. But Mr. Ebner also In 2007, in fact, Liberty Bank saw resources. ment is running smoothly so there Perhaps most challenging of all, made an impact that was felt more its best year in its 17-year history. are no disruptions as the organiza- Mr. Dills was instrumental in places than just the bottom line. The bank beat almost every budget ■ 7:30 a.m. to 9:30 a.m., Nov. tion fulfills its mission of providing leading the local Red Cross to He found a more efficient way of number for expense, led by Mr. 11, George S. Dively Building, Case disaster assistance wherever it’s submit a balanced budget for fiscal communicating with board mem- Ebner’s work to lower the expense Western Reserve University: Business needed. He joined the Red Cross in year 2010 despite a revenue loss of bers, giving them access to meetings ratio substantially. Incubators — Supporting viable entre- Cleveland at a time when that $1.5 million stemming from a new and reports online. He orchestrated “He excels in every aspect of his preneurial ventures in Northeast Ohio. principle couldn’t have been clearer: United Way allocation strategy and the conversion to an online system job,” Mr. Valerian wrote. in late 2001, as Red Cross organiza- the downturn in philanthropic giv- where policies, employee benefits, Those other aspects include his Forty under 40 tions nationwide were aiding ing during the recession. training records and job opportu- responsibility for day-to-day 2009 nominations: Closed families affected by the Sept. 11 In his free time, Mr. Dills has nities are available 24 hours a day. operations, which include branch Special section: Nov. 30 terrorist attacks. served as both audit and budget And he serves as a role model for operations and human resources, Event date: 6 p.m. Nov. 23, Amid the challenges brought on director of the Avon Lake Youth employees, talking to them about among other departments. Executive Caterers at Landerhaven at that chaotic time, Mr. Dills also Baseball Federation, and he has their futures. Mr. Ebner also has been involved oversaw a financial system conver- been active in his parish in a vari- “He goes above and beyond the with his church’s finance committee ■ For information on all events, go sion that’s paying dividends to this ety of roles including as a member call of duty when it comes to helping and the Ohio Academic Decathlon, to www.CrainsCleveland.com/ day. He “has increased efficiency of the budget committee and as an employee, both professionally and he was chairman of the Lake- marketing/eventpromo.html. in the budgeting and forecasting treasurer of the CYO. and personally,” Liberty Bank CEO wood Commission of Aging. 20091005-NEWS--18-NAT-CCI-CL_-- 10/1/2009 9:38 AM Page 1

18 CRAIN’S CLEVELAND BUSINESS OCTOBER 5-11, 2009

Steven C. Glass agency has upped its information for other bond rating. parts of the hospital. Cleveland Clinic, Cleveland All the while, the Plus, he pushed to 2008 NUMBER OF EMPLOYEES: sprawling hospital system ensure that employees 37,800 local; 39,600 global has continued to expand throughout the Clinic 2008 REVENUE: $5.1 billion physically, most notably understand more about with the construction of finance so they could get a teven C. Glass has done a lot the Arnold and Sydell sense for how what they to improve the Cleveland Miller Family Pavilion and do impacts the Clinic’s Clinic’s finances and to get the Glickman Tower. Mr. Glass balance sheet. Using an informal, others to join that effort. oversaw the financial aspects of inclusive style, he and others at SAs CFO of the Clinic since 2005, the $600 million project. the Clinic developed a process to Mr. Glass has had the responsibility Under Mr. Glass’s leadership, teach potential leaders within the of overseeing the hospital system’s the Clinic has developed web-based hospital system about finance. finances during a period of massive business intelligence tools that Mr. Glass spent 14 years with growth, in terms of both the have helped the organization keep MedStar Health Inc. of Columbia, company’s revenues and its an eye on its finances. Md., before becoming the Clinic’s physical presence. Not all of Mr. Glass’s achievements controller and chief accounting Not only has the Clinic’s revenue can be converted to numbers, officer in 2002. The last titles he grown 37% since 2004, but its cash however. For example, those same held at MedStar were vice president, reserves have improved in that intelligence tools are being adapted corporate controller and chief time, and Moody’s credit rating to provide patient data and other accounting officer.

John D. Grampa year in 2007. increase, Mr. Grampa’s team Mr. Grampa helped improved Brush’s debt to debt- Brush Engineered Materials lead the Mayfield Heights plus-equity ratio, while also Inc., Mayfield Heights company to massive gains upping the company’s credit lines. 2008 NUMBER OF in sales and income But Brush’s 2007 success wasn’t EMPLOYEES: 1,900 before taxes (double its always the case: Mr. Grampa’s worldwide 2006 level), while playing nomination form says he helped 2008 REVENUE: $909 million a role in four strategic steer the company through a diffi- Steven C. Glass, CPA acquisitions over the last cult time earlier this decade by Chief Financial 2fÀcer, Cleveland Clinic rush Engineered Materials three years. restructuring its debt and turning Inc. senior vice president Additionally, despite an increase to a successful public stock offering of finance and CFO John in inventories and receivables to to transform Brush from a “sleepy, B D. Grampa had a career accommodate the company’s sales See GRAMPA Page 19

Congratulations, Steve Glass 2009 CFO OF THE YEAR AWARD Crain’s CFO of the Year Awards Finalist Ensuring the

Since 2002, Steve has been health of Northeast a valued member of the Ohio business. management team, providing

leadership, planning and vision. We congratulate For your immense contribution, Summa’s CFO Michael Rutherford Steve, in ensuring the Ànancial and all of this year’s CFO of the Year finalists health of Cleveland Clinic, we for their outstanding leadership are proud and grateful. and strategic financial stewardship.

Every life deserves world class care.

clevelandclinic.org www.summahealth.org C. Michael Rutherford System Vice President, Chief Financial Officer Summa Health System 20091005-NEWS--19-NAT-CCI-CL_-- 10/1/2009 9:39 AM Page 1

