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Enter the Spin-off Meister

Leader of Penton IPO joins Scripps. Also: Troubled Daw Technologies brings in new CFO to help with the restatements, Intershop Communication taps t...
Lisa YoonApril 16, 2002

>>Spin-off whiz Joseph G. NeCastro, CFO of Penton Media, moving to finance chief slot at media giant E.W. Scripps Co., effective May 3… Steps into spot vacated by Daniel J. Castellini, who retired March 31 after 31 years with Scripps… NeCastro joined Penton in June 1998, just two months before spin-off from Pittway Corp.… Helped pull off IPO as well as more than 20 acquisitions… Led eight financing deals to support growth of trade-magazine publisher and conference producer… Cleveland-based Penton undertaking nationwide search for finance chief…

Before Penton stint, NeCastro worked at The Reader’s Digest Association, most recently as VP of finance for Reader’s Digest USA, serving as CFO of U.S. operating unit… Earlier, spent six years at U.S. News & World Report, first as finance director for magazine group and then VP, treasurer… NeCastro earned $338,500 in salary and bonus in 2001… Also cashed in around $218,000 in stock… Earned almost $466,000 in salary and bonus in 2000… NeCastro’s 2000 bonus was more than 50 percent of his salary, while in 2001 his bonus dove to 10 percent…

>>Struggling Daw Technologies brings in Donald K. McCauley as finance chief… Previously SVP and CFO of Accom Inc., McCauley takes over responsibility for completion and filing of annual report for 2001 and restatement of previously issued financials for 1999, 2000, and 2001… Daw appealing Nasdaq panel decision to delist company’s stock… Decision expected sometime after end of April…

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>>McCauley replaces B.J. Mendenhall, who joined company as CFO in August 2000… Mendenhall becomes VP of finance, focusing on installing comprehensive accounting system in Daw’s non-U.S. offices…

>>Looking for someone with turnaround experience, German E-business software maker Intershop Communication AG picks Juergen Schoettler as finance chief… Schoettler previously CFO, managing director at Messer Griesheim, a gas company… In release, Intershop CEO Stephan Schambach says Schoettler’s “wealth of experience and significant contributions to profitable growth and turnaround management will help Intershop meet the challenges ahead.”

…By “challenges” Schambach means “fundamental redesign of Intershop” and an “aggressive sales strategy” hatched in hopes of profitability return for Jena, Germany-based company, its February earnings statement says… Revenues fell 44 percent last year… In recent restructuring that included departure of COO and cofounder Wilfried Beeck, the 30-year-old Schambach retook control of operating activities, a responsibility he shed last year, Dow Jones Newswires reported…

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