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It’s Not Heaven at Zions Bancorp

Zions CFO Gibbons quits after drug test; plus, Penn National Gaming names former Sun International executive to the top finance post.
CFO.com StaffJune 29, 2001

Dale Gibbons announced his resignation as Zions Bancorp CFO. Last week, Gibbons was arrested for drug possession and related charges, after which the company suspended him. According to Reuters, Gibbons said in a statement that he was resigning because he “cannot effectively execute my obligations and duties to the company with criminal charges pending,” adding that he is “an innocent man.”

This morning the Salt Lake City-based bank said W. David Hemingway will serve as interim CFO. Hemingway will also continue in his role as EVP of capital markets and investments.

The company has hired a search firm to replace Gibbons, but suggested it is also considering internal candidates. “We have a deep pool of financial talent at Zions, including capable CFOs within each of our subsidiary banks,” said president and CEO Harris Simmons in a statement. Simmons was himself CFO of Zions for about 10 years before rising to the CEO post.

Last Friday Zions was added to the S&P 500.

In other news:

  • Casino Royale: Wyomissing, Pa.-based Penn National Gaming Inc. named William J. Clifford SVP of finance and CFO. Clifford joins the casino operator from Sun International Bahamas, a subsidiary of Sun International Hotels Ltd., where he also served as CFO. He succeeds Robert Ippolito, who will become corporate treasurer and secretary.
  • Out of Control: Bank holding company Pulaski Financial Corp. appointed controller Ramsey K. Hamadi to the top finance post. Hamadi succeeds Thomas F. Hack, who is retiring after 33 years with the St. Louis-based firm. He was CFO since 1993.
  • Here’s to Your Health: Randall Kurtz was named CFO Avidyn Inc. Kurtz replaces Bob Buddendorf at he Dallas- based healthcare-information services provider. Kurtz previously managed a financial consulting firm.
  • Gaining New Perspective: Silicon Perspective Corp. hired Jim Lindstrom as the company’s first CFO. Lindstrom joins the Santa Clara, Calif.-based supplier of design tools for silicon virtual prototypes from Lexra Inc., where he was COO and CFO.