CFOs on the Move

TechTeam; Baker Hughes; Oppenheimer; Mills Group; Pentair; Hampshire Group; WhenU; Manor Care; Citizens Communications; Croc; Elemental Security; B...
Marie LeoneApril 6, 2006

• TechTeam Global chief financial officer David Morgan resigned amid an internal investigation into possible misconduct at the technology outsourcing provider. Chief accounting officer Marc Lichtman will oversee the company’s finance function on an interim basis. TechTeam emphasized that the alleged misconduct did not relate to the company’s financial statements, so the integrity of those documents is not in question.

• Oil services company Baker Hughes has appointed Peter Ragauss senior vice president and chief financial officer, effective April 26. Currently, Ragauss is segment controller of refining and marketing for British Petroleum; previously, he was the CFO of Air BP, vice president of finance for Amoco Energy International, and vice president of finance for El Paso Energy International.

• Jeffery Alfano, a former audit partner with Deloitte and Touche, has joined broker/dealer Oppenheimer as executive vice president and chief financial officer. Alfano spent 14 years in Deloitte’s securities industry practice serving clients in New York, Tokyo, and Seattle.

How Startup CFO Grew Food Company 50% YoY

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• Mall and entertainment center developer The Mills Corp. has hired Richard Nadeau as executive vice president for finance and accounting. The company expects Nadeau to transition to the position of chief financial officer, but for the time being, he will continue to work with current finance chief M.J. Morrow and her team. Nadeau, a former CFO of Colt Defense, was also an audit partner at KPMG and Arthur Andersen.

• David Harrison announced that he will retire as executive vice president and chief financial officer of diversified operating company Pentair at the end of 2006, after his successor has been named. Harrison joined Pentair in 1994 as senior vice president and CFO and was named executive vice president in 1995. He left the company the next year to become the finance chief of Coltec Industries and, later, The Scotts Co. He returned to Pentair in 2000 as executive vice president and CFO. Prior to joining Pentair, Harrison worked for Borg-Warner Chemicals and several units of General Electric.

• Jonathan W. Norwood signed on as chief financial officer of apparel maker Hampshire Group. He succeeds Charles Clayton, who will continue as executive vice president and treasurer. Previously, Norwood was controller for Liberty Corp.; earlier in his career, he was CFO of TeamVest as well as an accountant with Ernst and Young.

• Fredrick Rolff has been appointed vice president of finance for Inc., an online advertising technology company. Rolff is the former CFO of Sentigen Holding Corp. and one-time director of financial strategy for Rare Medium Group Inc.

• Manor Care announced that vice president and director of corporate development Steven Cavanaugh will be promoted to chief financial officer, effective in May. Cavanaugh succeeds Geoffrey Meyers, who is retiring from the rehabilitation and health-care-facility group.

• Donald Shassian will join Citizens Communications as chief financial officer, effective April 17. He succeeds Jerry Elliott, who was appointed president of the telecommunications, Internet, and satellite-television provider. Shassian has also held the top finance job at the Northeast region of Health Net, at RSL Communications, and at New England Telecommunications.

• At shoe designer and manufacturer Crocs, senior vice president of finance Peter Case will assume the additional title of chief financial officer. He succeeds Caryn Ellison, who worked with the management team to take the company public last year and who will continue as vice president of finance. Prior to Crocs, Case served as director of internal audit for Guess Inc.

• Richard Horstein was named chief financial officer and general counsel of Elemental Security, which provides enterprise policy and risk management technologies to corporate networks. Horstein, the former finance chief of OpenTV and Resonate Inc., also served as general counsel and senior vice president of taxation for McAfee Associates.

• Bankrate tapped Edward DiMaria as the online bank’s senior vice president and chief financial officer. He succeeds Robert DeFranco, who recently returned from medical leave and will assume a new role as senior vice president of finance. DiMaria has held the CFO position at Official Payments and at Best Friends Pet Care; he has also spearheaded M&A deals involving Financial Interactive, Navisite, and CorVu.

• Jeffery Nemy has been named chief financial officer of Publicis and Hal Riney. He joins the boutique advertising agency from ad giant Interpublic Group, where he was senior vice president and financial director; he has also served as CFO of Foote, Cone & Belding/San Francisco. Before entering the advertising industry, Nemy held financial management positions at Nextel Communications and Chronicle Broadcasting.

• The Trelys Funds has appointed Stephen Hall chief financial officer. Before joining the venture capital fund, Hall was CFO, and then president and CEO, of Colonial Cos. and its principal subsidiary, Colonial Life and Accident Insurance.

• Thomas Boehlert has been appointed chief financial officer of Kinross Gold, the seventh-largest primary gold producer in the world. He succeeds Lars-Eric Johansson, who will retire this month. Most recently, Boehlert was CFO of independent power company Texas Genco; earlier, he held that job at Direct Energy of Toronto and Sithe Energies.

• Kevin Louie has joined 365 Main, which builds and operates corporate data centers, as chief financial officer. Louie is a former executive with Rockwood Capital, a real estate investment firm and one of 365 Main’s major financial partners. Before joining Rockwood, he was an accountant with Ernst and Young.

• Corinne Trott Bertrand is the new chief financial officer of Enova Systems, which develops and manufactures power management systems and components. Most recently, she was a senior finance executive with Resource Global Professionals; Bertrand has also held top corporate finance positions at Island Pacific, eMachines, Ingram Micro, and Yonex.

• Osvaldo Pitters has been appointed chief financial officer of iPhone2, a provider of Internet video-phone software. Previously, Pitters served as executive vice president of finance for VoIP Inc. and controller for CIMA Telecom Group. He also worked for PricewaterhouseCoopers in Chile, the United Kingdom, and as chief operating officer of the auditor’s Dominican Republic office, and has held senior finance positions with Pepsi in Chile, Peru, Colombia, Venezuela, and Ecuador.

• Abiomed, a maker of artificial-heart components, has hired Daniel Sutherby as new chief financial officer; acting CFO Charles Haaser will continue as corporate controller and principal accounting officer. Before joining Abiomed, Sutherby was corporate director of global accounting and finance at PerkinElmer, where he also served as director of global finance for the company’s Life and Analytical Sciences unit; previously, he was assistant treasurer for Applied Extrusion Technologies. He has also held financial management positions at The Boston Co. and at American Stores.

• Cellnet Technology has appointed Daniel Streek chief financial officer. Cellnet provides fixed-network data communications systems to utilities, an industry Streek knows well; he has also held the top finance job at power companies Mirant and Aquila.

• Matthew Pfeffer has been named chief financial officer and senior vice president of finance and administration for VaxGen. Kevin Lee, who has been acting CFO since June 2005, will remain with the biopharmaceutical company as vice president of finance, reporting to Pfeffer. Previously, Pfeffer was CFO of Cell Genesys; he has also held financial management positions at Diasonics Ultrasound and at ComputerLand.