Mark L,Construction Executive Online is a career management center for construction executives."> Mark Foster

Name : Mark Foster
Industry Type : Highway - Heavy Contractors
City & State : Raleigh, NC
Job Title Chief Financial Officer
Relocation Preferences : Yes
Objective :
Resume :  
Mark L. Foster

3332 Alleghany Drive

Raleigh, NC 27609

(919) 696-4208



Professional CFO (10+ years) with extensive background leading large, complex businesses (private & public sector) as well as venture capital start-ups.  MBA/CPA.  Expertise includes debt financing and P3’s and leading finance, treasury, accounting, human resources & business services administration. Led multiple, successful IT system conversions.  Participated in over 100 acquisitions.  Implemented major changes to employee and executive benefit programs.   


North Carolina Department of Transportation – Raleigh, NC ($4 billion NC Agency)

Chief Financial Officer (2003 –April 2014)


Role:  Chief fiscal, treasury, and planning officer and key agency spokesperson.  Appointed to the Board of Trustees - State Retirement System;   Board of Directors Audit Committee - State Employees’ Credit Union; Executive Steering Committee – State IT Business Infrastructure Program; and Interim Commissioner, Department of Motor Vehicles.



Finance & Accounting Operations, Budgeting, Treasury, Business Analysis, Transportation Program Development, Federal/Other Funding, Contract Management, Purchasing, State Project Funding, Commercial Account Support, Compliance Reporting, Computer & Administration Support, Payroll and Insurance for 12,500 employees.   Direct staff: 145.



Created a strategic, finance function within NCDOT similar to large ($4 billion +) private sector businesses. Initiated the strategic transformation of  NCDOT (currently ongoing).  Key changes included focusing  NCDOT on common goals and priorities, establishing performance metrics, and creating a new functional realignment to facilitate strategy, accountability, efficiency, and innovation.


Expanded the use of innovative finance options (P3, tolling, design-build-finance) for strategic projects. 

Obtained investment grade financing for 2 startup toll roads (Triangle Expressway - $1.1billion and Monroe Parkway $725 million) and structured the successful RFP for the I-77 Hot Lanes P3 ($650 million). Issued $700 million of transportation bonds and refinanced another $350 million.  Developed a new GARVEE bond program (AA ratings) - $700 million issued to date – and used this tool for interim toll road financing.


Completed the integration of SAP financial and HRIS systems – only NC agency to complete transition.  


Implemented a risk-based audit & control process (EAGLE) – similar to Sarbanes-Oxley (SOX). Obtained clean audit opinions on NCDOT financials for all eleven years of service to the State.


Foster Consulting Services (FCS) – Raleigh, NC (1997 –2003; Current)CFO / Consultant


Started FCS in 1997 to provide CFO and administration consulting services to large and small (start-up) companies.  Assisted senior executives with strategic development, mergers & acquisitions, administration outsourcing, IT quality assurance, and business issue resolution.




Financial Integration Controller: Interim Corporation ($2 billion personnel staffing company).  Coordinated the integration plan for the 1999 acquisition of Norrell Corporation including transitional overhead budgeting, acquisition accounting, reserve analysis and balance sheet restatements.  Changed control procedures and mitigated a $2 million post-acquisition exposure for Technology affiliate vendor billings.  Interim manager of special billing function through system integration and functional consolidation and transfer to Ft. Lauderdale.   Coordinated the relocation of Atlanta BSC divisions to Alpharetta, GA.


Start-up CFO for the leading consolidator of manufactured housing retailers.  Created a new finance, accounting, treasury, and administration infrastructure.  Installed a new Great Plains accounting system.  Performed due diligence on 3 acquisition targets.


Assisted Spherion Corporation with the implementation of a web-based, automated benefits enrollment system for 100,000 + payees.  Provided project lead and QA testing services.


Assisted turnaround of $200 million, medical application software company.  Stock price doubled in five months.  Provided interim CFO assistance.  Reduced A/R days outstanding by 20% and reengineered contract and billing administration.  Introduced refined, product line analysis.


Discovered and collected over $2.5 million of unbilled services for a leading, personnel services company.


Restructured the payroll function for a $1 billion personnel services corporation (60,000 payees).


Ryder System, Inc. – Miami, FL ($5.5 billion transportation services company)

Director, Accounting & Human Resources Administration (1991 – 1997)


Directed accounting and administrative services for global human resources including health & welfare, retirement & wealth accumulation (pension / 401(k) / deferred compensation / supplemental insurance’s), consolidated payroll and employee records (40,000+ employees), compliance (ERISA, DOL), and compensation.  Additional responsibilities included management of US and Canada accounts payable ($4 billion annual purchases) and company stock plans (ESPP, UK Stock Scheme, and executive options).


