The rocket-ship ride of Burnaby-based Golden Boy Foods Ltd., whose soaring trajectory transformed it from an underperforming company in 2011 to a cash-generating takeover target worth more than $300 million three years later, is widely credited to the financial pilot: CFO Brian Irving, named the 2014 CFO of the year in the private companies category.
Irving claims he was just one of the crew. “Our success is due to the entire management team, in IT, in manufacturing, in procurement, in a very lean organization,” he said, adding that the entire finance department deserves credit for being “instrumental” in perhaps one of the strongest turnarounds in B.C. history. “Senior financial accountant Mercia Huang and financial controller Mark England did an excellent job,” Irving said. Tricor Pacific Capital, the private equity firm that backed Golden Boy, has evidence of the critical role Irving played. “From the time [Irving] joined the company, it generated more cash flow in an 18-to-24-month window than it had done in the previous five years,” said Tricor partner and managing director Rob V. Wildeman. “In our opinion, no one is more deserving [of the CFO of the Year Award].” Early this year, Golden Boy was sold to U.S. cereal giant Post Holdings Inc. (NYSE:POST) for $320 million. This represented a significant cash-on-cash return for shareholders, noted Richard Harris, president and CEO of Golden Boy Foods. “Brian is a terrifically dedicated and effective CFO,” Harris said. |
The South African-born Irving confirmed he plans to stay on as part of the executive team of Post Holdings’ Private Brands Group, together with other members of Golden Boy’s winning team.
