Shocking: Utility’s General Counsel Named CFO

Top lawyer at El Paso Electric named finance chief. Also, CFO at Digital Insight out.
Lisa YoonNovember 15, 2001
  • Management at Digital Insight Corp. announced that CFO Kevin McDonnell resigned due to personal reasons. McDonnell’s resignation is effective April 2002. The Calabasas, California-based company has launched a search for a replacement. Meanwhile, VP of finance Michael Dunn will take over finance responsibilities.

    In a statement, company executives noted that McDonnell will assume the title of SVP of corporate development during the transition. In that role, he will focus on helping the company with potential acquisitions.

    McDonnell joined Digital Insight in March 1999 as CFO. CEO John Dorman credited him with guiding the company through fast growth and leading the company’s efforts to secure financing. According to Dorman, the company has McDonnell, to thank for its current “strong cash position” of more than $65 million.

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    Digital Insight makes Net-enabled financial products. Last month the company reported a pro forma net loss for the quarter of $600,000, or 2 cents a share. Not bad, considering a year ago the loss was $5.1 million.

  • The board of Texas utility El Paso Electric Co. named Terry Bassham EVP and chief financial and administrative officer. Bassham replaces Gary Hedrick, who was recently promoted to the chief executive spot. Bassham will also keep his role as interim general counsel.

    Bassham joined the El Paso-based company in 1996 as general counsel, and most recently added executive vice president to his title. Before joining El Paso Electric, Bassham worked at the law firm of Clark, Thomas & Winters, P.C. from May 1993 to August 1996. While there, he served as El Paso Electric’s lead regulatory attorney. Bassham holds a B.A. in accounting from the University of Texas at Arlington and a law degree from St. Mary’s University School of Law in San Antonio. He is a member of the Texas Bar Foundation, the El Paso Bar Association, and the American Bar Association.

  • Officials at drug-discovery company Synaptic Pharmaceutical Corp.announced that CFO Robert Spence is retiring after 12 years with the company. Spence, who is also secretary and treasurer, will stay on as CFO through the remainder of the year. Controller Edmund Caviasco will assume the responsibilities of principal accounting officer from Spence.

  • Management at Dutch datacom network specialist Versatel reported that CFO Phillippe Santin will resign at the end of the year for personal reasons. Vice president of finance Mark Lazar will succeed him. Lazar joined Versatel in early 1999. As VP of finance, he was responsible for corporate finance and investor relations.