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Passing Lane

Trucking company Yellow Corp. promotes Bellinghausen; corporate accounting director will run finance department at planned spin-off. Also: new CFOs...
Lisa YoonAugust 6, 2002

>> Trucking company Yellow Corp. unloading subsidiary SCS Transportation Inc. in spin-off of holding company of carriers Saia Motor Freight Line Inc. and Jevic Transportation Inc., scheduled for early October. Yellow’s parting gift? Yellow finance exec James J. Bellinghausen, who was named VP of finance and CFO of SCS. He will be responsible for finance, treasury, accounting and business planning and forecasting at SCS.

Spin-off apparently looking to get off to good start with right finance chief to face new hawk-eyed Securities and Exchange Commission. At Yellow, Bellinghausen was director of corporate accounting, responsible for corporate internal and external financial reporting, including SEC filings. Adding to his image as upstanding citizen, SCS noted that Bellinghausen has served on the boards of Center City YMCA of Greater Kansas City and Kansas City branch of University of Missouri Business School Alumni.

SCS expecting to raise around $150 million from new credit facilities. SCS expecting to raise around $150 million from new credit facilities. Company plans to use proceeds to repay indebtedness to Yellow and for general working capital.

>> Crunch time? Specialty-food producer Galaxy Nutritional Foods promoted controller Salvatore J. Furnari to CFO post. Furnari replaces LeAnn Hitchcock, who for personal reasons is switching to role of SEC compliance and auditing manager… Galaxy president Angelo S. Morini apparently think Furnari well-groomed for job, crediting him with helping to streamline operations, enhance production efficiency, and strengthen internal controls…

Furnari joined Galaxy in 2001. Before that, he was corporate controller and treasurer of building-services company Pritchard Industries Inc. from 1999 to 2001. Previous gigs include CFO and VP of finance posts at Garage Management Corp. and CFO at American Asset Corp. In earlier life Furnari worked as a CPA for several accounting firms.

>> Robert E. Fulton getting in deep with offshore pipeline installers Torch Offshore Inc. as CFO… Fulton spent whole career in subsea-construction. Served as VP and treasurer for Global Industries Ltd. since April 2001. Prior to that, was assistant treasurer for McDermott International Inc.

>> Specialty pharmaceuticals maker Aerogen Inc. appointed Robert Breuil CFO. Breuil joined in April 2002 as VP of corporate development, a job he will keep in addition to finance responsibilities… Prior to joining Aerogen, Breuil spent eight years at Alza Corp., a pharmaceutical company acquired by Johnson and Johnson last year. Served in several positions including controller of Alza Pharmaceuticals and director of corporate planning and analysis.

>> Refreshing change for Gregg Kelly, former finance chief of North America for Euro RSCG Worldwide, New York (part of French ad conglomerate Havas). Kelly was tapped by Bronson, Lindsey, and Miles Smith to head up systems, finance and operations as fourth exec in newly formed Smith Brothers Advertising, Pittsburgh. Smith Brothers s first campaign is for Pittsburgh Brewing Co.’s IC Light beer.

Quote of the Day

“Do I know everything that’s going on? Do I have to sign off on every deal that goes in there? Yes.”

— An energetic Andrew Fastow to Merrill Lynch & Co. executives in a 1999 videotape. In the tape, the then-Enron CFO pitched bankers on investing in the off-balance-sheet partnership called LJM2.