CFOs on the Move

Eli Lilly; Sun Microsystems; Raytheon; Lear; eBay; EDS; MTV Networks; First American; Boyd Gaming; Wachovia; Bear Stearns; Cartesis.
Lisa YoonFebruary 24, 2006

• Charles E. Golden, executive vice president and chief financial officer of Indianapolis-based pharmaceutical giant Eli Lilly and Co., will retire from that position and from the board of directors, effective April 30. Golden joined Lilly in 1996 after 26 years at General Motors, where his roles included corporate treasurer in New York and president of the Vauxhall Motors division in England.

Vice president and controller Derica Rice will be promoted to senior vice president and CFO, effective May 1. Rice joined the company in 1990.

• Michael Lehman came out of retirement to return to his former post as chief financial officer of Sun Microsystems Inc. He succeeds Steve McGowan, who announced his retirement last October from the Santa Clara, California-based company. McGowan served as CFO and executive vice president of corporate resources since 2002.

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. 

Lehman held those same titles from 1998 to 2002; since then, he has served on Sun’s board of directors in various capacities. He’s also served as a business consultant while sitting on the boards of Echelon Corp., MGIC Investment Corp., and NetIQ Corp.; he’ll surrender those board seats, with the exception of MGIC. Sun also announced that Robert Finocchio Jr. was elected a director and a member of the audit committee.

• Raytheon Co. tapped the chief financial officer of Lear Corp., David C. Wajsgras, to join the Waltham, Massachusetts-based defense company as senior vice president and chief financial officer, effective March 13. Wajsgras joined Southfield, Michigan-based Lear in 1999 as vice president and controller and became CFO in 2002. Until Lear names his successor, vice chairman James H. Vandenberghe will serve as interim CFO.

• Electronic Data Systems Corp. executive vice president and chief financial officer Robert Swan will join online auctioneer eBay as senior vice president of finance and CFO, effective March 16. Swan joined Plano, Texas-based EDS, a provider of IT outsourcing services, in 2004; previously he served as the finance chief of TRW and as a divisional CFO for General Electric Co. At San Jose, California-based eBay, Swan will succeed Rajiv Dutta, who will move into the new role of president of Skype, eBay’s online voice communications business.

Meanwhile, EDS named treasurer Ron Vargo and vice president of finance administration Tom Haubenstricker interim co-chief financial officers, effective March 15. They will also retain their current roles while the company searches for Swan’s successor.

• Colette Chestnut was named executive vice president and chief financial officer of MTV Networks, replacing John Cucci, who was promoted to the role of chief operating officer for the company’s Comedy Central/Spike TV/TV Land Entertainment Group. Chestnut joined MTVN from advertising agency JWT, where she served as North American finance chief since 2000.

• Santa Ana, California-based business information provider First American Corp. named investment banker Frank V. McMahon vice chairman and chief financial officer, effective March 31. For the past six years, McMahon has managed the West Coast financial institutions practice for Lehman Brothers Holdings Inc.; he managed a similar group for Merrill Lynch from 1994 to 1999.

• Ellis Landau, the longtime chief financial officer of Las Vegas-based casino operator Boyd Gaming Corp., will retire on May 31. Landau has been the company’s CFO since he joined in 1990. Senior vice president of finance and treasurer Paul Chakmak will be promoted to CFO and treasurer, effective June 1.

• Financial services provider Wachovia Corp. appointed James Burr corporate treasurer. Burr, who joined the company in 1991, was most recently assistant treasurer; in his new role, he will report to CFO Thomas J. Wurtz.

• Bruno Combe has joined Norwalk, Connecticut-based Cartesis, a provider of business performance management software, as chief financial officer. Previously, Combe was executive vice president, general counsel, and secretary of the board of directors of Ingenico, a secure-transaction solutions provider.

• Pamela Kimmet will join Bear, Stearns & Co. Inc. in March as a senior managing director and global head of human resources, reporting to executive vice president and chief financial officer Samuel Molinaro. Since 2001, Kimmet has headed global human resources at Lucent Technologies.