CFOs on the Move

Mellon Financial, Hewlett-Packard, Calpine, Limited Brands, Ford Motor Credit, Kodak, Scripps, BASF, Hilton Hotels, LoJack.
Lisa YoonFebruary 3, 2006

• Former Wachovia Corp. chief financial officer Robert P. Kelly has left the Charlotte, North Carolina-based bank to become chairman, president, and chief executive officer of Mellon Financial Corp. To succeed Kelly, Wachovia tapped treasurer Thomas J. Wurtz, who joined the company in 1994.

• Robert Wayman, vice president and chief financial officer of Hewlett-Packard Co., is planning to retire after 21 years on the job, according to the Wall Street Journal. Reportedly, the company has launched a search for Wayman’s successor but has not specified a timetable for his departure. Last February, HP fired chief executive officer Carly Fiorina and appointed Wayman interim CEO; Mark Hurd took the reins in April, and Wayman remained as CFO.

• San Jose, California-based Calpine Corp. named Scott Davido chief financial officer. Since 2004, Davido has been an executive of NRG Energy; from 1999 to 2002, he was the finance chief of The Elder-Beerman Stores Corp. Eric N. Pryor, who had been serving as interim CFO, will return to his position as deputy chief financial officer and chief risk officer.

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• Ford Motor Co. assistant treasurer K. R. Kent is heading to Ford Motor Credit Co. to become the financing unit’s vice chairman and chief financial officer, effective March 1. Kent joined the Dearborn, Michigan-based company in 1987 and has served as assistant treasurer since 2005. He succeeds David P. Cosper, who will become executive vice president, CFO, and treasurer for auto retailer Sonic Automotive Inc. Cosper joined Ford in 1979; he was named finance chief of Ford Motor Credit in 2003 and vice chairman the following year.

• Eastman Kodak Co. chief financial officer Robert H. Brust will retire when his contract is up at the end of January 2007; he joined Kodak in 2000. The Rochester, New York-based company retained Heidrick & Struggles to search for Brust’s successor.

• After eight years at Limited Brands, chief financial officer V. Ann Hailey will assume the newly created role of executive vice president of corporate development. If the Columbus, Ohio-based apparel company hasn’t named a successor by then, chief administrative officer Martyn Redgrave will fill in as interim finance chief.

• The E.W. Scripps Co. named assistant controller Robin Davis as controller for the media company’s newspaper division. Davis joined the Cincinnati-based business from Pulitzer Newspapers Inc. in St. Louis, where she was vice president and chief financial officer. She succeeds 30-year Scripps vet Bill Freeman, who retired.

• Florham Park, New Jersey-based BASF Corp. has appointed Fried-Walter Muenstermann executive vice president and chief financial officer. Muenstermann had served as group vice president of regional functions and business development in Europe; he joined the company in 1992 in the finance and accounting/controlling division. Muenstermann succeeds Hans-Ulrich Engel, who has served as finance chief since 2000. Engel will remain an executive vice president and will focus on managing BASF’s planned acquisition of Engelhard Corp.

• Hilton Hotels Corp. senior vice president and chief financial officer Robert M. La Forgia has been promoted to executive vice president. La Forgia has been finance chief of the Beverly Hills, California-based company since 2004.

• Former Saucony Inc. executive Michael Umana is joining LoJack Corp. as senior vice president and chief financial officer. Umana will succeed Keith E. Farris, who will retire from the post on March 15. Umana served as CFO of athletic-shoe maker Saucony from 1999 to 2005, when he became president. LoJack, which markets wireless tracking and recovery systems for valuable mobile assets, is based in Westwood, Massachusetts.

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