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Ingersoll-Rand CFO Dumps Trucks For Bucks

David Devonshire, CFO at heavy equipment manufacturer since 1998, jumps to Wall Street investment bank. Also: Applebee's get new finance chief.
Jennifer CaplanJanuary 21, 2002
  • David Devonshire, the CFO at Ingersoll-Rand Company Limited, a diversified industrial company, is resigning to join a New York investment-banking boutique as a senior advisor. Devonshire has been Ingersoll’s CFO since 1998. An external search is being conducted for his successor.

At year end, Ingersoll-Rand Company Limited reincorporated from New Jersey to Bermuda and became the parent company of Ingersoll-Rand Company–a move that is expected to generate some tax savings for the company. The company’s products include Bobcat construction vehicles, Schlange residential locks and Thermo King truck refrigeration units.

  • Steven Lumpkin has been promoted to the top finance post at Kansas-based restaurant chain operator Applebee’s International Inc.. Lumpkin is currently chief development officer at Applebee’s, and has been a member of the company’s senior executive team for seven years. He replaces George Shadid, who was appointed chief operating officer. Shadid and Lumpkin will assume their new positions in March. Prior to joining Applebee’s, Lumpkin spent five years at Olsten Kimberly Quality Care, a home health care provider, where he served as senior financial and technology officer. Before that, he was a partner at Price Waterhouse & Co.

Applebee’s, which operates 1,300 casual dining restaurants in the U.S. and abroad, seems to be weathering the economic downturn. Managers expect fourth-quarter earnings to come in at the high end of a 42 to 45 cent range, following strong sales at its restaurants. Most analysts expect that number to be closer to 44 cents, according to Thomson Financial/First Call. Comparable sales at company restaurants climbed 3 percent in December. Applebee’s will announce complete fourth-quarter financial results in mid February. In the third quarter, the company reported earnings of $16.8 million, or 44 cents per diluted share, compared with 40 cents per share in the third quarter of 2000. In June, the company commenced a three-for-two stock split. Shareholders received one additional share for every two they held–in effect, a 50 percent dividend payment.

  • Vital Signs Inc., a medical device maker for anesthesia and critical care, announced on Friday that its CFO, Herbert Javer resigned to pursue other interests. Javer had been on the job at Vital Signs for just six months. Joseph Bourgart, currently Vital Signs executive vice president of new business development, will replace Javer and retain his former responsibilities. Richard Feigel was also appointed to the position of corporate controller.

Boughart, who like Javer joined Vital Signs in June 2001, was previously acting vice of finance and business development at Biosyn Inc., a pharmaceutical research and development company. He was also CFO and vice president of new business development at Datex-Ohmeda Inc., which manufactures and markets products for anesthesia and critical care. Feigel most recently served as vice president and controller for Covista Communications

  • William Grayis the new finance chief at Carver Bancorp, Inc., the holding company of Carver Federal Savings Bank. Gray replaces William Schult, who will resume his prior role as Carver’s vice president. Gray most recently served as director of business unit planning and support in the corporate controller’s department at Dime Savings Bank of New York.