OCTOBER 5-11, 2009 CRAIN’S CLEVELAND BUSINESS 19

Robert Gudbranson Michael E. Hicks Under Mr. Hicks’ stew- compliance at its domestic Ann Holt-Wiolland ardship, the company has operations in 2004 and has Invacare Corp., Elyria Omnova Solutions Inc., Fairlawn reduced net debt by $38 maintained strong compli- Center for Families and Children, 2008 NUMBER OF EMPLOYEES: 2008 NUMBER OF EMPLOYEES: million in the first half of ance each year since. The Cleveland 6,100 300 locally; 2,630 globally the fiscal year, and has company expects to be 2008 NUMBER OF EMPLOYEES: 2008 REVENUE: $1.755 billion 2008 REVENUE: $869 million controlled discretionary fully compliant by the end 289 costs. of this year at its interna- 2008 REVENUE: $20 million obert Gudbranson spent ichael E. Hicks’ fiscal Mr. Hicks ramped up tional operations. about eight years in various prudence has helped during late 2008 through Mr. Hicks began his ca- n recent years, the best financial roles at Invacare propel Omnova Solu- this year his commitment to in- reer with Omnova in 1978 as a nonprofit organizations have Corp. before leaving in 2005 tions Inc. into a year of vestor relations by emphasizing the computer programmer, and adopted business-like Rfor a stint as the vice president of Mstrong financial performance company’s progress. The compa- worked his way up the ladder. He approaches to fulfilling their strategic planning and acquisitions despite a challenging market ny’s stock price increased more was appointed in 1999 to senior I missions. As at Cleveland- environment, according to a form than 600% from January through vice president and CFO when Om- dollars become based Lincoln nominating Mr. Hicks for Crain’s July. Omnova also was added to nova was a newly spun-off compa- ever tighter, Electric. Cleveland Business CFO of the Year. the Russell 2000 small-cap index in ny of GenCorp, previously known careful financial When he The producer of specialty chem- July, which has bolstered the firm’s as The General Rubber and Tire management returned as icals, emulsion polymers and wall visibility in the investment commu- Co. has become ever Invacare’s CFO coverings posted net income in nity, according to the form. In addition, Mr. Hicks is chairman more important. in April 2008, the the fiscal second quarter that He also leads strategy develop- of the board of the Omnova Solu- As a result, Elyria-based ended May 31 of $5.1 million, or 12 ment for the company’s key financial tions Foundation, which con- CFOs are more manufacturer of cents a share, compared with a issues, including health care costs tributes about $2 million each year important than ever. wheelchairs had year-ago loss of $3.1 million, or 7 and Sarbanes-Oxley accounting in the communities where the Ann Holt-Wiolland has held that some hefty goals cents a share. rules, for which Omnova achieved company has facilities. See HOLT-WIOLLAND Page 21 for his second run: Make Invacare an unsecured creditor again, and build the company’s coffers for future acquisitions and invest- HZ Z Q ments. Oh, and he had to accomplish XJUIBCBOLFSXIPPGGFSTZPVQFSTQFDUJWFBOEHJWFTZPVHVJEBODF tDPVMEZPVSCVTJOFTTCFOFmUGSPN those goals in an economy, as Mr. POHPJOHDPOTVMUBUJPO tTIPVMEOUZPVSCBOLPGGFSZPVSFMFWBOUTPMVUJPOTUIBUNFBOJOHGVMMZJNQBDUZP Gudbranson’s nomination form politely noted, that “would implode LSFDPHOJ[FUIFWBMVFPGBIPMJTUJDBQQSPBDIBDDPVOUJOHGPSCPUITIPSUBOEMPOHUFSNOFFET tEPZPV in the third and fourth quarters.” XIFOZPVhSFSFBEZUPUBMLCVTJOFTT tIBWFZPVCFFOXBJUJOHGPSBCBOLFSXJUIUIFQBTTJPO JEFBTBOEU Invacare, under Mr. Gudbranson’s leadership, drove down its debt by IFXBZ tIPXNVDIPGBEJGGFSFODFEPFTLOPXMFEHFPGZPVSJOEVTUSZ NBSLFUBOEDPNQFUJUJWFFOWJSPO $59 million last year, and improved its earnings per share by nearly 21% tEPZPVXPSLXJUIBCBOLFSXIPPGGFSTZPVQFSTQFDUJWFBOEHJWFTZPVHVJEBODF tDPVMEZPVSCVTJOF over 2007, from $1.12 to $1.35. BQQSPBDIBOEPOHPJOHDPOTVMUBUJPO tTIPVMEOUZPVSCBOLPGGFSZPVSFMFWBOUTPMVUJPOTUIBUNFBOJOHGV Mr. Gudbranson also is credited How much with a major role in corporate PFTZPVSCBOLSFDPHOJ[FUIFWBMVFPGBIPMJTUJDBQQSPBDIBDDPVOUJOHGPSCPUITIPSUBOEMPOHUFSNOFF management, from his duties as the company’s lead investor relations UIFSFUPMJTUFOXIFOZPVhSFSFBEZUPUBMLCVTJOFTT tIBWFZPVCFFOXBJUJOHGPSBCBOLFSXJUIUIFQBTT representative and managing UTUPIFMQTIPXUIFXBZ tIPXNVDIPGBEJGGFSFODFEPFTLOPXMFEHFPGZPVSJOEVTUSZ NBSLFUBO Invacare’s information technology organization to improving informa- NBLFPOZPVSCBOLJOH tEPZPVXPSLXJUIBCBOLFSXIPPGGFSTZPVQFSTQFDUJWFBOEHJWFTZPVHVJEB tion flow within the company. impact could CFOFmUGSPNBQFSTPOBMJ[FEBQQSPBDIBOEPOHPJOHDPOTVMUBUJPO tTIPVMEOUZPVSCBOLPGGFSZPVSFMF Now, according to Mr. Gudbran- son’s nomination, operating and MMZJNQBDUZPVSCVTJOFTT tEPFTZPVSCBOLSFDPHOJ[FUIFWBMVFPGBIPMJTUJDBQQSPBDIBDDPVOUJOHGPS department heads have access not to a data dump but to accessible, ET tEPZPVIBWFTPNFPOFUIFSFUPMJTUFOXIFOZPVhSFSFBEZUPUBMLCVTJOFTT tIBWFZPVCFFOXBJUJO usable business information. O JEFBTBOEUFBNPGFYQFSUTUPIFMQTIPXUIFXBZ tIPXNVDIPGBEJGGFSFODFEPFTLOPXMFEHFPG Additionally, Mr. Gudbranson NQFUJUJWFFOWJSPONFOUNBLFPOZPVSCBOLJOHjust one tEPZPVXPSLXJU hourIBCBOLFSXIPPGGFSTZPVQFSTQFDUJWF has influenced the company’s product pricing and budgeting and PVMEZPVSCVTJOFTTCFOFmUGSPNBQFSTPOBMJ[FEBQQSPBDIBOEPOHPJOHDPOTVMUBUJPO tTIPVMEOUZPVS forecasting systems, and he’s also implemented more stringent POTUIBUNFBOJOHGVMMZJNQBDUZPVSCVTJOFTT tEPFTZPVSCBOLSFDPHOJ[FUIFWBMVFPGBIPMJTUJDBQQSPB control processes in the company’s Asia Pacific region. BOEMPOHUFSNOFFET tEPZPVIBWFTPNFPOFUIFSFUPMJTUFOXIFOZPVhSFSFBEZUPUBMLCVTJOFTT t BOLFSXJUIUIFQBTTJPO JEFBTBOEUFBNPGFYQFSUTUPIFMQTIPXhave on yourUIFXBZ tIPXNVDIPGBEJGGFSFODFEP SZ  NBSLFU BOE DPNQFUJUJWF FOWJSPONFOU NBLF PO ZPVS CBOLJOH   t  EP ZPV XPSL XJUI B CBOLFS X Grampa EHJWFTZPVHVJEBODF tDPVMEZPVSCVTJOFTTCFOFmUGSPNBQFSTPOBMJ[FEBQQSPBDIBOEPOHPJOHD

continued from PAGE 18 CBOLPGGFSZPVSFMFWBOUTPMVUJPOTUIBUNFBOJOHGVMMZJNQBDUZPVSCVTJOFTT tEPFTZPVSCBOLSFDPHOJ[F traditional commodity-oriented DIBDDPVOUJOHGPSCPUITIPSUBOEMPOHUFSNOFFET tEPZPVIBWFTPNFPOFUIFSFUPMJTUFOXIFOZPVh metals company” to a provider of business? advanced enabling materials and BWFZPVCFFOXBJUJOHGPSBCBOLFSXJUIUIFQBTTJPO JEFBTBOEUFBNPGFYQFSUTUPIFMQTIPXUIFXBZ services. Part of that transformation EPFTLOPXMFEHFPGZPVSJOEVTUSZ NBSLFUBOEDPNQFUJUJWFFOWJSPONFOUNBLFPOZPVSCBOLJOH tEP included a structure change: In PGGFSTZPVQFSTQFDUJWFBOEHJWFTZPVHVJEBODF tDPVMEZPVSCVTJOFTTCFOFmUGSPNBQFSTPOBMJ[FE 2000, shareholders approved a change to a holding company, MUBUJPO tTIPVMEOUZPVSCBOLPGGFSZPVSFMFWBOUTPMVUJPOTUIBUNFBOJOHGVMMZJNQBDUZPVSCVTJOFTT tE which Mr. Grampa’s nomination WBMVFPGBIPMJTUJDBQQSPBDIBDDPVOUJOHGPSCPUITIPSUBOEMPOHUFSNOFFET tEPZPVIBWFTPNFPOF form says allowed Brush’s domestic and international businesses to be BEZUPUBMLCVTJOFTT tIBWFZPVCFFOXBJUJOHGPSBCBOLFSXJUIUIFQBTTJPO JEFBTBOEUFBNPGFYQFSU “better positioned to capture the benefits of their individual growth XNVDIPGBEJGGFSFODFEPFTLOPXMFEHFPGZPVSJOEVTUSZ NBSLFUBOEDPNQFUJUJWFFOWJSPONFOUNBLFPO opportunities unencumbered by XJUIBCBOLFSXIPPGGFSTZPVQFSTQFDUJWFBOEHJWFTZPVHVJEBODFTalk to us about what’s going ontDPVMEZPVSCVTJOFTTCFOFmUGSPN with your and protected from the financial and operating risks of other regions POHPJOHDPOTVMUBUJPObusiness. tTIPVMEOUZPVSCBOLPGGFSZPVSFMFWBO It may be the most UTPMVUJPOTUIBUNFBOJOHGVMMZJNQBDUZPproductive or businesses.” LSFDPHOJ[FUIFWBMVFPGBIPMJTUJDBQQSPBDIBDDPVOUJOHGPSCPUITIPSUBOEMPOHUFSNOFFET tEPZPV Mr. Grampa, who holds a bache- conversation you have all day. lor’s degree from West Virginia XIFOZPVhSFSFBEZUPUBMLCVTJOFTT tIBWFZPVCFFOXBJUJOHGPSBCBOLFSXJUIUIFQBTTJPO JEFBTBOEU University, formerly served as the vice president of finance for Avery IFXBZ tIPXNVDIPGBEJGGFSFODFEPFTLOPXMFEHFPGZPVSJOEVTUSZ NBSLFUBOEDPNQFUJUJWFFOWJSPO Dennison Corp.’s worldwide tEPZPVXPSLXJUIBCBOLFSXIPPGGFSTZPVQFSTQFDUJWFBOEHJWFTZPVHVJEBODF tDPVMEZPVSCVTJOF materials business and in a variety of financial management, audit and BQQSPBDI BOE POHPJOH DPOTVMUBUJPO t TIPVMEOU ZPVS CBOL PGGFS ZPV SFMFWBOU TPMVUJPOT UIBU NFBOJOHGV planning positions at Diamond Shamrock Corp. Mr. Grampa also has worked with the Lake County Economic Contact Lisa Oliver at 216-828-8995 Development Center, the Commu- nity Improvement Corporation and the Lake Hospital and Lakeland Community College foundations in ©2009 KeyCorp. KeyBank is Member FDIC. CS93474 community involvement roles. 20091005-NEWS--20-NAT-CCI-CL_-- 10/1/2009 2:18 PM Page 1

