LOS ANGELES, Sept. 19, 2012 /PRNewswire/ -- Vaco Los Angeles, a leading consulting and executive search firm named 2012 #1 Best Place to Work in Los Angeles, today announced that CFO Todd Sweat was named a finalist in the 2012 CFO of the Year Awards by the Los Angeles Business Journal. The CFO of the Year Awards honor Los Angeles finance professionals for their ongoing efforts as outstanding financial stewards. Especially in the current economic environment, CFOs provide a critical role on a company's executive team and their decisions impact all aspects of the business. Sweat was named a finalist in the Private Company category.
Under Sweat's leadership this past year, Vaco has increased its working capital by 25 percent, improved internal controls resulting in a 15 percent reduction in operating expenses, and engineered a 56 percent increase in EBITDA. All of this leads Vaco to anticipate revenue growth of approximately 20 percent in the coming year. Sweat also led the company through a debt recapitalization plan that allowed its partners to realize some of their equity value, while taking advantage of attractive financing terms.
"I'm so honored to receive this recognition and to be included among the leading finance executives in Los Angeles," said Todd Sweat, CFO and SVP Administration, Vaco Los Angeles. "After over 15 years of a traditional finance career, the Vaco culture offers a unique environment. Never have I ever felt more empowered and creative in a field that is traditionally structured. That's a credit to the liberating corporate culture created by the founders of Vaco and I'm so proud to be a part of this company and thrilled that what we've built is now being recognized through this award."
Vaco Los Angeles specializes in executive search and consulting for permanent and contract positions in accounting, finance and technology. Sweat manages and facilitates a team of 25 employees providing support services to the Vaco partners including: payroll; expense reimbursement; human resources; benefits management training; legal; contract and vendor management; accounts payable; financial reporting and accounting; treasury management; billing; and collections. In addition, this year, Sweat implemented a new commission structure for Vaco recruiters that provides them with commission and bonuses on a monthly basis. This innovative and generous commission plan further increased employee satisfaction and engagement and helped solidify Vaco's position as the #1 Best Place to Work in Los Angeles in 2012 and three of the last four years.
"I'm so pleased that Todd has earned this honor. He provides invaluable direction and strategic assistance to our executive team to help us reach our business and financial goals," said Frances Moreno, managing partner, Vaco Los Angeles.
"Vaco" is derived from a Latin word meaning "to free yourself from a master." Vaco Los Angeles LLC was founded in 2006 and has been named a Best Place to Work in Los Angeles for the last four years, and #15 of 100 Fastest-Growing Privately Held Companies in Los Angeles by the Los Angeles Business Journal. Vaco is a leading consulting and placement firm specializing in the finance and technology sectors. Further information on Vaco can be found at www.vaco.com/los-angeles.
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SOURCE Vaco Los Angeles