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The NYSE names a new CFO, and she's a real Butte. Also: United Way finance chief puts some serious skin in the game; CFOs on the move.
CFO Staff, CFO Magazine
March 1, 2004
The New York Stock Exchange continued to shake up its executive suite last month, naming Amy Butte executive vice president and finance chief upon Keith Helsby's retirement in April. Most recently chief strategist and CFO of Credit Suisse First Boston's financial-services group, the 36-year-old Butte began her Wall Street career as an analyst at Merrill Lynch and later worked at Bear, Stearns & Co.
Not surprisingly, NYSE executives consider Butte perfect for the job. John Thain, the exchange's new CEO, praised her extensive knowledge of the financial-services industry and her financial acumen when announcing the hire. In addition, Butte was named to Crain's New York Business's "40 Under 40" list, was cited on TheStreet.com as a "rising star," and was listed in the Wall Street Journal's "All-Star Analyst Survey." Her former boss, Bear Stearns chairman James Cayne, has called her track record "terrific." (Not everyone has appreciated Butte's straight-up coverage, however; a Website dedicated to berating her for downgrading Knight Trading Group to "unattractive" allows users to digitally stretch her photograph.) As NYSE's CFO, Butte will oversee the controller's department, the treasury department, financial planning and analysis, and the operating and capital budgets. —Kate O'Sullivan
Skin in the Game
Marjo Daum has taken the concept of putting skin in the game to literal new heights. As finance and administration director for the United Way of Lincoln and Lancaster counties in Nebraska, Daum, 54, likes to make bets with the charity's fundraisers to spur them on. In 1998, she promised to dye her hair purple if they hit their goal.
They hit it, and she dyed. The next year, she promised she'd dye it the colors of the United Way's logo. They hit their goal again, and she dyed it again. "It was fun", says Daum. "I think it pushed them on a bit."
But in 2000, she upped the ante considerably. She made a bet with one fund-raiser that if the campaign reached the $5 million goal, she would get a full-color tattoo of the United Way logo on her shoulder. Fortunately or unfortunately, layoffs and a down economy scuttled the goal.
"We didn't make it that year, or the following two years," says Daum. "So I've had this hanging over my head for three years."
Even though the executive with whom she made the bet has since passed away, one of his co-workers remembered it.
So when this year's fund-raising efforts came around, she reminded Daum of the wager. Daum rose to the challenge. "If you make the numbers, I'll do it," she announced.
"It was a stretch goal," she admits. "I didn't think they'd make it." But when the total was counted, it surpassed $5 million. Daum was off to the tattoo parlor. "My boss tried to talk me out of it," says Daum, "but I really believe in the United Way. Even if I left [this office], I'd still believe in its goals."
So, what's next? "I don't know," says Daum. "Maybe bungee-jumping." —Kris Frieswick
CFOs on the Move
Moore Wallace Inc. suspended its CFO, Mark Hiltwein, with pay pending an investigation of claims that he back-dated documents relating to the company's planned merger with R. R. Donnelley & Co.... Longtime Apple Computer Inc. CFO Fred Anderson will retire on June 1. Taking over the spot is Apple controller Peter Oppenheimer.... Mary Winston, formerly VP and controller of Visteon Corp., is the new CFO of children's book publisher Scholastic Corp. Previous CFO Kevin McEnery resigned.... David Flanery was named CFO of Papa John's International Inc. Flanery was formerly SVP of finance.