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Sicor Competency: Stover Signs on at Drugmaker

Executive services specialist joins generic drugmaker. New finance chief's strong in M&A -- a sign of deals to come? Also: more CFO compensation nu...
Lisa YoonApril 24, 2002

>> Sicor Inc. said Jack Stover has joined company as executive VP of finance, treasurer, and CFO. Stover will be responsible for leading Irvine, Calif.-based generic-drug maker’s financial strategy and growth, in addition to overseeing finance and investor relations, according to a company statement…

“Jack has built a strong track record in delivering executive financial expertise, including development activities and merger and acquisition services, areas that Sicor is actively exploring,” says company CEO Marvin Samson…

Before joining Sicor, Stover was partner in The Technology Compass Group, a network of senior executives providing services to tech companies. Before that, he worked for Sarnoff Corp. as venture partner… Stover knows drugs business– worked at pharmaceutical startup Gynetics Inc., as senior operating and financial officer. Also had stint at medical-device and pharmaceutical company B. Braun Medical Inc., where he initiated company’s first private placement and various M&A activities. Started out at Coopers & Lybrand — was partner serving medical and biotechnology clients for more than sixteen years.

>> ECI Conference Call Services LLC, Wayne, N.J.-based teleconferencing service provider, named Timothy Medina CFO. Prior to joining ECI earlier this month, Medina was finance chief of Independent Wireless One Holdings, Sprint PCS network affiliate in the northeast. Before that, Medina worked in various positions at GTE and Verizon Communications from 1988 through 2001… Received President’s Award at GTE in 1994 for designing and implementing a nationwide employee-shareholder education program in Venezuela… Was CFO, VP of finance and administration, and board member in Verizon’s Argentine wireless subsidiary. Later became Verizon’s VP of asset management before joining Independent Wireless One…

Medina holds M.S. in taxation and accounting from Georgetown University.

>>Business-software maker Managed Objects named Joseph Greeves to the CFO post. Joined company after brief stint as CFO consultant at VC fund Lazard Technology Partners.. Before that, spent three years at Opnet Technologies, where he was SVP and CFO. Took Opnet through initial public offering… Also held positions as finance chief of Fusion Systems Corp., a high-tech equipment manufacturer, and of Ogden Environmental Services… According to Opnet’s most recent proxy from July 2001, Greeves earned $276,250 in FY 2001, including a $100,000 bonus.

>> Business-management software maker Artemis International Solutions Corp. named W. Bruce Steever executive VP and CFO. Company also said Charles Savoni was named SVP and general counsel… Former CFO Peter Schwartz will act as a consultant “for an indefinite period,” company noted. Appointments come in conjunction with company’s move of headquarters from New York City to Newport Beach, Calif…

Steever co-founded and served as finance chief for StorComm Inc., a clinical-imaging company in Florida. Previously, was the senior financial and accounting executive with Quantum Health Resources Inc. Before that, was chief accounting officer for Studebaker-Worthington Inc.

>> New Zealand discount retailer The Warehouse Group Ltd. said its CFO Brent Waldron will resign effective May 31. Joined The Warehouse in 1997. Company says Waldron’s resigning to spend more time with his family. We like that.

Compensation Corner

>> Mark Rudolph, CFO of Peet’s Coffee and Tea, earned $176,731 in 2001 including $15,000 bonus.. Salary has increased steadily, from about $150,000 in 1999 to $155,000 in 2000 (no bonus) to $161,731 in 2001.

>> Alan Mandel, CFO at Smith & Wollensky Restaurant Group Inc., earned $210,000 with no bonus in 2001.

>> Andrew Wahl, finance chief of PC Tel Inc., earned $192,708 — and no bonus — in 2001. Bit of a comedown: in 2000, he earned $182,750 with $82,220 bonus.