Minneapolis, MINN — June 4, 2015 — Roger Vang, chief financial officer at Diversified Plastics, Inc. was selected as one of four finalists for CFO of the Year by Plastics News magazine. Recognition came during the Plastics Financial Summit in Chicago on June 3. This was the first year that Plastics News presented this award recognized top individuals in senior management at plastics processing companies based in North America.
“It certainly was an honor and a highlight of my career to be a finalist for this award,” said Vang. “I was surprised when our company’s president, Jim Dow and vice president, Annette Lund nominated me for the award and even more surprised when I received a phone call learning I was one of four finalists. Diversified Plastics has really given me the latitude for creative ideas and they’ve let me run with a few of them. That type of support has really helped improve the performance and professionalism of our company over the years.”
Vang put his creativity to work when he helped Diversified Plastics develop an innovative employee stock ownership plan (ESOP) in 2009. He obtained the funding and performed financial analysis for the project and reduced the overall cost of the transition. Diversified Plastics’ ESOP now provides its employees with an excellent source of retirement income. The employees took ownership of the company in November of 2011 and since that time they have seen the value of the stock increase almost seven fold. “The company was recently named ESOP Company of the Year by the Minnesota/Dakotas Chapter of the ESOP Association and that is something we are all very proud of,” added Vang.
Additionally, Vang has helped the company obtain the necessary capital for new equipment, including high-end 3D printers that have helped the company gain national recognition for additive manufacturing.
“CFOs today are not just accountants, they are required to have a much broader knowledge of the organization’s functions,” points out Vang. “They have greater input on the company’s direction today more than they did several years ago. The CFO is a sounding board and an idea generator for upper management, because they stand back and look at the whole picture, not just the numbers.”
About the Award
Plastics News CFO of the Year Award honors the top individuals in senior management at plastics processing companies based in North America.
Nominations are judged by members of Plastics News along with an independent panel of professional financial practitioners, top plastics executives and members of government or academia. Consideration is given, but not limited to leadership, ethics, business growth, strategic transactions, challenges met and industry/civic contributions.
About Diversified Plastics, Inc.
Employee-owned Diversified Plastics is a custom injection molder of high-precision, close tolerance, small-to medium-sized injection molded components for medical device, filtration, aerospace and a variety of other industrial markets. The 38-year-old company is a full-service contract manufacturer, from design assistance and mold construction, to intricate molding and clean room assembly. Diversified Plastics is ISO 9001:2008 and 13485:2003 certified, FDA registered, ITAR certified, and UL registered.