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Richard Garnick is an entrepreneurial, global executive, investor and change agent with extensive experience in building and creating profitable businesses.”
Richard Garnick is a global executive who has helped many clients turn their businesses around and regain growth and profitability. He is recognized as an entrepreneur and leading global executive who has enhanced organizations and established companies in the information technology and business services sectors. He is also an angel investor, providing capital to start-ups and small innovative businesses in a wide variety of fields, including an investment in an innovative Neuroscience company.
Richard created “The ConJoin Group-II, LLC” (ConJoin) applying his successful and diverse global technology and business services industry background. The company builds on his proven abilities as a business leader and change agent. The company’s core mission is to partner with Private Equity and Venture Capital (PE/VC) firms to assist in helping underperforming portfolio assets achieve their potential. In order to do this, ConJoin adheres to a structured business strategy that has led to some significant success.
ConJoin works with a network of leading PE/VC firms to either assist with existing assets within their existing portfolios that are in need of a transformation or turnaround approach. Conjoin is also working with their network to identify new assets that are underperforming and can develop a differentiated angle for making new investments and transforming underperforming companies. ConJoin utilizes a top down and bottom up sector and industry approach to identify potential investments and transformation opportunities.
Richard Garnick’s company utilizes a transformation strategy that breaks the procedure down into several steps:
● Strategic assessment – Review of Target strategy and it’s strategic positioning.
● Investment portfolio analysis – Work with PE/VC firms to review opportunities across their existing portfolios.
● Business re-engineering – Develop clear plan to increase efficiency, reduce non-value added processes and cost.
● Enterprise management – ConJoin has provided either interim leadership or install an going operating leadership team to execute the defined strategy.
● Transition management – ConJoin has helped control and manages the transition between the businesses old and new business models.
Richard Garnick began his experience in the business world at a young age. He graduated from Philadelphia’s Drexel University in 1982 with his Bachelor’s degree in Commerce and Engineering. While working fulltime, he returned to school and earned his Master’s in Business Administration in 1990 at Baltimore’s Loyola College.
Richard Garnick has participated in served various organizations as an outside director that has enhanced his knowledge of wide array of technology sectors. He was a member of the Board of Directors for Ravisent Technologies, Inc. from 1994 to 1998, taking it from concept to IPO. He also served on the Board of Directors of the Information Technology Association of America, the oldest and largest industry trade association for technology companies from 2002 until 2006.
Texas Instruments, Inc. recruited Garnick right out of Drexel in 1982. The company specialized in semiconductor sales that netted over $13 billion in profit. he performed extremely well at the company, eventually becoming at that time the youngest Regional Manager in Texas Instruments, Inc.’s history. He managed 41 professionals in 6 offices, while overseeing $150 million in sales. He remained at the business until 1990.
From 1990 to 1991, Richard Garnick worked at Innovoice, Inc. in Reston, Virginia as Chief Operating Officer. He was hired to re-position this early stage Venture Backed technology company, which leveraged a patented analog compression technology, to move into and help create the voice processing/voice mail industry. Richard oversaw all operations. He architected a restructuring program that managed to turn Innovoice, Inc. around and accelerate growth and profits. He personally negotiated a partnership with a multi-billion dollar distributor, leading to the company’s rapid expansion building on a multi-million dollar revenue agreement. He was eventually able to sell Innovoice, Inc. at a profit in less than a year.
Richard Garnick’s next business venture was at Arrow Electronics, Inc. in Melville New York. This business was recognized as the leading worldwide distributor of electrical components and subsystems. Arrow Electronics, Inc. purchased the company, Lex Electronics, in 1991, leading to one of the biggest industry mergers at that time.
From 1991 to 1993, he worked as an Area Director, managing assets, sales, marketing, and engineering for a two-state region comprised of 100 professionals. He was able to increase the region’s revenue by over $60 million annually and the gross net profit margin from negative two percent to over 10 percent. He handled all major corporate integration issues that involved customers and suppliers.
Richard worked as the Director of Sales for North America from 1993 to 1995. Arrow Electronics, Inc. promoted him to this position to restructure the entire sales force. He led a group of six regional vice presidents and 35 general managers in an effort to service over 30,000 customers around the United States and Canada. Garnick improved the business by introducing new resource allocations and improved training programs within 15 markets. He also helped expand the market by 80 percent and increased the revenue stream by $80 million.
From 1995 to 1999, Richard Garnick was Vice President of Avnet, Inc. in Peabody, Massachusetts, outside of Boston. This corporation was also a global distributor of electronic components and subsystems. Garnick handled all profit and loss responsibility, which included sales, marketing, human resources, product development, customer service, and quality control. He was in charge of the Northeastern division of Avnet, Inc., handling over $600 million worth of assets. The total business value was estimated at $3.7 billion.
