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For his skill in navigating the Hutchinson Center through the nation's economic recession and financial crisis, the Puget Sound Business Journal has named Randy Main, vice president and chief financial officer, its top CFO of the year.
In an article that appeared in a special supplement in the March 5 print edition of the journal, Main said that never in his 24-year career at the Center had so many financial issues crashed down on him. Issues such as: reduction in charitable donations, the need to immediately reduce operating costs, pending layoffs, future recruitment, and suspension of capital projects.
Main said of his accomplishments, he is most proud of “favorably restructuring $175 million of publicly traded debt and implementing comprehensive and targeted cost reduction and revenue enhancement programs to turn around the Hutch’s negative financial performance, caused by major declines in fundraising and investment revenue—without any degradation of its credit ratings.
“Not only did the current financial decline have to be stopped, but we had to avoid putting ourselves at the mercy of other financial institutions,” Main said.
The PSBJ created the annual CFO of the Year Awards program because, while chief executive officers often receive most credit for the successes of his or her company, "in may cases the CEOs would not be where they are" without the strategic guidance of their CFOs."