Delaware Electric Cooperative (DEC) is seeking a high-integrity, experienced electric cooperative leader to join the organization as its next Vice President of Finance. The preferred start date is early August 2023 or sooner.
DEC has engaged GreatCo-Ops (www.greatcoops.com) to assist with this search.
DEC’s next VP of Finance must be an enthusiastic and motivated leader with significant experience in electric cooperative finance and accounting. They must be an excellent communicator who is committed to furthering a culture where employees collaborate and thrive. The VP of Finance must have a strategic focus that brings innovative solutions to opportunities and challenges.
An unwavering commitment to transparency, ethical conduct, and accountability are a must, as are the team orientation and self-awareness that are hallmarks of good leadership.
About Delaware Electric Cooperative
Delaware Electric Cooperative, headquartered in Greenwood, Delaware, is the second largest utility in the First State. DEC has a diverse workforce of approximately 170 team members who are committed to delivering safe, reliable, and affordable electric power to more than 113,000 members across Kent and Sussex Counties.
DEC is one of the 10 fastest-growing cooperatives in the nation. As a progressive utility, DEC’s leaders are focused on the future, which promises to bring extraordinary changes to the energy industry. Co-op leaders are working hard to reduce their carbon footprint and are building a more sustainable and resilient network of power lines and substations. They are also proactively investing in utility-scale solar projects and building EV infrastructure to handle the future needs of members.
DEC has a history of innovation. The co-op’s nationally recognized Beat the Peak program is being utilized by more than 100 electric cooperatives across the country and has saved DEC’s members nearly $40 million. DEC is also proud to have achieved some of the nation’s highest member satisfaction scores, and the co-op set a new record for reliability in 2022.
DEC’s employees are committed to making Kent and Sussex Counties a better place to live and work. Employees support a variety of community organizations, and employees frequently appear at community events and fairs to speak to children and families about electric safety and smart energy use.
Over the past seven years, DEC has returned nearly $42 million in capital credits to members.
DEC is an exciting cooperative to be a part of as the new VP of Finance.
Fast Facts about DEC
Approximately 113,000 meters
Annual operating revenue of approximately $178 million
DEC is located approximately 30 miles from Delaware’s beaches, which have been ranked as some of the best in America. The co-op is also conveniently located within a 90-minute drive of some of the largest cities on the East Coast. The service territory is 40 miles from Philadelphia, 60 miles from Baltimore, and 70 miles from Washington, D.C. The co-op is close to many activities, parks, and natural resources to enjoy. Numerous educational opportunities, civic organizations, and cultural events position the area for a superb quality of life for the next VP of Finance.
Duties and Responsibilities
The Vice President of Finance is a key member of DEC’s senior leadership team and is responsible for the development and implementation of programs, processes, and procedures related to the cooperative’s budgeting, accounting, and financing. This individual will be the senior leader of the Finance Department and will have ultimate responsibility for the effective operation and utilization of the department in meeting the cooperative’s objectives.
The duties and responsibilities of the VP of Finance include:
Promote a high level of integrity, professionalism, morale, effectiveness, and efficiency within the Finance Department
Provide excellent leadership and subject matter expertise in short- and long-range financial planning, forecasting, debt financing, cash strategy, working capital strategy, investments, treasury, internal audit, internal and external financial reporting, financial analysis, accounting, accounts payable, accounts receivable, tax matters, and other activities related to the finance and accounting functions as requested
Ensure proper internal controls and compliance with accounting standards, regulations, and co-op policies
Develop and assure attainment of financial goals
Maintain effective working relationships with NRUCFC, CoBank, S&P, and other key organizations
Provide financial expertise and advice to senior leadership and the board
Collaborate on development of budgets and workplans
Participate in monthly board meetings and prepare monthly financial board reports
Represent the cooperative with the local community as requested
Track emerging economic, legislative, regulatory, and industry trends, and make recommendations to management related to those trends and their effects on the cooperative
Coordinate the timely flow and transfer of accurate finance, accounting, and budget-related information between all departments throughout the cooperative
Assist in interviewing, selecting, and appointing Finance Department personnel within the limitations of budget and in accordance with co-op policies and procedures
Provide advice on the determination of wage and salary adjustments for company personnel
Review goals and objectives of the Finance Departmentto monitor the performance of personnel assigned under supervision
Testify on behalf of the cooperative in legal, regulatory, and other matters as needed
Keep senior leadership and Finance Department personnel informed of changes in procedures and practices within the department and its functions
Assist with negotiations of the union contract as requested
Application Process and Deadline
Interested individuals who meet the required qualifications must email a cover letter and resume to Monica Beavers, Director of Client Services at GreatCo-Ops, at firstname.lastname@example.org. In addition to discussing the applicant’s fit for the role, the cover letter must also include the individual’s perspectives on one significant finance-related challenge or opportunity in a modern, fast-growing electric co-op like DEC.
References will be requested at a later time for applicants who progress through the process. Finalists must be willing to undergo a comprehensive background check.
Applications are preferred by May 5, 2023 at 5:00 pm Eastern. However, applications will be reviewed until the position is filled.
DEC is an equal opportunity employer.
Applications from those who do not meet the required qualifications will not be considered.
Verifiable, successful experience in electric cooperative finance and accounting at the Vice President/CFO level or in a finance and/or accounting position within an electric co-op reporting directly to the VP of Finance/CFO
A deep understanding of electric utility finance and accounting
A bachelor’s degree from an accredited university
Demonstrated success in leading individuals and teams
Excellent communication skills
A demonstrated ability to work collaboratively with boards of directors, executive teams, and support staff
A minimum of 5 years of finance and accounting experience at the Vice President level within an electric cooperative
Experience working with NRUCFC, CoBank, and S&P
Familiarity with relevant regulatory matters
A bachelor’s degree in finance or accounting from an AACSB-accredited business school
An advanced degree in an area relevant to being a senior leader in finance and accounting at an electric cooperative
GreatCo-Ops is a professional services firm focused exclusively on creating higher performing electric cooperatives. We help co-op leaders thrive in their roles and create organizations with healthy cultures that deliver unsurpassed member satisfaction. We work hard to earn the trust and respect of our clients by combining a strategic mindset, decades of experience, an obsession for unrivaled service, and an unwavering commitment to ethical conduct.
Our seasoned team leverages experience-tested, data-driven techniques and tools to give our clients powerful new insights they can use to solve their cooperatives’ greatest challenges. Our services include strategy consulting, risk management advisory, governance assessments, leadership development programs, executive coaching, executive search, employee surveys, member experience consulting, data analytics, and related offerings.