WASHINGTON, D.C. –August 22, 2013– Atlas Air, Gilead
Sciences, and the New York City Finance Department are finalists for the
Association for Financial Professionals (AFP) 2013 Pinnacle Award. Sponsored by
Wells Fargo & Company (NYSE:WFC), the Pinnacle Awards have recognized
excellence in treasury and finance each year since 1997.
Finalists were selected based on their dynamic
solutions that helped their treasury and finance operations run more
efficiently and effectively. The AFP Pinnacle Grand Prize winner will be named
Oct. 27 at the AFP
Annual Conference in Las Vegas.
Wells Fargo will make a $10,000 donation to a
charity of the winner’s choice. Danny Peltz, executive vice president and head
of Wells Fargo Treasury Management, and Jim Kaitz, AFP’s president and CEO,
will host the award ceremony.
“AFP is pleased to honor the 2013 Pinnacle Award
winners,” Kaitz said. “The AFP Annual Conference is the most important event in
treasury and finance and the solutions presented by the New York City Finance
Department, Atlas Air and Gilead Sciences certainly meet that high standard.”
Atlas Air, the world’s largest operator of wide-body
freighter aircraft, displayed agility and quick thinking when a $2 billion
purchase order in 2006 was delayed nearly seven years. During the depths of the
2009 financial crisis, Atlas Air arranged financing in a particularly turbulent
credit market and without a corporate credit rating. Forgoing standard
commercial financing, Atlas achieved its goal by securing the backing of the
U.S. Export-Import Bank as a domestic carrier, an industry precedent. Atlas
saved $175 million in interest through its innovative financing solution.
Gilead Sciences earned its Pinnacle award by scaling
its treasury group to match its rapidly growing market capitalization—in excess
of $70 billion in just a few years. Gilead Sciences’ eight-member treasury team
automated many manual processes, including multiple, unstandardized wire
platforms. Along the way to improving real-time visibility into cash balances, the
treasury team adopted new technology in less than eight months for more than
130 bank accounts in 30 countries with $2 billion in investments and $3.5
billion in foreign currency.
The New York City Finance Department centralized
data for bills and payments and improved speed, accuracy and customer service
by creating the first city agency solely responsible for payments expertise,
policy and procurement, providing guidance and services to agencies needing
payment solutions. As the department
developed fast, affordable and reliable electronic payments functionality to
collect $49 billion of receipts generated by 36 individual agencies totaling 29
million individual payments, it also strengthened regulatory compliance.
Association for Financial Professionals® (AFP) is the professional
society that represents finance executives globally. Headquartered outside
Washington, DC, AFP sets the standards for the Certified Treasury Professional®
and Certified Corporate FP&A Professional™
credentials. The quarterly AFP Corporate Cash Indicators™ serve as a
bellwether of economic growth. The AFP Annual Conference is the largest
gathering of corporate finance professionals in the world.
Wells Fargo Treasury Management
Wells Fargo Treasury
Management products and services help large corporate, middle market, and small
business customers efficiently manage their businesses and financial assets. Wells Fargo offers solutions that address today’s treasury
department priorities, including optimizing working capital, improving cash
forecasting and visibility, automating processes, increasing control and
compliance, and managing an ever-broadening set of risks. Greenwich Associates
named Wells Fargo a 2011 Greenwich Quality Leader in Large
Corporate Treasury Management. According to 2011 Greenwich statistics, Wells Fargo is used as a domestic or international treasury
management provider by 54 percent of large U.S. companies.