When it comes to challenges, the task of organizing the company's response to the recession probably won't be rivaled any time soon, says Derrek Gafford, CFO of TrueBlue, a $1 billion industrial staffing company.
"We had to make some very difficult decisions in short order: deciding which branches to close and consolidate, how to reduce head count," Gafford says. "At the same time, you have to keep top talent. And from a liquidity standpoint, we compacted a number of decisions in a very short time."
Gafford, 39, managed to cut TrueBlue's operating expenses by $70 million, or 20%, in 2009, allowing the Tacoma, Wash.-based company to post a profit despite a 25% drop in revenue.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
