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Job One? Ford ‘s Treasurer Named Comerica’s CFO

Automaker's treasurer parlays banking experience into top finance post at bank. Also: Tanox CFO leaves as company buys back stock, State Street has...
David KatzMarch 12, 2002

>>Ford Motor Co. vice president and treasurer Elizabeth Acton leaving Dearborn, Michigan, for higher ground in Motown…Acton, 50, quits carmaker to become CFO at Comerica Inc., bank holding company…Ford CFO Martin Inglis praised Acton’s know-how in banking business…Before joining Ford in 1983, Acton was vice president in multinational banking group of Continental Bank in Chicago…Acton, Ford treasurer since October 2000, says she’s always been interested in being finance chief of major outfit…

…CFO post good springboard at Comerica…Acton fills spot vacated by Ralph Babb Jr., who was named CEO and president in January… Malcolm Macdonald named interim treasurer at Ford…Comerica share price, on a nice roll since November, closed at $63.07, up 4 cents…Ford’s lost 19 cents on day, closing at $17.01…

>>Michael Kelly departs as CFO of biopharmaceutical maker Tanox Inc. to chase those illusive other interests…Meanwhile, company board OKs $3 million allotment to repurchase shares of its common stock…Market didn’t seem to enjoy the news items, as company shares finished day at $14,23, down $1.23, or 7.75 percent, from previous close…

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…Kelly to continue to consult with the Houston-based company on transitional basis…Was finance chief since October 2000…Release suggests company will look inward for replacement…Before that was vice president and corporate controller of Biogen, Inc. since August 1998, where he led 75-person global team…Before that, was with Monsanto Life Sciences Company between 1981 and 1998, serving as vice president of finance and in other roles…

>>Ronald O’Kelley leaving as CFO at State Street Corp. for reasons he kept strictly personal… O’Kelley joined Boston-based company in 1994…Stefan Gavell, executive vice president, assumes role on an interim basis… Gavell most recently been responsible for company’s global financial markets and securities trading infrastructure… Gavell, also chairman of the investment committee, will retains title along with that of CFO… State Street takes care of $6.2 trillion in assets for big financial firms and is an investment manager for $775 billion in assets…Shares traded at $55.90 on Tuesday, near its 52-week high of $57.87 but down a buck over previous day…

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