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Sinus Headaches

Pharmaceutical company Alpharma picks investor-relations honcho as finance chief. Also: Nearly bankrupt Elektrim taps CEO/CFO, pay news from the pr...
Lisa YoonApril 23, 2002

>>Alpharma Inc. executives hoping Street savvy of newly named CFO, EVP Matthew Farrell will be cure for recent setbacks… Last month, for instance, Fort Lee, N.J.-based generic drug—maker suffered recall of nasal drug Cromolyn… Accounting consequences of recall caused company to alter guidance for 2002… Succeeding Jeffrey Smith, Farrell was VP of investor relations at Ingersoll-Rand… Before that, was CFO of AlliedSignal’s specialty-chemicals unit… Started out at KPMG Peat Marwick, becoming audit partner in 1989…

“Matt’s experience in working with operations and Wall Street coupled with his broad financial background will be of immense help to our company as we continue to develop and grow,” beamed CEO Ingrid Wiik… But Wiik and other Alpharma top brass went without bonuses last year because company missed targets, according to proxy filed last week… By contrast, Wiik got $400,000 bonus in 2000… Former CFO Smith took home $162,800 bonus in 2000, with a $400,000 salary… Smith’s salary last year was $425,000…

>>Floundering Polish conglomerate Elektrim SA confirmed rumors that supervisory board axed president Jacek Krawiec and named management board member Maciej Radziwill CFO as well as chief executive… Changes approved unanimously by board consisting of executives from the likes of France’s Vivendi Universal SA and Poland’s BRE Bank…

Elektrim in hot water… Company’s mid-December default on a EUR480 million convertible bond payment has brought it to brink of putting its belly in the air, Dow Jones reported… Yesterday afternoon, court decision erased company’s protection under a debt-settlement procedure… Bankruptcy filing next on agenda, but company might appeal ruling, says Radziwill… Optimistic chief feels deal with convertible bondholders still possible… But their mood would have to change: bondholders overwhelmingly nixed latest debt-settlement offer at creditors’ confab earlier Tuesday…

>>Online-learning systems maker Knowledge Impact named Jeanette Tweed as VP of finance and CFO… Tweed previously VP of finance at investor-relations consulting firm CCBN Inc.… Joined CCBN from tech consultancy Razorfish, where she was divisional controller… Before Razorfish, was with I-Cube, which Razorfish acquired in 1999… While at I-Cube Tweed helped in company’s 1998 IPO…

Proxy Highlights

Compensation falls from last year’s levels as trend continues…

>>CFO Ed Larsen of clothing retailer Talbots earned $477,921 in salary and bonus…down from $506,270 in 2000…

>>Clifton Weatherford of forecasting-software maker Business Objects earned $393,184 compared with $402,037 year before…

>>Bucking trend is Limited Inc. CFO V. Ann Hailey… She earned $740,385 in salary and $576,000 in bonus in 2001, or more than $1.3 million, up from $847,000 the year before… In 2001, she also earned $141,105 in other compensation, mostly from company matching of qualified and nonqualified retirement plans, a slight decrease from 2000…

>>Advanced Autoparts CFO Jimmie Wade also had good year… He earned a total of $507,255 in 2001, up from $394,367 in 2000… Then again, Wade is also president…