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CFOs on the Move: Week Ending December 8

Yahoo, Bank of America, Bank of New York Mellon, TDS, BancWest, RedEnvelope, Biovail, Eden Bioscience, Foamex International, Langer, Clean Diesel T...
Sarah JohnsonDecember 7, 2006

• As part of a sweeping shake-up of Yahoo management, the Internet company has announced that chief financial officer Susan Decker will head its Advertiser & Publisher Group, effective January 1, a role that could possibly lead to the top spot by 2007. Yahoo is looking for a new CFO. Before joining the company in 2000, Decker, who will serve as CFO in the interim, spent 14 years with Donaldson, Lufkin & Jenrette, where she served most recently as the global director of equity research. Earlier, she was a media analyst.

• Alvaro de Molina has announced he is resigning as chief financial officer of Bank of America, effective December 31. Joe Price, an executive working in the global corporate and investment banking area, will replace him on January 1. In a press release, de Molina said he is “very interested in other business opportunities” outside of Bank of America, where he has worked for 17 years. Price joined the bank in 1993 from PricewaterhouseCoopers. In addition to taking on the CFO role, his predecessor served as CEO of Banc of America Securities, president of Global Capital Markets & Investment Banking, and corporate treasurer. Before joining Bank of America, de Molina served in the lead financial role for emerging markets at J.P. Morgan. He began his career in 1979 with PricewaterhouseCoopers.

• Robert Kelly, formerly chief financial officer of Wachovia Corp., will take on the role of CEO of the Bank of New York Mellon Corp. when the $16.5 billion merger between Mellon Financial and Bank of New York is complete. The current president, chairman, and CEO of Mellon since February, Kelly spent five years as the finance chief of Wachovia. He also served as CFO of First Union, and he spent 19 years with Toronto-Dominion Bank, where he served as a vice chairman and head of the retail and commercial bank.

• Sandra Helton has resigned as executive vice president and chief financial officer of Telephone and Data Systems, effective December 31. TDS has appointed Kenneth Meyers, currently executive vice president and CFO of U.S. Cellular, to replace Helton. Consequently, Steven Campbell will become U.S. Cellular’s new executive vice president and CFO. Before joining TDS, Helton spent 26 years with Corning Inc., where she served as senior vice president and treasurer from 1991 to 1997, and served as vice president and corporate controller of Compaq Computer Corp. Her successor, Meyers, held financial leadership positions with Imi-Tech Corp. and the Marmon Group before joining TDS 20 years ago. Campbell joined U.S. Cellular as vice president and controller in 2005. He previously held financial leadership positions at 3Com, U.S. Robotics, and Amoco.

• BancWest Corp. has appointed Thibault Fulconis executive vice president and chief financial officer. He was also named vice chairman of finance at Bank of the West. His predecessor, Doug Grigsby, retired from both positions. Fulconis has been with BNP Paribas since 1989, serving most recently as head of finance and development for the international retail and financial services division. He was also an analyst with Booz Allen Hamilton in Paris.

• RedEnvelope has hired Tatum’s Bill Gochnauer as interim chief financial officer. Gochnauer replaces Polly Boe, who resigned to become chief operating officer and CFO at Gump’s, a luxury retailer. Previously, Gochnauer served as a consultant to Excellence Learning Corp. and interim CFO at RF Industries. He has also held the titles of senior vice president and CFO at Western Water Co. and CFO of the Devon Group of Cos.

• Charles Rowland has resigned as senior vice president and chief financial officer of Biovail Corp. to take on the same role at Endo Pharmaceuticals. Biovail has promoted Kenneth Howling, senior vice president of finance and corporate affairs to take Rowland’s place. At Endo, Rowland will also serve as treasurer. He has held senior-level positions at Pharmacia Corp., Novartis, and Bristol-Myers Squibb. Howling, who joined Biovail in 1997, previously was vice president and CFO at Pharma Patch, and he held senior financial management positions at Roberts Company Canada, along with general management positions at SmithKline Beecham, Bencard Allergy Laboratories, McGraw Edison, and PricewaterhouseCoopers.

• Bradley Powell, the vice president of finance and chief financial officer of Eden Bioscience, will become president of the troubled company, effective December 15, when the current president and CEO, Rhett Atkins resigns. The producer of agriculture products is selling its assets and substantially reducing its workforce.

• Foamex International has named Stephen Markert interim chief financial officer. Markert joins the cushion manufacturing company from Tatum, an executive services firm. He previously worked at C&D Technologies as vice president of finance and CFO, as well as corporate controller. Foamex is using global executive search firm Spencer Stuart to search for a permanent CFO.

• Langer Inc. has announced that Sara Cormack has resigned as vice president and chief financial officer for personal reasons. The medical-product manufacturer and distributor has retained two consultancies to help with financial operations and the search for a new CFO.

• Clean Diesel Technologies has appointed Ann Ruple vice president of administration and chief financial officer, effective December 13. Ruple was most recently director of financial planning and analysis of NCT Group, and she has held various senior management positions at other companies.

• Michael Rezac has resigned as chief financial officer of Stellar Resources Ltd. due to “overwhelming” personal commitments. He will retain the titles of secretary/treasurer and director. Kathy Whyte, the company’s president and CEO, will take on the CFO duties.

• Cato Corp. has appointed Tom Stoltz as executive vice president and chief financial officer. Stoltz previously was the CFO of Citi Trends, CFO and vice president of finance at Factory Card Outlet, and corporate controller and interim CFO at Dollar General Corp. In November, the fashion retailer announced that Reynolds Faulkner had stepped down as executive vice president and CFO.

• Net Perceptions Inc. has appointed Jonathan LaBarre as chief financial officer. Before joining the steel manufacturer, he was senior finance manager at Terex Corp. since 2002. He also served as controller of Pratt and Whitney’s international product center and a corporate finance project manager at Stanley Works.