CONFERENCE PROGRAM
2018 NATIONAL TREASURERS CONFERENCEMAY 30–JUNE 1, 2018 | THE PRINCETON CLUB | NEW YORK, NY
THE NATIONAL ASSOCIATION OF CORPORATE TREASURERSTREASURERS TALKING TO TREASURERS - A MEMBER-DRIVEN ORGANIZATION
TREASURY IN TODAY’S ENVIRONMENT BUILDING BLOCKS FOR THE FUTURE
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T A B L E O F C O N T E N T S
3 Welcome Letter
4 2018 Conference Highlights
5 Board of Directors
7 Conference Agenda
8 Topics and Events
11 Networking Events
12 Featured Speakers
18 Corporate Sponsors
20 Save the Date
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On behalf of the NACT Board of Directors, we welcome you to the 2018 National
Treasurers Conference!
Treasurers Talking to Treasurers - a Member-Driven Organization is the value
proposition that NACT provides to our members. This year’s conference theme is
Treasury in Today’s Environment – Building Blocks for the Future. The program
provides opportunities for experts and practitioners to network and exchange
innovative ideas and best practices in candid, off-the-record settings. Our aim is to
support the resilient treasurer by strengthening skills to bounce back despite economic
and political uncertainties in today’s very dynamic environment.
This year’s guest speakers include:
• Ioana Barza, Director of Analysis, Thomson Reuters, returns by popular demand
to give her review of everything related to the syndicated loan market for both
investment-grade and leveraged borrowers.
• Ebrahim Rahbari is a Managing Director and the Head of Global Macroeconomics
within Citi Research, based in New York. Ebrahim’s mandate is to shape Citi’s views on
global economic developments, major policy issues, major events, significant themes
and longer-term trends, some of which include G10 monetary policy, global growth,
investment, financial conditions and crises.
• John Sileo is CEO of The Sileo Group of data security experts who help organizations
protect the information that drives their profits. His body of work includes
engagements with the Pentagon, USA Today, Visa, 60 Minutes, Homeland Security,
Rachael Ray, Schwab and organizations of all sizes. Treasurers are keenly aware that
no matter what they do correctly every day, one mistake that can never be allowed
is to compromise the integrity of their company’s cash and its safe transfer, across
borders and currencies, from where it is generated to wherever it is needed. John
Sileo will make sure we keep safe.
• In addition, the morning of the first day is dedicated to a closed-door, open forum
with treasurers from major public corporations and privately held firms sharing their
insights and experiences on topics that are relevant to you and your organization.
D E A R N A C T C O L L E A G U E S
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• An Open Forum discussion among treasurers ONLY
• Thought-provoking sessions with industry experts and treasurers on:
Cyber Insurance
Supply Chain Financing
Banks and Capital Markets
Rating Agency Panel
Global Regulatory Changes
The NACT Board of Directors has been very active this year, including
taking advocacy positions to benefit our profession. We will provide
an update on these activities during the conference, including
changes to the Dodd-Frank Act on derivatives, an update on money
market fund regulations, and NACT’s leadership to develop a
replacement for LIBOR and other interest rate indexes with key input
from corporate treasurers.
We are pleased to have you attend the premier conference developed
exclusively by your fellow corporate treasurers. The venue at the
Princeton Club offers excellent facilities for our sessions, as well as
convenience for those who wish to conduct other business while
in New York. For unfettered discussions of Treasurers Talking to
Treasurers, non-practitioner speakers and corporate sponsors
generally are only present during their applicable sessions and
sponsored events.
We look forward to a successful Conference!
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The NACT Board is comprised of member treasurers who are committed to advancing the profession. We
welcome feedback on all relevant topics. The Board has been very proactive in fostering dialogue among
political, regulatory and industry players, and has approved advocacy positions urging restraint on proposed
regulations for the money market fund industry and OTC Derivatives. The NACT Chairman also represents
the organization as a delegate to the meetings of the International Group of Treasury Associations
(www.igta.org), a global forum comprised of the national treasury associations of approximately 30
countries. He presently serves as IGTA’s Vice Chairman and its Immediate Past Chairman.
BOARD OFFICERS
CHAIRMANThomas C. Deas, Jr. (2017 National Chair)Vice President & Treasurer, FMC Corporation (Retired)
PRESIDENT Michael R. WilliamsVice President & TreasurerOrbital ATK, Inc.
EXECUTIVE VICE PRESIDENT Bjork HupfeldGlobal TreasurerThe Hershey Company
SECRETARY/TREASURERRuud P. RoggekampAssistant Treasurer, Corporate Finance & BankingThe Boeing Company
IMMEDIATE PAST CHAIRMAN Ramon Yi Senior Director, Treasury Port of Houston Authority
N A C T B O A R D O F D I R E C T O R S ( J U LY 2 0 1 7 - J U N E 2 0 1 8 )
BOARD MEMBERS
Nicholas BijurVice President & TreasurerPacific Gas & Electric Corporation
J. Gregory CoffeyPartner, SeatonHill Partners LLC.
Bradley Fox Vice President & Treasurer
Allen A. GellerExecutive Vice President & TreasurerRaines International, Inc.
Gerard A. Halpin IIIPresident & Chief Executive OfficerSiemens Capital Company, LLC
Mary Dean HallChief Financial OfficerQuaker Chemical Corporation
Kimberly A. Hunter Treasurer & Vice President
Karen N. LathamCorporate Treasurer
Robert T. MarleyAssistant TreasurerEnersys
William MekrutVice President & TreasurerFM Global
Colleen O’ConnorVice President & TreasurerThe Duchoissos Group, Inc.
