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C R A I N ’ S D E T R O I T B U S I N E S S // J U N E 6 , 2 0 1 6
MOST INFLUENTIAL WOMEN: FINANCE
‘Be a visible leader’ Heather Paquette
Michigan managing partner, KPMG LLP, Detroit Career ladder: Paquette, 44, spent four years in the U.S. Air Force as a computer operator. She worked for KPMG in St. Louis and Chicago in college. She was named partner in 2003 and managing partner of Michigan offices in 2012. She made many connections in Detroit, and joined many organizations. “I don’t have a lot of down time,” she said. Power metrics: Audit, tax and advisory firm KPMG has 373 employees in Grand Rapids and Detroit. U.S. revenue last year was $7.9 billion. Paquette led local integration work fol-
lowing KPMG’s buyout of Southfield-based advisory firm BBK Ltd. in 2014. Surprising fact: She’s a member of the Detroit Derby Girls home team, playing for two years despite the occasional black eye or bruise worn to the office. “You focus and don’t worry about everything else” during games, she said. Super power: Observation. She also calls herself a tremendous planner in family life and business. Big win: Becoming managing partner of the Detroit office, and working with Beth Chappell, president and CEO of the Detroit Economic Club, to launch United Way for Southeastern Michigan’s Women United effort to address early childhood learning.
Community connections: Board member, Detroit Economic Club, Detroit Regional Chamber, United Way for Southeastern Michigan and Inforum Center for Leadership, among others. Advice for women on success: “Do what you say you’re going to. Be a visible leader in thought and in action. Help others accomplish their goals.” Next big goal: Working with KPMG to donate more than 10,000 books to Detroit children as part of the office's 100th anniversary celebration. Paquette’s three sons have experienced reading challenges, and she believes in the power of literacy. Vickie Elmer
Laurie Beard
Jackie Buchanan
Jan Garfinkle
Elizabeth Haar
Marina Houghton
Career ladder: As a teenager, Beard began keeping the books at her dad’s drugstore in central Illinois. After earning an MBA from Grand Valley State University, she became a stockbroker. She later helped start Founders Bank, which opened in Grand Rapids in 1991. She headed its trust department, then became bank president in 2001. When Old National Bank acquired Founders Bank in 2015, she became region president. Power metrics: Evansville, Ind.based Old National Bank has 34 branches in Michigan. Beard, 65, presides over its four branches in the Grand Rapids area. Those branches have about $340 million in assets and serve 11,000 customers. Big win: Customer service. “We believe (customers) will be loyal and send referrals all day long when you take the time to get to know who they are, what they really need and make that special connection.” Board/community connections: Board chair, Grand Rapids Community Foundation; board member: Grand Valley University Foundation, Michigan Gift of Life Foundation, Economic Club of Grand Rapids, West Michigan Policy Forum; advisory boards at Grand Valley State University and others. National: ABA Community Bankers Council member and Transplant Games of America-Board of Directors. Cause: Working to increase awareness and funding for organ transplants. One of her sons, Paul, died in a car accident 11 years ago at age 27. “Five different people have been able to live because of Paul,” she said. Next big step? She’s retiring this summer and plans to spend more time with her family, including her 4-year-old granddaughter, Stella.
Career ladder: Buchanan, 49, received her bachelor’s degree in accounting from Walsh College and a master’s in information systems from Lawrence Technological University. She started her credit union career in 1986 as an accounts payable clerk for Parda Federal Credit Union in Rochester. After a stint at Cornerstone Community Financial in Centerline, she joined Auburn Hills-based Genisys Credit Union (formerly T&C Federal Union) in 1991 as an accounting manager. She became vice president of IT in 1998 and EVP and CIO in 2008. Less than two years later, she became president and CEO. Power metrics: Genisys is one of the largest credit unions in the state, with 450 employees, 180,000 members and $2 billion in 2015 assets. Secret weapon: Buchanan’s technology background pushes innovation across the credit union. Biggest setback: Early in her career, Buchanan says, she was shy — which was sometimes perceived by peers and employees as aloof and unapproachable. A Dale Carnegie course helped, and she also joined an industry advisory board. What drew you to this field? “I always loved accounting in high school, and I was always good with numbers. I joined and stayed with credit unions because I love the philosophy of people helping people.” What advice do you have for other young women trying to get into this field? “If you don’t speak up, people will assume you have nothing to say.” What advice do you have for women when it comes to success? “Show appreciation to everyone who helps you along the way. Everyone wants to feel appreciated, and it’s so easy to say thank you.”