20 CRAIN’S CLEVELAND BUSINESS OCTOBER 5-11, 2009

Yvette M. Ittu probably one of the most complicated nonprofits in Greater Cleveland the state of Ohio.” At Darice/Pat Catan’s our People Make the Difference! Partnership, Cleveland A certified public 2008 NUMBER OF accountant with a law EMPLOYEES: 105 employees degree from Cleveland- Thank you 2008 REVENUE: $34 million Marshall College of Law, Joe Rudolph (also manages a $74 million Ms. Ittu has been an asso- For your Leadership and Guidance. real estate investment fund) ciate at the Calfee, Halter & Griswold LLP law firm, finance Congratulations on your well deserved nomination! vette Ittu probably doesn’t director of the city of Lakewood, have the largest portfolio chief financial officer of Cleveland among this year’s finalists, Public Power and interim finance but she likely has one of director of the city of Cleveland. theY most diverse. She held the latter post briefly as As CFO of the Greater Cleveland part of the transition team that Partnership, she is responsible for helped incoming Cleveland Mayor the financial oversight of several of Jane Campbell. At the time she was the region’s key nonprofit economic a financial officer at Cleveland development organizations. The Development Advisors Inc., a real GCP is the region’s chamber of estate investment fund that was an commerce and it is at the hub of a arm of the former Cleveland group of related organizations that Tomorrow, which merged with the help spur economic development Greater Cleveland Growth Associa- in the region. She also keeps an eye tion to form GCP in 2004. on the books of small business She was named CFO of GCP in advocate Council of Smaller 2005 and she continues to be vice Enterprises. president of Cleveland Development “She’s just an incredible Advisors. The partnership has seven resource for this place,” said subsidiaries and affiliates, some of Joseph Roman, president and CEO which are for-profit and some are of the GCP. “Between overseeing nonprofit. the overall finances of a pretty “She not only oversees all of complicated organization, our that from a financial standpoint — economic development activities, and it’s been exemplary in terms of our real estate activities and our our audit findings — she manages COSE product-based activities, our real estate fund,” Mr. Roman you put that all together and we’re said.

The Largest Full Line Craft Supplier in the United States Fredric “Fritz” Kohmann of company initiatives in areas ranging from insurance to corpo- Shearer’s Foods Inc., Brewster rate sustainability. Among his 2008 NUMBER OF EMPLOYEES: responsibilities is translating 875 Shearer’s strategic plan into finan- 2008 REVENUE: $165 million cial terms by developing financial models and projections. ince Fredric “Fritz” Regarded as a leader in efforts to Kohmann became Shearer’s build a results-oriented culture at Foods Inc.’s chief financial Shearer’s, Mr. Kohmann has officer in February 2004, the stepped outside the finance Scompany has tripled in size, which department to train Shearer asso- has required a dizzying series of ciates in sales, manufacturing and initiatives from the person who human resources in using financial runs its finan- systems and data to support the cial team. company’s management objectives. For example, Mr. Kohmann joined Shearer’s in the last five in 2002 as its first manager of DID YOU years he has financial planning and analysis. worked on four Prior to that, the Ohio State KNOW? debt refinancings, University accounting graduate two private and CPA worked in the consulting equity deals and practice at Arthur Andersen LLP’s We don’t just offer the construction Cleveland office. of a new production plant in Mr. Kohmann also puts his honors math & science Massillon as well as the acquisition business knowledge to work classes, we offer a of two other production plants in outside the office. other parts of the country. The He is active with Cleveland’s Pre-Med course of study. company credits Mr. Kohmann’s E-City program, which teaches ability to develop effective rela- students entrepreneurial and life tionships with banks, investors, skills to pursue economic indepen- insurers and accounting and legal dence, and has judged events, firms with helping Shearer’s worked on fundraisers and recruited capitalize on growth opportunities other Shearer’s associates to and find cost savings. volunteer with E-City. He also Meanwhile, within Shearer’s, participates in student and Mr. Kohmann worked to develop its mentoring events at OSU and finance team and meet increasingly serves on the advisory board of the complex financial reporting stan- finance department at the Univer- dards. He also worked on a variety sity of Akron.

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We admire the dedication and hard work www.lakeridgeacademy.org | Another day, another discovery. of all the CFO of the Year Nominees.

216.241.3272 | www.meadenmoore.com 20091005-NEWS--21-NAT-CCI-CL_-- 10/1/2009 9:40 AM Page 1

OCTOBER 5-11, 2009 CRAIN’S CLEVELAND BUSINESS 21

Julie McGraw “Julie ... has proven that she doesn’t just care National Interstate Corp., Richfield about success in her own career but the success 2008 NUMBER OF EMPLOYEES: of those in her department.” A full-service 358 – CFO of the Year nomination form for Ms. McGraw 2008 REVENUE: $293.7 million IT solutions

ver the last three years, Interstate Corp. Prior to joining National Inter- provider. Julie McGraw has Ms. McGraw provides mentoring state, Ms. McGraw worked with immersed herself within and career development assistance Strongsville-based HMI Industries National Interstate Corp., to peers, which fosters interaction Inc., a manufacturer of air filtration • Managed Services Onot only as a financial leader but as between employees and senior products, beginning in 1996 as Device Monitoring & Management, Managed Security Services, an employee mentor and teacher, management. She also teaches an assistant controller and completing Hardware & Software Support and Help Desk Services according to a form nominating accounting and finance class for her tenure there as vice president, Ms. McGraw for National Interstate employees. CFO and treasurer. She also worked • Hardware Value-Added Reseller Crain’s Cleve- “Julie is not just the CFO, she is as manager of corporate accounting land Business a leader. … Julie has been an at North Olmsted-based Moen Inc., Networking, Security, Servers, Data Storage CFO of the Year. excellent mentor and has proven along with stints at biomedical Since 2006, that she doesn’t just care about company Isolab Inc. of Norton and www.baypointetech.com Ms. McGraw has success in her own career but the Price Waterhouse in Cleveland. been vice presi- success of those in her depart- Ms. McGraw earned her bachelor’s 800-746-1420 dent and CFO ment,” the nomination form said. degree in business administration- 2662 Brecksville Road Richfield, OH 44286 with National She also is a member of Financial accounting in 1986 from Kent State Interstate Corp., a Executives International. University. specialty property and casualty insurance company that’s focused on the transportation industry. During that time, Ms. McGraw has managed a 27-person department through five direct reports. She has helped ensure the ability of the accounting team to meet year- round deadlines, including SEC and statutory reporting filings, by emphasizing the teamwork approach. Among her other accomplish- ments there, Ms. McGraw helped establish a subsidiary in the U.S. Extraordinary Times. Virgin Islands in 2006 to service the alternative risk business and to pro- vide for improved effective tax rates. She negotiated a new, $50 million credit facility with multiple banks that has yielded since mid-2008 Exceptional People. about $400,000 to $500,000 savings in interest expense for National

Holt-Wiolland Innovative Solutions. continued from PAGE 19 job at the Center for Families and Renowned for generations as the insurance industry’s thought leader, Marsh today Children, one of the largest non- continues to pioneer creative, pragmatic solutions – helping clients to meet the profit social service agencies in the region. The center, which has a $20 extraordinary challenges of our times. million budget, provides behavioral and mental health services; children and youth services; and education Making a quality difference in the lives of people and organizations – every day, and parenting programs to more around the world through our work in the brokerage and risk advisory industry – is than 12,000 people in need in Northeast Ohioans annually. our enduring commitment. Ms. Holt-Wiolland’s boss, center CEO Sharon Sobol Jordan, said in nominating Ms. Holt-Wiolland that Today we congratulate the CFO of the Year nominees, finalists and winners. We the CFO made contributions to the applaud your hard work and dedication – and realize that it is no small organization’s evaluation process and development of strategic initia- accomplishment to be considered for this prestigious award. We salute you on tives. “Her expert knowledge drives the organization’s financial health your outstanding performance as corporate financial leaders. with an equal emphasis on quality and productivity,” the nomination said. Marsh – the world’s leading insurance broker, intermediary and risk Ms. Jordan said that in the last year, Ms. Holt-Wiolland developed advisor. Providing innovative solutions to help clients meet the a valuable process for assigning value extraordinary challenges of our times. to proposed strategic initiatives that often are not easily measured in dollars and cents, such as advo- cacy. Ms. Holt-Wiolland came to the center after a career on the for- profit side, serving as senior vice president and corporate controller at Cole National Corp., and in financial roles at ICI Paints, Office- Max Inc. and Milo Corp. “Ann leads with passion, com- mitment and strength, and applies it to everyone else’s needs before her own,” Ms. Jordan said. “If there is an event, dinner or get-together to be planned, she is the first to volunteer to host, and her love and 200 Public Square | Cleveland, OH 44114 | 216.937.1700 | www.marsh.com joy of entertaining is infectious and because of this, her get-togethers come second to none.” 20091005-NEWS--22-NAT-CCI-CL_-- 10/1/2009 4:58 PM Page 1