Richard oversaw and guided more than 400 trained personnel in his division, which was the second largest in the company. During his tenure at Avnet, Inc., he was able to turn the Northeast from the worst performing division into the best performing region. His efforts led to an increase of the businesses market share by nine percent.
Richard Garnick then invested in an early stage technology company, ultimately taking on the operating leadership as Chief Executive Officer and Chairman of Global Digital Media, Inc. (GDM) in Boston, Massachusetts from 1999 to 2001. The company completed deployment of some of the first public WIFI locations at airports, hotels and other high traffic locations, building out one of the first wireless broadband networks. GDM developed a partnership with CNN airport to utilize this network to build out the expansion of the network to over 50 largest airports in N. America.
Major clients that were serviced by Global Digital Media, Inc. included CNN, Carlson Corporation, and Cisco Systems. In the fall of 2001, Global Digital Media, Inc. was negatively impacted by the macro environmental issues at the time and the convergence of a number of major events; the meltdown of Telecom market, .Com bust, and the tragic events of September 11th, 2001. The 9/11 tragedy caused significant drops in airport business ventures across the United States, forcing the company to seek strategic alternatives.
Richard Garnick then joined Wipro Technologies from 2001 to 2005. They held locations in North America, Europe and Bangalore, India. Garnick grew rapidly in the organization rising within the first year to Chief Executive of America & EAS, which ultimately represented roughly 73 percent of Wipro’s worldwide business. The Company was approximately one of many providers of similar services; with about, $300M global revenue and $150M in N. America revenue supported by 5000 global employees. They specialized in information technology services around the world. There are now over 120,000 employed professionals located in 30 different countries.
Wipro named Richard as their Senior Vice President in October 2001. His responsibility was to initiate growth in the company, which had grown stagnant over the past few years. In 2002, he became Chief Executive of the America & EAS, encompassing approximately 65% of the global employees. During his employment, the United States’ Wipro division revenue grew from $150 million to over $2 Billion annually growing at 75% CAGR. Richard architected and led the repositioning of the go-to market approach, global delivery model and more broadly the entire customer engagement model. Some of the major wins were at clients such as GM, ATT Wireless, Emerson, Boeing, Weyerhaeuser, Sony, HP, JPM, UBS, Nationwide Insurance, Travelers Insurance, Lehman Brothers, Best Buy, United Technologies, Pitney Bowes, Gillette and many more.
In March of 2005, Azim Premji, Chairman of Wipro, inducted him to the Wipro’s Corporate Executive Council. He was the first foreign representative on the council, and the only Westerner who has held a position on the board of a leading Indian IT service company.
In 2006, Garnick partnered with Jefferson Partners to turnaround one of it’s troubled portfolio assets. He took on the interim role as Executive Chairman and CEO of the Avotus Corporation in Mississauga, Canada. He was brought on board to transform the business from a money-losing operation into a viable profit-generating corporation. This company helped form the foundation for Richard Garnick’s latest endeavor, The ConJoin Group-II.
Richard Garnick is expecting to see more success in his business’s future. ConJoin has a number of portfolio companies within its portfolio and continues to work with them to allow them to achieve their potential. One of the most prominent instances led to the creation of Anthelio Healthcare Solutions, Inc.
In 2010, the ConJoin Group merged its India subsidiary out of Mumbai India with PHNS, a healthcare provider based out of Dallas Texas. The resulting entity was re-branded as Anthelio Healthcare Solutions, Inc., the largest independent Information Technology and Revenue Cycle Management company dedicated to the Healthcare provider market. Anthelio is dedicated to helping hospitals and various other healthcare organizations. Garnick led this business during the initial phase of the transformation. He is currently a board advisor and maintains a significant stake in the enterprise as it continues to grow while helping hospitals to run more effectively around the world.
ConJoin has grown over the past few years from a small concept to an enterprise that has a stake in enterprises with an estimated value of over $250M. Garnick and his team are active investors looking for the next opportunity to apply its formula for growth.
Richard Garnick continues to also look to new innovative opportunities growing his knowledge and experience in various entrepreneurial aspects. He is an angel investor, providing capital to small startups and growing business. He hopes to continue this practice in the future to help other entrepreneurs like himself succeed.
As a change agent, he has committed his life in Boston to making other companies succeed. He has developed his skills over the past several years so that he can help turn challenged businesses around and achieve their maximum potential. Richard Garnick prides himself as a global executive, providing amazing service to business and information technology sectors around the world.
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