Troubled Energy Co. Names New Financial Officer

Also, former Walgreens treasurer now CEO, tough times at tech firm, more.
Ed ZwirnJuly 13, 2001
  • PG&E National Energy Group, a Bethesda, Md.-based subsidiary of bankrupt Pacific Gas and Electric, the California utility which filed Chapter 11 in April, has named Thomas E. Legro to the newly created position of vice president and chief accounting officer, overseeing the company’s accounting and financial reporting functions. Legro previously served as vice president and controller of Edison Mission Energy, where he also held earlier posts of manager of financial planning and analysis and assistant controller, the company announcement stated.
  • A former treasurer with the drugstore chain Walgreen Co. will become its CEO on Jan. 9, the company announced. David Bernauer, who started as a pharmacist with the Deerfield, Ill.- based company in 1967, after graduation from North Dakota State University, has risen steadily since in Walgreen ranks. He became vice president and treasurer in 1990, vice president and chief information officer in 1994, and president and COO in 1999. He replaces Daniel Jorndt, who will continue as chairman, in the CEO post.
  • Enterasys Networks, a Rochester, N.H.-based provider of networking hardware and software, has named Robert J. Gagalis as executive vice president and CFO. Gagalis has a resume that includes work in other tech firms: He was vice president, finance, and treasurer at Fisher Scientific International and CFO of Wheelabrator Technologies.
  • And times must be tough at Xdrive Technologies, a startup developer of enterprise software for Internat information management based in Santa Monica, California. The firm announced the resignation of both CFO Janine Bushman and CEO and president Paul Gigg, following a board of directors determination that the company was “not making an efficient transition from being a free online storage provider to an enterprise software firm,” according to a report in Venturewire People.

The company made no comment as to its monthly burn rate, according to the report, but was cited as aiming for “one-year survivability” with its current financing. Xdrive, which has raised over $120 million in venture capital financing, including a $50 million series D round in December, said it would use one of its controllers in the CFO position until a new CFO was appointed.

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