Otis O. OtihGlobal Treasury DirectorMARS, INC.
Mark W. PetersonVice President & Treasurer
Susan PlotzkyTreasurer
William M. RiggerGroup Assistant TreasurerWillis Towers Watson
Peter L. SeredaSenior Vice President-Finance & TreasurerTelephone & Data Systems, Inc.
J. Darrell ThomasVice President & TreasurerHarley-Davidson, Inc.
Kevin WilsonVice President & TreasurerIngredion Incorporated
Ted YerdonVice President & TreasurerSteel Partners Holding LP
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2018 NACT NATIONAL TREASURERS CONFERENCE 7
WEDNESDAY, MAY 30, 2018
2:00 – 5:30 PM Conference Registration Fourth Floor Foyer
6:30 – 8:30 PM Opening Reception Prospect/Triangle/McCosh Room (4th Floor)
9:00 – 10:00 PM Hospitality Suite Prospect/Triangle/McCosh Room (4th Floor)
THURSDAY, MAY 31, 2018
7:30 – 5:00 PM Conference Registration Second Floor Foyer
7:30 – 8:30 AMContinental Breakfast
Interest Rate Index and Other Regulatory ReformsAlexander Hamilton Room
8:30 – 12:30 PM Open Forum James Madison Room
10:30 – 10:45 AM Refreshment Break Alexander Hamilton Room
12:30 – 2:15 PMLuncheon with Keynote Speaker John Sileo –
sponsored by S&P Global RatingsAlexander Hamilton Room
2:15 – 2:30 PM Refreshment Break Alexander Hamilton Room
2:30 – 3:45 PM Session 1 – The Ins and Outs of Cyber Insurance James Madison Room
3:45 – 5:00 PMSession 2 – Strategic Business Partnerships –
Supply Chain Finance Programs James Madison Room
6:30 – 7:30 PM Cocktail Reception – sponsored by FM Global North/South Garden Terrace (4th Floor)
7:30 – 10:00 PMDinner and Dessert with Guest Speaker Ebrahim Rahbari –
sponsored by Fitch RatingsProspect/Triangle/McCosh Room (4th Floor)
10:30 – 11:00 PM Hospitality Suite Prospect/Triangle/McCosh Room (4th Floor)
FRIDAY, JUNE 1, 2018
7:45 – 12:30 PM Conference Registration Second Floor Foyer
7:45 – 8:30 AMContinental Breakfast
A New Starting Line for Corporate TreasurerAlexander Hamilton Room
8:30 – 9:30 AM Session 3 – Ratings in a Changing Environment James Madison Room
9:30 – 9:45 AM Refreshment Break Alexander Hamilton Room
9:45 – 11:00 AMSession 4 – Banks and Capital Markets: Raising Capital with
Change as the BaselineJames Madison Room
11:00 – 12:00 PM Loan Market Update: How Is the Loan Market Changing James Madison Room
12:00 – 12:30 PM NACT Announcements and Annual Business Meeting James Madison Room
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THURSDAY, MAY 31, 2018
CONTINENTAL BREAKFAST 7:30 – 8:30 AM Alexander Hamilton Room
Interest Rate Index and Other Regulatory Reforms
Peter Frank US Leader, Financial and Treasury Management, PwC
Tom Deas Chairman, National Association of Corporate Treasurers
Is LIBOR Really Going Away? What Else Is Happening?
Tom Deas is representing U.S. treasurers on the Fed’s newly formed Alternative Reference Rates Committee. He will go over the ARRC’s efforts to replace LIBOR and its recommendations on specific protocols for how loans, swaps, and a range of other contracts need to change. Peter Frank is a leader of PwC’s treasury advisory practice in New York and he will take us through his views on how treasurers can manage these changes across almost every financial market and develop a change-over plan before LIBOR ends in 2021. Peter will also outline other upcoming regulatory and accounting changes treasurers need to prepare for.
Peter will also outline other upcoming regulatory changes, including tax reform and accounting changes, among others, that Treasurers need to prepare for.
OPEN FORUM – TREASURERS TALKING TO TREASURERS 8:30 AM – 12:30 PM James Madison Room
Moderators: Allen Geller, Executive Vice President & Treasurer, Raines International, Inc.
Bjork Hupfeld, Global Treasurer, The Hershey Company
Don’t miss the most popular session of our conference. Share your knowledge and experience, as well as ask questions and gain insights from your fellow treasurers on the latest financial topics. It all takes place in a candid, confidential forum under “Vegas Rules”.
LUNCHEON WITH KEYNOTE SPEAKER
sponsored by S&P Global Ratings 12:30 – 2:15 PM Alexander Hamilton Room
John Sileo, CEO of The Sileo Group, a data security think tank that helps organizations protect the information that drives their profits. As a cyber security expert serving thousands of organizations, John’s experiences have led to speaking engagements with the Pentagon, Visa, Charles Schwab, Homeland Security, the FDIC, Pfizer, Million Dollar Round Table, the FTC, Northrop Grumman, The Hartford, the Federal Reserve Bank, the University of Massachusetts and hundreds of organizations, universities, and associations of all types. No matter the size of the company or technical experience of the audience, John makes sure participants are motivated and educated to change their relationship to data security.
