Background Summary - Michael H. Solomon
Mr. Solomon is the Chairman/CEO of M. Solomon & Associates, Inc., a management consulting firm with extensive experience in helping to improve profitability at under-performing or financially troubled companies, as well as helping healthy companies with strategic planning and development of growth strategies. He has a vast background with more than 30 years of operating and transactional experience. Mr. Solomon recently completed a successful profit and operations improvement project for a large national beverage company. Previous to this assignment, Mr. Solomon successfully turned around Ready Pac Foods, a $600 million plus national food company.
He also completed the turnaround of a company that produces and distributes accessories for the cellular telephone industry. Previous to that assignment, he was hired by the Board of Directors of Opal Concepts, Inc. to be the Chief Restructuring Officer/Acting CEO of this multi-chain hair salon retailer with 125 company owned salons and more than 1300 Fantastic Sam’s franchised salons in the United States and internationally. Mr. Solomon took the company into Chapter 11 bankruptcy and secured a debtor in possession line of financing. This afforded the time to restructure operations and dramatically reduce costs, enabling the Company to be successfully sold in two separate transactions.
Previous to Opal Concepts, Mr. Solomon was hired by Warburg Pincus as a Crisis Manager for their portfolio company WestStar Cinemas, Inc., the Parent Company of MANN Movie Theatres. MANN had over 70 movie theatres in California and Colorado, including the world famous MANN’s Chinese Theatre in Hollywood. Mr. Solomon, acting as President and CEO of WestStar and its MANN Theatres, was able to successfully restructure the company and its real estate holdings in Chapter 11 and negotiate a sale of substantially all of the assets to WF Cinemas, a joint venture between Warner Brothers and Paramount Pictures.
From 1990 to 1994, Mr. Solomon was Chairman and CEO of Stylus, Inc., an integrated manufacturer and retailer of custom upholstered furniture. Mr. Solomon acquired and restructured the company under Chapter 11 reorganization and subsequently negotiated a highly profitable sale of the company in December 1993.
Mr. Solomon also has extensive general management experience in both the health and beauty aids and consumer products categories, as President of Max Factor Cosmetics’ U.S. division and as President of Playtex, Ltd. ,the Canadian subsidiary of International Playtex, Inc.
Beyond his day-to-day operating experience, Mr. Solomon has been engaged as a consultant in various industries including a successful turnaround role as President/CEO of Il Fornaio (restaurants), and a consulting assignment for Caesars World (resort and casino operator). He has also served as a member of the Board and consultant to USA Petroleum (a large service station and convenience store chain). Mr. Solomon also served on the Board of Directors of Falcon Waterfree Technologies (a leading growth company in the water saving plumbing products industry).
Mr. Solomon has been a frequent speaker on the topics of strategic growth as well as on turnarounds and managing a business in crisis, to business groups including Young Presidents Organization and The Association for Corporate Growth. He has also been involved in the home furnishings industry as both a member of the Board of Directors of the National Home Furnishings Association and as a regular speaker and panelist at industry events.
Mr. Solomon holds a Master of Business Administration degree from the Wharton School of Finance in Philadelphia, Pennsylvania and a Bachelor’s degree in Economics from Union College in Schenectady, New York.