George MacKenzie joined PH Glatfelter, a York, Pennsylvania-based specialty paper company, as chief financial officer. Mackenzie replaces Matthew Smith, who has been named corporate controller.
Early last month, managers at PH Glatfelter completed the sale of the company’s Ecusta division, which produces tobacco papers and lightweight printing papers. The division was sold for a reduced cash price of $24 million, $15 million lower than the original asking price. A pretax charge of $52.5 million (79 cents per share), related to the impairment of those assets, was recognized in the second quarter of 2001. Second quarter net income came in at $11.1 million, compared with $14.0 million for the same period a year prior. Earnings per share came in at $0.26, down from $0.33 in the second quarter of 2000.
Prior to joining PH Glatfelter, MacKenzie spent 22 years at Hercules Inc., a chemical company based in Wilmington, Delaware. He held a variety of financial positions at the company, including CFO, as well as vice president of finance and treasurer. Prior to joining Hercules in 1979, MacKenzie worked at public accounting firm Coopers & Lybrand in Philadelphia. He holds a B.S. from the University of Delaware and an M.B.A. from the University of Chicago. He is also a certified public accountant.
Managers at Vicom Systems Inc., a network storage provider based in Fremont, California, tapped Scott Buchanan as the company’s new CFO. Vicom is a privately held business founded in 1982 and is funded in part by Goldman Sachs. Scott will oversee finance and accounting activities and will report to Samuel Tam, the company’s CEO and president.
Prior to joining Vicom, Scott was executive vice president and chief financial officer at Watkins-Johnson Co., a wireless communications and semiconductor equipment manufacturer. In that position, Scott helped move the company into a new industry segment. He also directed implementation of a global information technology infrastructure. Scott graduated from Golden Gate University with a B.A. in accounting and a M.B.A. in finance. He is also a part-time adjunct professor for the Ageno Graduate School of Business at Golden Gate University.
Officials at Acres Gaming Inc., a Las Vegas-based provider of systems and products to casinos worldwide, named Patrick Cavanaugh senior vice president and chief financial officer. He will report to Bud Glisson,,Acres’s chairman and CEO.
Cavanaugh joins the company from Acres Gaming Oasis Technologies Inc., a producer of networked gaming systems, where he was also CFO. From 1993 to 1996, Pat served as chief financial officer of Casino Data Systems, a designer and manufacturer of casino management information systems. Pat is a C.P.A. and served seven years with the international accounting firm KPMG.
Acres Gaming has seen a definite turnaround in business this year. Net revenue for the company for the fourth quarter grew to $13.6 million, up from $3.2 million for the same quarter last year. Net income for the quarter was also up substantially, hitting $1.7 million (16 cents per diluted share) compared with a loss of $3.8 million (43 cents per diluted share) for the fourth quarter of 2000. Net income totaled $4.2 million, compared with a loss of $4.2 million the previous year.
Managers at Realty Income, an Escondido, California-based real estate investment trust, promoted chief financial officer Gary Malino to the president and chief operating officer posts. Paul Meurer will replace Malino as chief financial officer and treasurer.
Meurer comes to Realty from Merrill Lynch & Co., where he served as a director in the real estate investment division. Realty Income’s revenue for the second quarter increased 5.3 percent to $29.9 million, up slightly from $28.4 million during the same quarter last year.