22 CRAIN’S CLEVELAND BUSINESS OCTOBER 5-11, 2009

Frank Mercuri best — providing excellent Patrick J. Powers form relationships and program, but he takes the service and design to overcome any weaknesses time to congratulate people Vocon, Cleveland Vocon clients,” the nomi- Donley’s Inc., Cleveland they had as a staff. on a job well done or just to 2008 NUMBER OF nation said. 2008 NUMBER OF EMPLOYEES: The acquisition was wish them happy birthday. EMPLOYEES: 70 Specific changes initiated 67 locally; 97 globally made even easier as the He leads by example, as 2008 REVENUE: $15.7 by Mr. Mercuri include a 2008 REVENUE: $210 million Cleveland firm was able to he is one of the first people million reduction in the billing secure good financing rates in the Donley gym early in cycle from 30-40 days to hile most companies due to Mr. Powers’ excep- the morning and partici- rank Mercuri is 15-20 days; up-to-the- decided to hunker tional management of the pates in wellness events. credited with transforming minute reports that allow man- down as the recession company’s balance sheet. That was All of this occurred while Mr. the accounting functions at agers to make more informed hit its high point late no easy task as the credit markets Powers continued to complete his decisions; and the completion of lastW year, Patrick J. Powers led nearly dried up while the public regular duties of overseeing human Vocon, making them a con- Ftributing factor in the architecture staff timesheets on a timely basis, construction firm Donley’s Inc. tried to make sense of the recession. resources, information technology and design firm’s ongoing growth. which allows the firm to analyze a through an acquisition. Mr. Powers also oversees and finances. Prior to Mr. Mercuri’s addition project’s workflow and budget in Mr. Powers, treasurer and CFO Donley’s safety program, managing Even with all this on his plate, to the firm, Vocon did not have real time. Mr. Mercuri also provides of Donley’s, was responsible for it so well that the 97-employee Mr. Powers still makes time for anyone heading the accounting weekly reports to the firm’s four completing the due diligence prior company was able to leave the philanthropy. He is on the board department with a “long-term business units. to the buyout of Blair Concrete state workers’ compensation of trustees of the Catholic Charities strategic viewpoint of financial He also has helped the accounting, Services in Wilmington, N.C. He system and become self-insured. Corp., Catholic Charities Facilities operations,” according to his human resources and information also coached the two companies Employees likely are healthier Corp. and the Jennings Center for nomination for CFO of the Year. technology departments to collab- over the legal and financial hurdles both physically and mentally as Mr. Older Adults. In addition, he is a That all changed after Mr. orate more effectively and effi- involved and created team-building Powers not only helped the compa- committee member for Regina Mercuri came on board in 2006. ciently; in addition, Mr. Mercuri sessions to help employees merge, ny create a corporate wellness Health Center. He altered the company’s accounting has taken on a number of technology processes to make them more initiatives, including the addition open for the staff, which in turn of two in-house IT staff members. helped streamline and refine “Under Frank’s leadership, Joseph Rudolph While serving as CFO at people through as many day-to-day operations. Under Mr. Vocon works smarter and operates Darice Inc., he worked as six supervisors. He has Mercuri’s financial leadership, more efficiently with higher pro- Darice Inc., Strongsville with the company’s depart- worked the numbers in Vocon’s revenues grew from $7 ductivity,” the nomination said. 2008 NUMBER OF EMPLOYEES: ments to create a financial good times and bad, million to $16 million in 2008. Outside of work, Mr. Mercuri 1,200 plan that it uses to guide handling tasks ranging “Frank’s focus on open commu- has been a member of the Chester- 2008 REVENUE: More than $180 its operations and considers from acquisitions, capital nication and creating processes land chapter of Lions Clubs Inter- million critical to achieving its restructurings and and reporting procedures that national, having served as treasur- goals. investor and shareholder allow Vocon team members to er. He also has been active with oseph Rudolph plays an active The plan stems from communications. work more efficiently empower the Vocon’s charity initiatives, includ- role at the provider of art and analyzing revenues, cost areas, In a sign of the times, Mr. management team, architects and ing those with Rainbow Babies and craft supplies beyond sweating cash flow and other areas to allow Rudolph recently led an designers to focus on what they do Children’s Hospital. Jthe numbers. the company to benchmark its initiative at Darice to redo its bank results as it pursues its goals. financing to deal with the turmoil Described as “steady, unflap- in the banking industry. After pable,” Mr. Rudolph knows how to seven months, Darice put in place communicate — both to make the new financing with two banks. numbers meaningful for Darice Mr. Rudolph’s interest in managers and to learn from them numbers goes deep. He studied the nuances of what is going on mathematics at John Carroll within each of the company’s University in University Heights, many departments. earning bachelor’s and master’s of As a sign of that communica- science degrees before earning an tions skill, Darice department MBA at the University of Notre heads contact Mr. Rudolph for Dame. insight and advice, which he Mr. Rudolph also has an interest provides with the perspective of a in teaching outside his regular job Congratulations CFO Finalists. veteran of 30 years in financial because he likes to help students roles with private and public learn about the business world. He companies as varied as American has taught at several schools, Greetings Corp., Lamson & including Gilmour Academy. He is Sessions Co. and the now-defunct also active in several Catholic White Motor Corp. church-related endeavors, including At various times in his career he helping priests and nuns with has supervised as many as 50 specific projects.

Gregory Rufus expanded the company’s net sales nearly fivefold, to TransDigm Group Inc., When the job calls for risk $714 million in fiscal year Cleveland 2008 from $151 million in mitigation and insurance 2008 NUMBER OF 2000. The company’s stock solutions, we know Donley’s EMPLOYEES: 2,200 price, listed at $48.51 when Pat Powers is a proven winner. 2008 REVENUE: $714 markets closed Sept. 22, million has more than doubled since it went public in Patrick Powers f company performance is any March 2006. Treasurer & CFO, Donley’s indication of CFO perfor- Through that rapid growth, Mr. mance, then Gregory Rufus is Rufus kept the company’s finances doing quite well. under control. Despite the reces- IThe CFO of TransDigm Group sion, TransDigm as of June 30 had Inc. has helped lead the designer, more than $200 million in cash on producer and supplier of highly its balance sheet and about $200 engineered aircraft components million it can draw on from its through nearly a decade of internal revolving line of credit. growth and acquisitions that have Some of Mr. Rufus’ initiatives

reduce risk. realize rewards.

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OCTOBER 5-11, 2009 CRAIN’S CLEVELAND BUSINESS 23

