>> Flailing in a world of hurt, WorldCom Inc. tapped not one but two turnaround artists in hopes of rescue … Bankrupt telco appointed John S. Dubel chief financial officer and Gregory F. Rayburn chief restructuring officer … The duo will head WorldCom’s restructuring, including negotiating with existing creditors, evaluating proposals, overseeing development of financial projections, communicating with shareholders, and overseeing sale of non-core assets…
Both executives are principals at Southfield, Mich.-based AlixPartners LLC, corporate restructurers to the stars … AlixPartners, formerly Jay Alix & Associates, was hired to restructure bankrupt retailer Kmart Corp. earlier this year, and last year rebuilt auto parts maker Hayes-Lemmerz International Inc … WorldCom’s deal with AlixPartners is subject to bankruptcy court approval.
CFO Rayburn specializes in operations, financial analysis, M&A, and valuations, said WorldCom officials … Before joining AlixPartners in 2000, he acted as CEO and CRO in successful restructuring of Sunterra Corp … Before that, he was president and co-founder of private investment firm The Capstone Group … Rayburn is a CPA and a Certified Fraud Examiner, as well as member of the Turnaround Management Association and the American Bankruptcy Institute.
CRO Dubel’s restructuring experience includes operational reorganizations and cost reductions, financial department restructurings, strategic repositioning, and divestitures … Ran own turnaround firm prior to joining AlixPartners this year … During that time, he served as CRO and COO at wireless carrier CellNet Data Systems Inc … Dubel’s dossier says he is a Certified Insolvency and Reorganization Accountant, former board member and officer of Association of Insolvency and Restructuring Advisors, and member of Turnaround Management Association and the American Bankruptcy Institute.
>> So it’s not exactly a banner year for finance chiefs … Still, new study shows many CFOs say grass is green enough right where they are … Survey, developed by rent-a-CFO firm RHI Management Resources, asked 1,400 CFOs of randomly-selected U.S. companies with more than 20 employees about career aspirations … 36 percent said they plan to stay in their current jobs; close to one-third (32 percent) hope their next move will be retirement … Only 6 percent said they’d like to be finance chiefs at bigger companies, or become president or CEO.
Not surprisingly, chasing capital for startups is apparently a CFO’s bane: Only 10 percent of CFOs cited starting their own business as a goal … But when funding wasn’t an issue, it was a whole different story: 31 percent were very interested, and 26 percent were somewhat interested …
So what’s behind job satisfaction? CFO is ultimate job for finance types … “Finance professionals typically aspire to the position of CFO … so it’s not surprising to see high levels of job satisfaction among executives in this role,” asserts Paul McDonald, executive director of RHI Management Resources … By the way, look for more openings in near future as companies make room for next generation CFOs … Number of baby-boom CFOs are already making plans for retirement, notes McDonald … “As this trend gains momentum, there will be a greater demand for senior-level financial professionals to fill these vacancies.”