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Covansys Taps New Finance Chief

Also, the CFO at Energy West takes the CEO spot, and more.
Jennifer CaplanSeptember 19, 2001
  • Managers at Covansys Corp., a Farmington Hills, Michigan-based technology services company, named Michael Duffey executive vice president and chief financial officer. He replaces Tim Manney. In his new role, Duffey will oversee all global finance functions, as well as accounting, tax, treasury, and investor relations. He joins Covansys from APW Ltd., a Waukesha, Wisconsin-based provider of electronics manufacturing services, where he was senior vice president and chief financial officer through May of this year.

    Prior to his stint at APW, Duffey spent more than six years at MA Hanna Co., a Cleveland-based manufacturer and distributor of polymer solutions. He began as treasurer there in 1994 and eventually rose to the position of senior vice president for finance and administration and CFO. Duffey holds a B.A. in accounting from Loyola University in Chicago and a master’s of management degree in economics, finance, and international business from the J.L. Kellogg Graduate School of Management at Northwestern University.

    Covansys reported second quarter revenues of $104.4 million. For the six-month period ending June 30, 2001, revenue came in at $209 million, compared with $208 million during the same period in 2000 before adjusting for the divestiture of certain divisions completed at the end of the fourth quarter of 2000.

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  • Yoram Bibring has been named chief financial officer at Jersey City-based Fundtech Ltd., a provider of e-payments and Internet banking software and services. He will oversee Fundtech’s financial operations and will also be responsible for the company’s legal department, investor relations, and human resources. Most recently Bibring served as chief financial officer of ViryaNet, a provider of software to the workforce management market. Prior to joining ViryaNet in April 1999, Bibring served as CFO at Americash Inc., an operator of e-cash platforms that was sold to American Express. He holds a degree in accounting and economics from Tel Aviv University and is a certified public accountant in both Israel and the United States.

    Fundtech reported $11.1 million in revenue for the second quarter, a decrease of about 15 percent from the first quarter of 2001. Adjusted net loss for the quarter, which excludes nonrecurring expenses of approximately $3.5 million and acquisition-related amortization charges, was $2.9 million ($0.20 per diluted share), compared with an adjusted net profit of $1.7 million ($0.12 per diluted share) in the second quarter of 2000.

  • Officials at Great Falls, Montana-based Energy West Inc., a natural gas and electricity company, announced that chief financial officer and chief operating officer Edward Bernica will replace company CEO Larry Geske, who is retiring to pursue “personal and community projects.” Geske has been with the company for 26 years. Bernica has held the CFO position for five years and was also company chief operating officer for two years.