C. Michael Rutherford been challenged both by this has been a vital internal strategist economic crisis and the ongoing and instrumental in Summa Summa Health System, Akron need for health care reform,” said expanding to include six locations 2008 NUMBER OF EMPLOYEES: Summa CEO Thomas Strauss in — and two additional joint ventures Tired of Being Screwed? 10,189 nominating Mr. Rutherford. in 2009. Along the way, Mr. Ruther- Then stop hiring fly-by-night “roofing contractors” whose 2008 REVENUE: $1.2 billion “As the primary safety-net ford has managed Summa’s interests hospital in the region, Summa in the financial markets, with only office address is wherever their pick-up truck happens iven a clear set of directions, Health System is challenged to financing sources and even bond- to be parked at the time! almost anyone can steer a handle the increasing burden of rating agencies, Mr. Strauss said. The no-insurance, irresponsible operators are driving the few ship through calm waters. charity care that comes with a In spite of the challenges Steering a giant health growing uninsured population,” presented in 2008, Mr. Strauss said remaining honest roofing contractors out of business. Unless G care organiza- Mr. Strauss said. “(Mr.) Rutherford his CFO “has managed both the consumer gets wiser, ultimately there will be no one tion though understands the implications of growth and financial challenges responsible left! We are looking for a few wise consumers. today’s raging these challenges, and with with great sensitivity and compas- If you fit the bill, call economic and diligence and financial discipline, sion. He has advocated a more regulatory seas, prepared Summa to weather this moderate performance in order to however, is perfect storm by taking proactive preserve jobs, which is not typical 216•881•1999 another matter steps to ensure financial stability, of a CFO,” Mr. Strauss said. www.careyroofing.com entirely. avoid layoffs and continue to Along the way, Mr. Rutherford CAREY founded in 1946 Akron-based maintain the highest level of also has found time for plenty of Roofing Corp. MEMBER: National Roofing Contractors Association Summa Health patient care and safety.” outside involvement, including System says it’s lucky to have CFO In other words — everyone from sitting on the boards of organiza- C. Michael Rutherford at its finan- the engine-room workers to the tions such as the Summit County cial helm to ensure smooth sailing ship’s passengers are counting on Port Authority, North Akron Savings through today’s rough times. Mr. Rutherford’s leadership. Bank and the American Red Cross “The health care industry has Mr. Strauss said Mr. Rutherford of Summit and Portage counties. )!*0+. +$%+ 1/%*!//%*3$+(! Gerhard Schmidt “During a difficult time reporting that allowed the to obtain financing, executive team to manage *!3(%#$0 MobilityWorks, Akron Gerhard was able to lead more effectively. For EYE Lighting International, growth and North Coast 2008 NUMBER OF EMPLOYEES: our effort in obtaining an Under Mr. Schmidt’s have been synonymous since 1992. World-renowned for 50 local; 183 global even more favorable leadership, MobilityWorks high-quality HID and Halogen light sources and lighting 2008 REVENUE: $66 million financing arrangement became one of the fastest- fixtures solutions, EYE’s innovative light technologies from a bank that will serve growing companies in provide energy savings, better productivity and lower ince Gerhard Schmidt came MobilityWorks much better Northeast Ohio, in large system costs while solving lighting challenges from the on board at MobilityWorks in over the long term,” director part because of the 2003, the company has of marketing Guy Hanford wrote in company’s acquisitions. He most basic to the most technically exotic. tripled its revenue — to $66 his nomination. “He turned ‘lemons successfully grappled with the And in the warm glow of Mentor’s business advantages, Smillion in 2008, from $22 million into lemonade’ when we changed challenges associated with that EYE Lighting and its 130 employees have found the the year the chief financial officer our banking relationship.” growth, too, managing perfect location – over 104,000 sq. ft – from which to started. Part of that success was evident issues of cash flow and personnel. Without Mr. Schmidt, the company in Mr. Schmidt’s meetings with Mr. Schmidt’s good works deliver best-in-class lighting technology throughout North, said in nominating him as CFO of the banks, where he educated bankers haven’t been constrained to Central and South America. Brighten your future — contact Year, its path to success would have about the modified vehicles Mobility- MobilityWorks, either. He is Tom Thielman, Mentor Economic Development Administrator, been much bumpier. Works was offering as collateral, involved with Pathways Caring for at [email protected] or 440.974.5739. Mr. Schmidt easily handled the allowing the company access to Children as a former president and complex transactions that allowed the capital the company needed. treasurer and remains on its board four acquisitions during that time Mr. Schmidt’s efforts also led to of trustees. He also forms a bike )!*0+. period, effectively integrating the an 84% increase in profitability in team for the Multiple Sclerosis SM out-of-town additions into the 2008 from 2007, a result of his Society’s Pedal to the Point each Visit cityofmentor.com MobilityWorks family and assimi- insistence on new management summer. lating those businesses’ accounting and financial reporting systems into the company. ^ÊÓää™ÊˆLiÀÌÞÊ >˜Ž]Ê °° He also made the best of a bad ÊÊÊʏÊÀˆ} ÌÃÊÀiÃiÀÛi`° situation when the financial crisis required the company to change its bank.

have helped keep those finances in check. For instance, he led a complete legal entity restructuring that cut the company’s state taxes by more than $3 million per year. He also saved the company money 20 08 by centralizing health and benefit plans that had previously been administered at individual locations, ;67 and he moved many professional services from New York to Northeast Ohio. That’s not the only new work he’s brought to the region. He orchestrated NAME THE ONLY BANK IN THE the expansion of TransDigm’s corpo- rate headquarters, which has grown to 15 people from just four when he 2008 WEATHERHEAD 100. œV>ÞÊ i>`µÕ>ÀÌiÀi`°ÊœL>ÞÊ>VViÃÈLi° arrived in 2000. www.libertybankna.com Before joining TransDigm, Mr. (Liberty Bank, N.A.) Rufus spent 19 years with Emerson Electric Co., holding divisional vice president responsibilities within three company subsidiaries, including Ridge Tool Co. of Elyria. As the only bank to make the 2008 list, Liberty Bank ranks 22nd among the Weatherhead 100’s fastest growing companies In the late 1980s, he spent two years in Northeast Ohio. How do they do it? One quality relationship at a time. With state-of-the-art banking products and as vice president of finance and responsive, one-on-one service, Liberty Bank is revered for nurturing the growth of its business and personal banking administration at manufacturer partners. Liberty Bank is a strong, secure, full-service community national bank committed to the success of their clients Kearney National Inc. in Atlanta. and shareholders throughout Northeast Ohio. In fact, Liberty Bank is one of the fastest growing financial institutions He also spent three years in various in the state of Ohio in the $300 million and under category. Shouldn’t your business be growing with Liberty Bank? positions at auditing firm Ernst & Put their numbers in your favor by calling Bill Valerian, Chairman and CEO, at 216-359-5500 today. Young in Cleveland. Outside of work, Mr. Rufus recently helped establish an endowment trust at Benedictine online treasury management services | equity lines of credit | real estate financing | money market investment accounts | online banking High School in Cleveland. 20091005-NEWS--24-NAT-CCI-CL_-- 10/1/2009 10:28 AM Page 1

24 CRAIN’S CLEVELAND BUSINESS OCTOBER 5-11, 2009

John P. Sesek families, having a CFO plan ahead,” the nomination said. who has a palpable empa- Since joining PEP in 1998, Mr. Positive Education thy for our consumers has Sesek has overseen the organization’s MAKE YOUR MOVE. Program, Cleveland made him instantly growth from a “very large mom- 2008 NUMBER OF credible with our staff.” and-pop operation to a sophisti- EMPLOYEES: 616 The Positive Education cated corporate structure.” He has 2008 REVENUE: $47 Program, with a budget of directed critical budget decisions, BEFORE YOUR million nearly $50 million, is one including the move to freeze of the largest nonprofits in salaries going into next year, and LEASE IS UP. orking as CFO for a Greater Cleveland. It was founded he has helped keep the organiza- nonprofit like the in 1971 to serve children with tion strong and vital despite the It’s a tenant’s market. There’s no time like the present to secure your Positive Education serious emotional disorders and challenging environment for future – whether you move or not. As your tenant representative, we’ll Program not only their families. nonprofits. negotiate your lease now. You can thank us later. requiresW the navigation of multiple Mr. Sesek joined the agency at a He currently is overseeing the funding streams and complex critical juncture: The organization’s financial aspects of the agency’s regulations, it means taking on the founding executive director had first capital campaign and the responsibility of serving a greater just died; the state’s funding purchasing and financing of a new good. formula for special education building. AllegroRealty.com “John truly honors the work and recently changed; and the organi- Mr. Sesek actively supports the Smart move. Contact George Hutchinson: mission of the organization,” zation needed to revamp its billing Slovenian community, often 216.524.0710 x104 © 2009 Allegro Realty Advisors, Ltd. according to the form nominating system due to a change in the taking part in activities in Cleve- John P. Sesek as CYO of the Year. interpretation of Medicaid rules. land’s Slavic Village neighbor- “In a human services agency “With his leadership we now hood. He also is involved in where everyone is so driven by the have a system of financial alumni activities of his alma needs of children and their management that allows us to mater, Columbia University.

Stephen J. Smith the illiquid bonds of (Recy- million for the wholesale cled Paper) via a shell division of Schurman, American Greetings Corp., corporation … typically a which supplied Papyrus- Brooklyn tactic used only by hedge brand greeting cards to 2008 NUMBER OF EMPLOYEES: funds,” according to the various retailers. The 2,200 locally; 18,000 worldwide form nominating Mr. Brooklyn company also 2008 REVENUE: $1.7 billion Smith for CFO of the Year. paid about $2 million for a Mr. Smith “spearheaded 15% equity interest in t’s not just the artists and negotiations with lenders, Schurman. To cement the copywriters providing the financial advisers and lawyers, deal, American Greetings provided creativity at American Greetings resulting in a transaction that was to the seller’s lenders two letters of Corp. accomplished during the trough of credit and one loan guarantee. IIn his own way, senior vice the economic downturn.” Mr. Smith now is leading the president and CFO Stephen J. Under Mr. Smith’s leadership, integration efforts of both of these Smith has been a creative force in American Greetings “even acted as acquisitions. 2009, helping the greeting card a bank for two months by providing In the community, Mr. Smith, an maker craft acquisitions of two big debtor-in-possession financing” to Avon Lake resident, is on the board competitors during a time when Recycled Paper, because DIP of directors of EMH Regional financing for deals has been unusu- financing was virtually nonexistent Healthcare System. He also spear- ally tricky. in the early part of the year. headed American Greetings’ Mr. Smith was a key force in the American Greetings last April efforts through Junior Achieve- February acquisition of Recycled also brought into its fold the popular ment at Cleveland’s Clara Paper Greetings. American Greetings Papyrus brand in an unusual deal Westropp Elementary School, “took a high-risk strategy of buying aided by Mr. Smith’s expertise. where 45 company managers American Greetings sold about taught financial literacy, work 300 retail stores to Schurman Fine force readiness and entrepreneur- Papers, and then it paid about $18 ship to students.

