1. N O R M A N L . M E R R I T T ♦ Cell (347)672-9414 ♦ Email: normanlmerritt@gmail.com
A d d e n d u m
IQOR Inc., New York, NY 2004-2013
CEO & PRESIDENT, Board of Directors 2012-2013
CHIEF FINANCIAL OFFICER / CHIEF OPERATING OFFICER 2004-2011
Built distinguished, 9+ year record of progressive achievement with this $600 million provider
of business process outsourcing solutions – taking a near-bankruptcy ARM player to be one
of the most innovative and fastest-growing full-service BPOs in the industry, tripling in size to
more than 17,000 employees and expanding global footprint to 39 facilities in seven countries.
Tasked to lead and re-focus company after dramatic fall in new sales and revenue.
Spearheaded change company-wide, establishing strategic direction into customer care,
leading financial turnaround for operations, building strong leadership team
and high performance culture, achieving dramatic results. Initiated BPaaS offering.
Balance Sheet
Optimization
Operations
Turnaround
• Optimized Balance Sheet 7 times in 10 years, raising over $1.5B in capital (both debt and equity) and taking
Debt/EBITDA from high of 10.6X in ‘05 to current 3.4X – from near bankruptcy to position of strength.
• Initially (2004-05), restructured company in classic turnaround: consolidated back office processes, rationalized
sub-scale operations, refocused company on client performance, drove multi-million dollar enhancements to
margin accompanied by new-logo revenue growth.
• Implemented timeQey, a homegrown, biometric-based time clock for agents that increased operating margin
per hour from $1.43 to $4.98 achieving .68 more productive hours per employee per day.
Cost Restructuring
and Process
Reengineering
• Instituted culture-changing HR and Finance processes and BPaaS, resulting in $20.4M reduction in SG&A, and
a 158 reduction in non-revenue producing headcount.
! Retooled finance: 2 material weaknesses /10 significant deficiencies in ’04 audit to 0/0 in ’09; reduced Finance FTE by
50%.
! Implemented proprietary social recruiting tools that reduced recruiting costs by more than $3.3M, talent headcount by more
than 29; reduced annual attrition from 130% to 55%.
• Oversaw rationalization of global footprint, saving over $6.0M in annual rent costs, closing subscale facilities,
renegotiating leases, and reconfiguring scale facilities to optimize utilization.
Strategy / Market
Positioning
• Facilitated and guided company in formulating new vision and strategic direction that successfully repositioned
the brand as a differentiated competitor in the marketplace; established four separate lines of solution offerings.
Initiated BPaaS offerings leading effort in the industry. Sold non-strategic UK operations.
• Drove new logo revenue growth with newly defined solution differentiation. Achieved dramatic share-of-wallet
growth with existing clients with new services that leveraged old capabilities in a new, innovative way.
Acquisitions and
Integration
Topline Organic
Growth
Innovation
Inspiring Leader
• Created tremendous shareholder value through targeted M&A program and seamless integration:
! 2012 - CCT Group - $100 million global provider of customer care outsourcing solutions with more than 4,500
employees. Achieved $5.9 million in first-year synergies (more than 5x the commitment).
! 2012 – Hardmetrics - Leading provider of cloud-based business intelligence, analytics and reporting solutions.
! 2010 – RMS - Largest commercial ARM provider in the world, with $140 million in revenue.
• Restructured sales team; ramped sales from near-zero pipeline and declining revenues to create $1B pipeline;
created more than $80 million in new sales and double-digit revenue growth.
• Launched The Center for Applied Analytics (TAAC), which included hiring 20 data scientists to apply Big Data
innovations; created differentiation using applied analytics to solve client problems.
• Company ranked 52nd on 2012 InformatonWeek 500, a list recognizing most innovative technology.
• Quoted in new book, “Out Think: How Innovative Leaders Drive Exceptional Outcomes”
• With “hands-on” approach, changed the culture to a very positive, results-driven yet fun place to work. Instilled
high-performance culture through various touch points. Toured worldwide facilities. Met with every
management employee – mostly one-on-one. Attracted and retained a world-class team of leaders.
• Emergency triage leadership demonstrated during Hurricane Sandy, averting what could have been a death
blow to the company. Quick, post-event follow up and remediation minimized impact.
• Glassdoor rating of 86% favorable.
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