Roger P. Shockley, MBA - Experience

At Occidental Mr. Shockley:

• Provided advice and analysis on a $5.7 billion acquisition and restructuring program that raised $3 billion to reduce debt. He participated in negotiating the agreement and prepared the acquisition analysis and presentation for the Board of Directors.

• Developed financial restructuring proposals that replaced bank debt and preferred stock with subordinated debt and equity. Over $2 billion was raised in three public issues. He directed the preparation of sensitivity analyses to determine the optimal combination of debt and equity and the expected impact on long-range financial results and the preparation of related financial forecasts for the rating agency presentations.

• Evaluated and negotiated a $1.1 billion coal and chemical joint venture with a major European energy company, which resulted in a $184 million profit. This included establishing, in the London office, financial and operations analysis teams consisting of personnel from both joint venture partners. It also involved coordination with the negotiating team in Zurich and Milan and with corporate legal, tax, and treasury departments. He worked with partners and senior management in negotiating the final structure and terms of the joint venture agreement.

• Assisted in negotiations to establish a European joint venture chemical company to be headquartered in France. He developed financial forecasts for the proposed joint venture company and the expected return on investment.

At Dole Mr. Shockley:

• As Vice President of Business Development at Dole, Mr. Shockley was responsible for mergers, acquisitions, and new business development. Mr. Shockley implemented a program to evaluate the existing business units' returns on capital employed, operating margins, cost structure, profit, cash flow, and contribution to total company value. The business units that did not meet the minimum return criteria were reviewed for strategic fit with existing businesses, market position, growth prospects, and future capital requirements.

• A divestiture program then was established for the underperforming business units with weak competitive positions in industries with poor economic outlooks. In implementing the asset disposition program at Dole, he:
  • Identified potential buyers and negotiated the sale of the California citrus and almond businesses for approximately $60 million achieving the target sales prices.

  • Initiated discussions to sell the French dried fruit and nut business.

Mr. Shockley also has worked as an independent business consultant and entrepreneur. His experience includes:

• Identifing and evaluated financing options for $20 million of startup capital, which included combinations of debt and mezzanine instruments, for a California oil-field development program.

• Negotiating a five-year gas supply contract (including pipeline construction financing and price hedging options) for an independent oil producer. This included obtaining the necessary regulatory approvals, rights-of-way, and construction of a meter station to access an interstate pipeline.

• Assisting the chairman of a private holding company in developing a growth strategy. Mr. Shockley identified and evaluated numerous acquisition targets, and negotiated the acquisition of a hazardous waste disposal company.

• Acting as a Founder, Chief Financial Officer, and Director of a holding company for a European chemical acquisition, raising $1 million in startup capital. Mr. Shockley successfully negotiated the purchase and sales agreement with a group of European banks.

• Founding and acting as an equity partner in an environmental equipment rental business startup, which was subsequently sold to a hazardous waste transportation company.

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