This looks to me like a "big league" hire and a major step forward for JBI. I am impressed with both his credentials and the speed with which Terranova was replaced. (Anybody still arguing that this transition is a red flag? LOLOLOL)
The man has incredible experience including
-- international experience
-- public company reporting experience
-- global high technology and manufacturing expereince
I'm asking myself why a guy like this comes to JBI, Inc. at a critical transitional period, when apparently the company is about to start selling processors, and there have recently been all kinds of international linkage? Brewer Group, Bangladesh, and now a world class CFO joins the team at JBI...? WOW, Just WOW!!
Holy crap... I think I finally agree with Gort: "we go up now."
A few of my favorites are bolded.
JBI, Inc. Announces Hire of Chief Financial Officer
NIAGARA FALLS, NY--(Marketwired - Mar 18, 2014) - JBI, Inc. (the "Company" or "JBI") (OTCQB: JBII), a clean energy company that recycles waste plastic into liquid fuels, today announced that it has hired Rahoul S. Banerjea, CPA as its Chief Financial Officer ("CFO") effective immediately.
Mr. Banerjea, CPA, has extensive expertise working with publicly traded, global high technology and manufacturing companies. "I have already hit the ground running as CFO of JBI, working to make accurate accounting and financial modeling and timely Company securities filings our top priorities," said Mr. Banerjea. "I have joined JBI at a critical stage as the Company is positioning itself for initial sales of its 'Flagship Plastic2Oil® Processor' and I am committed to the Company through this exciting growth phase and the long run."
Mr. Banerjea has served in financial leadership roles at a number of public and private companies since 1972 including Compaq/Digital Equipment Corporation, which is now part of Hewlett-Packard Company.
As a Principal with Matun Group LLC, Mr. Banerjea was Interim Vice President of Finance at Bodycote, Hot Isostatic Processing ("HIP") Division, where he provided financial and accounting leadership for a $100 million global manufacturing operation. As a Partner with Tatum, LLC, Mr. Banerjea was Interim Corporate Controller of CMGI, Inc., Interim Finance Director at FTI Consulting's technology segment... and Project Consultant at Commercial Industrial Financial Corporation. These finance leadership roles included transactional accounting group migration to Shared Service Center, technical white papers, SEC reporting and pre-IPO carve-outs, among other areas.
Prior to joining Tatum, Mr. Banerjea was CFO of Compaq/Digital Equipment Corp's ("DEC") Spain and Portugal subsidiaries, where he rebuilt and professionalized the finance organization helping to drive a $45 million turnaround in profit over three years. At DEC-Spain and American Pad and Paper ("AMPAD"), Banerjea identified funding sources, created/presented business plans, and closed critical financing agreements totaling over $70 million.
During his career, Mr. Banerjea successfully led the merger and integration of DEC-Spain/Compaq; Spain Tandem-Spain; and France Telecom-Boston Orange Labs. At Molecular Insight Pharmaceuticals ("Molecular") and AMPAD, he established the first SEC reporting protocols including IPO accounting. At DEC, he delivered corporate cash flow reporting/forecasting and balance sheet analysis to the executive Committee, Board, rating agencies, and Wall Street.
At Digimarc's $80 million identification cards division, Mr. Banerjea demonstrated broad business leadership by deploying the firm's first ERP system and benchmark finance processes to improve overall operations. In addition, he established subsidiaries in Mexico, Colombia and Latvia. At Digimarc and Molecular, he established business/operational controls and revenue recognition rules to ensure GAAP and Sarbanes-Oxley compliance.
Mr. Banerjea began his career as an auditor with KPMG (McLintock Main Lafrentz) and subsequently held positions of increasing responsibility with Gulf & Western Industries and Esterline Corporation.
Mr. Banerjea holds a Bachelor of Science in Business Administration from Drexel University, which he received in 1975. He received his Certified Public Accountant certification from the Commonwealth of Pennsylvania, and is also a Six Sigma Green Belt. He is President and Board member of the ASM Foundation and a Board member of the Boston Chapter of the Financial Executives International.
Richard Heddle, Chief Executive Officer of JBI, Inc., said, "The addition of Mr. Banerjea as CFO is part of a defined strategy, which will include further strategic enhancements to our Board in the coming weeks and months. We are excited about where we are going as a Company and we will be regularly communicating with our valued shareholders through further disclosures in the near future. It is our shareholders who have always been the cornerstone of our potential as they have helped us advance our state-of-the-art Plastic2Oil® technology from concept to scale to our immediately available 'Flagship Processor."
