1. Jerrold Smelcer, MBA
+1.520.397.1276; jsmelcer@global.t-bird.edu
309 Lookout Drive, Sedona, Arizona, 86351, United States
International Senior Level Executive
Senior Executive with 15+ years of progressive international experience while in the EU, CEE, Caucuses and
Central Asia. Proven ability to deliver complex strategies to turn around businesses, extract the best from
employees, introduce new products/services, drive profitability and build strong equity growth – most recently
as CEO of a top finance institution in Tajikistan, where the Management Board and heads of 9 functional
units where completely rebuilt, the workforce doubled from 300 to nearly 600 employees, total assets
more than quadrupled from US$8m to US$39m, and US$1m net income was achieved in 2014.
Skills
Executive Management Defines and directs implementation of highly successful strategies
Risk Management Diligent planning, risk analysis and assessment, management and mitigation
Business Turnarounds Leadership & skilled resource allocation, delivers rapid return to profit
Business Development Spearheads new initiatives to facilitate generation of revenue and new business
Languages English (Native); Russian (Moderate)
Strategy & Planning Change Management Financial Services Business Start-Ups
Budgetary Control People Management Microfinance Joint Ventures
Profit Maximization Project Management Strategic Relationships Consulting
Career History
August 2010 – June 2014 FINCA Tajikistan, Dushanbe, Tajikistan
A subsidiary of FINCA International, founded in 1984, a recognized leader in microfinance and the pioneer of
village banking methodology, operating a network of 23 country programs in Latin America, Africa, Eurasia,
Middle East and South Asia.
Chief Executive Officer
Directed country operations in Tajikistan and led the process of a P/L turnaround by attacking issues related to
competitiveness, capacity, efficiency, image, branch outreach, and other aspects through multi-faceted re-tooling
of the institution. This included redirecting strategic vision for economic and human resources of the
subsidiary, its operational and financial performance, as well as the restructure of its institutional capacity.
 Led the turnaround to profitability through cost restructure, policy / organizational change and expansion of
services including implementation of money transfer services, multi-currency operations, currency
exchange, savings, deposits, amongst others, resulting in strong profitability for country operations in 2014
for the first time since 2008, and only the second time in the eleven year history of FINCA in Tajikistan.
 Grew the business from 300 employees to nearly 600 and from US$8m in total assets to US$39m.
 Increased the number of active clients from 17000 to over 34000, and from a loan portfolio outstanding in
the amount of US$7m to US$37m.
 Completely rebuilt the FINCA Tajikistan management team, including the Management Board and heads of
9 functional units – HR, IT, Internal Audit, Internal Control, Finance, Credit, Marketing, Legal, and Admin.
 Institutionalized two additional functional units – Banking Services Department and Savings Department –
in alignment with corporate strategy to diversify product offerings and mitigate regulatory environment risk.
 Repositioned the brand and strengthened market presence throughout the country via US$1m investments
in office renovation upgrades, relocation, a refocus on the “customer experience”, and introduction of
company website.
 Strengthened relationships with the Central Bank of Tajikistan, fostering support from the Chairman while
diversifying the financial services portfolio.
 Led regional and global Asset/Liability Committees and quarterly Board of Director meetings; as well as
oversight and support of regional and global Audit, HR, IT, and Internal Control meetings.
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2.  Formulated agreements with IFC and EBRD on capacity development initiatives related to savings
mobilization and the creation of a risk management department.
Achievements
 Received 2013 Brand of the Year Award from the Tajikistan Ministry of Trade and Commerce, in the
microfinance sector category.
 Received US$5m in equity from FMH (FINCA Microfinance Holding) over a 9 month period in 2011/12; and
another US$3.8m over a three month period in 2013/14.
 Outperformed projected figures on all key metrics for financial and outreach performance in 2012 and ‘14.
 Established the first National Credit Bureau in Tajikistan, as a member of the Board of Directors.
April 2008 – August 2010 FINCA Azerbaijan, Baku, Azerbaijan
Flex Cube MIS Conversion Project Leader
Project to test and implement a core retail banking system – FINCA International’s single largest investment to-date,
worked with Oracle for several months in India, and then implemented the system at FINCA Azerbaijan.
 Managed 11 direct reports and led the select team of experts to execute 4 phases of functionality testing
for MIS signoff with Oracle vendor.
 Created multiple strategic plans and managed the user acceptance testing process including business
script scenario writing, data migration testing, report infrastructure analysis, test process tracking and
documentation, and system rollout for Azerbaijan HQ and 24 Branch offices.
 Designed multi-language MIS user manuals, and led the training process for more than 300 personnel.
 Aligned corporate Finance Manual & Operations Manual policy and procedures to integrate the multitude of
IS process changes.
Activity Based Costing Consultant
Provided a comprehensive review of operational efficiency and cost drivers that dictate future planning of
organizational systems, policies, procedures, and structure.
 Analysis covered 650 employees, US$61m portfolio outstanding, 82000 active clients, 6 loan products, 24
branch and 29 sub-branch offices located throughout the Republic of Azerbaijan.