SESSION 1 2:30 – 3:45 PM James Madison Room
The Ins and Outs of Cyber Insurance
Moderator: Allen Geller Executive Vice President & Treasurer Raines International, Inc.
Panelists: John Loftus, Senior Vice President, Cyber Security & Privacy, Willis Tower Watson
Grace Ries, Staff Vice President-Manager Cyber Risk Insurance Products, FM Global
Jeff Tilley, Vice President Cyber Hazard, FM Global
Laura Meade, Insurance Programs Manager, Telephone Data Systems
Cyber exposure is business exposure. Protecting property including data today requires both broad-based cyber coverage and a comprehensive plan for preventing or minimizing cyber risk—and the risk it poses to your business operations. Leading cyber property coverages require powerful risk assessment and mitigation strategies. This creates a broad, 360-degree cyber strategy that goes beyond the defensive posture of coverage to proactively measure and prevent potential cyber exposure and maximize business resilience.
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Session 2 3:45 – 5:00 PM James Madison Room
Strategic Business Partnerships – Supply Chain Finance Programs
Moderator: Rich Moore, Corporate Treasurer, Caterpillar Inc.
Panelists: Indirah Toovey, Executive Director, J.P. Morgan Strategic Director Supply Chain Finance Global Trade & Loan Products, Corporate & Investment Bank
Douglas Schoch, VP Finance Siemens Capital Company LLC - A Siemens Financial Services Business
Robert Worthington, Assistant Treasurer, International Finance FMC Corporation
Supply Chain Finance (SCF) programs come in various forms and structures, but the key to successful implementation is broad engagement and partnership between Finance and the Business. The panel will discuss various SCF structures, systems and tools available, as well as share their journeys in developing and deploying successful SCF programs.
DINNER AT THE PRINCETON CLUB WITH GUEST EBRAHIM RAHBARI
COCKTAIL RECEPTION
sponsored by FM Global 6:30 PM
DINNER
sponsored by Fitch Ratings 7:30 PM
FRIDAY, JUNE 1, 2018
CONTINENTAL BREAKFAST 7:45 – 8:30 AM Alexander Hamilton Room
A New Starting Line for Corporate Treasury
Speakers: Jeff Diorio, Managing Director, Treasury Strategies, a Division of Novantas, Inc.
Cathryn R. Gregg, CCM, Managing Director, Treasury Strategies, a Division of Novantas, Inc.
Jeff Diorio and Cathryn R. Gregg of Treasury Strategies will be briefing us on several key areas affecting treasury at this breakfast briefing.
They will be discussing the current state of block-chain and digital currencies, the impacts on organizations and what you need to be prepared for. In addition, they will be giving a briefing on the state of digital treasury transformation and initiatives they see Treasury departments focused on for 2018 as part of their State of the Treasury profession briefings.
Please attend as Jeff and Cathryn have vast knowledge on all areas related to Treasury, including regulatory, market impacts, liquidity optimization, technology and risk mitigation. This promises to be entertaining and informative.
Session 3 8:30 – 9:30 James Madison Room
Ratings in a Changing Environment
Moderator: Ramon Yi, Senior Director, Treasury, Port of Houston Authority Immediate Past Chairman, NACT
Panelists:
Craig D. Fraser, Managing Director, Fitch Ratings
John Puchalla, Senior Vice President, Moody’s Investors Service
Philip A. Baggaley, Managing Director, S&P Global Ratings
Gain insights from senior representatives of Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings on how the current growth environment, tax reform, tariffs, U.S. infrastructure proposal, changes in oil and commodity prices, rising interest rates, as well as other perceived risks in the global and political arenas may affect the credit ratings outlook for different industries.
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FRIDAY, JUNE 1, 2018 (CONTINUED)
Session 4 9:45 – 11:00 AM James Madison Room
Banks and Capital Markets: Raising Capital with Change as the Baseline
Moderator: J. Darrell Thomas, Vice President & Treasurer, Harley-Davidson, Inc.
Panelists: Brendin Cave, Executive Director, J.P. Morgan, U.S. Investment Grade Finance
Warfield Price, Managing Director, J.P. Morgan
Michael R. Williams, Vice President & Treasurer, Orbital ATK Inc.
Debt Capital Markets Panel
For most companies – the best long term source of debt capital is the bond market. Four experienced panelists representing investment grade and non-investment grade issuers and investment grade and non-investment grade bankers will discuss the global debt markets with a focus on the United States market. They will discuss the best ways to go to market, the issuing formats (pros and cons), the considerations when going to market, and investor demands and expectations. Additionally, there will a discussion of the role of keys players including the investment banks, legal counsel and ratings agencies.
Session 5 11:00 AM – 12:00 PM
Loan Market Update: How Is the Loan Market Changing James Madison Room
Speaker:
Ioana Barza, Director of Analysis, Thomson Reuters LPC
How is the loan market changing?
• Market insights from the viewpoints of borrowers, lenders, and regulators
• Will banks see loosening of Leveraged Lending Guidance?
• Where is loan pricing headed?
• LIBOR Long-Term: Will it go away…and what would this mean?
2018 NACT NATIONAL TREASURERS CONFERENCE 11
WEDNESDAY, MAY 30, 2018
Opening Conference Reception with NACT Corporate Sponsors
Enjoy this first opportunity to network with your treasurer colleagues and representatives from our valued corporate sponsor companies during a reception at the Princeton Club.
