CFOs on the Move: Week Ending April 6

GE Industrial, Wal-Mart Stores, Starbucks, Saks Fifth Avenue, Quaker Chemical, Hancock Holding Co., Station Casinos, Allied Defense Group, Damon's ...
Sarah JohnsonApril 5, 2007

• Patricia Hutton-Glassford is the new CFO of GE Industrial. She previously worked as executive vice president and finance chief of NBC Universal Film and Parks; senior vice president and CFO of NBC TV Stations and NBC West Coast; and manager of finance for GE Plastics Commercial and Manufacturing. GE announced her new role at the same time it moved Frank Schulkes to vice president and CFO of GE Healthcare International. An 18-year veteran with GE, Schulkes held a number of finance roles with GE Plastics, as well as positions with GE Healthcare Americas.

• John Menzer, a former CFO of Wal-Mart Stores, is the retail giant’s chief administrative officer. Menzer was executive vice president and CFO for nearly four years when he was appointed executive vice president, president, and CFO of the company’s international division in 1999. In 2005, he was appointed vice chairman, a title he will retain.

• On May 14, Starbucks Corp. will begin training Peter Bocian as the new executive vice president and CFO. He previously held a similar position at NCR Corp., where he had worked for 24 years. He will officially become CFO on October 1, succeeding Michael Casey, the current executive vice president, chief financial officer, and chief administrative officer. At NCR, Bocia held various titles, including CFO of the retail and financial group and CFO of the retail solutions division. Casey, Starbucks’ CFO for more than 12 years, will take on a senior advisory role.

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• Michael Archbold will resign as executive vice president and chief financial and administrative officer of Saks Fifth Avenue on April 13. He joined the retailer in 2005 and was slated to assume the post of executive vice president and CFO of Saks Inc. on May 4. Instead, Archbold will be working at The Vitamin Shoppe as chief operating officer and CFO. He previously was executive vice president and CFO for AutoZone and vice president and CFO of the booksellers division of Barnes & Noble. He also held various financial positions at Woolworth Corp. Saks Fifth Avenue will not be replacing Archbold’s position, but its parent company, Saks Inc., intends to fill its CFO slot.

• Quaker Chemical has promoted Mark Featherstone to CFO and treasurer. He joined Quaker in 2001 as a global controller and was promoted to vice president and global controller in 2005. He will assume the finance chief position on April 9. He previously held financial management positions with Coty Inc. and Scott Paper Co. He started his career with Arthur Andersen.

• Hancock Holding Co. has named Michael Achary chief financial officer. Achary previously held the title of treasurer. Before joining Hancock in 2000, he was senior vice president at First Commerce Corp. and CFO for a New Orleans law firm.

• Glenn Christenson has stepped down as CFO of Station Casinos. He also held the titles of executive vice president, chief administrative officer, and treasurer of the casino company, which agreed to an $8.4 billion management-led buyout less than a month ago. Station Casinos has named Thomas Friel its principal financial officer and given him the titles of executive vice president, chief accounting officer, and treasurer.

• Robert Dowski has resigned as CFO of Allied Defense Group to work with a privately held, venture-backed firm. Deborah Ricci will take his place. Before joining the defense and security firm as controller and corporate secretary, Ricci was CFO of Hemagen Diagnostics; vice president of finance and administration of Schondstedt Investment Co.; and CFO and vice president of J.E. Morgan Knitting Mills.

• Bruce Jackson has joined Damon’s Grill as chief financial officer and secretary to the board of directors. He previously worked at Wendy’s International as regional finance director for the Midwest region. At his new job, Jackson will be challenged with working for a company in transition. Damon’s was acquired last year by Alliance Development Group Holdings.

• IMAX has appointed Joseph Sparacio as executive vice president of finance with the expectation he will become CFO in May. Edward MacNeil, who has been the interim CFO since Frank Joyce resigned last summer, will continue to work in a senior finance capacity. Sparacio previously served as senior vice president and CFO for programming company iN Demand. He was also the vice president of finance and controller for Loews Cineplex Entertainment, and he spent eight years working with Ernst & Young. Joyce left IMAX for the finance chief role at Macquarie Infrastructure Co.

• Biomet announced that its CFO, Gregory Hartman, is retiring following an internal investigation into its past stock option granting process. The company is restating 11 years’ worth of financial results. Hartman, who also served as senior vice president of finance and treasurer, will take on a consulting role with the company as it deals with the transition of Hartman’s and the executive vice president of administration’s departure. Biomet has appointed J. Pat Richardson as vice president of finance, interim CFO, and treasurer, effective April 11. The medical product company is searching for a permanent CFO replacement as well as a treasurer.

• Cloudmark has appointed Michael Williams as chief financial officer. Before joining the carrier-grade messaging security company, he was controller of the Oakland Raiders, chief operating officer of Steady Systems, and finance director of Corgi Toys.

• Transplace has recruited Steven Crowther as chief financial officer. Before joining the logistics company, he worked for Touche Ross & Co. and most recently as senior vice president and CFO of Tibbet & Britten Group.