There were 21 members attending today, 8 live and 13 virtual. 81% Attendance
President Rick Chron is traveling this week, so VP Mike Castro competently filled in, opening the meeting after a breakfast of scrambled eggs, bacon, toast and fruit. Robert Aasen offered up our prayers and Lawrence Yu-Rank lead the Pledge of Allegiance.
Mike lead off with the Secretary's Report, then on to some Brag Bucks to fatten up Miss Piggy. George Elking reported on the upcoming Blood Drives for Carter Blood Care. See the Upcoming Events for the schedule of drives – workers will be needed for each location.
Our Guest Speaker was introduced by President Pro Tempore, Mike, who provided a solid introduction of Jim H. Wanserski of Wanserski & Associates. Here is Jim's CV:
Jim Wanserski, highlighted executive roles:- M&A investor/operating roles with DFW PEG advisory firms
- President & CEO, World Acceptance Corporation: Selected for this strategic role by the board and its trusted, external law firm advisor. Served during contentious period dealing with significant scrutiny from several Federal agencies, related legal actions, and claims against the company. Assessed and stabilized operational performance while ensuring completion of remediation efforts; refocused management team on growth, customer emphasis, and compliance; incorporated new messaging with specialty PR firm. Achieved 52-week stock price high within 5 months, nearly exceeded again before end of tenure.
- CEO/Management Trustee for AT&T/Centennial merger: Promoted by United States Department of Justice (“US DoJ”) and appointed by a Washington DC Federal District judge. Served as CEO for $160 million wireless entity held for resale by AT&T: 160,000 subscribers, 320 cell sites, 32 retail stores in LA/MS. Operations sold and transitioned to Verizon and a Private Equity firm.
- CEO/Management Trustee for Verizon/Alltel merger transaction: Recommended for role by US DoJ; appointed by a Washington DC Federal District judge. Served as CEO of $1.2 Billion entity: 1,200 personnel, 1.6 million customers in several states and major metropolitan areas across USA. Selected management team, defined infrastructure independence, dealt with all Federal/State Agencies, executed pre-divestiture decisions/acquisition actions required by court order(s).
- Telecommunications Consultant to CEO/Management Trustee in:
- AT&T/Dobson merger: 95,000 customers, $100 million revenue in 3 different states;
- Verizon/Rural Cellular: 165,000 customers, $168 million revenue across USA.
Educated in the Midwest: entered telecom industry (audit, finance, accounting) at three public company, national service-providers (Sprint, Telecom*USA, MCI); joined large client consulting via “Big 5” firm Arthur Andersen; left to execute/lead 15 turnaround projects across a range of industries/company-sizes with high-end firm Morrison*Anderson. Performed project assignments in: financings; down-sizings; renegotiations; risk assessment; high-level project work in governance; business operations; as well as compliance oversight at public and private companies. Uncovered, testified, and dealt with 12 civil and criminal fraud cases aggregating to $325 million; all required re-building functions and organizations.
Jim spoke about his experiences with finding and exposing fraud and abuse in corporate settings. Where the investigator obtains his information, the sources, and how they bring the perpetrators to justice. His main focus was on how to uncover fraud and how to make an 'ethical decision'. Most fraud perpetrators are the corporate officers themselves, but it can run deep into the rest of the company. Jim takes his ethical decisions based on the lifelong work of Rushworth Kidder, who pointed out five specific points that all ethical decisions must include: It must be Honest, Responsible, Respectable, Fair and Compassionate. Sounds like Rotary, right? Thank you, Jim for an interesting presentation.
Mike closed the meeting with an honest, responsible, respectable, fair and compassionate Four-Way Test and concluded the meeting.