Hospitality Suite
Close out your first day at the conference by sharing a beer, glass of wine, or cocktail with your fellow treasurers on the Fourth Floor of the Princeton Club.
THURSDAY, MAY 31, 2018
Reception, Dinner and Dessert
Start the evening with a cocktail reception at the Princeton Club followed by dinner and dessert. Relax, network and enjoy the evening with fellow treasurers!
Hospitality Suite
Compare notes or just unwind with your fellow treasurers on the Fourth Floor of the Princeton Club.
N E T W O R K I N G E V E N T S
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Ioana Barza Director of Analysis, Thomson Reuters LPC
As a Director of Analysis at Thomson Reuters LPC, Ioana Barza writes and presents
frequently on corporate credit markets with a special focus on loan capital markets to the banking, regulatory, corporate borrower, institutional investor, and private equity communities. In addition, Ms. Barza conducts interviews with market leaders for Reuters Insider.
Ms. Barza has been with Thomson Reuters LPC since 1999. She provides insight and analysis related to the global credit markets and co-moderates roundtable discussions among leading buyside and sell-side representatives focused in the U.S. on investment grade lending, leveraged finance, CLOs, middle market lending, and the broader European loan market.
Prior to joining Thomson Reuters LPC, Ms. Barza focused on environmental finance initiatives with the Environmental Protection Agency’s (EPA) Office of International Activities. She has also worked at the Overseas Private Investment Corporation (OPIC) in Washington, DC, evaluating the economic and environmental impacts of proposed overseas investments. Ms. Barza has a BA in environmental sciences and international relations from Northwestern University and a graduate degree in economics from the George Washington University.
Ebrahim Rahbari Managing Director Citigroup
Ebrahim Rahbari is a Managing Director and the Head of Global Macroeconomics within
Citi Research, based in New York. Ebrahim’s mandate is to shape Citi’s views on global economic developments, major policy issues, major events, significant themes and longer-term trends, some of which include G10 monetary policy, global growth, investment, financial conditions and crises. Ebrahim oversees Citi’s flagship global economic outlook publication and is also tasked with coordinating Citi’s views on global and advanced economy economics and the collaboration between Citi’s economists and strategists, as well as taking a leadership role in developing Citi Economics strategy for data analytics and in strengthening our relationship with external research partners. Prior to his current role, Ebrahim was a senior global economist for Citi in New York and a Director of European and Global Economics in London, where he focused on economic developments in the Eurozone, including the ECB and the
F E A T U R E D S P E A K E R S
European sovereign debt and banking crisis, and was Citi’s lead economist for Germany (2013-15) and for Spain (in 2012). Ebrahim holds a Master’s degree and PhD in Economics from London Business School and a BA (Hons) in Economics and Management from Oxford University (Balliol College).
John Sileo Chief Executive Officer, The Sileo Group
John Sileo’s identity was stolen and used to embezzle $300,000 from his clients. The
exposure destroyed John’s career and consumed two years of his life as he fought to stay out of jail. Combining real-world experience with years of study, John became an award-winning author and leading expert on cyber security, identity theft and data privacy. John is CEO of The Sileo Group, a data security think tank that helps organizations protect the information that drives their profits. His body of work includes engagements with the Pentagon, USA Today, Visa, 60 Minutes, Homeland Security, Rachael Ray, Schwab and organizations of all sizes. John graduated with honors from Harvard University and spends his free time with his remarkable wife and two highly spirited daughters.
Philip A. Baggaley Managing Director, S&P Global Ratings
Philip A. Baggaley is a managing director in Corporate Ratings. He is Sector Lead for U.S. transportation, autos, and defense; and coordinator for the global transportation industry team. Philip has addressed numerous industry conferences on airlines and railroads, and has testified before the aviation subcommittees of the Senate and House of Representatives. He joined the company in 1985 as a transportation bond analyst, took over direction of the transportation team in 1990, and had management responsibility for aerospace and defense ratings from 1993 to 2014, before assuming his current role.
Prior to joining S&P, Philip was a commercial banking officer with The First National Bank of Chicago and a lecturer in the Yale University History Department. He holds a B.A. in history and international relations from the University of Pennsylvania, and a Ph.D. in history from Yale University. He is a Chartered Financial Analyst.
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Brendin Cave Executive Director, U.S. Investment Grade Finance, J.P. Morgan
Brendin Cave is an Executive Director in J.P. Morgan’s Investment Grade Finance team and joined the group in 2007. In his current role at J.P. Morgan, he provides strategic capital raising advice and execution for debt and hybrid products for North American banks, broker-dealers, asset managers, specialty finance and captive finance companies. Mr. Cave also advises J.P. Morgan Chase & Co., one of the largest issuers in the global debt capital markets, on its liquidity and capital needs.
Prior to joining J.P. Morgan, Mr. Cave was a credit analyst in the Leverage Finance division at CIT Group Inc. Mr. Cave has a B.S. from The Pennsylvania State University where he studied Finance and Economics.
Thomas C. Deas, Jr. Vice President & Treasurer, FMC Corporation, Retired, Chairman of the NACT Board of Directors
Thomas C. Deas, Jr. is the current Chairman of the National Association of Corporate Treasurers (www.nact.org), having also served a previous term as its Chairman from 2011 through 2013. From 2001 until his retirement in 2016, he served as Vice President and Treasurer of FMC Corporation (NYSE: FMC), with responsibility for the worldwide treasury function, including financing, treasury operations, pension investments and funding, and insurance and risk management. Prior to joining FMC, he served as Vice President, Treasurer and CFO of Applied Tech Products Corp., of Airgas, Inc. (NYSE: ARG) and of Maritrans Inc. (NYSE: TUG). Prior to these positions, Mr. Deas was employed for 18 years at Scott Paper Company (NYSE: SPP), where he served in various capacities in finance and treasury.
