Conn. Bank Lures CFO Refugee From Wachovia Takeover Battle

Also, RealNetworks CFO calls it quits, lots more
Ed ZwirnJuly 18, 2001

People’s Bank, Connecticut’s largest bank, has hired Donald Heroman as executive vice president and CFO, effective Aug. 6. Heroman is currently senior vice president and treasurer of SunTrust Banks, the Atlanta firm which is battling with First Union Corp. in an attempt to take over Wachovia Corp. Heroman, who (among other things) handles mergers and acquisitions at SunTrust, replaces George Morriss, who left the bank in March.

  • RealNetworks CFO Paul Bialek will resign for personal reasons, the company said Tuesday. Separately, the Internet software company reported second-quarter results that fell short of analysts’ estimates. For the quarter ended June 30, the company recorded a net loss of $19.2 million, or 12 cents a share, compared with a loss of $27.2 million, or 18 cents a share, in the same period last year.

Larry Jacobsen, RealNetworks president and COO of the Seattle company, blamed the genera economic slowdown for the shortfall. He said the company has cut its staff from 1,000 to 950 employees in the last few months.

Bialek, who joined the company in 1998 after four years as vice president of finance and administration at Edmark Corp., said he was resigning after three years for personal reasons and not because of a lack of faith in the company and will stay on as a part-time strategic adviser after stepping down next month. Jacobsen said the firm will be conducting a nationwide search for a successor.

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Bialek is not the only CFO to call it quits:

  • Jay King, CFO of battery maker Valence Technology, is leaving the Henderson, Nev.-based company “to pursue other interests.” According to the company announcement, controller Tom Concialdi, will assume CFO duties until a replacement is found.
  • Thomas Anderson, vice president and CFO of QLogic Corp., an Aliso Viejo, Calif.-based network infrastructure provider, will retire in January, 2002, the company announced. Anderson has been QLogic’s only CFO since its inception as an independent public company in 1994.

In other CFO moves:

  • Ace Cash Express, an Irving, Tex.-based check-cashing store operator, has named Joe Conner as senior vice president and CFO. Conner, who most recently worked as CFO of Crenshaw Gulf Properties, has also been CFO at Club Corp. of America, Furr’s/Bishop’s, and the Jacobsen unit of Textron.
  • Detto Technologies, a Bellevue, Wash.-based software firm, has appointed Robert M. Littauer as CFO. Littauer was vice president CFO, treasurer, and secretary at Avenue A, a digital marketing services company, from 1998 to 2000. He has also held CFO posts at Ostex International and NeoRx Corp.
  • Domania, a Boston-based financial services software company, has added Gregory J. Woolf to its roster as vice president of finance.
  • Terion, a Melbourne, Fla.-based business-to-business application service provider, has appointed Glenn Custard, who joined the firm two months ago, as CFO. Custard formerly served as CFO of MFS Telecom prior to its acquisition by Worldcom. He replaced William P. Anderson, who joined the company in March.