The 2008 recession proved to be a challenge for David Orr, CFO of heated flooring company, Nuheat Industries Ltd. Set against a tough economic landscape, with big drops in U.S. housing starts and a credit crunch, Nuheat was challenged to scrutinize its business.
Orr has orchestrated and guided a number of key initiatives. He effectively led a cost reduction program of $1.8 million and managed the financial stewardship of the business through the impact of the dramatic global and U.S. housing downturn of 2008/2009.
"David's leadership is most valued at the executive table when he brings forth contrarian thought – challenging his peers to ensure sound decision-making, he holds the group to account for their commitments," said John Rose, CEO of Nuheat.
When Nuheat looked at expanding its product line, Orr was instrumental in leading the analysis and pushing for its implementation – the result was a new propriety cable. Since the launch in 2012, Nuheat has enjoyed an increase in cable revenue of 8%.
Orr also recommended relocating to a new custom-designed facility. He spearheaded the initiative to improve the manufacturing layout and create an open office concept to better tie-in all departments.
The company meets every day to discuss good news and great experiences and reviews his financial metrics. It is through this daily communication that the company can continuously improve. •
Q&A
Nomination remarks from John Rose, CEO of Nuheat
How has this nominee demonstrated leadership in finance?
Over the past decade, Orr has been deftly assembling a department that would be responsible for not only managing the numbers, but a team that was positioned to use their expertise to help manage and grow the business. The recent recession has been the most challenging backdrop in Nuheat's corporate history, and the company was forced to scrutinize its business. Since that time to present day, Orr has orchestrated and guided a number of key initiatives. He has effectively led the financial stewardship of the business through six years of 25% growth.
How has this nominee contributed to strategic decision-making and growth of the company?
While finance often reports on the past, Orr's prescience helps articulate the potential implications of future decisions and guides the company as a whole. Again his ambit of knowledge bolstered by his financial acumen afford him a unique perspective.
Knowing that incisive strategic objectives with an articulated execution plan were the key to the business' success, Orr was instrumental in reviewing the strategic process and championing a new facilitator that offered a consistent strategic model with more rigour and accountability. The new direction helped secure an additional $1 million dollars for new growth initiatives by the board of directors.
How has this nominee demonstrated a commitment to sound ethics and reporting?
Orr is honest and has the highest ethical standards and integrity. Assiduously avoiding any kind of reframing, misleading or sins of omission he is meticulous in the candour of his reporting. He has reported to the board on the eighth business day of the month without fail for the last 10 years. Orr is straight to the point; he reports what key stakeholders want to know.
How has this nominee demonstrated contributions to sustainability and community initiatives?
Nuheat has recently expanded its existing recycling programs to include: recycling all pallet wrap, cling wrap and reusing pallets, implementing an electronic fax system saving 100,000 pieces of paper annually, and embracing an employee initiated recycling program that has resulted in 50% reduction in haul-away garbage. Supported by Orr's financial stewardship, Nuheat actively partakes in community involvement and has monetarily donated on average $25,000 to $30,000 per year (half being raised by staff) to support local and international organizations. This past year, Nuheat's employee initiatives will support the Canuck Place Children's Hospice whereby more than $120,000 has been donated to date by the company and its employees.