Mr. Deas received a BS in Physics from the University of South Carolina.Following service as a destroyer officer in the U.S. Navy, he received an MBA from the Wharton School of the University of Pennsylvania. He is the past Chairman of the International Group of Treasury Associations and is a director of the University of South Carolina Educational Foundation and its Investment Policy Committee. He has served as a member of the Financial Stability Board’s Market Participants’ Group and is a current representative to the Federal Reserve’s Alternative Reference Rates Committee. Both these efforts are charged to recommend changes concerning how LIBOR and other
interest rate indexes are determined. Mr. Deas is a member of the steering committee of the Coalition for Derivatives End-Users. He is a frequent speaker at investor conferences and professional forums.
Jeff Diorio Director, Treasury Strategies, a Division of Novantas, Inc.
As a Director at Treasury Strategies, Jeff works with corporate treasury departments, treasury technology vendors, as well as financial institutions across a wide variety of complex engagements in designing treasury and banking solutions for today’s challenging liquidity and risk environment. Jeff has more than 30 years of experience in both financial technology as well as global treasury operations that allow him to bring a strategic focus to this leadership role. Specialties include development of solutions, system selection and implementation, project management, hosting/ASP/Cloud based solutions.
Jeff is currently a Director at Large on the board of the Treasury Management Association of New York. He has been a speaker at the AFP National Conference, and numerous regional treasury and bank conferences. Jeff has a BS in Mathematics from Northwestern University and is also a Certified Cash Manager.
Peter Frank US Leader, Financial and Treasury Management PwC
Peter is a Principal in PwC’s Advisory line of service and leads its Financial & Treasury Management Practice. Mr. Frank has over 20 years experience in Finance, Treasury and Risk Management. His expertise includes financial management, corporate finance, treasury management, enterprise risk management, working capital management and financial risk management.
Prior to joining PricewaterhouseCoopers, Mr. Frank spent four years in the Treasury function of Chevron Corporation, where he was responsible for currency risk management, interest rate risk management, investment strategy, and corporate analysis of business development opportunities.
Mr. Frank has an undergraduate degree from the University of Pennsylvania and Masters degrees in Business and Engineering from the University of Michigan.
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Craig D. Fraser Managing Director, Fitch Ratings
Craig Fraser is a managing director in the U.S. corporate finance group at Fitch Ratings, where he leads the Industrials/Transportation team. The team covers a diverse group of sectors, including aerospace & defense, airlines/aircraft finance, autos & auto parts, capital goods, diversified manufacturing, engineering & construction, and transportation/logistics.
Prior to joining Fitch in 2002, Craig was an equity research analyst/associate at Morgan Stanley, where he worked in several groups including the global aerospace and defense team. He also previously worked in the corporate finance group at Bank of America. Before entering the financial industry, Craig served as an officer in the United States Navy.
Craig holds a BS in economics from the University of Pennsylvania (Wharton School) and an MBA in finance from Columbia University’s Graduate School of Business.
Allen Geller Executive Vice President & Treasurer, Raines International, Inc.
With more than 40 years of executive search experience and specific expertise in the finance function, Allen Geller is the Head of Raines International’s Financial Officers Practice. Throughout his career, Allen has demonstrated a commitment to identifying progressive, accomplished leaders. He remains dedicated to identifying upcoming talent and helping them to achieve the next steps in their careers.
During his tenure, Allen’s personal assignments have spanned the United States, Canada, Mexico, the United Kingdom, Africa, and Asia, and include all areas of finance, with a focus on Treasury roles, and general management.
Allen received both his Bachelor of Arts degree in Political Science and History and his Master’s in Public Administration from Long Island University. He serves on the Board of Directors of the National Association of Corporate Treasurers and is the Co-Chair of the Staffing Committee for the Society of Human Resources, New York Chapter. He is an active member of the executive search community and is a frequent speaker at various conferences and professional seminars, including FEI, NAAAHR, as well as MBA schools. He has been quoted in professional magazines including Treasury & Risk Magazine, CFO Magazine and CFO.com, Crain’s New York, and Bloomberg News.
Cathryn R. Gregg, CCM Managing Director, Treasury Strategies, a division of Novantas, Inc.
Ms. Gregg sets the group’s strategic direction and manages senior client relationships. Her guidance improves strategies and risk management operations for corporate treasury. She is highly involved in advancing treasury technology applications and has focused on payment systems and banking evolution since founding Treasury Strategies in 1982.
Ms. Gregg has been a vocal advocate for client interests in regulatory matters, speaking to the U.S. Senate Banking Committee regarding the Volcker Rule and authoring numerous papers on the financial collapse, money fund regulations and the impact of regulatory change on U.S. liquidity markets. She has been a keynote speaker at the Federal Reserve Bank of Chicago Payments Conference, NACHA, TAWPI, the AFP National Conference, and numerous regional treasury and bank conferences.
Ms. Gregg received her MBA from the University of Chicago following a BA in Economics and Psychology from Kenyon College, where she has served on the Board of Trustees. She is a certified CCM, and has served on the advisory boards of a number of Treasury Strategies’ bank clients. She is also an avid gardener and cook.
