- Suffering from a plummeting stock price and investor antipathy, Comdisco has given its CFO the boot after 26 years with the firm. Effective immediately, Michael A. Fazio has been named executive vice president and CFO of the ailing tech firm. He replaces John J. Vosicky, who joined the firm in 1975, six years after it was founded. Vosicky had been CFO since the mid-80s according to a company spokesperson.
Fazio, who most recently served as president and CEO of Pretzel Logic, will have his work cut out for him. While the firm’s stock at $1.61/share Friday morning was up about 20 percent since the announcement of the Fazio appointment and other financial management changes, this is a far cry from the trading levels of early 2000, when it was in the upper 50s. Analysts have blamed guilt by association with the past year’s tech sector meltdown, particularly in the case of the firm’s Comdisco Ventures arm.
Comdisco in April announced the appointment of a restructuring team including both Goldman Sachs and McKinsey & Co. Also announced along with the Fazio appointment was the naming of Ronald C. Mishler as senior vice president and treasurer, and David S. Reynolds, until now assistant controller, as acting controller.
- In a development affecting a Comdisco-backed venture, eRunway, a provider of outsourced software development services, has named Tom Holler as CFO. Holler formerly served as vice president of finance at Aether Systems, a wireless mobile application firm also backed by Charles River Ventures, JafcoVentures, and Sigma Partners.
- FPL Group, the former Florida Power and Light, has named Moray Dewhurst its new CFO. Dewhurst, who will assume the post in mid-July, previously served as senior partner and director of Dean & Company, a management consulting and investment firm he co-founded in 1993.