Miller Time at Bank One

At Bank One, Heidi Miller goes back to doing what she does best. Also: Global Crossing top two finance execs get big chunk of stick-around pay; pen...
Lisa YoonMay 15, 2002

>> In a management shakeup at Bank One Corp., executive VP Heidi Miller assumes the CFO post… Miller best known for her stints as finance chief at some high-Citigroup and Miller “is a natural for the role of CFO,” says Bank One CEO Jamie Dimon, pointing to her experience at “complex financial institutions.”

Miller joined Bank One in March as exec VP of strategy and development. Relationship with Bank One1 goes back to 2000, when she joined board… In 2000, held eight-month turn in Internet space as finance chief of Priceline. Miller’s move from Citigroup CFO to join name-your-own-price e-tailer created stir on Wall Street… In 1999, during Citigroup days, was named second most powerful woman in American business by Forbes magazine. Year later, Business Week included Miller in list of the ‘Dot.Conned’ after she left Priceline amid potpourri of woes, including precipitously falling revenue and William Shatner’s singing. Debunking of new economy did not hurt Miller’s rep, however. Her last job before Bank One: vice chairman at Marsh Inc…

Miller succeeds Charles Scharf as CFO. Scharf becomes CEO of retail, replacing Michael Welborn, who gets newly created job of head of national sales and marketing. Scharf joined Bank One as CFO in 2000. In 2001, he earned eye-popping $3.5 million.

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According to CEO Dimon, changes made to serve Bank One’s renewed focus on growth, and to help integrate businesses….

>> Back in world of tech startups: Patrizia Owen was named CFO of user-ID software maker DigitalPersona… Owen has soft spot for startup: was most recently CFO of InOvate Communications Group, funder of early-stage wireless-infrastructure companies… At DigitalPersona, will be responsible for raising capital and initial-public-offering prep for Redwood City, Calif., company.

>> Network-infrastructure consultancy Predictive Systems said CFO Rod Dorsey resigned to pursue other gigs . Dorsey had been at Predictive for three years. Berry Sethi, who had been head of finance before Dorsey joined, is returning to company as acting CFO until company finds replacement… Sethi joined Predictive in 1995, when it was founded. Since he left in 2001, he’s worked as consultant to various companies, including — predictably — Predictive.

CFO Insider

On Tuesday, Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Tuesday allowed troubled network operator Global Crossing Ltd. to pay $8.25 million to 417 employees to let them stay on as company reorganizes under Chapter 11. Two of those staying on: SVP of finance Joseph Perrone and CFO Dan Cohrs. Perrone and Cohrs are defendants in shareholder suits related to the companies troubles. Currently, Global Crossing being investigated by the SEC, the FBI, and Congress. Perrone and Cohrs are to get the largest share of $8.25 million: $225,000 for Perrone and $250,000 for Cohrs.

Not surprisingly, lawyers for shareholders and pension funds, which lost hundreds of millions in investments in Global Crossing investments, not pleased by judge’s decision. “They were essentially in charge of the ship when it ran into the iceberg,” Geoffrey Jarvis, attorney for an Ohio pension fund that lost about $116 million, told Reuters. Jarvis also noted that Cohrs apparently sold $7.6 million in Global Crossing stock — $2.1 million in the past 14 months alone. He also pointed out that Perrone was Andersen’s chief audit partner on Global Crossing account before the telco hired him in May 2000.

Apparently, Judge Gerber agreed with Global Crossing attorneys, who said Perrone and Cohrs were “absolutely essential” to company’s reorganization. Perrone oversees all payments the company has made since it filed for bankruptcy protection on January 28 — the fourth-largest insolvency in U.S. history. Cohrs is involved in the restructuring and in negotiations with potential bidders.

>> Broadvision CFO and exec VP of operations Randall Bolten earned $220,000 plus $48,800 bonus in 2001, according to proxy filed Tuesday. In 2000 he earned $215,783 and another $45,000 in bonus.

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