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CFO, Then Some

Jerry Morey chalks up his financial prowess to having done it all, working his way up from accounts payable to chief financial officer.

“I’ve done pretty much every accounting function, which has made me a more well rounded person,” said Morey, chief financial officer for San Clemente-based vitamin and supplements maker Metagenics Inc., part of Amway Corp.’s parent Alticor Inc.

Morey was among the honorees at the Jan. 27 CFO of the Year awards, presented by the Business Journal and the Orange County and Long Beach chapter of the California Society of Certified Public Accountants.

He won the Private Company Award.

Metagenics makes plant-based supplements aimed at reversing chronic illnesses, such as rheumatoid arthritis. The bulk of its products are sold through acupuncturists, chiropractors, obstetricians, gynecologists and naturopaths, or doctors who prescribe natural medicines.

The company has about 200 workers in San Clemente and 850 worldwide.

Morey, who’s been with Metagenics for 13 years, helped land Ada, Mich.-based Alticor as a buyer and worked on the deal.

Alticor, which also runs Amway’s Nutrilite vitamin division based in Buena Park, acquired a majority of Metagenics in September for undisclosed terms.

Morey oversaw much of the financial vetting of Alticor to determine if the company was a good fit.

“We didn’t know very much about them other than that they had Amway,” he said.

Alticor has yearly sales of about $8 billion with $3.5 billion, or 40%, from Nutrilite, Morey said. Metagenics had $200 million in yearly sales prior to the acquisition.

The company looked at a number of investors, including venture capitalists, according to Morey.

With the acquisition, Morey landed more work. He’s serving as interim chief operating officer.

“I like doing both roles,” he said.

Morey deemed Alticor a good fit, in part, because the companies share the same product philosophy—science-backed products, as opposed to fads.

Alticor owns organic farms around the world, he said.

“They very much believe in creating a quality product with science behind it,” Morey said.

The products of Nutrilite and Metagenics are different enough that they don’t compete, he said.

Nutrilite products are centered on staying healthy, according to Morey. Metagenics’ supplements are targeted toward remedying chronic illness.

And the products are sold differently.

Like other Amway products, Nutrilite vitamins are sold through mostly part-time, independent sellers who thrive by converting people in their personal networks to fellow buyers and sellers.

Health professionals sell Metagenics supplements.

“Our product can’t really sell off a shelf,” Morey said.

Morey works with Metagenics’ executive team, including sales and marketing, to develop business plans.

On a daily basis, Morey runs the finance and accounting departments.

Evaluating credit for customers, handling accounts receivable and cash management are some of the things he oversees.

Morey, who grew up in Brea, didn’t set out to be a chief financial officer.

After high school, he started working full-time in the accounting department of a local lumber company. At night he went to California State University, Fullerton.

After college, he worked in public accounting for a Newport Beach firm for five years.

“I’ve had many different roles over my career,” he said.

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