CFOs on the Move

BearingPoint; Stora Enso; World Wrestling Entertainment; Federated Department Stores; Cray; Synopsys; Menasha; Kalido; DrugMax; Parkway Properties;...
Lisa YoonMay 27, 2005

• BearingPoint Inc. chief financial officer Joseph Corbett stepped down by mutual agreement, according to a company statement. “Harry [chief executive officer Harry You] and I together decided that the challenges facing BearingPoint require that Harry have a CFO of his own choosing,” said Corbett in the release. You, the former Oracle Corp. finance chief who took the helm at BearingPoint earlier this year, will serve as interim CFO until a successor for Corbett is in place.

• Stora Enso, a Helsinki-based paper-products manufacturer, appointed Hannu Ryopponen chief financial officer and senior executive vice president of finance, accounting, legal affairs, and investor relations, effective September 1. Ryopponen is best known for helping turn around Dutch grocer Ahold NV, which he joined as CFO in 2003; he has also served as finance chief of London-based Industri Kapital Group and as executive vice president and group treasurer for Ikea, the Danish furniture retailer. Stora Enso also the eliminated the position of deputy CEO; as of June 1 the CFO will act as a deputy to the CEO when necessary.

• Stamford, Connecticut-based World Wrestling Entertainment Inc. named Michael Sileck chief financial officer and a member of the board. Sileck, who fills the CFO position left open by the departure of Phil Livingston, was most recently senior vice president and CFO of parent Monster Worldwide Inc. He held those same positions at USA Networks Inc. from 1999 to 2002; earlier, he was vice president of finance at Sinclair Broadcasting.

How Startup CFO Grew Food Company 50% YoY

How Startup CFO Grew Food Company 50% YoY

This case study of JonnyPops’ success highlights the unusual financial and operational strategies that enabled rapid expansion into a crowded and highly competitive frozen treat market. 

• Federated Department Stores Inc. promoted senior vice president and chief financial officer Karen M. Hoguet to executive vice president and CFO. Hoguet, who became finance chief in 1997, has been with the Cincinnati-based department-store operator since 1982.

• Brian C. Henry joined supercomputer maker Cray Inc. as executive vice president and chief financial officer. Henry joined the Seattle-based company from Onyx Software Corp., where he held the same titles. Previously he was CFO of Lante Corp., an Internet consulting group.

• Synopsys Inc., a semiconductor-design software company, announced that chief financial officer Steve Shevick is leaving the company for the top finance job at San Jose, California-based Wyse Technology, a privately held provider of computing software and services. Mountain View, California-based Synopsys added that general counsel Rex Jackson is serving as acting CFO while the company searches for a successor for Shevick.

• Packaging manufacturer Menasha Corp. promoted chief financial officer Arthur W. Huge to president and chief executive officer. The Neenah, Wisconsin-based company has been led by its board since January 2004, when it removed CEO Harold Smethills. Huge, who joined Menasha in 2001 as CFO, previously served as finance chief of Walter Industries Inc. and LTV Corp.

• Kalido, a warehouse-storage provider, appointed Joan Nevins chief financial officer. Nevins joins the Burlington, Massachusetts-based company from venture-backed startup Upromise Inc.; she has also held senior finance positions at companies including Arbortext Inc., WolfData Inc., and PictureTel Corp.

• DrugMax Inc., a specialty pharmacy and drug distribution provider, named audit committee chairman James E. Searson as the company’s chief financial officer. He will replace Dale J. Ribaudo, who resigned. Searson is signing a one-year contract with Farmington, Connecticut-based DrugMax and will serve as CFO through the first quarter of fiscal 2006. He worked at Ernst & Young from 1975 through 2004, most recently as an audit partner who managed the firm’s office in Hartford, Connecticut. Although Searson will remain a director of DrugMax, board member Laura Witt will take over as audit committee chairwoman.

• Real estate investment trust Parkway Properties Inc. tapped William R. Flatt as executive vice president, chief financial officer, and secretary, effective July 1. Flatt, who is currently the vice president and asset manager for the Jackson, Mississippi-based company’s Phoenix market, has been with Parkway since May 1997. He also served as the company’s vice president of investor relations from 1999 through 2001.

• New York-based Lev Pharmaceuticals Inc., which named Douglas J. Beck controller in February, has promoted him to chief financial officer. Beck, who previously served as a financial consultant to Pfizer Inc., has also worked for Diversified Security Solutions Inc. in a number of jobs including director of finance and CFO, as director of financial reporting for Inc., and as an audit manager with Andersen LLP.

• Frontier Oil Corp. announced that Julie Edwards, executive vice president of finance and administration and chief financial officer, has resigned to pursue another opportunity. Chairman, president, and chief executive officer James Gibbs will assume Edwards’s responsibilities until a successor is named.