America West Upgrading Its Former CFO?

Report: Airline to promote onetime CFO to top spot. Plus, other high fliers.
Lisa YoonAugust 16, 2001
  • It appears W. Douglas Parker will be moving over to the left seat at America West Holding Corp. The Wall Street Journal reports that CEO William Franke is expected to recommend one-time CFO Parker for the top post at the holding company and its America West Airlines subsidiary. If approved, the appointment would make Parker, now America West’s president and COO, one of the youngest airline CEOs ever. Parker, who joined America West in 1995 as SVP and CFO, has been credited with helping right the struggling airline by attracting more high-fare business flyers.

    That’s not to say Parker won’t have plenty of work to do if he does take over as the CEO at America West, the eighth largest carrier in the US. The airline’s parent company, America West Holdings Corporation, reported a net loss of $20.3 million for the second quarter of the year. Part of the red ink stems from a pre-tax charge of nearly $36 million resulting from the company’s ongoing cost reduction program. Specifically, the $36 million charge stems from the earlier- than-planned return of aircraft, as well as severance expenses following a reduction in the company’s workforce.

    America West Holdings, which reported sales of of $2.3 billion last year, is currently sitting on about $174 million in cash and short-term investments.

  • Management at SER Systems Inc. appointed Ken Nelson CFO at the Herndon, Va.-based software maker. Nelson has a big task ahead of him. Among other things he will be responsible for raising funds and overseeing the company’s planned initial public offering in 2002. Given the status of the equity markets these days, an IPO for a software company could prove to be a tough sell. Nelson previously served as CFO at Cyveillance Inc.
  • Jeffrey F. Rogatz is leaving Brandywine Realty Trust and moving into his own pad. Rogatz is resigning from the top finance post at the Newtown Square, Pa.-based real-estate company to start his own real-estate advisory concern. He joined the company in 1999.
  • Bruce MacInnis has been fingered as the new CFO at Bioscrypt Inc., a Canadian maker of fingerprint-based security systems. Management at the Toronto-based company appointed him CFO, replacing Shamit Khosla, who is leaving to pursue other interests. MacInnis joins Bioscrypt from Certicom Corp., where he was CFO.

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