David Coles, a Managing Director with Alvarez & Marsal North America Commercial Restructuring, has more than 24 years of financial restructuring experience and specializes in business performance improvement, profitability analysis, working capital management and interim management. His areas of expertise include the formulation and implementation of restructuring plans and performance improvement for underperforming businesses and financially healthy companies.
Mr. Coles has experience working cross-functionally with executive teams in senior advisory and interim CEO, CRO, CFO and COO roles. His experience spans public and private companies in multiple industries with a focus on consumer products, financial services and services/software.
Mr. Coles served as Restructuring Advisor to M*Modal Inc., a $300 million revenue provider of transcription services and ASR software. The company filed for bankruptcy in March 2014 and its plan of reorganization went effective in July 2014. The company was required to file SEC complaint financials.
Mr. Coles was interim CFO of PHH Corp, a public residential mortgage originator/servicer and fleet management business. He managed internal and external financial reporting, capital raising, rating agency and investor communications, cash flow projection/reporting and working capital improvement.
As CFO of Lehman Brothers Holdings Inc., he was involved in the initial crisis management and liquidity generation phases (including negotiating the sale of several time-critical businesses) following the filing of the company’s bankruptcy petition.
Previously, Mr. Coles' assignments included Leiner Health Products Inc. where as interim CFO/CRO, he managed the operational reengineering and financial restructuring. As an advisor to the parent company, he led profitability improvement projects at three consumer products businesses, Precor, West Bend and Florida Tile. The projects involved customer and product profitability analyses which were used as the basis for business rightsizings and cost reductions. He was also financial advisor to Ithaca Industries, a manufacturer of private label underwear and hosiery.
He is a board member of Euro-Pro Holdings, Inc., a $1 billion+ consumer products business he co-led and was CFO/CRO of during its financial and operational restructuring. He assisted in developing an S&OP process, customer profitability analyses, working capital management initiatives and renegotiation of the company’s credit facilities.
Prior to joining A&M in 1997, Mr. Coles was a senior manager with the restructuring group of a Big Five accounting and consulting firm in New York, having transferred from its U.K. practice.
Mr. Coles received a bachelor's degree from the University of Wales Institute of Science & Technology in Cardiff, UK. He has passed the examinations of the Institute of Chartered Accountants in England and Wales.
NOTE: Alvarez & Marsal employs CPAs but is not a licensed CPA firm.