20121015-NEWS--31-NAT-CCI-CL_--
10/11/2012
2:51 PM
Page 1
CRAIN’S CLEVELAND BUSINESS
OCTOBER 15 - 21, 2012
JOSEPH M. RANDAZZO
A CLOSER LOOK
Austen BioInnovation Institute in Akron ◆ Akron
J
oseph Randazzo’s title is CFO, but his responsibilities at the Austen BioInnovation Institute in Akron extend well beyond tending to the numbers. In 2011, following the departure of the nonprofit’s chief administrative officer and director of information technology, Mr. Randazzo “responded to the needs of the organization by taking lead of the IT department, human resources, administration and various other roles,” according to the nomination. In adopting those duties, Mr. Randazzo “not only became responsible for the management of various teams at ABIA, but he also gained the huge responsibility of managing the completion” of the organization’s $13.5 million, 40,000-square-foot headquarters and Center for Simulation and Integrated Healthcare in downtown Akron, the nomination stated. Mr. Randazzo already was handling the complex financials for the new building, but the new roles meant he also “undertook management of construction and design teams, and the logistics of moving ABIA’s 30-person team into a new space,” according to the nomination. And he was doing this less than a
■ ORGANIZATION: Austen BioInnovation Institute in Akron ■ LOCATION: Akron ■ INDUSTRY: Medical devices, education ■ EMPLOYEES: 25 ■ 2011 REVENUE: $6 million
year into his tenure as CFO. “Thanks to his careful management of these processes, ABIA seamlessly moved into its new home on time and tracking under budget,” the nomination stated. Upon his arrival at ABIA in 2010, Mr. Randazzo “began laying the foundation for sound financial management, designing the finance department, policies and protocols from the ground up.” In his two years as CFO, Mr. Randazzo “has introduced the management team to financial planning such as zerobased budgeting, cash flows and time allocation, and he continues to help guide the organization toward a healthy and sustaining financial future.” Mr. Randazzo also is valued for “asking the hard questions and encouraging his colleagues to make decisions that are not only fiscally sound but also benefit ABIA, and the community, in the long run.” Outside work, Mr. Randazzo helps train the next generation of business leaders through his involvement with the Women’s Entrepreneurship Program, held each spring at the University of Akron to offer financial guidance to early stage businesses. He also is an active member of the Healthcare Financial Management Association and has served as a United Way volunteer.
RUSSELL SCHABEL The Philpott Rubber Co. ◆ Brunswick
R
ussell Schabel clearly did not become a CFO so he could sit in a corner office all day. At Philpott Rubber Co., a 123-yearold company that, among other things, provides polymeric fluids in the Marcellus and Utica shale basins, Mr. Schabel regularly calls on customers. “He meets frequently not only with his financial department counterparts at our customers’ facilities, but also with plant management, engineering and purchasing personnel,” according to the nomination. The in-person meetings with the CFO “ensure that customers understand they have the highest level of attention,” the nomination stated, and they help to personalize “what is normally a mundane interaction between the accounting groups.”
There’s another major, protective benefit: “If, unfortunately, the customer falls on hard times, Russ’ relationships … will likely place Philpott in a position to receive more timely and accurate information regarding the customer’s financial status and provide the forum for helping the customer through its problems.” Five years ago, Philpott began transforming from a regional player to a global polymer services provider, and Mr. Schabel played a key role in that process. Recognizing the enormous potential of the shale market, Mr. Schabel “worked closely with Philpott’s CEO to identify, secure, market and deliver a novel, environmentally friendly polymeric liquid, which is used to ‘cleanse’ a horizontal gas or oil well after it has been hydraulically fractured,” the nomination stated. To enter the shale market fully, Philpott last February formed a subsidiary, Philpott Energy and Transportation Co. (PETCO). In addition to his CFO role, Mr. Schabel serves as PETCO’s vice president and general manager, overseeing marketing, sales and field operations. The nomination stated that within five months of its formation, PETCO had increased Philpott’s overall sales by 12%. Philpott’s growth plan “includes
A CLOSER LOOK ■ ORGANIZATION: The Philpott Rubber Co. ■ LOCATION: Brunswick ■ INDUSTRY: Polymer molding, distribution, assembly, fabrication and fulfillment ■ EMPLOYEES: 28 ■ 2011 REVENUE: $18.3 million
“Russ’ relationships ... will likely place Philpott in a position to receive more timely and accurate information regarding the customer’s financial status.” – CFO of the Year Award nomination for Russell Schabel both organic and acquisition components,” according to the nomination. As part of that, Mr. Schabel “negotiated a $5 million line of credit at extremely favorable rates, even though there is no current demand for cash.” Mr. Schabel also is a member of the board of directors of the Medina County Port Authority, and is on the business advocacy committee of the Council of Smaller Enterprises.
If you can help bring a meeting to Cleveland,
we’d like to meet you.
W
ith $2 billion in visitorrelated infrastructure
The The The The
relationships. expertise. financing. personal touch.
development,
Cleveland is becoming a dynamic meeting destination.
Jack Schron, president of locally owned and operated Jergens, Inc., will showcase Cleveland by bringing his company’s 2013 national meeting home. And, Positively Cleveland is here to help.
www.BellwetherEnterprise.com
Whether you’re a professional who has a hand in your
The Premier Source for Commercial & Multifamily Real Estate Capital
organization’s meeting planning or you’re simply
FOR MORE INFORMATION CONTACT:
a resident full of civic pride,
Jim Doyle, Jr. | Senior Vice President | 216-820-4502 | jdoyle@BellwetherEnterprise.com
Positively Cleveland can VISION
KNOWLEDGE
PEOPLE
support you – and even reward you – for bringing a meeting home to Cleveland. Visit ClevelandChampions.com.
WANTED: Your subscription to Crain’s Cleveland Business To sign up call toll-free at 1-877-824-9373 or on-line @ CrainsCleveland.com Click on “Subscribe Now.”
“Why not Cleveland?” - Jack Schron, president of Cleveland-based Jergens, Inc.
C-11