A funny thing happened to Pitney Bowes' CFO Michael Monahan on the way to dental school. He became an accountant. After majoring in biology and winning a spot at dental college, Monahan found the DDS entry price too stiff. Studying finance was more affordable, and, he says, it was a way to "learn about how the markets prevented me from being a dentist."
Monahan, 47, learned that and more. In 20 years at Pitney Bowes, he has risen through the financial and operational ranks, taking on key jobs in marketing services and product management, among others, to become one of a new breed of CFOs whose influence extends far beyond the finance department. "Being a CFO in today's environment is a unique experience," says Monahan, whose responsibilities extend to oversight of corporate development, investor relations and real estate administration, among other areas.
"I had a lot of grounding to prepare me for this job," he says.
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Named CFO in February, executive vice president Monahan will need that experience as he helps lead a company in transition. In its 88 years, Pitney Bowes has successfully evolved from a maker of hand-cranked postage machines to the ubiquitous corporate postage meters to software development to providing outsourcing services. Last year, it moved into location intelligence with the acquisition of MapInfo for $500 million. Part of his job, he says, is helping integrate MapInfo and about 80 other acquisitions made since 2000, and totaling $2.5 billion, into the global Pitney Bowes strategy. And he must accomplish this as the geographic base shifts.
Indeed, sales outside the United States now account for almost one-third of the company's $6.13 billion in revenue, up from 12% in 2000. That requires a global financial reporting infrastructure, Monahan says. Pitney Bowes has built a common SAP AG enterprise platform across Europe and another in the U.S. "We plan to synchronize those, along with those in countries we're moving into," he says.
o Monahan began his accounting career at Price Waterhouse.
o He is a board member of the Armed Services YMCA program.
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