Lawyers, Funds, and Money

The Fairchild Corp and Bothell tab attorneys to run their finance departments. Also: DataCore, Helix get CFOs, Valentis loses theirs.
DeAnn ChristinatJanuary 15, 2002

John L. Flynn has been promoted to CFO at The Fairchild Corp. based in Dulles, Va. Flynn has been with the manufacturer of precision fastening systems since 1986, serving concurrently as vice president (tax) and senior vice president (tax again). Flynn, who is both an attorney and a C.P.A., will remain responsible for tax issues within the company. His predecessor, Michael Alcox, is staying on as senior vice president (finance) on a part-time basis. He will be in charge of special projects.

DataCore Software, based in Ft. Lauderdale, Fla., has appointed George P. Scanlon as its first CFO. Scanlon is an 18-year veteran of Ryder System, where he worked in various finance positions, including controller. He most recently served as CFO at Seisint.

Scanlon received an M.B.A. in finance from the University of Miami and a BBA in accounting from the University of Notre Dame. The CFO, who began his profession at Price Waterhouse, has yards of experience in strategy, planning, acquisitions and capital expenditure analysis and cost control. DataCore CEO George Teixeira says Scanlon’s more than 20 years of financial expertise will be a significant asset to the provider of storage virtualization and networking software.

How Startup CFO Grew Food Company 50% YoY

How Startup CFO Grew Food Company 50% YoY

This case study of JonnyPops’ success highlights the unusual financial and operational strategies that enabled rapid expansion into a crowded and highly competitive frozen treat market. 

In other technology news, management at Mansfield, Mass.-based Helix Technology has added Jay Zager to the team. Zager joins the company as senior vice president and CFO. Previously, he worked at storage networking company Inrange Technologies Corp., where he also served as head of finance. Zager succeeds Michael El-Hillow, who left the semiconductor and vacuum device company in October to become CFO of Advanced Energy Industries.

Troy Group, a provider of wireless technology and electronic payment systems, announced the resignation of CFO Del Conrad, who left to pursue other interests. His replacement: James W. Klingler, who joins the Santa Ana, Calif.-based company from software company Trinagy, where he was finance chief. While at Trinagy, Klingler developed and maintained a cost-reduction plan that generated annual operating expense savings of $5 million. He was also closely involved in the company’s merger with Hewlett-Packard Co.

Klingler has served in finance positions at a number of well-known companies, including Allergan Inc., Kentucky Fried Chicken Corp., and Schering-Plough Corp. He holds an M.B.A. from the Columbia University Graduate School of Business, a B.A. from Ohio State University at Columbus, and has also served with the U.S. air force.

On Tuesday, management at Burlingame, Calif.-based Valentis, Inc. announced the upcoming departure of CFO Bennet Weintraub. Valentis is undergoing a major restructuring, with the company looking to lower its cash burn rate from $9 million per quarter to $5 million in the next six months. Changes at Valentis include the closing of a research facility in The Woodlands, Texas, and the elimination of at least 45 jobs. Weintraub will stay with the company until his duties during the restructuring have been completed

Spokane, Wash.-based Avista Corp. will soon be searching for someone to fill the combined role of CFO and treasurer. Reportedly, the electrical and gas utility’s current CFO, Jon Eliassen, plans to retire in April 2003. Meanwhile, treasurer Ron Peterson took another spot in the company last fall, and has not yet been replaced.

The former CFO at Heller Financial Inc. has been tabbed to head up the finance department at Jones Lang LaSalle Inc., a real estate and investment services firm. Lauralee Martin replaces Peter Roberts, who took over the COO spot at the company in January. The share price of the Chicago-based company hit $17.95 yesterday—up 45 cents.

Bothell, Wash.-based biotechnology business Northwest Biotherapeutics Inc. appointed Jim Johnston as CFO and general counsel. Johnston was formerly a Seattle-based attorney before joining Northwest, which sold four million shares in an IPO in December.