VP Maintenance Planning / Finance
Wells Fargo Rail (WFR) has set the objective of becoming the market leader in customer service, responsiveness and ease of doing business in the freight car leasing space. Managing maintenance functions through financial analysis and planning, while meeting the customer service goals, is critical.
The VP Maintenance Planning role is being created to act as the catalyst and leader of these critical, strategic improvement initiatives, with a major focus on financial planning and evaluation for Wells Fargo Rail’s 180,000 assets and $150M maintenance spend.
Primary Responsibilities include:
- Manage a team of WFR Mechanical department personnel responsible for:
- Overall responsibility for financial modeling, planning and reporting of the maintenance function (50%) including:
- Ensure Volume Commitment shop contracts are thoroughly evaluated and managed to ensure compliance and minimize costs.
- Model and evaluate maintenance costs by car type, lease term and other factors to ensure WFR makes best business decisions given market conditions.
- Establishes target maintenance costs for various car types/maintenance assumptions for use by Sales in setting lease rates.
- Model and evaluate WFR’s decisions to supply material to shops vs having shops source repair materials.
- Model lease return settlements vs actual repair costs.
- Collaborates with other departments on special project costs, car upgrades, etc. to ensure full mechanical costs are modeled and approved.
- Model and evaluate WFR’s Repair vs Scrap financial decision process (Economic Limit of Repair).
- Works closely with other Mechanical group leaders to provide financial guidance in support of WFR goals.
- Works collaboratively with Commercial team on car modifications or upgrade costs to ensure economic payback parameters are met for contemplated deals.
- Works with WFR Accounting to ensure SOX compliance of Mechanical / Maintenance procedures. Reviews and updates procedures and policies as needed.
- Works with VP Equipment to drive operational excellence and continuous improvement in Maintenance Operations (50%)
- Develop processes around and manage the car condition information of WFR’s off-rent assets (including lease termination settlements and cost estimates to return cars to service) such that car selection decisions are more accurate.
- Establish meaningful metrics related to financial goals for the Mechanical Department
- Drives efficiencies by developing processes and utilizing technology that streamline operations.
- Works collaboratively with other departments to improve inter-department processes and improve customer standard of care.
- Creates framework for improving the Maintenance budget process, working closely with the Commercial team providing flexibility to adjust budget parameters as needed.
- Drives change and installs culture of continuous improvement
Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
Other Desired Qualifications
- Minimum 10 years’ experience in Financial Operations/Planning in a senior management role
- 5 years’ experience in the Railcar Leasing industry, with exposure to maintenance operations.
- Demonstrated ability to deliver results working with cross functional teams
- MBA Preferred
All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.
Relevant military experience is considered for veterans and transitioning service men and women.
Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.
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