Ken Stefanov of everything we do; every Unparalleled Performance investment we make; what is the Cleveland Indians, Cleveland payback; what is the cost, what is Our Business & Finance Team is Built on a Track Record of Experience 2008 NUMBER OF EMPLOYEES: the return on investment,” Mr. 1,933 Gregovits said. 2008 REVENUE: $160 million Mr. Stefanov began his career with the Indians in 1990 as an At Taft we work as One Team – f you think the guys tracking intern in the community relations balls, strikes, runs and errors department, eventually becoming driven to help you succeed and have a lot of numbers to stay vice president of finance in 1995. committed to being involved in your on top of over at the Cleveland Prior to joining the team, he was IIndians, consider the task of Ken employed as an auditor with business. Our Business and Finance Stefanov. Arthur Andersen & Co., and he As the team’s CFO, Mr. Stefanov worked in several financial and attorneys provide sophisticated has to keep operational functions with May advice to businesses ranging from track of $160 Co. department stores. million in rev- Mr. Stefanov handles more private entrepreneurial start-ups and enues, millions duties than a utility infielder — emerging growth companies to in expenses and he’s not only responsible for the the salaries of team’s finances, but its informa- NYSE corporations, as well as private not only the tion technology and also serves on team’s highly outside committees for Major equity and venture capital funds. paid players, League Baseball — he has handled Learn more about how Taft’s but nearly 2,000 some complex and specialized employees in total. tasks. Business and Finance transaction In fact, Mr. Stefanov is apparently In 1998, he helped the Indians

team can help your business so good at his job that, just like an become the first publicly traded ace pitcher, he’s scouted by other team in baseball, and in 2000 he performance at www.taftlaw.com. teams — or at least his strategies worked to make the team private and results are scouted. again, as part of the transition “Teams regularly come to us in ownership from Richard Jacobs asking how we accomplished to current owner Larry Dolan. various tasks, accounted for them But the best news for the Indians and even how we forecast sales might be that Mr. Stefanov is still trends and our pricing structure,” going strong. As it turns out, CFOs Taft Stettinius & Hollister LLP Indians senior vice president of don’t wear out their arms nearly as sales and marketing Vic Gregovits quickly as starting pitchers — 200 Public Square, Suite 3500, Cleveland, OH 44114-2302 / P: (216) 241-2838 / www.taftlaw.com Sr. said in nominating Mr. though, as Mr. Stefanov is proving, Cincinnati / Cleveland / Columbus / Dayton / / Northern Kentucky / Phoenix / Beijing Stefanov. their positive long-term impact on “He commands financial analysis the club can be far greater. 20091005-NEWS--25-NAT-CCI-CL_-- 10/2/2009 12:43 PM Page 1

OCTOBER 5-11, 2009 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 25 Flu: Government suggests Richman: Chinese investors familiar with city continued from PAGE 1 complex Sept. 11 through 1600 E. differs from other foreign invest- preparing ahead of time more beneficial to do it now rather 55th St. LLC. The records do not ment in Northeast Ohio because than later.” To put it less politely, disclose a purchase price, and Mr. prior investments tended to be continued from PAGE 3 the developer wanted to buy while Dong refused to say how much it mainstream real estate. St. Clair- and 91% had not revised their policies property prices in the United States cost. Cuyahoga County assigns it a Superior also is home to a plethora to handle the unique circumstances and Cleveland are a bargain in the market value of just $300,000 for of Chinese-owned businesses and of a pandemic. recession. property taxes. Such a property a small Chinese community, but However, employers are open There also was a more personal likely would sell for around $1.2 most Chinese investors in that area to policy revisions if the H1N1 flu aspect to the transaction. Mr. Dong million, industrial specialists say. reside in Greater Cleveland. becomes widespread, he said. said Tom Sudow, a vice president with A prior investor group had The purchase held no surprise “There are plenty of employers the Team NEO regional economic proposed a $60 million remake of for Joseph Martanovic, a senior vice out there who are willing to consider development group, helped the the property to mixed use, including president of the Colliers Ostendorf- putting a plan in place if it’s deemed investors understand various neigh- low-income housing, but the effort Morris real estate brokerage. He appropriate,” but companies can’t borhoods in the region and make came to naught, as have multiple said Chinese groups have sized up spare the time and manpower to contacts to prepare for the tran- plans for the building in the 20 the city for investments for years. prepare for a scenario that may not saction. Those contacts included years since Woolworth Co. closed “China is a big part of the world,” come to pass, Mr. Mordarski said. meeting with members of Mayor the home of the Cleveland-based he said. “I have run across Chinese “Companies have got a lot on their Frank Jackson’s administration and suit maker and distributor. investors with more frequency.” plates right now, mainly just trying Cleveland councilman TJ Dow, The new owner faces daunting This group has one thing going for to stay in business,” he said. “This whose Ward 7 includes the building. challenges that would intimidate it that a U.S. developer might not at a just isn’t on top of everyone’s lists “Without Mr. Sudow, we would even veteran local developers. time when capital and debt, the right now.” not be here,” Mr. Dong said. While the East 55th location is on mother’s milk of American realty the edge of the St. Clair-Superior operations, is scarce due to tight Still, the federal government is Hope that others will follow urging employers to get ahead of the neighborhood adjoining downtown, credit markets. Mr. Dong said he game by considering what they Mr. Sudow said he met the group it is not a hotbed of loft development plans to raise money for the project in would do in case of a large flu through personal acquaintances. like parts of the city ringing Public China and attract other Chinese outbreak to keep their companies PHOTOS PROVIDED “We do not do real estate such as Square, Gordon Square or Little companies to invest along with him. running and employees healthy. Posters distributed by Cargill Inc. at its helping someone buy a building,” Italy. Several businesses, from fast Mr. Dong said he has visited Government agencies are urging Cleveland salt mining operation Mr. Sudow said, but the organization food restaurants to a discount shoe Cleveland several times in the past employers to know on average how sees the investment by a China- store, operate nearby, and it is and is searching for multiple busi- much sick time is taken each year by based investor group as a means of bordered by two churches. ness opportunities in the United “Companies have got a attracting companies from China. States. At home, he said, he owns a employees so they can spot any Return engagement possible changes in the pattern, according to lot on their plates right Cuyahoga County records show portfolio of residential and com- federal government web site www now, mainly just trying to Mr. Dong’s group bought the The Chinese investment group mercial properties. ■ .flu.gov. Companies should develop stay in business.” ways for employees to work from home if they or family members – Marty Mordarski, director of are sick and should create ways to research and membership, comply with a possible govern- Employers Resource Council ment recommendation of separating employees from one another to keep but to plan for the H1N1 flu, Mr. the flu from spreading. Klein said. The company has about Employers should create commu- 158,000 employees worldwide and nication channels with local and the flu tends to roll across various state health agencies now so they’re parts of the world at different times, ready if the flu becomes widespread, so the possibility of a flu pandemic is and they should be sharing best a constant worry, not just during the practices with local employer groups American flu season, he said. and companies on dealing with a pandemic, according to www.flu.gov. Ready for ‘ripple effect’ Finally, the site suggests compa- Cleveland State University recently nies share flu and absentee policies sent a memo to employees, students with employees and assure employ- and staff urging them to practice ees that they can take sick leave good hygiene, know the signs and without fear of losing their jobs. symptoms of the flu and to consider Spanning the globe getting vaccinated. The memo noted that, should the flu become more A few local employers already have severe this year, the university might heeded some of the government’s consider allowing students and advice by creating contingency plans employees who are at higher risk of to handle a widespread flu outbreak flu complications to stay home. and by informing employees of any The university also could develop such policy changes. ways to distance students and Cargill Inc., which is based in employees, such as moving desks Minneapolis, Minn., but has 220 farther apart in the classroom or employees at Cargill Deicing Tech- using distance learning methods. nology, a salt mining operation in Sick time could be extended to Cleveland, has been preparing for an encourage sick employees and H1N1 flu outbreak since it was first students to stay home, and classes identified last April, said Mark Klein, ultimately could be suspended. a spokesman for the company. For its part, the Greater Cleveland Cargill has put posters up in its Regional Transit Authority is giving offices reminding employees to wash educational information about the their hands, cover their mouths and flu to its employees and is providing stay home if they’re sick. In addition, hand sanitizer in its office, said RTA each office also was instructed to spokesman Jerry Masek. However, revisit their crisis management plans the transit agency is relying on the to figure out how they might be media to educate riders about the affected by a large flu outbreak and how H1N1 flu, he said. they could continue to operate under Linda Wilkins, an attorney with such circumstances, Mr. Klein said. law firm Kastner Westman & Wilkins Offices were told to consider what in Fairlawn, recently wrote a white other company locations they could paper to educate her clients on how work with to continue to fill customer to prepare for an H1N1 flu outbreak. orders, Mr. Klein said. The travel She knows it’s difficult for companies policy for employees also under to be flexible with employees and evaluation, and Cargill continues to encourage them to stay home if post new information on the H1N1 they’re sick, but the result of not taking flu on its web site. such precautions could be worse. “Obviously, we’re taking this issue “There could be a wider impact seriously,” Mr. Klein said. for those decisions,” Ms. Wilkins Cargill, which produces and markets said. “There could be a ripple effect food and agricultural products for their operations and for the com- besides selling salt, had no choice munity.” ■ 20091005-NEWS--26-NAT-CCI-CL_-- 10/2/2009 2:12 PM Page 1

