China Direct Industries, a US-based company that produces, sources and distributes industrial commodities in China and the Americas, has named Hernan Grant Welch as executive vice president (EVP) and chief financial officer (CFO). Welch replaces Andrew Wang, who will remain with the company as a consultant to the accounting and finance department. Welch joins the senior management team at China Direct Industries after spending the past several months as vice president of finance and SEC reporting.
Welch has garnered over 30 years of international finance experience in working for both public companies and major auditing firms. His recent public company experience includes serving from 2007 to 2009 as director of SEC reporting and Sarbanes-Oxley (SOX) compliance for Core-Mark International, an international logistics services and distribution company. Prior to his position at Core-Mark, Welch was the director of financial accounting and SEC reporting for Longview Fibre Company, a public company engaged in forestry management and operations from 2006 until its privatization in 2007.
Welch acted as director of financial reporting for IOWA Telecom from 2004 to 2006, where he helped manage the financial reporting process for the company’s initial public offering on the NYSE. From 2002 to 2004, he was director of finance and SEC reporting for Accuimage Diagnostics, a medical diagnostic software company serving multinational clients domestically, in Europe and Asia.
Welch assisted in the financial preparation for the sale of Accuimage to Merge Diagnostics which took place in January 2005. From 1999 to 2002, he was vice president and SEC reporting director of Equus Entertainment, an entertainment, gaming and real estate company, serving multinational locations in the Caribbean and Latin America.
Prior to his public company work, from 1996 to 1999, Welch was a partner with Ernst & Young International where his responsibilities as an audit and consulting partner included the supervision of a staff of financial professionals in Caracas, Venezuela and Miami, Florida. Welch was a partner with KPMG from 1989 to 1996 covering engagements in GAAP compliance and SEC reporting. He began his professional career at Deloitte (formerly Deloitte & Touche), providing international audit, tax and management consulting services in 1980 until 1989 and as a partner at Deloitte, Welch worked on a number of leveraged buy-out projects including KKR Group.
Welch is a certified public accountant (CPA) with a BSc degree in Economics and Accounting from Fordham University, a MBA in Finance from New York University’s Stern School of Business and a Juris Doctor from George Washington University.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.