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Outside Interests: CFO Switches to Consultant

Willis Lease Finance CFO leaves company to become its part-time adviser. Also: Finance execs scale heights at IDACORP, Omniviz creates CFO post.
David KatzMarch 6, 2002

>>Consulting is often the road to a finance chief post, but rarely is it the other way around… Case of Nicholas Novasic is that kind of rarity… Citing “family business obligations,” Novasic swapped CFO role at Willis Lease Finance Corp. for post as, well, consultant… He’ll be part-time capital markets adviser to Sausalito, Calif.-based Willis… Chief operating officer Donald Nunemaker takes finance helm until company completes search for new CFO…

Named CFO in May 2000, Novasic previously was vice president of funding for Sea Containers Ltd.… Made $239,000 at Willis in fiscal 2000, most recent figure available, while Nunemaker took in $439,000… Latter involved in equipment leasing since 1973, joining Willis in 1997 as chief administrative officer… Promoted in March 2001 to COO of company, which leases spare commercial aircraft engines… For that full fiscal year, net income dropped to $6.9 million from $7.8 million year before… Q4 net income down to $461,000 from $2.2 million in year-ago quarter… Share price at $4.45 in early-afternoon trading yesterday, same as previous day’s closing price…

>>Good news for finance execs at utility and energy holding company IDACORP. J. LaMont Keen, CFO at Idaho Power, a subsidiary of holding company, bumped up to COO. Retains title of executive VP of IDACORP… Keen, 49, was CFO for past 10 years… Made $431,000 in 2000… New CFO for both parent and subsidiary is Darrel Anderson, promoted from Idaho Power VP-finance and treasurer slots…

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Anderson, 43, joined Idaho Power in 1996 as corporate controller… Had 16-year career in public accounting before joining company, with background in electric and gas utilities, manufacturing, high tech, software development…

>>Cynthia Eades named to newly created CFO, treasurer jobs at OmniViz, Maynard, Mass.-based private company… A former CFO of Webhire, a recruiting software maker. While there, she oversaw IPO… Founded in 2000 as spin-out of nonprofit tech company Battelle, OmniViz is supplier of scientific visualization software. Name makes more sense now, doesn’t it?