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Rene Carnes, Senior Consultant

RENE CARNES
Rene Carnes brings over thirty years of Risk, Finance, and Accounting experience to My Executive Solutions.  She has served as CFO, CRO, CCO and Corporate Controller for MNCs and SMBs.  She is an accomplished business professional and has been instrumental in resolving business obstructions, guiding business decision making, protecting assets, business transformations, and facilitating growth including:

• Worked on a team to revive one of the country’s largest utilities from a cash-strapped over-leveraged phase by refinancing high interest bonds while working closely with rating agencies to ensure an investment grade rating, closely managing, forecasting, and providing advice on cash flows, and implementing a DRIP program to raise new equity capital
• Was on the start-up team/launch committee for an energy trading entity that grew in 10 years’ time to over $1 billion in revenues; ensured the appropriate risk and internal control measures were in place to manage overall enterprise risk.  Under her supervision, the company had no credit losses during a time of turmoil in the industry including defaults by Enron, Calpine, major investment banks and major trading firms.
• Improved GE’s procedures around its service contract accounting resulting in a $250 million adjustment to earnings and the clearing of a significant internal control deficiency reported to GE’s Board of Directors by its external auditors.  As a result, she designed and implemented new controls and processes and the deficiency was lifted by the auditors.
• Responsible for accounting setup for a private equity tech startup through the acquisition of three additional tech companies, and the filing of the S-1 for transition from private to public company, all in a nine month period.

Rene has been frequently called upon to be a featured speaker or publish articles describing finance and risk best practices as follows:


                    Publications

• “Credit Roundtable”, North American Energy Forum, Energy Risk Magazine, June 2005
• “The Balancing Act of Credit Risk Management”, Energy Risk International 2004 YearBook
• “Energy Trading’s Lucky Seven:  Seven Essentials to a successful Credit Risk Management  Program”, Electric Light & Power magazine  September/October 2004 issue

“Subject Matter/ Industry Expert”/Speaker at the following conferences with speech topic:

• APPA General Accounting, Finance & Audit Conference, Washington DC, April 23, 2009  “Energy Credit Risk Management”
• EUCI Enterprise Risk Management – From Model to Maturity, San Diego CA, January 31, 2009, Panel Speaker “Where Should ERM Reside in the Organization?”
• “Keynote Speaker Address” for September Energy Credit Risk Conference 2005 in NY
• Energy Risk USA, 5/04, Houston TX, “Tools for effective credit risk mitigation and management”
• APPA Business and Finance Conference, 9/03, New Orleans, LA “Credit Analysis in Today’s Volatile Energy Market”
• RiskWaters Credit Congress, New York, NY, 7/03 “Credit Implications in the Public Power Arena”
• APPA Business and Finance Conference, Memphis, TN 9/02 “Managing Credit Risk”

Rene has a Bachelor of Science in Accounting from Florida State University and an MBA from Loyola University.  Rene currently resides in Jacksonville, Florida.

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