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Plug-and-Play: Ellison Slots CFO into CEO Spot

Oracle chief promotes CFO to top post at New Internet Computer. Plus: Sunoco taps treasurer as finance chief, and what's happening to Thomas Unterm...
Lisa YoonApril 18, 2002

>>Closely held New Internet Computer Co. (NIC)—Oracle chairman Larry Ellison’s new Internet-appliance company—promoted Peter Clark to CEO post… Clark had been company’s acting CFO… Brings more than 25 years of experience in senior financial and operational roles with tech companies, including Sun Microsystems… Clark replaces founding CEO Gina Smith, who left in March to—you guessed it—pursue other opportunities…

NIC makes plug-and-play Internet and E-mail appliances… Company founded in January 2000 by Ellison and Smith…

>> Consumer-products and packaging maker Sunoco named Charles Hupfer CFO and executive committee member… Hupfer—also corporate VP and treasurer and corporate secretary—had been serving as interim CFO after F. Trent Hill‘s February resignation… Hupfer a 27-year veteran of Sunoco… Joined the Hartsville, S.C.-based company in 1975 and held various positions in finance, accounting, tax, audit, and treasury…

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. 

In 2001, Hupfer’s predecessor Hill earned $372,274 in salary, bonus… That’s down from $433,831 in 2000… That year, Hill’s bonus was twice as much as he got in 2001… Announcement of Hupfer’s hiring comes same day as Sunoco’s earnings announcement… Sales rose to $654.2 million from $632.8 million last year… Don’t expect a similar bump-up the next quarter: Sonoco management said it didn’t expect economy to improve until second half…

TCSI Corp. announced that CFO Kenneth Elmer has been named president and chief executive… Elmer joined company, which makes software for telecoms, in March 2001… Became acting president and CEO in October…

Before joining TCSI, Elmer, 49, worked at Schwab Institutional as SVP of finance and administration… Responsibilities there included business planning, cost management, strategic initiative development, and decision analysis… Prior to Schwab, was CFO at Pacific Bell Wireless (now Cingular Wireless in California and Nevada), a company he helped launch…

Short Take

>>Former Times Mirror CFO Thomas Unterman earned $1 million bonus for role in engineering Times Mirror-Tribune Co. deal as tax-free stock swap in 1998… Now Tribune telling shareholders it might have to pony up $880 million in back taxes… Tax-free status disallowed by Internal Revenue Service audit… Tribune plans to defend its position “vigorously.” Unterman left shortly after deal to oversee assets of Chandler family, which had controlling stake in Times Mirror…