Cedar Rapids businessman Jim Schmitt has been promoted to managing director of the U.S. operations of Expense Reduction Analysts (ERA), a cost-reduction consulting group that operates in 30 countries.

Schmitt, who has been ERA’s Midwest managing director for the past seven years, is a graduate of the University of Northern Iowa and received a Master of Business Administration degree from the University of Iowa. Schmitt will lead the U.S. operation from his office in Cedar Rapids.

ERA specializes in assisting businesses with $10 million to $250 million in annual revenues, and on average is able to reduce companies’ overhead costs by 20 percent, the company claims. ERA has approximately 700 consultants worldwide, including 230 experts throughout the United States. Schmitt’s Midwest group holds ERA’s record for generating the most savings for a U.S. client: a $1.65 million annual reduction in merchant-card fees for a publishing compamy to process customer payments.

“Schmitt is the right person to lead and manage the growth of our U.S. operations,” Charles Howson, group chief executive of ERA, said in a press release.

Schmitt’s 30 years of professional experience include stints as president of a $100 million electrical distributor and as partner in charge of the Charlotte, N.C., office of McGladrey & Pullen LLP. In addition to his role with ERA, Schmitt leads a consulting firm for owner-managed businesses. He currently serves on the board of Clarke University in Dubuque and is a member of the Cedar Rapids Downtown Rotary.