26 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 5-11, 2009

na’s growing green energy industry, Lincoln Electric benefits doubly, too. Mr. Morrow said, because it’s in the China: Stimulus funds kick in quickly “razor and razor blade business” in Selling razors and blades terms of its equipment — it sells the continued from PAGE 3 producers,” said Jeff Edel, business Edel said. Lincoln Electric Co. of Euclid said welding machine, then it also sells Ferro Corp. of Cleveland, a director and general manager of Unlike the United States, where it has found a nice niche in providing China the rods and other equip- producer of advanced metals and advanced products for Ferro’s Elec- stimulus dollars are funneled through China with high-tech welding ment used by the machine to weld. other materials, opened a plant in tronic Materials Systems division. states, and often take a long time machines that are used to assemble Lincoln Electric thinks the wind Suzhou, China, in late September Ferro has been producing such before they result in any actual wind turbines. The poles or masts energy market in China will become just to make specialized aluminum pastes for use in solar panels and work, China doesn’t mess around. that hold the turbines in the air are the world’s largest. and silver paste that the Chinese elsewhere for 25 years, Mr. Edel “Once they made a decision to do put together like a pipeline from “Will China ever become bigger will use to produce solar panels for said, and was already providing the it, the funds were flowing in three segments that are welded together, than the U.S. wind market in terms their own use and for exporting to material to China before it decided months,” Mr. Edel said. said Lincoln director of global of opportunities? I’d have to say the rest of the world. The paste con- to produce it on the mainland. Ferro’s Mr. Edel and Timken’s marketing Steve Sumner and director yes,” Mr. Sumner said. ducts electricity inside of solar cells, Like Timken, Ferro is finding Mr. Smith say it was important for of corporate relations Roy Morrow. But, while all agree that China allowing the power to be tapped. China to be a customer that does their companies to have operations The task requires a lot of welding represents a major opportunity to China is putting up solar cells at what it says it will do. on the ground in China, because equipment, but not necessarily vast sell into the renewable energy in- a rapid pace, and it already is a big “China initiated its own stimulus the plants they supply want them to numbers of skilled welders. dustry, just how big that market will player in the world solar market. program this year. Basically, it’s a be close and, in the case of Lincoln Electric declined to eventually get is still unknown. “China has grown very rapidly in series of stimulus programs, but Timken’s big bearings, the products estimate its sales of equipment for “That’s the $64,000 — or the $64 the last year in expanding its market they’ve put a significant amount of are difficult and expensive to ship China’s wind energy development, billion — question,” said Timken’s share (in the solar panel industry) government subsidy behind the over long distances. But there are but said it is and will continue to be Mr. Smith. “But these are stagger- and in competing with European installation of solar panels,” Mr. export opportunities driven by Chi- a big source of growth. ing numbers.” ■

