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Winstead Corporation
Search for Chief Executive Officer

The Organization

Founded in 1963 Winsted Corporation (www.winsted.com) is a worldwide leader in command and control room console solutions. Control rooms represent a niche market, but are found in numerous specific end markets, including airports, utilities, military, casinos, oil and gas facilities, transportation/logistics facilities, prisons, process control facilities, educational and healthcare campuses and facilities, most large corporate campuses, and many others.

The world-wide market for annual spending on control rooms is estimated at $5 to $7 billion, with 90% of the spend on technology and only 10% on consoles and furniture/racking. However, styling, design and aesthetics of these products have an outsized impact on the perceived quality and value of the end-product, and accordingly, generate favorable margins. Finally, as noted from above, end markets are not very cyclical, and expenditures tend to not be discretionary.

Winsted Corporation encompasses a family of companies that includes its headquarter location inBloomington, Minnesota; a millwork operation in Champlin, Minnesota; a designer and manufacturer of custom control room consoles and technical furniture solutions based in Duluth, Georgia; and Winsted, Ltd., an international marketing, manufacturing, and distribution arm based in the United Kingdom. Winsted employs a dedicated and talented team of approximately 75, and enjoys a market-leading reputation.

Winsted is in the process of being acquired by a privately held multi-family investment firm with a very long-term focus. The new owners desire to support Winsted’s growth, both organically and through acquisitions with the goal of driving Company revenues from $25MM to $100MM over the next ten years.

Position Summary

The new owners of Winsted, in their prospective role as a Board of Directors are seeking a Chief Executive Officer (CEO) who will develop and execute a high growth strategic plan while enhancing the Company’s operations, culture and reputation. In addition, the CEO:

  • Will champion the Company’s vision, drive its strategy and lead the Company through its next stage of growth and will have management responsibility for all aspects of the business, including sales, marketing, operations, and finance with full profit and loss accountability.
  • Will be responsible for shaping the organization going forward, which includes developing and evaluating an incumbent team of executives including a President, Controller, Division Managers and other key team members. This leader will motivate, measure, coach and mentor the management team and employee base to ensure optimum operating performance.
  • Will have responsibility for updating and improving operations, including the implementation of a new ERP system, evaluating the Company’s operational footprint for optimal long-term success and working internally and with Winsted’s outside accountants to improve accounting and control systems.
  • Will work closely with ownership in identifying and executing add-on acquisitions that will expand the scope of products and services offered and end markets served.

Key Responsibilities

Strategic Leadership

  • Effectively partner with the Board of Directors to develop, align and execute the overall company strategic business plan.
  • Lead the development and execution of the Company’s overall growth plan including its sales and marketing strategy.
  • Identify strategic alternatives for growth including customer, product and channel diversification and expansion.
  • Provide visionary leadership for new ideas and approaches and welcome outside assistance in select areas.

Financial & Operational Leadership

  • Responsible for stewarding the Company’s P&L and balance sheet and for establishing sales, profitability and cash flow goals. Ensure that revenue growth is achieved in a responsible and profitable manner.
  • Enable the Winsted team to deliver on sales, profitability and cash flow goals and objectives through day-to-day leadership and management of the Company.
  • Ensure that financial performance is reported timely and accurately to the Board of Directors, demonstrating rigor, accountability and a high level of analysis, with a clear goal of providing quantifiable results and increasing shareholder value.

Manufacturing & Operational Management

  • Drive lean and continuous improvement in the manufacturing operations to ensure that all Winsted products meet quality standards, are delivered on time, and meet financial expectations.
  • Management oversight for the Company’s reporting systems, including a new ERP/accounting system.
  • Provide leadership, management and the vision necessary to ensure that Winsted has the right operational procedures, controls, systems, manufacturing capacity and people in place to effectively grow.

Marketing & Sales Leadership

  • Leveraging the Company’s existing capabilities to drive a strong marketing and sales capability.
  • Build upon the Company’s existing go-to-market strategy, which includes direct and indirect selling.
  • Champion a culture of innovation in the design and development of new products.
  • Maintain and develop strong market awareness, including the competitive landscape, opportunities for expansion, customers, markets, new industry developments and standards.
  • Develop and/or maintain strong industry visibility.
  • Strengthen key account and opportunity management capabilities.

