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Cardiac Kid: CardioGenesis Hires Interim CFO

Medical industry veteran joins struggling cardiovascular device maker. Elsewhere, Sony America tabs investment banker as finance chief.
DeAnn ChristinatJanuary 17, 2002

— Former Credit Suisse First Boston managing director Rob Wiesenthal has joined Sony Corp. of America as CFO. Wiesenthal retains his titles of executive vice president and chief of strategy at Sony Broadband Entertainment, the parent company for Sony’s entertainment unit. Wiesenthal replaces Nick Oneda at the consumer electronics giant. Oneda, who will resume his previous finance duties, had been serving as interim chief since Nick Henny’s departure.

— Things are tough right now at CardioGenesis Corp. The Foothill Ranch, Calif.-based company, which specializes in medical devices for treating cardiovascular disease, reported that Q4 2001 preliminary financial results did not meet internal expectations. While revenues are likely to come in around $2.5 million, company management said it is expecting a loss of about $3 million.

In response to the drop in turnover, the company is taking steps to realign its domestic sales force and corporate staff. First on the list: appointing vice president of operations Darrell Eckstein to interim CFO, secretary, and treasurer. Eckstein’s predecessor, J. Stephen Wilkins, left the company to pursue other interests. Employment may be one of them.

Eckstein has a long history with the medical industry. Before joining CardioGenesis in December 2000, the finance chief served at Imagyn Medical Technologies as vice president and general manager of the company’s surgical products division. Before Imagyn, Eckstein was CFO at Richard-Allen Medical Industries, Inc. From 1991 to 1995, he served as vice president, finance, as well as head of finance at National Emergency Services Inc. Eckstein, who holds a BA in accounting from Indiana University, also worked for 11 years as a senior audit manager for Deloitte & Touche.

CardioGensis has no timetable for choosing a permanent CFO, although it will probably take more than seven days.

— Management at Newton, Mass.-based Sockeye Networks announced the addition of Edward Durkin to its finance team. Durkin joins the routing services specialist from Open Market Inc., where he served as CFO. Open Market was eventually acquired by Divine Inc.

Durkin’s new duties include overseeing financial operations and managing investor relations.

Philip Siegel has been named CFO of Monrovia, Calif.-based Telscape Communications Inc. Siegel previously served as a CFO consultant at The Brenner Group, and, before that, as CFO to MediaCom Ventures. Siegel, who started out at Deloitte & Touche, holds a BBA. in accounting from Emory University and is a CPA.

— On Wednesday, senior management at Capstone Turbine announced the appointment of Karen Clark as CFO. Clark succeeds the retiring Jeffrey Watts at the Chatsworth, Calif.-based maker of microturbines. She was formerly CFO at PacifiCorp.

NaviSite, Inc., headquartered in Andover, Mass., promoted Kevin Lo to CFO and senior vice president of finance and strategy. Lo had served as vice president of products, strategy and business development at the provider of outsourced Web-hosting and managed application services. He will be responsible for NaviSite’s 2002 operating plan, and will put new strategies in place to enhance the company’s financial and operational performance. Prior to NaviSite, Lo founded startup X-Collaboration Software.