CFOs on the Move: Week Ending April 27

Krispy Kreme, Pacific Gas and Electric, ING Group, Conseco, Dyadic International, Tower Financial, Brown Rudnick, Synergy Workplaces, Sunrise Senio...
Sarah JohnsonApril 26, 2007

Michael Phalen has resigned as CFO of Krispy Kreme Doughnuts. He plans to return to investment banking after spending two years with the doughnut chain, which announced several changes to its executive ranks this week. Chief accounting officer Douglas Muir will take his place.

• Pacific Gas and Electric Co. has named G. Robert Powell as CFO of its utility. He will retain his current titles of vice president and controller. Last year, the California Public Utilities Commission decided that major energy utilities and their parent holding companies could not have the same people in certain executive roles. Powell will report to Christopher Johns, who is currently senior vice president, CFO, and treasurer of both PG&E Corp. and the utility. Johns will resign May 31 to retain his titles of the corporation and become only the senior vice president and treasurer of the utility. Powell has been with PG&E since 2005. He previously worked at PricewaterhouseCoopers and Arthur Andersen.

• ING Group has appointed John Hele as CFO and member of its executive board. He had served as the deputy CFO of the financial institution since April 2006. He joined the company in 2003 as general manager and chief insurance risk officer. He also served as the group actuary of ING. He previously founded Worldinsure Ltd. and held several positions at Merrill Lynch.

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• Conseco has named Edward Bonach executive vice president and CFO, effective May 10. He succeeds Eugene Bullis, who is retiring. Before joining the financial services company, Bonach worked at National Life Group as executive vice president and chief financial officer. Before joining National Life in 2002, he was with Allianz Life for 23 years, where his positions included president of the reinsurance division and CFO.

• Wayne Moor, CFO of Dyadic International, has taken over chief executive duties on an interim basis as the company investigates “potentially material operational and financial improprieties at its Hong Kong and mainland China operations,” according to a company press release. Mark Emalfarb, CEO and chairman, is on a leave of absence. Lisa De La Pointe, director of financial reporting, will assume CFO responsibilities during the investigation.

• Tower Financial Corp. has promoted Richard Sawyer from corporate vice
president to chief financial officer and secretary. He will continue to serve as CFO and secretary for Tower Bank and for Tower Trust, wholly owned
subsidiaries of Tower Financial Corp. Michael Cahill has relinquished the positions of chief financial officer and secretary. He will continue as executive vice president and chief operating officer of Tower Financial Corp., as well as president and CEO of Tower Bank. Sawyer joined Tower Bank in 2004 as financial reporting officer, and has served as CFO of the Bank and Tower Trust Co. since October 2006. He previously worked at McKinley Properties as a controller.

• Mark O’Leary is the new CFO of law firm Brown Rudnick. He replaces Barry Berman, who retired earlier this year. O’Leary previously served as controller for Ropes & Gray LLP and CFO at Fitzgerald Communications.

• Synergy Workplaces has named James Reddington CFO. He joins the office-suite company from New York Mortgage Trust, where he was the chief accounting officer.

Sunrise Senior Livinghas suspended CFO Bradley Rush without pay. An independent committee is reviewing insider sales of stock and stock-option grant practices. The company said Rush has not followed its document retention policy. During his suspension, chief accounting officer Julie Pangelinan will be the acting CFO. She previously was vice president of accounting policy for Marriott International.

• Software company NetManage has appointed Omer Regev as CFO. He previously served as CFO at Port Authority Technologies, Kagoor Network, and XACCT Technologies. He was also controller and finance director for the enterprise system division of LANNET/Madge Networks NV and worked as a financial analyst in the Office of the Economic Advisor for the Israeli Ministry of Defense.

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