Schriesheim was on various boards of publicly traded companies including
Houlihan Lokey,
Skyworks Solutions, a provider of
semiconductors to mobile telephone manufactures and
Alight Solutions, an employee administration services provider. Schriesheim ws chairman of the finance committee of the board and was credited with leading the corporate restructuring of
Frontier Communications and was recognized with the 2021 M&A Advisor’s Annual Turnaround Award for Telecommunications Services Deal of the Year. Until 2016, Schriesheim was
executive vice president and
chief financial officer of troubled Sears Holdings Corporation which was controlled by chairman and CEO
Edward S. Lampert. During Schriesheim time, Sears managed its balance sheet and restructured its asset portfolio with divestments of
Lands' End,
Sears Canada,
Sears Hometown and Outlet Stores,
Orchard Supply Hardware and the separation of Seritage Growth Properties, a public
REIT. Schriesheim was selected by
Eddie Lampert as CFO in 2011 and raised $9 billion of capital through various borrowing and sales — departing Sears in October 2016. Two years after Schriesheim's departure in 2016, Sears Holdings filed for
Chapter 11 Bankcruptcy in October 2018. Prior to joining Sears Holdings, Schriesheim was
senior vice president and
chief financial officer for
Hewitt Associates until its sale to
Aon. Prior to Hewitt, Schriesheim was a board member, executive vice president and chief financial officer of
Lawson Software.
Corporate roles Schriesheim led the corporate restructuring of
Frontier Communications as the full time finance committee chairman overseeing the replacement of the board of directors, the hiring of a new CEO, and initiated a new company strategy to deal with high levels of debt. In an interview he claimed this resulted in the reduction of $10 billion in debt from the $17.5 billion at the start of the restructuring while generating $5 billion in market value for the benefit of the bond holders. Before Sears, he was
CFO of
Hewitt Associates. Prior to Hewitt, from 2006 to 2011, he held various roles at
Lawson Software, including
executive vice president,
chief financial officer and a board director. Schriesheim was credited with a turnaround in financial performance. In addition Schriesheim has been a board member of
Skyworks Solutions a producer of analog and mixed signal semiconductors since 2006. Earlier in his career he worked at the Brooke Group, a
leveraged buyout firm controlled by
Bennett S. LeBow who acquired control of
Western Union. LeBow installed Schriesheim at Western Union from 1987 to 1990 as a special adviser to CEO Robert J. Amman to help oversee a restructuring of the company. They executed a strategy of redirecting Western Union from being an asset-based provider of communications services into a provider of consumer-based
money transfer financial services and divested the company's telecommunications assets. == References ==