CFOs on the Move: Week Ending January 26

Citigroup, Sears, QVC, Adobe, Hershey, Schlumberger, Foundry Networks, Sally Beauty Holdings, Avaya, Princeton Review, Luby's, Imprivata, YRC World...
Sarah JohnsonJanuary 25, 2007

• Relinquishing her title as Citigroup’s CFO, Sallie Krawcheck will become chairman and chief executive of the company’s Global Wealth Management Division once her current position is filled. Krawcheck will replace Todd Thomson, who she had replaced as chief financial officer in 2004. He has left the company. In her new job, Krawcheck will oversee Smith Barney, as well as the Citigroup Private Bank and Citigroup Investment Research. Prior to joining Citigroup, Krawcheck was chairman and CEO of Sanford C. Bernstein & Co.

Craig Monaghan will have filled the CFO slot at Sears Holdings for five months when he leaves at the end of the month. Chief administrative officer, executive vice president, and director William Crowley, who served as CFO until Monaghan’s arrival, will resume finance chief duties on an interim basis until a permanent replacement is named. Monaghan previously was CFO for six years at car dealer AutoNation. He has also held finance positions at, General Motors, Bristol-Myers Squibb, and Reader’s Digest.

• Dan O’Connell has been promoted to CFO of QVC, effective February 5. He was previously the retailer’s senior vice president and controller. He is replacing Bill Costello, who is retiring on March 31. Prior to working at QVC, O’Connell was controller of a subsidiary of Marketing Corporation of America. He began his career with PricewaterhouseCoopers.

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• Adobe Systems has named Mark Garrett executive vice president and CFO, effective February 1. Most recently, Garrett served as senior vice president and CFO of EMC Software Group within EMC Corp. Prior to EMC, he was executive vice president and CFO of Documentum, which was sold to EMC. He has also held finance positions at Marimba, Cadence Design Systems, and IBM.

• Hershey has promoted senior vice president and CFO David West to executive vice president and chief operating officer. He will continue with his finance duties while the chocolate maker searches for his successor. West joined Hershey in 2001 as vice president for business planning and development. He was later promoted to chief customer officer, and in 2005 he became CFO. Before joining Hershey, West was senior vice president and CFO at the Nabisco Biscuit and Snacks Group. He previously held positions in finance and cost accounting with Wearever, Proctor-Silex, and Unisys.

• Jean-Marc Perraud is retiring as executive vice president and CFO of Schlumberger, effective March 1. Perraud, who joined the oilfield services company in 1974, will serve as financial adviser. Simon Ayat, vice president and treasurer, will take over the top finance spot. He has worked with the company for 25 years. He has also held the title of vice president of finance and business processes.

Timothy Heffner has been demoted from CFO to vice president of corporate development for Foundry Networks, following an internal investigation of the company’s process for issuing stock options. His new role will not involve accounting or financial reporting responsibilities. Daniel Fairfax, vice president and corporate controller, will take Heffner’s place.

• David Rea is the new senior vice president, CFO, and treasurer of Sally Beauty Holdings. Gary Robinson is retiring from those roles with the retailer. Rea most recently held positions with La Quinta Corp., including president, chief operating officer, and CFO. He has also held finance positions at and Red Roof Inns (both as CFO), and Debartolo Realty Corp. and T. Rowe Price Associates.

• Avaya has hired Caroline Dorsa as senior vice president and CFO. She most recently was vice president and treasurer at Merck & Co. Before joining Merck in 1987, she worked for the New York City mayor’s office.

• Andrew Bonanni has resigned as executive vice president and CFO of The Princeton Review. He has taken a job at another company but will stay with the education organization until February 9. Stephen Melvin, who served as CFO from 1999 through September 2005, will assume CFO responsibilities as the company searches for a replacement.

• Luby’s Inc. has named Scott Gray CFO, effective April 20. He replaces Ernie Pekmezaris, who will stay on as an adviser to the restaurant company. Pekmezaris has served as CFO since 2001. Also with Luby’s for the past five years, Gray has served in a number of financial roles including vice president of finance, director of planning, and director of internal audit. He also held financial roles at Pappas Restaurants and was an external auditor at Arthur Andersen.

• Imprivata has appointed Jeff Kalowski chief financial officer. Prior to joining Imprivata, Jeff served as CFO at ProfitLogic. Before that he spent five years as CFO of Torrent Systems, and he has served as CFO for Looking Glass Technologies, Beyond Inc., Magna Computer Corp., and Cadmus Computer Corp.

• YRC Worldwide has named Phil Gaines senior vice president and CFO of YRC National Transportation. Gaines had been senior vice president of investor relations, government relations, and corporate development for YRC Worldwide. He has been with the transportation service provider for more than 17 years.

• PS’Soft has appointed Linda Palmor as CFO. Before joining the software company, she was senior vice president and CFO of DiCarta, and she served as CFO of HearMe and vice president of finance for Terayon Communication Systems. She has also held management positions at Electronic Arts, Walt Disney, Paramount Pictures, and Color Systems Technology.

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