Dave Carlen
Yardley
Summary
Dynamic finance leader with extensive experience at BlackRock, excelling in equity accounting and expense optimization. Proven track record in delivering accurate financial reporting and variance analysis, while fostering collaboration across teams. Adept at managing complex compensation structures, ensuring ASC 718 compliance, and driving process improvements that enhance operational efficiency.
Overview
35
35
years of professional experience
Work History
Director - Finance Equity Compensation Control
Cantor Fitzgerald
New York
10.2023 - 01.2025
- Lead team responsible for equity award plan accounting including optimizing expense calculation, variance analysis and reconciling balance sheet accounts
- Lead team responsible for various employee loan programs with improved calculation of expense, consistent forgiveness processing, variance analysis and reconciling balance sheet accounts
- Work with stakeholders to ensure proper accounting of Payroll payments and deductions, eliminating corrections
- Present monthly P&L review for three companies
- Responsible for 10K / 10Q footnotes for Stock-Based Comp and Employee Loans for three companies
Vice President - Finance Compensation Accounting
BlackRock
New York
01.2010 - 03.2023
- Manage global team responsible for Compensation and Benefits calculation, booking, variance analysis and balance sheet reconciliation
- Includes Equity amortization booked to 95+ entities in compliance with ASC 718 (2022 expense of $700m)
- Booking and reconciling the Deferred Cash Compensation amortization, MTM, and payment reconciliation (2022 expense of $230m)
- Responsible for global Incentive Compensation accruals booked to 105+ entities, trueups, and reconciling accruals vs payments in multiple currencies (2022 cash compensation accruals of $1.4b)
- Responsible for booking and reconciling global Severance accruals versus payments
- Provide monthly forecasts to Financial Planning and Analytics for equity and deferred cash plans
- Lead initiatives to automate calculation of direct incentives based on revenues saving 8+ hours/month
- Automate global journal uploads and expense allocation to the GL saving 20+ hours/month
- Implemented upgrade to Oracle SaaS
- Led project to create in-house journal mapping for equity accounting
- Included attributes to improve reporting
- Designed bespoke reporting in Oracle SaaS for performance fees and direct incentives; real-time P&L reporting
- Lead update of all Payroll earnings and deduction codes to eliminate incorrect bookings and need for corrections
- Present monthly P&L variance commentary
- Responsible for 10K / 10Q footnotes for Stock-Based Comp and Employee Benefits
- Partner with Corporate Tax on GL to W3 reconciliation as a key component used for corporate tax filing
- Work with controllers on legal entity consolidations
- Collaborate with controllers to develop uniform reporting for statement of change in equity for annual statutory disclosure and audits
- Establish key controls around incentive comp bookings, equity plan controls, and medical claims
- Manage relationships with key stakeholders, External Reporting, Human Resources, entity Controllers, Tax, Compensation, Payroll and External Auditors
Vice President - Finance Compensation
Merrill Lynch & Co. Inc/Bank of America
04.2007 - 12.2009
- Managed team of six responsible for Global Budgeting, booking, calculation and reconciling the Equity Amortization expense in compliance with FAS123-R
- Booked to 80+ Legal Entities Globally
- Provided monthly forecasts to Business partners
- Led a project to automate journal uploads to the GL
- Responsible for booking and reconciling the Global Cash Incentive Compensation accruals in multiple currencies
- Included Annual cash compensation accruals
- Booked to 130+ entities globally
- Centralized the global booking of monthly accruals
- Responsible for booking and reconciling global Severance accruals of the firm
- Served as the HR Finance Lead for Acquisition and Transition with Bank America
- Prepared analysis of legacy Merrill Lynch and Bank America practices for Equity and Incentive Compensation booking
Vice President, Deferred Compensation Americas Region
Credit Suisse Bank
New York
05.2006 - 04.2007
- Managed Deferred Compensation and Payroll for the Americas Region
- Supervised team of five
Independent Business Owner
Liberty League International
Scottsdale
06.2005 - 05.2006
- Personally recruited and trained a sales team of 100+ associates
- Reduced costs 25% on internet lead generation campaign
- Awarded 1 of only 3 “Rising Star” awards for top sales and growth
Vice President, Executive Compensation Manager
Morgan Stanley & Co.
New York
05.2001 - 06.2005
- Managed staff of six responsible for stock option exercise, restricted stock conversions, stock distribution and the accounting for 20,000 worldwide executives
- Led design and implementation of software solution enabling direct data feeds to Controllers, Tax, and Payroll departments allowing a 2-day close of books
- Redesigned processes associated with the firm’s financial statements ensuring compliance with Sarbanes Oxley requirements
Vice President, Payroll Manager
Morgan Stanley & Co.
New York
01.1998 - 05.2001
- Managed a staff of 36 responsible for semi monthly payroll, paying 45,000 employees in 14 companies
- Saved $62,000 per year by automating payroll adjustment process
Manager, Accounts Payable
Morgan Stanley & Co.
New York
01.1996 - 01.1998
- Managed a staff of 24 responsible for payments to vendors and travel reimbursement
- Reduced payment backlog from 14 to 3 days
Unit Manager, Payroll
Morgan Stanley & Co.
New York
01.1990 - 01.1996
- Managed staff of three responsible for payroll systems and accounting of 30,000 employees on 6 companies
Education
BS - Business Administration
Illinois State University
Skills
- Equity accounting
- Expense optimization
- Financial reporting
- Variance analysis
- Payroll administration
- ASC 718 compliance
Timeline
Director - Finance Equity Compensation Control
Cantor Fitzgerald
10.2023 - 01.2025
Vice President - Finance Compensation Accounting
BlackRock
01.2010 - 03.2023
Vice President - Finance Compensation
Merrill Lynch & Co. Inc/Bank of America
04.2007 - 12.2009
Vice President, Deferred Compensation Americas Region
Credit Suisse Bank
05.2006 - 04.2007
Independent Business Owner
Liberty League International
06.2005 - 05.2006
Vice President, Executive Compensation Manager
Morgan Stanley & Co.
05.2001 - 06.2005
Vice President, Payroll Manager
Morgan Stanley & Co.
01.1998 - 05.2001
Manager, Accounts Payable
Morgan Stanley & Co.
01.1996 - 01.1998
Unit Manager, Payroll
Morgan Stanley & Co.
01.1990 - 01.1996
BS - Business Administration
Illinois State University
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