VP Sourcing and Procurement (Hybrid)

Bancorp Bank, The•Wilmington, DE

9d•Hybrid

About The Position

The VP Sourcing and Procurement provides strategic leadership and oversight for enterprise sourcing, procurement, and the Vendor Management Office (VMO). The role is accountable for delivering agreed expense savings through sourcing, negotiation, demand management, and supplier optimization, with Finance validation of realized results. It establishes reliable spending and contract information, proactive renewal management, supplier performance oversight, and clear staff accountability. The position partners with business leaders and control functions to improve vendor economics while maintaining service quality, operational continuity, and required risk governance. The position develops enterprise sourcing strategies, analyzes spending and supplier economics, leads competitive sourcing and negotiations, and tracks savings from opportunity through implementation and Finance validation. It oversees procurement policies, contract and vendor information, renewal planning, supplier governance, and required coordination with control functions. It also leads, coaches, and develops sourcing, procurement, and VMO staff. This is a hybrid position based in the Wilmington, Delaware office. No travel is required.

Requirements

Bachelor's degree or an equivalent combination of training and experience.
Minimum of 8 years of sourcing and procurement experience.
Strong working knowledge of legal and vendor contract terms and conditions preferred.
Excellent analytical and decision-making skills preferred.
High level of attention to detail preferred.
Consistent track record of producing high-quality results preferred.
Ability to lead groups of people toward common goals preferred.
Excellent verbal, written, and interpersonal communication skills preferred.
Ability to work effectively in a collaborative, multi-tasking environment preferred.
Proficiency in Microsoft Office, including Excel, PowerPoint, Word, and Outlook, preferred.

Nice To Haves

Strong working knowledge of legal and vendor contract terms and conditions.
Excellent analytical and decision-making skills.
High level of attention to detail.
Consistent track record of producing high-quality results.
Ability to lead groups of people toward common goals.
Excellent verbal, written, and interpersonal communication skills.
Ability to work effectively in a collaborative, multi-tasking environment.
Proficiency in Microsoft Office, including Excel, PowerPoint, Word, and Outlook.

Responsibilities

Develop enterprise sourcing strategies, including category and purchasing strategies across technology and other material third-party spending.
Analyze enterprise spending, demand, and supplier economics; challenge unused services, licenses, consultants, duplicate capabilities, and unnecessary commitments; and evaluate consolidation and exit opportunities.
Agree annual and in-year savings commitments with Finance and leadership, maintain a qualified savings opportunity pipeline, and drive opportunities through negotiation, implementation, and realized expense reduction.
Provide senior leadership with reporting on savings, spending, vendor performance, renewal priorities, and decisions required; build partnerships with Finance, business lines, Human Resources, Operations, Facilities, and Technology.
Lead competitive sourcing and negotiation, including requests for information and proposals, market analysis, supplier evaluation, and commercial negotiations; document recommendations, exceptions, and tradeoffs and obtain approvals under delegated authority.
Track and validate financial results using comparable current costs, vendor proposals, and final negotiated amounts; distinguish hard savings, avoided increases, demand effects, and working capital benefits; and report annualized and in-year impact, including implementation and transition costs, without double counting.
Work with VMO staff, business owners, and Finance to confirm agreed pricing, scope, and usage changes take effect in contracts, billing, and actual expenses; report negotiated, implemented, and Finance-validated savings separately.
Develop procurement policies and purchasing controls; partner with Legal on contract standards, service measures, and commercial terms; coordinate approvals and signatures; and promote compliance with purchasing requirements.
Oversee accurate vendor and contract records, including ownership, spending, obligations, renewal and notice dates, criticality, and risk classifications.
Plan renewals, renegotiations, and exits ahead of contractual notice deadlines; coordinate commercial strategies and escalate issues affecting timing, continuity, or value.
Partner with Third Party Risk Management, Legal, Compliance, and Information Security on required vendor reviews and controls, including applicable supplier diversity and information technology purchasing requirements, while respecting established ownership and decision authority.
Oversee supplier performance and governance using supplier segmentation, scorecards, and business reviews covering service, spend, utilization, risk, and commercial opportunities; work with business owners to address performance issues and improve supplier value.
Lead, coach, and develop sourcing, procurement, and VMO staff; establish responsibilities and performance expectations, allocate resources, strengthen commercial and analytical capabilities, and promote collaboration and accountability.
Perform other duties as assigned.