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Hi-Test? World Fuel Services Names New CFO

Former Andersen corporate finance pro promoted to top finance spot at fuel services company. Plus: Western Sierra Bancorp hires CFO, and controvers...
Lisa YoonJuly 2, 2002

>> Francis X. Shea moving up in the World…World Fuel Services Corp. promoted him to CFO post…Shea will keep title of EVP of finance, which he’s held for past year …

Apparently, company chose Shea for top finance post for his overseas experience as fueling services provider works to live up to its name through global expansion…”[T]he increasingly global scope of our operations requires that the position of Chief Financial Officer be held by someone with broad international experience, a familiarity with the investment community, and a deep understanding of managing a worldwide financial infrastructure,” said World Fuel chairman and CEO Jerrold Blair.

International experience figures prominently on Shea’s resume…Before joining World Fuel, Shea, 61, was global corporate finance director for Arthur Andersen in Jakarta, Indonesia, where he served as financial advisor to a number of large Indonesian companies…Before that, he was senior advisor and EVP of The Danamon Group of Financial Service Companies in Jakarta, where he oversaw business strategy, corporate finance, and capital markets activities… Shea sharpened finance chops at Chase Manhattan Bank, where early in career he worked in New York, Hong Kong, and Indonesia… World Fuel something of career déjà vu for Shea: after Chase, he served for five years as president of Trans-Tec Services before it became World Fuel’s marine division…

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>> More déjà vu: After brief stint in tech sector, Anthony J. Gould going back to banking as EVP and CFO of regional banking company Western Sierra Bancorp…Gould served as EVP and chief financial and operating officer for Redwood City, Calif.-based Bay Area Bank for 11 years until acquisition by Greater Bay Bancorp in 1999… After leaving Bay Area Bank, he was director of finance and accounting for Openwave Systems…

Apparently, Gould had spectacular run at Bay Area Bank: with 11 consecutive years of record earnings and return on equity averaging more than 20 percent… In addition, Gould played key role in several M&A transactions when Bay Area Bank was acquired by Greater Bay Bancorp. …Gould replaces acting finance chief Lesa Fynes Gall. Lesa will continue with the company as Senior Vice President and Systems Analyst…

>> Robert L. Fiscus turning out lights on 30-year career with utilities holding company UIL Holdings Corp.…Fiscus retired as vice chairman and CFO on June 30, company said… EVP of finance Louis J. Paglia will succeed him finance chief…Paglia was hired earlier this year to be groomed as Fiscus’s successor…

Fiscus joined the United Illuminating Co. as controller in 1972…Since then he moved steadily up finance department, becoming president in 1991 and vice chairman in 1998…He held CFO post since 1983… “Bob has led this corporation for three decades through many challenging times, most recently including Connecticut’s electric utility industry deregulation,” said chairman, president and chief executive Nathaniel D. Woodson. “We will truly miss him.” …

>> Utility veteran Michael L. Greenwood now cooking with propane as VP and CFO of Heritage Propane Partners LP…Greenwood was previously CFO and treasurer of coal producer Alliance Resource Partners LP…

Greenwood replaces Larry Dagley, who resigned in May to manage real-estate property interests…

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>> Hip hop radio-station operator Radio One Inc. getting bad rap for loans it made to executives…Last week it disclosed that it lent millions of dollars to top executives so they could buy shares … Among beneficiaries of largesse: CFO Scott R. Royster, who was lent $7 million to buy 333,334 Class A shares and 666,666 Class D shares, each for $7 a share, according to SEC filing…

In light of WorldCom fiasco, news not flying with investors, who may have Bernie Ebbers’s multi-million-dollar loan from company going through their minds…Shares have fallen about 25 percent since announcement, to $13.26…Still, company standing by its actions, insisting everything was on up-and-up…According to company, the loans were extended to top execs during Internet boom, when many companies lost key executives to dot-coms…”People were getting very wealthy very fast,” acknowledged CEO Alfred C. Liggins III in a conference call last week. “We ended up striking a deal with our chief financial officer that made him a significant shareholder in Radio One.” Management said that while at the time the compensation structure was appropriate, company would not adopt it as standard practice …

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