Kenneth Winterhalter

Support Leadership teams with a focus on Organic Growth by utilizing the following theories: ‘People manage to what they are measured on’ & ‘People work for and buy from people, where should you focus?’.

Executive responsible for all commercial leadership aspects in a turnaround, manufacturing business within a declining market. Tasks include P & L enhancement, transformational organizational development, commercial strategic development, working capital management, long term strategic planning and all forms of business/human capital management.

Executive responsible for all leadership aspects in a turnaround, commodity, manufacturing business within a declining market. Tasks include P & L management, transformational organizational enhancement, implementation of lean manufacturing, working capital management, strategic planning and all forms of business management • Reversed the trend of declining EBIDTA while achieving a 25% decrease in the monthly breakeven point • Managed working capital by obtaining a triple 'C' in the upper 20’s o Lowered DSO by over 10% o Increased DPO by over 35% o Reduced Overall Inventory: Raw Materials (10%), Finished Goods (8%) and Dead/Excess (20%) • Drove organization to ‘focus on the customer’ yielding a turnaround of over 15% in MSA • Implemented Lean Manufacturing principles increasing productivity 12%, shrinking changeover times by up to 50%, reducing manufacturing credits 40% and overall credits by 32% while cutting lead times by 2 days • Managed capital structure to account for a rapidly changing revenue and asset base • Top graded the Senior Management team and 60% of the step level with functional thought leaders • Drove discipline around all pricing models • Structured a contract to convert an unique product providing a 10% revenue growth in an adjacent product line with higher margins that will be used by the current customer base • Created a short term strategic investment plan to that focused on strengthening the core. The concentration was on controlling costs, investing in the base business and accelerating new products. This effort required a multi-million dollar additional investment, but would achieve a less than 12 month payback • Developed a longer term strategic plan to transform the organization. It centered on moving up the value chain within our current customers and expanding services both horizontally and vertically in the supply chain with the premise that we are a convertor first. Payback of less than 2 years

Responsible for Managing the P and L and Operating multiple Businesses within the Unisource Worldwide, Inc. (a Bain Capital Company) umbrella. These included the Paper, Packaging, Equipment and Facility Supply business segments in the USMA (United States Market Area’s) of Unisource Worldwide, Rollsource & the Paper Plus retail stores totaling over multiple billion(s) in annual dollar revenue. Additional executive tasks include working capital management, strategic planning, cost and pricing strategy, supplier relations, Bain reporting and general business management • Delivering YTD 2010 EBIDTA 25% above budget, representing growth of 410% of adjusted 2009 EBIDTA • Lowered Days Sales Outstanding by over 15% generating positive cash flow • Grew Sales and Market Share by 2% during an economic downturn • Reduced selling expenses by 7% • Managed to and maintained the lowest level of dead and excess inventory, as a percent of sales, on record • Drove the implementation of a five-year strategic plan to transform the organization’s business performance and culture while driving market focus from paper to other business segments. This centralized critical functions and still allowed local market autonomy • Championed the effort to realize calculated target margin rates leveraging Zilliant. This obtained the lowest level of deviation since the software company’s integration into Unisource • Implemented management processes that drove pipeline management, territory reviews, account reviews and financial metric minimums, resulting in a dramatic reduction in unprofitable orders, unprofitable sales representatives and undesirable activities

Managed the Paper business in the USMA which accounted for sixty percent of the USMA’s revenues during a period that saw a significant structural shift in the demand profile and a corresponding reduction in the consumption of paper • Maintained bottom line expectations and exceeded Market Share growth goal while revenue decreased 25% • Sponsored and Chaired a team that was responsible for developing a five-year strategic plan which focused on expanding outside of our traditional model into growth markets • Negotiated an innovative supply agreement which allowed Unisource to move manufacturing of our largest private brand from Asia to the United States • Reduced dead and excess inventory 40%

Responsible for the sales and P and L of the Paper business within the USMA after the separation with the segment President • Managed a 500 person Sales force during implementation of our account profitability management process (Make Every Customer Profitable) which focused on maintaining sales rep income while delivering profitability changes to underperforming accounts • Filled in as the President in all management and strategic development activities to include frequent interaction with member(s) of the Board of Directors

Created and implemented strategic programs which solely focused on turning an unprofitable organization into a profitable one. Responsibility spanned across all areas within the company and required development of ownership and commitment from all P&L and functional leaders. • Developed a program to improve account level profitability for customers that were, at the time, yielding a negative return that was significantly below variable cost o This program was called Make Every Customer Profitable and focused on pricing, supply chain metrics, working capital performance and costing management o Obtained our goal of a multi-million dollar reduction in negative contribution • Conceived and championed a program to drive operating location profitability improvement in fourteen locations which did not provide a positive contribution to corporate o Make Every Location Profitable was developed and implemented allowing us to analyze each location and to make modifications necessary to address this shortfall o After implementation, ten locations achieved positive contribution and four were closed

Responsible for the earnings performance for the Southeast United States Market Area. • Increased profitability by $4 million per year while increasing margins 400 basis points • Formally recognized as the recipient of the Area VP of the Year Award