Bjork Hupfeld Global Treasurer, The Hershey Company
Bjork Hupfeld is Senior Director & Treasurer for The Hershey Company. In this position, Hupfeld is responsible for the management of Hershey’s worldwide liquidity resources, formulating and implementing the appropriate capital structure, managing the financial and foreign exchange risks of the company and working with commercial and investment banks. Hupfeld has responsibility for the company’s risk and insurance function and the management of the company’s retirement assets and employee-defined contribution plans. His responsibilities also include treasury and banking operating systems in support of our global businesses.
Hupfeld joined the company in 2008. Prior to joining Hershey, he was Executive Director, Treasurer and Member of the Managing Board of WestLB Bank Polska, Warsaw, Poland. Before that, he worked for other financial institutions in a variety of roles at multiple locations in the U.S. and Denmark.
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Hupfeld holds bachelor’s degrees in accounting and economics from Copenhagen Business School. He is Executive Vice President of the National Association of Corporate Treasurers, Member of the Investment Advisory Council for Willis Towers Watson’s Investment Services.
John Loftus Senior Vice President, Cyber Security & Privacy Risk Willis Towers Watson
John is one of Willis Towers Watson’s cyber leaders with responsibility over the Northeast & Mid-Atlantic regions. In this role, he works closely with many of the firm’s largest clients. He focuses on combining insurance and preventative risk management services to help corporations fully address & mitigate cyber risk. As one of the firm’s cyber leaders, he routinely speaks, presents and authors papers in the space. Additionally, he was recently named a winner of Business Insurance Magazine’s annual 40 Under 40 awards, which recognizes outstanding performers positioned to become the next generation of leaders in the insurance and risk management field.
Prior to joining Willis, John worked as an Associate in Morgan Stanley’s Private Wealth Management Group. His team managed roughly $1 billion dollars for high-net worth individuals, foundations, and endowments. He began his career in 2005 as a financial analyst in Goldman Sachs’s Private Wealth Management Group.
John received a BA from St. Lawrence University, where he was a two-sport athlete, earning All-American honors in lacrosse. He was named a USILA Scholar All-American as a senior.
John also holds Series 7 & 66 licenses.
Laura Meade Insurance Programs Manager, Telephone and Data Systems (TDS)
Laura Meade is the Insurance Programs Manager for Telephone and Data Systems (TDS), a telecommunications company based in Chicago, IL, and has been with the company since 2011. In her current position, her major responsibilities include managing property, casualty, and executive liability insurance programs and claims resolution enterprise-wide.
Prior to joining TDS, Laura worked at Marsh as an insurance broker for four years, servicing global casualty and national brokerage clients. Laura graduated from Illinois State University’s Katie School of Insurance in 2007 with a B.A in
Insurance, Finance, and Economics, and earned an MBA in Risk Management from Loyola University Chicago in 2014. Laura holds her CPCU and ARM designations, and is a board member of the Chicagoland RIMS Chapter.
Laura will be discussing how to maximize the value of your cyber insurance program, including:
• How to evaluate your company’s insurance coverage.
• Leverage treasury’s role to assist with breach response preparation.
• Outline resources available to mitigate damages post-loss.
• Questions to ask within your organization to understand and provide solutions to your program’s current and future state.
Richard D. (Rich) Moore Corporate Treasurer Caterpillar, Inc
Rich Moore is Corporate Treasurer which he has held since January, 2016. In this role, Rich leads a team of treasury professionals at the company headquarters in Illinois as well as at Regional Treasury Centers in Switzerland and Singapore. Prior to becoming Treasurer, Rich was Director of Investor Relations.
Rich joined Caterpillar in 1987 as a Finance Analyst in Corporate Treasury. He has held a series of increasingly responsible roles in the company’s treasury and financial management areas at Caterpillar’s headquarters. From 1994 to 1998 served internationally in the Latin America Division offices in Santiago, Chile and Sao Paulo, Brazil.
In 2001, Rich was named Sr. Funding Manager at Caterpillar Financial Services Corporation located in Nashville, TN and in 2005 Rich became European Treasurer in Geneva, Switzerland.
Rich received a bachelor’s degree in Finance from Southern Illinois University and has an MBA from Bradley University.
Warfield Price Managing Director, J.P. Morgan
Warfield Price leads J.P. Morgan’s FIG and Retail Leveraged Finance practices and is based in New York. Warfield is principally responsible for leveraged finance transactions in the Financial Services, Real Estate Finance and Retail Sectors. In Warfield joined J.P.Morgan in 1999 and has worked in several other business areas including Leveraged Finance, Investment Banking Coverage, and Restructuring Finance.
Warfield joined J.P. Morgan in 1999 and graduated from Duke University with a Bachelor of Arts Degree, Magna Cum Laude in 1999 and is a CFA Charterholder.
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John Puchalla Senior Vice President, Moody’s Investors Service
John Puchalla is a Senior Vice President in Moody’s Corporate Finance Group. John serves as a full-time Rating Committee Chair, and leads research on defaults and liquidity. John has covered a variety of corporate sectors at Moody’s including consumer products, media and entertainment, broadcasting and cable, publishers and amusement parks. John originally joined Moody’s in 1997 as a member of the Economics Analysis group evaluating trends in global corporate credit quality and credit markets until transferring to the Corporate Finance Group in 2002.
