CFOs on the Move: Week Ending June 1

Cardinal Health, Perry Ellis, WellPoint, Cytec Industries, VeriSign, Postini, Titan Energy Worldwide, Owens & Minor, VML, Inclinix.
Sarah JohnsonMay 31, 2007

• Cardinal Health has made adjustments after its principal finance officer resigned. The company has moved Jim Hinrichs, senior vice president and CFO of its clinical technologies and services division, to executive vice president and controller, effective June 29. He joined the company three years ago as vice president of investor relations after serving as CFO of Sangstat Medical Corp. and holding various senior financial positions with Merck & Co. Hinrichs and Stuart Laws, the newly appointed vice president and chief accounting officer, replace Eric Slusser, who has resigned to become the CFO of another company. Laws previously was the CFO of Damon’s International, and he has held various management positions at Ernst & Young.

• George Pita, CFO of Perry Ellis International, has resigned, effective June 18, “to pursue other interests,” according to the retailer. Thomas D’Ambrosio, senior vice president and corporate controller, will fill in as interim CFO until a permanent successor is named. Before joining Perry Ellis two years ago, D’Ambrosio was vice president of finance at Office Depot and divisional controller of Blockbuster.

• David Colby has resigned as CFO of WellPoint at the request of the current and incoming CEO as well as the board of directors. Wayne DeVeydt will take his place. Without explaining why Colby is resigning, the health benefits company said he violated WellPoint’s code of conduct. “Given the non-business nature of the violations, the company will make no further comment on the circumstances resulting in the resignation,” the company said in a press release. DeVeydt joined the company two years ago as senior vice president and chief accounting officer.

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• James Cronin will retire as executive vice president and CFO of Cytec Industries at the end of June after 14 years in the role. He joined Cytec’s predecessor company, American Cyanamid Co., in 1983 and held a variety of financial positions before becoming CFO of Cytec. In 1998, he won CFO magazine’s CFO Excellence Award.

• One-time CFO William Roper Jr. is the new president and CEO of VeriSign. He replaces Stratton Sclavos, who has resigned.
Roper, who has served as a director of VeriSign since November 2003, most recently served as executive vice president of Science Applications International Corp., a technology services company. He also was SAIC’s CFO from 1990 to 2000.

• Postini has appointed Murray Demo as executive vice president and CFO. He previously worked at Adobe Systems for 10 years, the last six of which were as the finance chief. He also held various leadership roles at Miller Freeman, Visionary Corporate Technologies, First Image Management, and GM Hughes Electronics. He also serves on the board of directors for Citrix Systems.

• Titan Energy Worldwide has hired James Fahrner as CFO and vice president of administration. Fahrner previously served as vice president and controller of DTE Energy Technologies from 2000 to 2006. He has also worked at JPE Inc. as executive vice president and CFO; Gelman Sciences as vice president and CFO; and Coopers & Lybrand as an audit manager.

• Owens & Minor has named James Bierman as CFO, effective June 13, to replace Jeffrey Kaczka. Kaczka, who became CFO in 2001, will stay with the company during the transition period. Bierman joins the medical-supply distributor from Quintiles Transnational Corp., where he was CFO. He started his career at Arthur Andersen.

• VML, a marketing technology company, has appointed Jim Bellinghausen as CFO. He most recently was vice president of finance and CFO for Saia Inc. He also held finance jobs at YRC Worldwide and Arthur Andersen.

• Inclinix, a pharmaceutical company, says Robert Bernosky has been promoted from CFO to the new position of executive vice president of strategic activities. He will be examining industry trends, giving guidance for the financial direction of the company, and “enhancing shareholder value,” according to a company press release. Jeffrey Reiniche will take his place. He previously held financial jobs at Click Commerce, Health Alliance, and PricewaterhouseCoopers.