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Critical Path’s CFO Upgraded

Struggling company makes interim CFO permanent CFO. Also: Novellus promotes controller to finance chief.
DeAnn ChristinatJanuary 14, 2002

On Monday, management at Critical Path Inc. announced that it named interim CFO Laureen DeBuono permanent finance chief. DeBuono has been serving as interim CFO at the San Francisco-based provider of Internet messaging infrastructure since September. She will continue to report to William McGlashan, Jr., who also made the leap from interim to permanent this past year: McGlashan assumed the title of the CEO this past year.

Since the company recently announced that it would post a significant loss for 2000–and also divulging that its 2000 revenues had been inflated–management has been trying to right the ship. The company is currently restructuring its debt, cutting expenses, shedding assets, and looking for additional funding.

The price of Critical Path’s shares, which has taken a mind-boggling nosedive over the past year (from $150 to 24 cents) finished at $3.17 at the close of trading on Friday.

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San Jose, Calif.-based Novellus Systems Inc. recently promoted vice president and controller Kevin Royal to CFO. Before joining Novellus in 1996, Royal served for ten years in Ernst & Young’s northern California high-technology practice.

In addition to Royal’s promotion, the semiconductor equipment maker has also reinstated the role of chief technology officer. Assuming that role: Dr. Wilbert van den Hoek, who also retains his title of executive vice president of integration and advanced development title.

Direct-marketing company Concepts Direct Inc. has appointed Cody McGarraugh to the CFO position. McGarraugh previously served with Stifel, Nicolaus & Co. as first vice president of equity research. Before joining Stifel, McGarraugh spent about nine years as a specialty retailer and consumer products analyst. He was good at it, too: in 1999, McGarraugh was named to the Wall Street Journal’s all-star analyst list. He also served as senior vice president (business development) for HomePoint Corp.

McGarraugh will oversee accounting and finance, purchasing, human resources, budgeting/forecasting and investor relations at Concepts Direct. The company is based in Longmont, Colorado.

Fidelica Microsystems has added Rob McCormick to its senior management team. McCormick has joined the Milpitas, Calif.-based electronic security business as CFO.

McCormick brings twenty years of finance experience to his new job. He served most recently as CFO at Vpacket Communications, Inc., a voice and data-router company. During 2001, McCormick helped the company raise $40 million in its Series C round of financing. Prior to his work at Vpacket, McCormick served as CFO for fiber-optic cable company Digital Teleport, where he helped the company raise more than $500 million in its IPO.

In February, Barbara Klein will take over as CFO at CDW Computer Centers. Klein, the former finance chief at Dean Foods Co., will replace Harry Harczak, who is assuming the position of executive vice president. Management at the Vernon Hills, Ill.-based technology reseller also announced that Gregory Zeman is leaving his job as vice chairman, but will remain as an adviser and board member.