Prior to joining Moody’s, John held various positions at NASDAQ and MNC Financial. John holds an M.B.A. in finance, economics and international business from New York University, a B.S. in finance from Penn State University, and is a CFA charter holder.
Grace Ries Staff Vice President-Manager, Cyber Risk Insurance Products FM Global
Based in the corporate office, Johnston RI, Grace Ries leads the cyber risk insurance product team to ensure FM Global delivers market leading cyber products and services that are competitive advantage in this emerging market while achieving growth and profitability goals for the company. She joined FM Global as a consultant engineer in San Francisco Operations in 2007, then moved to Boston operations to be a special chemical risk engineer. She later worked as an account engineer in Boston operations, handling a book of business in the pharmaceutical, food manufacturing and aircraft manufacturing sectors. She then became an account manager in Chemical operations, providing global insurance services and consulting to clients in the chemical industry. She holds a Bachelor of Science degree in Chemical Engineering and Materials Science Engineering from University of California, Davis. Grace is a mother to two daughters, 4 and 2.
Douglas Schoch VP Finance, Siemens Capital Company LLC – A Siemens Financial Services Business
Darrell Thomas Vice President and Treasurer, Harley-Davidson Financial Services, Inc.
Darrell Thomas is Vice President and Treasurer for Harley-Davidson, Inc. and the Chief Financial Officer of Harley-Davidson Financial Services, Inc., its wholly- owned finance subsidiary. He is Chair of Harley-Davidson’s Retirement Plans Committee and Finance Committee. He joined Harley-Davidson in June 2010.
Prior to joining Harley-Davidson, Thomas was with PepsiCo, Inc. in Purchase, NY. During the almost seven years that he was at PepsiCo, he served as its Vice President and Assistant Treasurer (Jan. 2006 to May 2010), and Director Capital Markets (Nov. 2003 to Jan. 2006). During his tenure at PepsiCo, Thomas was responsible for a $5 billion cash investment portfolio and global debt portfolio of $25 billion and pension assets of $9 billion, which were spread across 6 countries. Prior to joining PepsiCo, he had fifteen years at Citicorp/Citibank where he held various capital markets and corporate finance roles.
Thomas has an MBA in Finance from The Wharton School and a BA degree in Economics from Tufts University. He has served on the Board of Directors of Big Brothers Big Sisters of Metro Milwaukee since 2011. He also serves on the United Way of Greater Milwaukee’s Investment Committee and he joined the Board of the National Association of Corporate Treasurers in 2017.
Jeff Tilley Manager, Cyber Hazards FM Global
Jeff Tilley is the manager of cyber hazards at FM Global and is based in the company’s New York operations office in Parsippany, New Jersey.
As the manager of the cyber hazards team, Jeff brings 15 years of engineering and underwriting experience to lead the development and delivery of FM Global’s cyber engineering solutions.
Jeff joined FM Global in 2003 as a consultant engineer and has worked as an account engineer, account manager, and most recently as manager of the New York operation’s account engineering department.
He holds a Bachelor of Science degree in aerospace engineering from the University of Virginia.
Indirah Toovey Executive Director, J.P. Morgan
Michael R. Williams Vice President and Treasurer Orbital ATK
Mr. Williams currently serves as Vice President and Treasurer of Orbital ATK, a global leader in aerospace and defense technologies. With annual revenues of approximately $4.6 billion and a workforce of 13,000 people, the company designs, builds and delivers space, defense and aviation-related systems for customers around the globe, both as a prime contractor and merchant supplier. In his role as Treasurer, Mr. Williams is responsible for Orbital ATK’s banking and capital markets activities, treasury management, risk management, derivatives, real estate and retirement plans investment activities.
Prior to joining Orbital ATK in 2001, Mr. Williams served as Managing Director of Global Corporate and Investment Banking at Bank of America. Mr. Williams’ career in banking spanned 23 years with Bank of America and other leading financial institutions. During his banking career, Mr. Williams served in numerous leadership roles related to corporate and investment banking activities.
Mr. Williams received an MBA (with honors) from the University of Michigan and a BS in Business Administration from the University of Maryland. He currently serves as President of the National Association of Corporate Treasurers.
Robert Worthington Assistant Treasurer International Finance
Robert Worthington has worked a number of years in the chemical industry in various financial roles including 15 years in corporate treasury at the former Rohm and Haas Company. He is currently employed at FMC Corporation serving as Assistant Treasurer International Finance. Mr. Worthington has a BS in Business Administration from LaSalle College and attended graduate school at Temple University.
Ramon Yi Senior Director, Treasury, Port of Houston Authority
Ramon (“Ray”) Yi is Senior Director, Treasury, for the Port of Houston Authority, with primary responsibility for cash, debt and investment management, banking and rating agency relationships, mitigating financial risk exposures, as well as oversight of pension and benefit finance issues.
Ray has over 40 years of finance, accounting, credit, and risk management experience in a variety of industries, including the energy, healthcare and high tech sectors. He has served as Vice President and Treasurer of large multinational corporations, including Transocean and Ensco, both oil and gas drilling contractors, as well as Sunrise Medical and Fresenius Medical Care, both manufacturers of medical devices and equipment, and Symbios, a manufacturer of semiconductor chips.
Ray graduated cum laude from Harvard and earned an MBA degree with honors from Boston University. He holds the designation of Certified Cash Manager (“CCM”), and is a member of the Board of Directors of the National Association of Corporate Treasurers, where he serves on the Executive Committee and is the Immediate Past Chairman.
