CFOs on the Move: Week Ending May 27

Vanguard, Best Buy, Xpel Technologies, Insperity, Hormel foods, ConAgra Foods, ITC Holdings, iStar, Washington Federal, Neighborhood Health Plan
David McCannMay 27, 2016
CFOs on the Move: Week Ending May 27

Vanguard, one of the world’s largest investment firms with $3.5 trillion of assets under management, has tapped Michael Rollings to lead its finance division. He had been CFO of MassMutual Financial Group. Rollings replaces Glenn Reed, who will remain a member of the firm’s senior leadership team and head Vanguard’s strategy division. The position is responsible for all of Vanguard’s finance functions, including middle-office investment operations, investment product accounting and administration, and internal audit.

Best Buy announced on Tuesday that Sharon McCollam will leave her post as CFO on June 14, to be replaced by Corie Barry, currently chief strategic officer. McCollam, who reportedly was popular with analysts, was important to Best Buy because of her strong management of supply chain initiatives that have improved company performance, Yahoo Finance reported. Shares fell 7.4% on Tuesday but have since made up most of the lost ground.

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Xpel Technologies, which is facing a patent-infringement lawsuit by competitor 3M, hired a new CFO a month before a scheduled pre-trial conference in the case. The new finance chief is Barry Wood, who formerly led finance at pharmacy benefits management firm PTRX. Xpel’s longtime CFO, Chris Coffee, will remain with the company as a consultant through June 30. CEO Ryan Pape said the change is not related to the court case, the San Antonio Business Journal reported.

Insperity, a provider of human resources and business performance solutions, will appoint former Paychex CFO John Morphy to its board as part of a settlement agreement with Starboard Value LP, the company’s largest shareholder. Morphy retired from Paychex in 2012 after leading finance there for 15 years. Starboard has called on Insperity to reduce operating expenses, improve capital allocation, and explore alternatives to maximize shareholder value, including a possible sale of the company.

Jody Feragen and James Sheehan

Jody Feragen, James Sheehan

Hormel Foods announced that CFO Jody Feragen will retire effective Oct. 30. Her replacement will be James Sheehan, currently the company’s chief accounting officer. Feragen has been with Hormel since 2010 and became CFO in 2010.

John Gehring, finance leader at ConAgra Foods since 2009, plans to retire, the company announced. He will stay in the role until a successor is named.

Electric transmission company ITC Holdings has promoted Rejji Hayes to its top finance post. It’s largely a title change because, as vice president of finance and treasurer since 2012, he’s already been in charge of the company’s accounting, internal audit, investor relations, treasury, financial planning and analysis, management reporting, M&A, risk management, and tax functions.

Real estate investment trust iStar has hired Geoffrey Jervis as its new chief operating officer and finance chief. He’s previously led finance for STAG Industrial, Blackstone Mortgage Trust, and Blackstone’s predecessor, Capital Trust. Jervis will join the company on June 15, replacing David DiStaso, who has been at the finance helm since 2010.

Western regional bank Washington Federal has appointed Vincent Beatty as its CFO. Beatty most recently held the top finance chair at Federal Home Loan Bank of Seattle from 2008 until its 2015 merger with Federal Home Loan Bank of Des Moines. Interim finance chief Brent Beardall will resume his full-time role as chief banking officer.

Douglas Thompson has been promoted to CFO at Neighborhood Health Plan (NHP), and has also been appointed vice president of population health finance at affiliate Partners HealthCare. He has been interim CFO of NHP since 2014.

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