 Delivered key recommendations to the loan application, client approval, and loan monitoring processes that
allowed the organization to increase efficiencies and reduce operating costs, as well as critical insight on
break-even points per product line and pricing strategy to fuel revenue earnings.
January 2007 – April 2008 ACDI/VOCA, Baku, Azerbaijan
A private, nonprofit organization that promotes broad-based economic growth, higher living standards, and
vibrant communities in low-income countries and emerging democracies.
Financial Sector MBAEC Consultant
Consulted for USAID’s SME Support through Financial Sector Development Project; provided strategic
services to Executive Directors of Azerbaijan Credit Union Association (AKIA – comprised of 54 Credit Unions),
Azerbaijan Microfinance Association (AMFA – 15 microfinance institutes and 7 banks). Developed strategic
business models that enabled the Associations to become sustainable after donor funds expire and which
created added value to the Association members.
 Designed and implemented the first internship program launched in the microfinance sector of Azerbaijan.
 Assessed Board & Member needs to create a 2008-10 Strategic Plan for implementation in FY 2008.
 Managed a 9 month project to support 6 Credit Unions (4 in rural regions) on various financial topics, Mix
Market registration, and needs assessment/rating by India based M-CRIL international rating agency.
 Led an MIS project to install accounting and loan tracking software for 6 Credit Unions, conducted software
vendor contract negotiations, and performed liaison functions between ACDI/VOCA and the Credit Union
executive directors to successfully manage the installation, training, and post service support.
 Interpreted a ratio analysis of the Azerbaijan micro-finance sector and wrote the text for the international
publishing of the 2nd Azerbaijan Benchmarking Trends Report. Analysis was coordinated between AMFA
and the Microfinance Information eXchange (MIX Market - USA).
Achievements
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3.  Benchmarking Trends Report distributed at the 10th Annual Microfinance Conference, Bulgaria (June 2007)
 Internship program was declared by AMFA to be the Most Innovative Program of the Year.
 Designed, wrote, and developed the first AMFA Annual Report for 2007 and the first “History of AMFA”
Report covering the years 2001-2007.
January 2003 – December 2006 Various
 Director of Operations for Litamer Group LLC, exporting from Baltics/CIS to USA.
o Directed all activities with suppliers, packaging, labeling and export of goods to the United States.
 MBA studies successfully completed at Thunderbird School of Global Management.
 Traveled throughout Asia, Europe and USA.
December 1999 – January 2003 Joint Stock Company Nadiga Ltd, Vilnius, Lithuania
Lithuanian Specialist Company exporting to Europe crude oil and mineral oil refined from Russian crude in
Russia, Belarus, and Lithuania, as well as delivering agricultural production to Eastern Europe.
Director of Operations and Strategic Development
Managed a newly created product division, and led the process of identification, development and
establishment of new joint ventures to create a global agro commodity trading network that brought grain
commodities (corn, wheat, barley) to the Eastern European and Middle East markets.
 Facilitated letters of credit, escrow, bid bond, performance bond, and CAD instruments in European banks.
 Formed relationships with ABN Amro in Prague, and Bank of America in Los Angeles to facilitate financial
trade transactions; activated an ABN Amro trade account for transaction values not less than US$3m.
 Led regional and global sourcing strategies, setting the direction of all channel members. Established a
supplier network based in Argentina, Brazil, Canada, the United States, and West Europe – promoted
global sourcing events and strategy alignment.
 Negotiated high value sales/purchase agreements with a multitude of public and private trade
organizations; including governmental departments in the Baltics, Belarus, and Middle East – such as the
Ministry of Agriculture in Minsk, Belarus and Iranian Grain Organization (formerly Government Trading
Corporation of Iran), as well as the United States.
Education
Thunderbird School of Global Management, Arizona, USA December 2005
MBA in Global Management
Wirtschafsuniversität Wien, Vienna University of Economics & Bus Admin, Vienna, AUSTRIA May 2003
Certificate of International MBA Studies
Northern Arizona University, Arizona, USA August 1999
BSBA in Management
Högskolan i Jönköping, Jönköping International Business School, Jönköping, SWEDEN July 1999
Certificate of International Management Studies, NAU Student Exchange Program
Memberships
Board Member Tajikistan National Credit Bureau
Chairman Tajikistan National Credit Bureau Vendor Selection Committee
Ambassador Thunderbird Executive Education Campus
Member Tajikistan Bank Association; Tajikistan Microfinance Association; Tajikistan AmCham
Awards & Other Accomplishments
President’s Volunteer Service Award – granted by the United States of America President’s Council on
Service and Civic Participation.
Award for “Recognition of Contributions” in establishment of the First National Credit Bureau of
Tajikistan – granted by IFC and Swiss Agency for Development and Cooperation.
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4. Thunderbird Europe Student Government President; Thunderbird Leadership EDGE Program, Thunderbird
Corporate Liaison; Created volunteer programs between Thunderbird and the ITU World Telecom / WSIS.
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