K.C. Caldabaugh

Principal

K. C. Caldabaugh is a former executive of LTV Corporation and The Charter Company. During his over 25 years as a financial executive, chairman, and CEO, he has worked for several major corporations throughout the U.S. Mr. Caldabaugh has been a principal of Heritage Capital for over ten years and has extensive experience in sell-side advisory, buy-side advisory, and capital placement in multiple industries including manufacturing, technology, and service businesses.

After he identified and negotiated the acquisition of Spinnaker Coating, a division of Kimberly-Clark located in Troy, Ohio in 1994, Mr. Caldabaugh became its chairman and chief executive officer. Spinnaker is a manufacturer of adhesive coated materials for the label industry. During Mr. Caldabaugh’s tenure with Spinnaker, the company grew from $85 million to $160 million in revenues, becoming the third largest competitor in its industry. In 1998, Mr. Caldabaugh relocated back to the Jacksonville, Florida area. During 2001 he liquidated his investment in Spinnaker prior to joining Heritage Capital Group.

Late in the 1980’s, Mr. Caldabaugh joined the LTV Corporation of Dallas, Texas as vice president and treasurer and later moved up to senior vice president and chief financial officer. At the time, LTV was a $6 billion conglomerate, owning the third largest steel company and sixteenth largest aerospace defense contractor in the U.S. LTV had filed for Chapter 11 reorganization in July 1986. It is still considered to be the most complex reorganization ever undertaken. Over a seven-year period Mr. Caldabaugh quarterbacked the design, negotiation, and implementation of a consensual plan of reorganization which involved the resolution of over $15 billion in claims among competing constituencies including parent company creditors, steel creditors, aerospace and defense creditors, equity holders, Pension Benefit Guaranty Corporation (an agency of the U.S. Government), and the United Steelworkers of America.

Beginning in 1979 and prior to joining LTV, Mr. Caldabaugh served in various management positions with The Charter Company and its subsidiaries, a NYSE conglomerate with revenues in excess of $5 billion and operations in insurance, energy, and communications. Prior to 1984 his positions included vice president and treasurer of Charter Oil Company and vice president of corporate development for The Charter Company. In April 1984, Charter filed Chapter 11 and Mr. Caldabaugh became senior vice president of finance, joining Howard Serkin in formulating and implementing a total redesign of the business and capital structure of the company, as well as playing a key role in the development and negotiation of the plan of reorganization. Shortly before Charter emerged from Chapter 11, Mr. Caldabaugh became executive vice president and chief financial officer.

From 1973 through 1979, Mr. Caldabaugh was employed by Jacksonville National Bank as an assistant vice president in commercial lending. In 1968, he received his B.A. in philosophy from West Virginia Wesleyan College and then served a four-year tour of duty in the U.S. Navy as a naval aviator. He earned his M.B.A. in 1973 with an emphasis in finance from the University of Alabama, where he was elected a member of Beta Gamma Sigma.

Mr. Caldabaugh served on the Board of Trustees of West Virginia Wesleyan College for 14 years, including as chairman of the investment committee, chairman of the finance committee, and a member of the executive committee of the board. He has been a member of the Board of Directors of Schweitzer-Mauduit International, a NYSE listed, $700 million, specialty paper company, for over 15 years and currently serves as chairman of the nominating and governance committee and a member of the audit committee. He has also served four terms as lead independent director. He is currently on the board of a privately-owned environmental consulting company located in the Midwest.