Reported to SVP & Corporate Controller.  $3.0 million budget: 30 staff

·              $20 million per year savings in medical costs over past five years through aggressive managed care expansion, cost sharing, claim office audits, and automated enrollment (IVR).  Medical

inflation  remained below 1% for 5 years and dropped 4% in 1996.  Outsourced H&W administration (as well as 401(k) / pension) to Fidelity.


·              Created over $2 million of unemployment tax savings using audits, joint accounting, experience transfers, and rate buy-downs.


·              Completed conversion to new accounts payable system (Walker) as well as modifications to new Walker general ledger system.  Expanded A/P system EDI capabilities and addressed automated travel & expense reporting opportunities.


·              Made affordable improvements to retirement/wealth accumulation /insurance programs.  Raised 401(k) employer match and created 401(k) savings restoration / deferred compensation programs with investment and payoff choices.  Raised vested pension benefits for 13,000 employees.


·              Outsourced Canadian benefits administration to Towers Perrin at break-even cost.


·              Raised the annual tax-deductible funding opportunity for the RSI Retirement Plan from $3 million to $25 million without significantly raising P&L expenses.  Accounted for a voluntary retirement program (3x3) for 700 employees.



Special assignments:           Administration head for sale and ongoing services between Ryder and Questor Management Company (the purchaser of Ryder’s Consumer Truck Rental business).


                                                Selected for Growing Profits Together cost saving taskforce; a group responsible for identifying over $120 million of cost savings initiatives.


Director, Financial Reporting and Vehicle Administration (1989 – 1991)


Managed accounting consolidations/financial reporting/audits for Ryder’s highway transportation services businesses. Directed staff overseeing the financial and tax accounting and analysis for Ryder’s revenue earning equipment and fixed assets ($5+ billion) including recording and sales, lease sales tracking and commissions, taxes, and lease financing.  Provided majority of Ryder’s federal income tax accounting support including book/tax depreciation activity, and ITC and AMT calculations/carryforwards.  Assisted with numerous acquisitions (and dispositions) of truck leasing, school bus, and logistics companies.


Reported to Vice President, Ryder Truck Rental Accounting.  $5 million budget; 45 staff


Special assignments:           Surplus Equipment Task Force – start of significant changes in Ryder’s asset management strategies.


                                                Billing Task Force – established information standards, which (along with system changes) provided the platform to consolidate customer billing from 70 locations into one, shared services center in Atlanta, GA.


Director of Financial Planning – Vehicle Leasing Division (1988 – 1989)


Reported to EVP Finance & CFO, Vehicle Leasing Division.  $2.0 million budget; 21 staff


Directed business and strategic planning processes, overhead budgeting, capital expenditure requests, lease/rental pricing support, and acquisition analysis. Prepared requests for capital expenditure for presentation to the Board of Directors.  Assisted division officers with analysis of operating results.


Senior Manager, Accounting – Ryder Truck Rental (1984 – 1987)


Managed lease and vehicle tax accounting, BIPD and EPA reserves, fuel/other inventories, and accounting analysis.  Refined internal insurance reserve triangulation that reduced actuarial surprises and cost.


Senior Analyst – Corporate Audit Services (1982 – 1983)


Performed financial and operational audits for Ryder’s truck leasing, freight management, auto carrier, truckstops, insurance businesses, and headquarters’ staff functions.  Assisted Ryder’s external auditors (KPMG – Peat Marwick) with the annual audit.  Led the acquisition audit and recording of ICCC; Ryder’s largest freight carrier acquisition.


Accounting Analyst – Corporate Accounting (1981)


Assisted with preparation of general ledger consolidations, SEC reports, and annual reports.  Analyzed technical requirements of new SEC disclosure requirements and FASB pronouncements.

Olin Corporation – Stamford, CTSales Representative (1976 – 1979)


Sold industrial chemicals (inorganic and organic).  Doubled annual sales volume to $3 million in two years.  SE Region sales leader for new accounts.  Worked in manufacturing plants during two labor strikes.



Education &                   MBA – University of North Carolina at Chapel Hill

Certification:                  BBA – University of Notre Dame

                                        CPA – State of North Carolina


Other:  Captain, Record Holder: Notre Dame Varsity Swimming

Past President, UNC Alumni (South Florida Chapter)

UNC Morehead Scholar Selection Committee                           

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