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Atlas Air, Gilead Sciences and NYC Finance Department Named Pinnacle Award Finalists for Treasury Excellence

  Atlas Air, Gilead Sciences and NYC Finance Department Named Pinnacle Award
                      Finalists for Treasury Excellence

PR Newswire

WASHINGTON, Aug. 22, 2013

Annual AFP Prize Recognizes Leading Treasury and Finance Operations

WASHINGTON, Aug. 22, 2013 /PRNewswire/ -- 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, 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.

ABOUT AFP®
The 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.

About 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.

SOURCE Association for Financial Professionals

Website: http://www.AFPonline.org
Website: http://www.?afpconference.?org
Contact: David Johnson, Media Specialist, Association for Financial
Professionals, 301.907.2862, pr@afponline.org
 
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