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Blue-Chip Dip

Xerox taps former IBM exec as new CFO, nearly six months after Barry Romeril's retirement. Also, McData gives executive break today, search for CFO know-how at Compass Knowledge Holdings.
Lisa Yoon, CFO.com | US
May 28, 2002

>> Xerox hired former IBM executive Lawrence A. Zimmerman to be its new CFO… Zimmerman, who retired from IBM in 1998, succeeds Barry D. Romeril, who retired from the troubled copier maker in December… Romeril one of five former Xerox execs who may be sued in connection with Securities and Exchange Commission investigation into possible accounting fraud… At IBM, Zimmerman was senior finance executive for server division from 1996 to1998; VP of finance for Europe, Middle East, and Africa operations from 1994 to 1996; and corporate controller from 1991 to 1994…

Zimmerman had hand in restructuring IBM in the mid-1990s… Likely to call upon turnaround skills for new job at copier maker… In April, Xerox finally settled with the SEC in case involving company's highly publicized accounting irregularities… Settlement included restatement of financials from 1997 to 2000, $100 million fine… Company in huge overhaul: cutting thousands of jobs, shedding unwanted businesses...

Zimmerman lauded by former boss, IBM CFO Jerome B. York, for role in IBM restructuring… "The media never gave Larry much credit, but in fact he was one of the key people who fixed up IBM," York told the New York Times...

Xerox slammed for sitting on finance chief move for five months… Given Xerox's mounting problems, critics say, chairman and CEO Anne Mulcahy should have brought someone in earlier to free up workload so she could focus on company's dire prospects… According to the Times, the main question among Xerox analysts is, "What took them so long?"… .

>> Open storage networking company McData Corp. boosts VP of finance, controller Ernest J. Sampias to CFO spot… Sampias joined company in September 2001… Before that, worked for phone company US West as VP and CFO of US West DEX, the company's Yellow Pages directory subsidiary…

Sampias succeeds Janet Cooper, who has been McData's CFO since January 2001… Cooper has quit effective June 1 to pursue finance opportunities at unnamed bigger company, said McData…

>> Software company Transitive Technologies picks Nicholas C. White as finance chief... White most recently CFO at Eccord System, service-level management software company based in San Jose, Calif.… Before that, held CFO, senior finance posts at Pulse Entertainment, Law Cypress, and NeXT Computer...

>> Compass Knowledge Holdings CFO Anthony Ruben takes off in a new direction… E-learning company says Ruben leaving to pursue other opportunities… Compass has started a search for his replacement…




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