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Another CFO Fired

Measurement Specialties axes finance chief after company states it will restate. Also: OfficeMax CFO moves to greener pastures.
Craig SchneiderFebruary 20, 2002

CFOs on the Move? We should call this column CFOs on the Run. Everyday, one more finance chief gets it in the teeth after employer announces earnings restatement.

Yesterday’s poster boy: Kirk Dischino, CFO at sensor products maker Measurement Specialties. Company fired finance chief after announcing it will restate results for Q2. Measurement management also said it was in default under its loan agreements, and will delay its filings for quarter ended Dec. 31. Further, company management says it needs additional time to determine and verify earnings and inventory valuation. Any way you parse it, bad day for Measurement Specialties… Special committee of the board of directors will investigate Dischino to determine if default was timely and accurately communicated. Not such a hot day for Dischino, either… According to Yahoo Finance, Dischino pocketed $297,734 in December after selling shares he acquired by exercising stock options… Robert DeWelt, vice president of finance, named acting CFO…

Equinix, an Internet exchange services specialist, promoted Renee Lanam to the post of CFO and general counsel… Lanam joined Equinix as vice president of corporate finance and general counsel in 2000… Lanam represented Equinix since the company’s inception as partner with national law firm Gunderson Dettmer LLP… In new job, lawyer Lanam to oversee company’s treasury, finance, legal and investor relations. She has been involved in Equinix’s venture financings, public debt offerings and IPO… Last week, company reported Q4 Ebitda loss of $1.6 million. Red ink, yes, but an 82 percent decline sequentially from the $8.7 million Ebitda loss reported in Q3 2001…

— Lawn-care products company Lesco named Jeffrey Rutherford to the post of CFO. Rutherford succeeds R. Breck Denny, who will remain with Lesco for the year as consultant. Denny will also “pursue other interests.” It’s nice to have hobbies… Rutherford pocketed $22,400 on Dec. 3, selling 3,200 shares of his total 25,000 in holdings… Rutherford got his finance department chops at OfficeMax. During his four years there, served as CFO and treasurer… Rutherford a Big Five graduate. Prior to joining OfficeMax, worked 14 years at Andersen…