In today’s modern economy CFOs do a lot more than sum up the ledger. They pilot a dynamic economic landscape deciding how and when to invest company capital and play a vital role in influencing company strategy. A good CFO understands the ins and outs of his or her company, its employees and their industry. It was for successfully navigating this role that LAN Associates CEO and Company Treasurer Ronald Panicucci was awarded the 2019 NJBIZ CFO of the year award at a ceremony held on October 22, 2019.
“Being selected as one of five finalists was a real surprise to me. Hearing my name announced as the winner was an even greater shock,” said Panicucci when asked about his win. “Having taken an interest in the business and financial aspects of the architecture and engineering profession, I always attribute my decision-making process to LAN’s founder John A. Lacz. He taught me to make every decision considering your mind, your heart, and your wallet. It has also been very rewarding to be a member of LAN’s team of Officers who have historically been unanimous on every business decision. Plotting a course is simple when everyone is paddling in the same direction.”
The honor is given out in recognition of financial executives who contribute to the success of New Jersey’s economic growth. Many chief financial officers were awarded at the event. Ron won the award in the category of CFO of the year for a private company with revenue up to $50 million. He was presented with the award when the winner was announced live on stage at the event held at The Palace at Somerset Park in Somerset, NJ. All finalists and winners will be featured in a special supplement in the October 28th issue of NJBIZ.
Mr. Panicucci has been in a leadership position at LAN since 1983, but his first full year as CFO/Treasurer was in 2007. Ron steered the company through the great recession and LAN emerged stronger than ever. Since 2011, LAN’s net revenue has grown 79%, the company has seen a 32% increase in staff, and the firm has opened a new office in Philadelphia.
Ron has taken calculated risks in pursuing new core competencies with high return on investment potential. He has an open-mind and an open-door policy toward employees approaching him with ideas for potential revenue streams. This has served LAN well and contributed to the expansion of services and an increase in the value LAN offers its clients. Under Ron’s leadership LAN has developed a full land surveying department, expanded its offering in environmental and regulatory compliance services, developed a full mechanical-electrical-plumbing (MEP) division, and created marketing and corporate culture departments.
A New Jersey native, Ron was hired by LAN as an engineer, but always had a strong interest in business and finance and obtained his MBA by continuing his education nights and weekends. As a result, Ron has grown into an invaluable leader and financial officer. It’s this background and dual role that has helped him make strategic decisions by studying past performance to model future investments. Under Mr. Panicucci’s leadership, LAN has thrived by following his commitment to hiring top local talent. Mr. Panicucci is a pillar of the New Jersey engineering and construction industry, and a benefit to the NJ economy.