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CORPORATE SPONSORS
The National Association of Corporate Treasurers gratefully acknowledges the following companies for providing corporate support to assist us in achieving greater education and communication among our members:
BANK OF AMERICA MERRILL LYNCHBank of America Merrill Lynch is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. The company provides, through various banking and broker-dealer affiliates, M&A advice, equity and debt capital raising solutions, lending, risk management, treasury, liquidity, and payments management.
CAMBRIDGE ASSOCIATESCambridge Associates is a leading global investment firm that has been pioneering portfolio management solutions for more than 40 years. We work with 1,100 pension plans, private clients, endowments, foundations, and other institutional investors around the globe to help build portfolios that maximize returns at the appropriate level of risk. We offer clients the level of support they require to best meet their investment objectives, from acting as a fully outsourced investment office to providing stand-alone access to our world-class manager research platform. Our dedicated pension practice serves more than 140 defined benefit and other retirement programs. Our team of 60+ pension professionals is committed to building customized portfolios that create the value each plan sponsor needs to realize specific plan goals.
CAMBRIDGE GLOBAL PAYMENTSCambridge Global Payments is a leading provider of integrated cross-border payment services and risk management solutions. As a trusted partner for close to 25 years, Cambridge delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs. Our award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, we are flexible and responsive, with offices across North America, Europe, and Australia. Learn more at cambridgefx.com and follow us on Twitter and LinkedIn.
CHATHAM FINANCIAL Chatham Financial provides solutions for managing interest rate, currency,and commodity risk. We partner with treasury and accounting using a different approach -combining our consulting, technology and operating capabilities to solve our clients’ specific challenges. We offer services such as strategic hedging program design, holistic hedge accounting, and ChathamDirect.
DREXEL HAMILTONDrexel Hamilton, LLC is a service-disabled veteran-owned broker-dealer offering meaningful employment opportunities to disabled veterans. The firm provides public and private institutions with industry leading Capital Markets and Investment Banking services, ranging from Underwriting Equity and Fixed Income Securities to Corporate Share Repurchases and Mergers and Acquisitions Advisory.
FITCH RATINGSDedicated to providing value beyond the rating, Fitch Ratings is a leading provider of credit ratings, commentary and research. Fitch Group is a global leader in financial information services and is comprised of: Fitch Ratings, Fitch Solutions, Fitch Learning, and BMI Research. With dual headquarters in London and New York, Fitch Group is majority owned by Hearst. For additional information, please visit fitchratings.com.
FM GLOBALEstablished nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management. Mitigating risk is the mark of resilient companies. And it's a big reason why more than one-third of Fortune 1000 companies choose to partner with FM Global. Learn more at fmglobal.com.
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MOODY’S INVESTORS SERVICEMoody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets. The firm's ratings and analysis covers 135+ sovereign nations, 5,000 non-financial corporates, 4,000 financial institutions, 18,000 public finance issuers, 11,000 structured finance transactions, and 1,000 infrastructure and project finance issuers. Learn more at www.moodys.com.
MORNINGSTAR CREDIT RATINGSMorningstar Credit Ratings is redefining the industry’s expectation of what a ratings agency should be. We provide issuers and investors with insightful analysis and informative opinions of credit risk. Our experienced credit ratings analysts cover corporates, financial institutions, REITs, CRTs, SFRs, and CLOs, as well as CMBS, RMBS, and ABS.
MUFGMUFG is one of the world’s leading financial groups, headquartered in Tokyo with around 2,300 offices in 50 countries and more than 150,000 employees worldwide. MUFG Securities offers a comprehensive product suite to clients through five key business lines: capital markets, credit, rates, equities and structured products.
RUSSELL INVESTMENTSIn today’s challenging investment environment, many Treasurers are looking for more than just advice. For nearly 50 years, Russell Investments has created innovative solutions for defined benefit, defined contribution, and non-profit investors of all sizes. Challenges are part and parcel of a Treasurer’s job. We’re here to help. www.RussellInvestments.com/institutional.
S&P GLOBAL RATINGS S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), is a leading provider of credit ratings. With more than 1.1 million credit ratings outstanding, approximately 1,400 credit analysts and a presence in 28 countries, we offer a unique combination of global coverage and local insight. Learn more at spglobal.com/ratings.
SUNTRUST ROBINSON HUMPHREY SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc., providing comprehensive capital raising, strategic advisory, risk management, and investment solutions to corporate clients across the nation. It offers a complete array of solutions for companies across all industries, with in-depth industry expertise across eight core sectors.
TREASURY STRATEGIES, A DIVISION OF NOVANTAS, INC.,Treasury Strategies, a division of Novantas, Inc., creates superior value assisting corporations across a wide range of treasury challenges and treasury technology needs, focusing on: Assessment, Optimization and Implementation. We serve corporate treasurers, their financial services providers and technology providers for the complete 360° view of treasury.
WILLIS TOWERS WATSONWillis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
S A V E T H E D A T E2018 NACT Fall Treasurers ConferenceNovember 14-15, 2018Hyatt Regency O'HareRosemont, IL
NATIONAL ASSOCIATION OF CORPORATE TREASURERS
11130 Sunrise Valley Drive, Suite 350, Reston, VA 20191
Tel 703.437.4377 • Fax 703.435.4390 • www.nact.org
