Carl Shultz, managing director with Yes CFO, is a chief financial officer with Big 4 public accounting, internal audit, corporate and operational financial, consulting and teaching expertise. He has extensive experience leading accounting and financial functions. Carl has played a key role in providing turnaround and change management to organizations, to build new companies and functions, to improve net income, and manage large complex projects to successful timely completion on or under budget.
Most recently, Carl worked on developing and implementing a plan to enhance internal controls for a financial services subsidiary of PNC Financial Services Group that resulted in an unqualified opinion for a first-time SAS 70, Type 2 report. He also initiated and developed client specific profit and loss statements to measure client profitability which enabled management to improve company-wide net income.
From 1997 to 2006, Carl was President of CFS Consulting, Ltd, and provided financial, administrative consulting services, and planning to Fortune 500 companies, including an international engagement in Rio de Janeiro, Brazil, in addition to multiple start-up businesses. He also performed tax planning and return preparation services for individuals and businesses. Some accomplishments included: designed and developed forecasting models and financial projections to assist a major insurance company obtain start-up capital for a new direct marketing subsidiary; provided project management services for a government–mandated compliance project which entailed the direction of 150 people with a $12 million budget, project was completed on-time and $2 million under budget; and developed and facilitated a strategic planning process that enabled management to increase net income by $10 million.
Previously, Carl worked for The Prudential where he held a number of financial positions to include: CFO-Group Credit Insurance Operations, where he directed the financial reporting, accounting, budgeting, treasury, tax and underwriting functions; Vice President and Controller-Prudential Direct, Inc, a new multi-faceted direct marketing business unit where he secured $50 million in start-up capital; Director Accounting-Subsidiary Operations, to direct the Controllership functions for 100+ subsidiaries and the companywide Risk Management function; and Audit Manager-Eastern Regional Insurance operations, a $14 billion Real Estate Investment portfolio. Carl started his career with the Big 4 public accounting firm of Deloitte, LLP where he was a Senior Accountant and performed audits of for-profit and non-profit organizations.
In addition, Carl is also an accomplished adjunct accounting professor at Rider University and La Salle University and he has published in such professional journals as Taxation for Accountants, Taxation for Lawyers, Controller’s Quarterly and other financial publications. He has lectured at professional seminars and to groups on financial accounting and tax matters.
Carl earned his MBA in Finance and Accounting from Drexel University and a BS in accounting from La Salle University. He is a licensed Certified Public Accountant and an active member in a number of professional associations to include: American Institute of CPAs, PA Institute of CPAs, Financial Executives International, the Institute of Management Accountants, The Institute of Internal Auditors and the Rider University Accounting Advisory Council. He is also a decorated Viet Nam Veteran where he served his country as an officer in the US Army.