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How High the Wireless: Motorola Taps New CFO

Former CFO of Ingersoll-Rand answers Motorola's call. Also: Motorola spin-off pulls in Read-Rite CFO; Vion Pharmaceuticals loses CFO.
Craig SchneiderMarch 19, 2002

>>Motorola Inc. names David Devonshire CFO, replacing retiring finance chief Carl Koenemann… Devonshire headed finance at Ingersoll-Rand Co. until late January… Before joining IR, he was CFO of Owens-Corning and served as vice president of finance at Honeywell Inc…. Most recently, Devonshire was senior adviser at Devon Partners, New York investment-banking boutique… No word yet on name change of Motorola to Devonola…

Christopher Galvin, Motorola chairman and CEO, however, praised Devonshire’s background in handling finances of tech companies; experience in restructurings, acquisitions, “sophisticated global platforms”; and talent in facing up with analysts and shareholders… Koenemann—CFO since 1991—joined Motorola as a financial manager in 1970… Officials at Motorola eyeing industry upside… Wireless network equipment market expected to start recovering in latter half of 2002 and show growth in 2003, Reuters reported Monday, citing a Motorola president…

>>Motorola spin-off ON Semiconductor picks John Kurtzweil as CFO, treasurer… Kurtzweil most recently finance chief at Read-Rite Corp., maker of magnetic recording heads for disk, tape drives… He also served in top finance roles at Maxtor Corp., Miniscribe Corp., and Honeywell Inc.… Kurtzweil replaces Dario Sacomani, CFO since August 1999 spin-off… On Friday, Read-Rite said Andrew Holcomb, senior vice president, business development, and general counsel, to step in as acting CFO…

>>Vion Pharmaceuticals Inc. taps Howard Johnson as CFO… Johnson replaces Steven Koehler, who leaves biotech company mainly as a result of “a family decision that relocating to Connecticut was not in their best interests,” according to company statement… Johnson was consultant for Nutrition 21, nutritional products company… Focused on investor relations, business development, corporate strategy… New CFO is founder of MedWorks, a medical device business… Also raised capital for other biotechs while with PaineWebber Development Corp.… Vion had almost $23 million in cash at end of 2001, with four cancer treatments in clinical trials…