Leadership Team

Joe Socolof

Introduction

Having a leader who has been on the both sides of the management track is an asset to any client. Joe Socolof can relate to the situations his clients are in because he’s been in their shoes. At the same time, Joe has years of experience as a senior management consultant which builds substantial trust with his partners. He’s been with Partners in Performance for over a decade and is a senior professional who can diligently diagnose and make quality improvements no matter what city he’s in when his head hits the pillow.

With certifications in Lean manufacturing and Six Sigma, Joe’s time spent on both ends of the business management spectrum has proven practical when working across different industries. His expertise lies within supply chain/procurement, finance and capital productivity. Joe has held positions as an Investment Banker with Citigroup, a Management Consultant with McKinsey & Company and Operations leader at North American Bus Industries.

Spending time with his wife and daughter at their summer home in North Carolina is where Joe finds himself the happiest. He stays as active and healthy as possible by using the weather to his advantage to play golf and tennis. Joe was a proud member of the US National Fencing Team from 1989 – 1993.

Career snapshot

  • Delivered in excess of US$400m in annualised earnings before interest and tax (EBIT) improvements across multiple engagements for a coal miner. Efforts were focused on improving plant operations, mine planning, maintenance and mine operations (e.g. dragline, drill and blast, continuous miner and truck performance).
  • Delivered a US$100m performance improvement at one of the largest open-pit copper mines in the world. Major areas of improvement included the de-bottlenecking of mine and plant (US$70m) and improved recovery (US$30m).
  • Delivered US$100m annualised EBIT improvement as part of a two-year effort to improve the operations and supply-chain performance across two underground nickel mines, a mill and a smelter. Also captured $10m in cost reductions, and moved supply-chain performance from bottom-to-top quartile on a global supply-chain audit.
  • Delivered over US$55m in operational improvements. These included US$11m of cost savings (6% yield) at a zinc mine in a challenging Arctic environment. This became the best production year in the company’s 20-year history and has subsequently delivered annual production records in the two years since PIP’s departure.
  • Generated over US$60m in EBIT improvements and $18m in inventory reductions for a nickel refinery. The lean methodologies and operating systems that were implemented were subsequently selected as the standard for the global organisation and were rolled out across all assets.
  • Reduced annual costs by US$33m as part of a global Strategic Sourcing effort for one of the largest natural resources companies in the world.
  • Reduced costs by US$20m, across four key categories (including heavy equipment), for a group of six coal mines.
  • Identified and delivered over US$700m in net present value (NPV) improvements for a greenfield chromite mine, mill and smelter at one of the largest discoveries of chromite in the world.
  • Delivered over US$500m of an increase in NPV for a brownfield open-pit coal mine, despite the fact that this was the fifth iteration of feasibility. The effort allowed the project to receive board approval and move forward.
  • Reduced capital requirements from US$1.5bn to US$0.7bn and maintained overall project NPV for an underground hard-rock gold and silver mine in Ecuador. All changes were captured and locked in through revised engineering changes.
  • Identified more than US$1bn in NPV improvements, which were captured and locked in through revised engineering plans, during the pre-feasibility phase for a greenfield mine in Africa.
  • Accelerated the start-up phase of an underground hard-rock nickel mine, increasing development rates from 30 to 51 metres per day and achieving production rates of 1.25m per day – equal to steady-state production 14 months ahead of schedule.

Education

Master’s degree in Business Administration from the Fuqua School of Business at Duke University and Bachelor’s degree in Economics from the University of Illinois.