People Leadership

  • Develop trust and maintain a leadership presence throughout all parts of the Organization.
  • Hire, develop and retain a high-performance team.
  • Foster a collaborative culture that enhances employee engagement and results-orientation while encouraging innovation and creativity.

Leadership Competencies

The CEO is expected to demonstrate the following leadership competencies:

Strategic Leadership:Understands the market, identifies trends and takes advantage of opportunistic changes. Accurately identifies, gathers and evaluates opportunities. Effectively deals with complex, ambiguous and partial information to generate solutions. Sees the business holistically and prioritizes opportunities.

Business Acumen:Plans, manages and delivers profitable sales growth. Demonstrates sound knowledge of products, applications, customer requirements and production capabilities/limitations. Ably “sells” recommendations and obtains/maintains respect of others. Demonstrates functional and technical proficiency in the areas of finance, strategic marketing and acquisition with highly developed analytic acumen.

Operational & Systems Experience: The executive must possess demonstrated competence in operations and systems. The CEO must have familiarity and be comfortable with manufacturing and related disciplines including job costing, just-in-time and lean manufacturing processes.

Growth Orientation: Understands and manages the risks involved in leading transformation in a business. Is appropriately hands-on and directs the organization to achieve results and prioritize effectively.

Outstanding Maturity & Leadership: Possesses a commanding presence and superior inspirational qualities. Decisive, clear and transparent communicator and motivator that creates and champions the Company vision. Creates a strong team atmosphere in which people work collaboratively to produce outstanding results.

Passion and Drive: Believes in the Company’s mission and objectives, and is dedicated to furthering both.  Establishes aggressive goals and drives for success.

Global Outlook: Must be confident working in a global environment, including diverse geographic customers, channel partners and business scenarios.

Continuous Improvement: Embraces changes and prioritizes learning and development. Continually assesses processes and capabilities to ensure current and future needs of the business will be met.

Customer Focus: Models, creates and fosters a culture that demands superior service and achieves the highest standards. Resolutely focused on creating and maintaining long-term relationships.

Results Orientation: Maintains a standard of excellence while showing a passion for improving the delivery of results with a commitment to continuous improvement. Drives change management enterprise-wide to instill a high level of commitment to accountability for results. Demonstrates strong skill in prioritization of goals.

Ideal Candidate Profile

The ideal candidate will have a track record of incremental responsibility as a general manager, including operational, finance, and sales and marketing leadership with a minimum of fifteen years of progressive experience. This executive will have strong business acumen, exceptional understanding of operational and financial strategies, and a familiarity with the industries served by Winsted.

This executive will have driven profitable growth and demonstrated an ability to successfully scale an organization. Growth experience in a stand-alone business is preferred; however, experience at the divisional level of a larger enterprise is also relevant. Previous success managing a multisite organization with similar scope and complexity is required. This should include full P&L management in a privately held company ($100MM+ revenues) or similar-sized division of a larger entity.

A growth mindset with the demonstrated ability to drive profitable growth, innovation and operational excellence is desired. This individual will have experience with mergers and acquisitions. Familiarity working with a Board of Directors is also relevant.

It is critical that this leader possesses a strong understanding of selling and marketing to end users through multiple channels, including Value Added Resellers and other distribution partners.

The ideal candidate will have the proven ability to develop actionable short- and long-term plans, outline metrics and manage to them to deliver measurable results. This person will have a strong customer service orientation and a track record of implementing effective organizational systems and controls to support ongoing operations and steady growth.

In addition to being an innovative leader with high energy and great interpersonal skills, the ideal candidate will be a proven strategic thinker who can analyze the Company’s products, markets, and customers and develop a compelling vision of what the Company can be in the future. The successful candidate will be an excellent communicator able to articulate and energize the Organization around that vision.

This person will embrace technology and have a proven ability to implement tools and processes, to drive operational excellence and support sustainable business growth.

A track record of successful hiring, coaching and mentoring high-performing individuals and teams is a must. The ability to assess and develop talent and foster chemistry with the existing leadership team is paramount.

A bachelor’s degree is required. An MBA or other advanced degree is preferred. The highest ethical standards are essential.

David Lyman
dlyman@lymandoran.com
612-767-9481

Theresa Michel
tmichel@lymandoran.com
952-484-2108