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OCTOBER 5-11, 2009 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 27 THEINSIDER REPORTERS’ NOTEBOOK THEWEEK BEHIND THE NEWS WITH CRAIN’S WRITERS Bernie Madoff risen to $3 billion under management when were chosen as Child Welfare Fellows to SEPTEMBER 28 — OCTOBER 4 Austin was closed. Another $2 billion was start working toward their master’s degrees strikes again ready to be invested. this fall. Six more fellows will be chosen to The big story: Gov. Ted Strickland decided ■ Until Dec. 11, 2008, Austin Capital If someone had bet him in early 2008 that begin in fall 2010 and five fellows will enter to fill a $900 million budget hole not with revenue Management Ltd. was “the best acquisition Austin would have been unwound by the the program in each of fall 2011 and 2012. from video slot machines, but by freezing the bank (Key) ever had,” according to end of the year, Mr. Brown said, he would Potential fellows must be full-time child income tax rates at 2008 levels rather than David Brown, chief operating officer of Key- have taken the odds at 1 million-to-1. But welfare workers in Cuyahoga, Lake, Lorain proceed with the last of a series of annual, 4.2% Corp affiliate Victory Capital Management. once the trust had been breached, there was and Summit counties and agree to continue tax cuts put in place during the administration Then Bernie Madoff hit. little that could be done. working for their current child welfare of former Gov. Bob Taft. In passing a two-year Austin Capital, a Texas hedge fund, had “Our business is a trust business. It’s all in agency for the number of years they receive budget in July, the governor and the Legislature been invested in “certain Madoff-advised your head,” Mr. Brown said. “They paid us financial support through the fellowship approved a plan that would have allowed each ‘hedge’ funds,” KeyCorp said in a May 11 to avoid these things.” — Arielle Kass program. of the state’s seven horse race tracks to install up filing with the Securities and Exchange Applications are now under review for fall to 2,500 “video lottery terminals,” or slot Commission, and lost about $186 million. In A shot at a free degree 2010. — Shannon Mortland machines, at their operations. However, the April, Victory Capital Management began to for child welfare workers Ohio Supreme Court upset that plan in ruling shut Austin down. It’s more than a building; that provisions of the budget bill that authorize That process is about halfway done, ■ Free master’s degrees will be the slots are subject to a voter referendum that Mr. Brown said. But he called the provided to 25 local child welfare it’s also a tribute could take place in November 2010. decision to do so one of the hardest workers under a joint program ■ Gordon Bowen, CEO of LifeBanc, and he has made. sponsored by Case Western board members of the nonprofit organ and Game on: Cleveland isn’t accustomed to “We were going up like a rocket Reserve University, the tissue recovery organization cite all the winning in the world of sports right now, but the ship, then it just stopped,” he National Child Welfare Workforce usual reasons for commissioning a new, $5 city got a big victory as it was awarded the 2014 said. “Personally, I wanted to stay. Institute and local child welfare offices. million building in Warrensville Heights Gay Games. The decision was announced by the Professionally, it was not a good CWRU received a $550,000 grant for the with Geis Construction Co. and Hemingway Federation of Gay Games. In landing the games, thing.” program from the work force institute, and Development Co. Cleveland beat out the other two finalists, About 30 employees, many of whom had the university’s Mandel School of Applied The nonprofit wants to own rather than Boston and Washington, D.C. The games could been recruited from all over the country, Social Sciences will contribute a total of $2.1 rent, needs more space and finds building bring as many as 20,000 athletes and 250,000 were laid off when Austin was closed, Mr. million in tuition waivers and faculty cheaper than extensively renovating existing spectators to and sites Brown said. But he said with some clients support. offices to suit it. However, there’s a more throughout the region. The Cleveland Synergy asking for their money back, sometimes the “We want to improve the quality of the human element behind LifeBanc’s desire to Foundation, formed in 2007 to bring the 2014 decision isn’t between good and bad — it’s public child work force in Northeast Ohio build its own home at 4775 Richmond Road. event to Cleveland, estimates the economic im- between bad and worse. and groom students who will become the LifeBanc also plans to create a memorial pact of the Gay Games could top $60 million. Keeping Austin open would have been next generation of leaders and managers,” garden outside the 25,000-square-foot worse, he said, even though the losses only said Victor Groza, the Grace F. Brody professor building and, because of Northeast Ohio’s Good taste: Add one more big-name addition amounted to about 7% of the portfolio. of social work at CWRU and project director rough winters, to set up a second memorial to the ’ roster for the When the fund was purchased in 2006, it of the grant. in its lobby to recognize LifeBanc’s organ 2009-10 season: superchef Michael Symon. The had $800 million in assets under manage- Nine child welfare workers from Cuya- and tissue donors who aided others in the Cavs and concessionaire ment, Mr. Brown said, a number that had hoga, Lake, Lorain and Summit counties community. — Stan Bullard Aramark will open two Symon-branded restau- rants inside Quicken Loans Arena: Symon’s B WHAT’S NEW BEST OF THE BLOGS Spot, named after the restaurant Mr. Symon Excerpts from blog entries Looked at one way, it’s soon will open in Wood- on CrainsCleveland.com. something to build on mere, and Bar Symon at The Q, named after Mr. This golf community ■ Guess this one goes in the glass-half-full Symon’s recently opened finds itself in the rough category. restaurant in Avon Lake. The good news: In a recent BusinessWeek ■ There’s almost an unlimited supply these Symon’s B Spot, ranking of the nation’s strongest building days of stories about dodgy lending, and located near the Cavs’ markets, ranked by an analysis of the one of the latest installments, via The Wall team shop, will feature number of building permits filed in the first Street Journal, involves the Bonita Bay burgers, beers and brats. half of 2009 compared with the like period a THE COMPANY: Root Candles, Group in Naples, Fla., and KeyCorp. Bar Symon at The Q, on year ago, Cleveland made the list, at No. 20. PHOTO PROVIDED BY Bonita Bay, once a premier developer of the fourth floor’s club Medina The bad news: In the time period measured, THE CAVALIERS upper-crust golf communities, “is on the area, will include an th Cleveland posted an 18.9% drop in building Chef Michael Symon THE OCCASION: Its 140 anniversary verge of collapse,” The Journal said. The abbreviated menu from permits. company says it will be forced to file for the Avon Lake restaurant. Worst of all, only 10 of BusinessWeek’s top The Medina institution has been at the root bankruptcy if it must refund $245 million in 20 actually recorded increases in permits membership fees some homeowners seek. Landing a big Fish: Goodyear Tire & Rubber of candlemaking innovation for a long time. since last year. “Many members want to quit the clubs Co. has turned to a General Electric Co. veteran Root Candles dates back 140 years, to and get their money back for reasons ranging to fill a key executive post. Goodyear named 1869, when founder A.I. Root began a from cheaper golf elsewhere to the desire A little bit of this, John “Jack” D. Fish as senior vice president of bee-keeping company. Over the years, the for ready cash,” The Journal reported. global operations. Mr. Fish, 52, spent almost 29 company has evolved, but it retains the core a little bit of that values articulated by Mr. Root: “honesty, “Their membership agreements say the years with General Electric, most recently serving ■ Ohio didn’t exactly shine in the new integrity and plain old hard work.” deposits — up to $185,000 per member — as vice president of consumer global supply Forbes list of the best states for business, but For more than 80 years, Root has been are refundable on demand, a relatively chain for GE’s Consumer and Industrial busi- there were some surprising bright spots making candles for what it calls “the discerning unusual stipulation homeowners say was a ness in Louisville, Ky. At Goodyear, Mr. Fish will in the state’s No. 37 ranking. Forbes and candle connoisseur.” Root candles have been big part of the appeal of joining.” be responsible for overseeing manufacturing Moody’s Economy.com ranked states in six burned in the White House, they sit on altars As the membership furor was unfolding, and related supply chain activities throughout categories: costs, labor supply, regulatory of many of America’s largest churches and Bonita Bay “was being forced to renegotiate all of the corporation’s global business units. environment, current economic climate, cathedrals, and they’re available in upscale its loans from Cleveland-based KeyCorp,” growth prospects and quality of life. By four gift and design stores nationwide. The candles according to the story. With new For the record: TransDigm Group Inc. of of the measures, Ohio was 30th or worse, but still are made in the company’s original building lending from other sources, “it Cleveland, a maker of aircraft parts, offered $425 in regulatory environment the state ranked in Medina. cut KeyCorp debt to $74 million million in debt and will use the proceeds to pay eighth, and in quality of life it was 12th. from $105 million, but the bank a special dividend to shareholders of $7.50 to In celebration of the anniversary, Root is tightly limiting further loans.” ■ Lubrizol Corp. of Wickliffe and KeyBanc $7.70 per share. … Energy Focus Inc. of Solon, a recently launched the “Legacy by Root” Bonita Bay chairman David Capital Markets analyst Saul Ludwig producer of energy-efficient lighting products, home fragrance line of all-natural decorative Lucas said Bonita Bay also has $41 figured prominently in an Investor’s Busi- plans to acquire Stones River Cos. of Nashville, candles, reed diffusers and innovative million in liabilities in community- ness Daily overview of the specialty chemicals Tenn., a lighting services company, in a deal that fragranced tassels. development bonds. KeyCorp industry. “It’s an industry that lacks homo- will enable Energy Focus to enter the public For information, visit www.rootcandles officials wouldn’t comment except geneity, because you have so many buildings lighting market. … CBiz Inc. .com. to say the bank “hasn’t tried to companies that have individual supply/ acquired MeyersDining LLC, an insurance seize Bonita Bay.” demand and raw-material cost character- agency in Boulder, Colo. CBiz did not say what it Send information about corporate anniver- Mr. Lucas told The Journal that istics, so it’s hard to discuss as a group,” paid for MeyersDining, which has 14 employees saries to managing editor Scott Suttell at he tried to negotiate deals with Mr. Ludwig said. The piece lauded Lubrizol’s and recorded $2.3 million in revenue during the [email protected]. residents to partially repay the golf ability to keep prices up during the recession, past 12 months. deposits, but KeyCorp refused to which no doubt contributes to the Wickliffe lend funds for that purpose. company’s upbeat 2009 earnings guidance. 20091005-NEWS--28-NAT-CCI-CL_-- 10/2/2009 1:50 PM Page 1

28 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 5-11, 2009 Penske’s souring on Saturn rooted in lack of intriguing products

By LINDSAY CHAPELL ers to make cars of his specifica- Saturn went to market with a A wagon based on the first sedan roadster was GM at its best: stylish, Automotive News tions for Saturn showrooms. compact sedan and coupe, and appeared in 1993. And in 1999, fun and respectable. In canceling the deal last consumers loved them. The second nearly a decade after the brand’s Unfortunately, the Sky was more NASHVILLE — Roger Penske’s Wednesday afternoon, Mr. Penske phase of the plan was to have launch, Saturn unveiled its first new than a decade late. Saturn dealers 11th-hour decision to pass on told GM that it had become apparent churned out a Saturn minivan, model: a less-than-enthralling mid- should have had the Sky in 1993 to acquiring General Motors Co.’s — after a single proposed third- pickup, SUV and other models. size sedan called the LS. Incredulous take on the imported Mazda Miata, Saturn brand marks a sad continu- party automaker had nixed the deal But the recession of 1991 and the audiences asked: Another sedan? not in 2006 to compete against its ation of the same problem that has — that his “virtual automaker” pro- resulting turmoil at GM nixed all Where is Saturn’s SUV? twin, the Pontiac Solstice. dogged Saturn for a decade: a lack posal was too risky. The conclusion that. There just wasn’t enough Saturn would not get its SUV GM has spent the past 20 years of products. wasn’t a surprise: The world is full money to keep feeding the fire at until 2002. That was one year tying itself in knots over new-product Mr. Penske had the bold proposal of excess auto factory capacity. The the hot new brand, especially when before the SUV market peaked and six development approaches. Unfortu- of keeping Saturn alive by creating real magic of the auto industry is Oldsmobile executives, Chevrolet years after the U.S. introductions of nately, those 20 years happened to a virtual automaker. In taking over coming up with models that trigger dealers, Cadillac customers and the Honda CR-V and Toyota RAV4. coincide with the launch, initial the Saturn brand name, Mr. Penske lust in consumers. Pontiac salespeople were clamoring It was not until the middle of this success, sea change and ultimate would get a logo, parts inventories The difficulty of getting exciting for new products. decade that the heroic appeals of abandonment of its Saturn brand. ■ and a field staff — but no factories, new products is what killed Saturn Derailed from its product plan, brand executive Jill Lajdziak finally designers, stylists, engineers or in the first place. GM slowly suffo- Saturn lost its momentum like a house found powerful ears at GM and the (Lindsay Chapell is Mid-South R&D labs. cated Saturn by killing the brand’s party running out of beer and nachos. giant began putting its heart back bureau chief for Automotive News, That meant Mr. Penske’s staff product plan soon after it was New products came, but they into the Saturn product plan. GM a sister publication of Crain’s would need to seek other automak- launched in 1990. were a day late and a dollar short. product czar Bob Lutz’s Saturn Sky Cleveland Business.)

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