Don Seaquist

Don Seaquist was CFO for publicly traded Embrex, Inc. from 1996 through its acquisition by Pfizer, Inc. in January 2007.

Embrex is a global agricultural biotechnology company and the world leader in providing in ovo solutions to the global poultry industry.

During his tenure, revenues grew at a compound annual growth rate of 10% from $25 million to nearly $60 million, and operations expanded globally into over 30 countries while new medical devices and vaccines were launched. He dealt extensively with the investment community and implemented a targeted investor strategy that resulted in additional analyst coverage of Embrex’s common stock.

Prior to joining Embrex, Mr. Seaquist was Vice President Treasurer, Greyhound Corp.; Manager International Corporate Finance, United Technologies Corp., and worked overseas seven years with ExxonMobil and ChevronTexaco in Australia, Kenya and the United Kingdom in various financial positions including subsidiary CFO.

Don earned a B.S.B.A. in Management from Georgetown University and an MBA in Finance and Marketing from Columbia University.

Employer:	Embrex Inc.
Position:	Vice President, Finance & Administration (CFO and Corporate Secretary)
Time period:	September 1996 - January 2007
Description:	Report to President & CEO. Direct all accounting, treasury, planning, risk management, tax, finance, corporate secretary, IT, supply chain and HR functions. Responsible for 30 colleagues. Strengthened the financial reporting and strategic planning process, implemented a rolling forecast and capital investment justification program that improved operating margins 20% or $3MM annually and return on shareholders equity from 17% to 29%. Evaluated and implemented enterprise resource planning (ERP) system that created a global scalable infrastructure and automated supply chain, enabled sustained earnings growth of 30% annually in thirty countries and improved pre-tax income by 25% or $1MM. Communicated extensively with institutional investors, secured three equity analysts’ research coverage and doubled market capitalization to $80MM. Saved over $2MM in taxes by structuring the most commercial and tax effective legal entities outside the U.S. as the company expanded globally into thirty European, Asian and Latin American markets. Assessed new business opportunities and negotiated collaborative agreements with strategic partners for development of products that addressed $1B in new markets. As Corporate Secretary, advised Board on non-legal governance matters, participated in all Board and Committee meetings, and originated Board and Committee agendas. Improved corporate governance; amended by-laws; expanded Audit Committee scope; implemented Sarbanes-Oxley compliance. Co-led the due diligence team along with the CEO in Pfizer’s acquisition of Embrex; served as a post-acquisition integration team leader.

Employer:	Greyhound Corp., Dallas, TX
Position:	Vice President & Treasurer
Time period:	January 1990 - December 1995
Description:	Report to EVP Finance & COO. Direct all treasury, risk management, accounts receivable and accounts payable functions. Responsible for 70 colleagues. Assumed a critical role reorganizing the company’s capital structure during Chapter 11. Negotiated extensively with Greyhound's creditors to reach agreement on a $400MM reorganization plan and IPO; dealt extensively with shareholders, bondholders, analysts and rating agencies. Don T. Seaquist Page Two Evaluated and implemented new IT system that reduced receivables $6MM (20%), days sales outstanding from 53 to 34 days, and headcount by 15%. Persuaded two first-tier investment banks to initiate research coverage of Greyhound's common stock, previously covered by three second-tier investment banks; developed targeted investor relations strategy that created an opportunity to raise additional equity. Deleveraged capital structure; raised $95MM through a secondary public equity offering that increased the company's market capitalization by 50%, upgraded the credit rating from single-B to double-B and reduced pre-tax borrowing costs by 20% or $4MM annually.

Employer:	Trinity Litchfield Group Inc., Greenwich, CT
Position:	Co-founder & Managing Director
Time period:	January 1989 - December 1990
Description:	Representative Projects: Identified and analyzed 25 acquisition targets and bid on three at an average price of $8MM. Evaluated acquisition proposals for U.S. operation of Swedish institutional investor. Retained by two corporate clients to seek acquisitions and external financing; advised one client on a $5MM acquisition.

Employer:	Horsehead Industries Inc., New York, NY
Position:	Vice President & Treasurer
Time period:	January 1988 - December 1989
Description:	Lead all treasury functions, including corporate finance, liquidity forecasting and working capital management. Refinanced $300MM of senior and subordinated debt, saving $23MM principal and interest payments the first year and $8MM annually thereafter. Exchanged $200MM of equity for debt, resulting in a 30% after-tax ROI and an exit strategy for the original private equity investors.

Employer:	United Technologies Corporation, Hartford, CT
Position:	Manager, International Corporate Finance
Time period:	September 1982 - January 1988
Description:	Completed due diligence and executed 23 international acquisitions and joint ventures worth over $1B that generated $1B of revenue and $80MM of pretax operating income. Conceived and implemented financing strategies to fund these investments, raised over $1B in eight foreign currencies on international public and private capital markets. Broadened investor base by listing the company on the London, Frankfurt, Amsterdam and Tokyo stock exchanges.

Employer:	ExxonMobil Corporation, Dallas, TX
Position:	Foreign Exchange Trader, USA; Senior Financial Analyst - European HQ, London
Time period:	August 1977 - August 1982

Employer:	Chevron - Caltex Petroleum Corporation, Dallas, TX
Position:	Controller - Overseas Subsidiary
Time period:	July 1973 - July 1977

University:	Columbia University
Time period:	1971 - 1973
Degree:	Finance, Int'l Mkt., MBA

University:	Georgetown University
Time period:	1970
Degree:	Management, BSc

Memberships:

Financial Executives International, Council for Entrepreneurial Development