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Alphabet Soup: CMGI Snares CFO from BMG

Oberdorf goes from BeMusic Direct to Internet investment specialist. Plus: Mylan Labs snags Pharmacia finance exec, and AmerisourceBergen finds a r...
Craig SchneiderMarch 5, 2002

Michael DiCandilo promoted to CFO spot at AmerisourceBergen Corp., succeeding Neil Dimick. Dimick is leaving for personal reasons… DiCandilo named corporate controller at wholesale drug distributor in October, shortly after the merger of AmeriSource Health and Bergen Brunswig. That explains the lengthy corporate moniker of AmerisourceBergen. PricewaterhouseCoopers still leads in that department, however… DiCandilo also served for five years as vice president of finance for company’s northeast region… Says CEO R. David Yost about DiCandilo: “He is a strong, hands-on leader, and his unique background in both field and corporate operations has given him a broad, in-depth understanding of the business…” Meanwhile, AmerisourceBergen is conducting national search to fill the corporate controller position. Management also considering internal candidates…

Dimick remains with the company through April to ensure a smooth transition. Some parting gifts: Dimick pocketed $3.5 million in estimated proceeds from the sale of restricted shares on February 2, according to Yahoo! Finance. He also took home over $2.4 million on October 1, selling 34,732 shares between $70.33 and $70.65, acquired through exercised options. AmerisourceBergen’s shares recently traded at $66.50…

>> Mylan Laboratories has named Edward Borkowski finance chief, filling the spot created by departure of former CFO John Hanson. Hanson left on June 12, citing differences of opinion on corporate-culture issues. Okay… Borkowski joins generic drugmaker from Pharmacia Corp., where he served most recently as vice president, global finance and information technology… Previously held several finance positions at drugmaker American Home Products, rising to the level of comptroller for the Cyanamid Agricultural Products Division. “His experience as both an auditor and finance executive at large-capitalization health-care companies make him an ideal colleague to join Mylan’s senior management team,” says Mylan CEO Milan Puskar… Borkowski began his career with Arthur Andersen in 1984… On Tuesday, Mylan issued an earnings preview for fiscal 2003, saying it will earn $2.05 to $2.09 per share—in line with the average analyst estimate of $2.08, according to Thompson Financial/First Call…

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. 

>> Thomas Oberdorf is the new CFO and treasurer at CMGI Inc. Oberdorf replaces George McMillan, who assumed the CEO post at the Internet company on Friday after chairman David Wetherell stepped down from chief executive slot… McMillan worked with Oberdorf for three years at BMG. Most recently, Oberdorf was CFO at BMG Direct, a division of BMG. BMG is the U.S. operation of German media giant Bertlesmann AG… At BMG Direct, Oberdorf was responsible for all accounting, financial planning, and inventory management functions, including negotiation and integration of mergers and acquisitions. He also spent 18 years with Reader’s Digest Association… Oberdorf known to keep tight rein on spending. Should come in handy at CMGI. In past year, Internet investment and management specialist has cut majority-owned firms from 17 to 9 to conserve cash, cut operating losses. Company will release financial results for Q2 next week.