Career ladder: Garfinkle, 58, has served as Arboretum Ventures founder and managing director since 2002. Previously, she held a number of marketing roles in biotech and research. Garfinkle earned her B.S. in bioengineering at the University of California, Berkeley and an MBA from the Wharton School, University of Pennsylvania. Power metrics: With 11 full-time employees, Arboretum manages $450 million in four funds. The venture capital firm has invested in 35 portfolio companies that employ 1,800 people, and that have impacted more than 3 million patients. Its most recent big headline came last fall, when the firm announced it had finished raising the largest VC fund in state history, closing Arboretum Ventures IV LP at $220 million. Garfinkle targets promising medical device and diagnostic technologies. Secret weapon: Her three college-age daughters “because they are always challenging and testing my hypothesis about the world.” Big win: Starting Arboretum Ventures in 2002 with the goal of reducing health care costs while maintaining great clinical care. I recently learned to: Sing! Her daughters gave her singing lessons as a birthday present. Board/community connections: On boards of portfolio companies Cardiac Dimensions, Cereve, NeuMoDx, NxThera, Strata Oncology; also on board of directors and executive committee for National Venture Capital Association; former chair of Michigan Venture Capital Association; member, University of Michigan Health Systems Advisory Board. Best mentors: Her father, then Tim Petersen and Paul McCreadie, her partners at Arboretum.
Career ladder: Haar earned her bachelor’s degree in mathematics from the University of Michigan-Dearborn in 1987 and then began her career as an actuary at Michigan Millers Mutual Insurance Co. In 1997, she became director of actuarial services with Accident Fund Insurance Co. of America and was named president and CEO in 2005. Haar helped launch parent organization Accident Fund Holdings, which was renamed AF Group in March. Haar, 50, is also employed with Blue Cross Blue Shield of Michigan as EVP/president, emerging markets. Power metrics: Lansing-based AF Group writes workers’ compensation policies in all 50 states. It supports four brands that covered 2.1 million employees and 2,407 companies in 2015. AF Group had $1.14 billion in direct written premiums for 2015. Blue Cross Blue Shield of Michigan, parent company of AF Group, serves 4.5 million people. Special skill: She’s a strategic visionary who knows how to assemble a team. Why the insurance field? “The workers’ compensation industry often gets a bad rap. At its core, its mission is to help people, which is why I am here.” Advice for young women trying to get into this field: Seek internships or entry-level jobs in the industry, or join a rotational training program that allows you to experiment in different areas of the industry before settling on your niche. Advice when it comes to success in general: “If you focus on adding value and satisfying the customer rather than your own promotion, you will be successful.”
Career ladder: Houghton, 52, grew up in an east side Detroit suburb.“My dad was an entrepreneur, and I worked with him a lot at his Detroit businesses. I went to Wayne State University in the evenings and got a degree in accounting. I also got a CPA designation. I have been in love with the accounting profession my whole life.” She started her own CPA firm in 1991. “Ten months ago, Baker Tilly offered me this job.” Power metrics: Manages 130 employees in Michigan, with revenue of $27 million a year. She is the first woman state managing partner for Baker Tilly. What I recently learned: The difference between working as an entrepreneur and working in a corporation. “I’ve learned to look at all the avenues of my decisions because it impacts so many more people.” Board and community connections: Children’s Hospital of Michigan Foundation, audit committee; Detroit Zoological Society, board and audit committee member; WSU Business School and Grosse Pointe Foundation for Public Education, board member. Surprising fact: “My mother passed away from a heart attack when I was 12, and I arrived home from school to find her. I was the sixth of seven children, and my father raised all of us.” Best mentor: Amy Wallman, first female partner at the Ernst and Young Detroit office. How you assist other women: Role model to her daughter, who is a CPA. “At Baker Tilly, we have the GROW (Growth and Retention of Women) program.” Next big goal: “Be on a paid board when I retire.”
Cassandra Spratling
Kevin Polzin
Vickie Elmer
Bruce Mason
Marti Benedetti
Region president, Old National Bank, Grand Rapids
President and CEO, Genisys Credit Union, Auburn Hills
Founder and managing director, Arboretum Ventures, Ann Arbor
CEO, AF Group; EVP/president, emerging markets, Blue Cross Blue Shield of Michigan, Lansing
Michigan managing partner, Baker Tilly Virchow Krause LLP, Southfield