CFOs on the Move: Week Ending May 4

Morgan Stanley, Wyeth, Boston Scientific, Nortel Networks, Fannie Mae, Ahold, Amtrak, Bacardi, Sunrise Senior Living, Korn/Ferry, Westinghouse Digi...
Sarah JohnsonMay 3, 2007

David Sidwell, executive vice president and CFO of Morgan Stanley, plans to retire by the end of the year. The financial services firm will replace him with Colm Kelleher, a 19-year veteran of Morgan Stanley and current head of global capital markets. Sidwell joined Morgan Stanley in 2004 after 10 years at JP Morgan Chase. He was the controller of JPMorgan before it merged with Chase. He started his career with PricewaterhouseCoopers. Before joining Morgan Stanley, Kelleher worked at Arthur Andersen.

• After 23 years with Wyeth, the CFO and vice chairman, Kenneth Martin, will leave the pharmaceutical company at the end of June “to pursue personal interests,” according to a company press release. He has been the finance chief since 2000. Wyeth plans to announce Martin’s replacement before he leaves.

Boston Scientific Corp. CFO Larry Best is leaving the company after 15 years. Sam Leno, CFO and executive vice president of finance and corporate services for Zimmer Holdings, will take his place. Leno will also hold the title of executive vice president of finance and information services. He has served as CFO and senior vice president of Arrow Electronics and CFO and executive vice president of Corporate Express. He also held a number of finance roles at Baxter International and American Hospital Supply Corp. According to Boston Scientific, Best plans to pursue an interest in private investing within the life sciences field. His last day is July 6.

• Nortel Networks has appointed its chief legal officer, David Drinkwater, as interim CFO. Before joining the telecommunications company, Drinkwater ran a consulting business and held various corporate directorships. He was also executive vice president and CFO of Ontario Power Generation. Nortel’s previous CFO, Peter Currie, left his job on April 30. He was Nortel’s finance chief from 1994 to 1997, when he left to be the CFO of North American Life Assurance and RBC Financial Group. He joined Nortel again in 2004.

• Former AOL finance chief Stephen Swad will be taking over CFO duties at Fannie Mae. Robert Blakely, who joined the mortgage-lending company to manage its restatement process, is leaving the CFO post but will retain the title of executive vice president through the end of the year. Blakely was no stranger to financially embattled companies; he helped clean up WorldCom after its accounting troubles. Swad left AOL in February, saying he was going to take a job at a private equity firm.

John Rishton, CFO of Ahold, will become the company’s acting president and CEO on July 1. Ahold’s current president and CEO, Anders Moberg, is leaving to “pursue other career interests,” according to a company press release.

Amtrak has hired William Campbell as CFO. He will begin his new job on May 21. He previously worked at the U.S. Department of Veterans Affairs and the U.S. Coast Guard as CFO. He fills the position at Amtrak left open by David Smith, who left the railroad in December. Most recently, Campbell was a director in KPMG’s Federal CFO Advisory Services group.

• Bacardi has named Graham Hetherington CFO. He succeeds Ralph Morera. Hetherington joins the privately held spirits company from Allied Domecq, where he was CFO for six years until it was acquired. Morera will become executive vice president.

Sunrise Senior Living has fired CFO Bradley Rush. The company, which operates assistant living homes, had suspended Rush with pay last month, saying that he had taken actions that were not in line with its document retention policy. According to Sunrise’s announcement on Thursday, Rush was terminated for cause, and will not receive severance payments. Chief accounting officer Julie Pangelinan will be acting CFO. Previously, she was vice president for accounting policy at Marriott International.

• Korn/Ferry International has promoted its CFO and chief operating officer, Gary Burnison, to CEO, effective July 1. His predecessor, Paul Reilly, will relinquish his chief executive role but will still be a full-time executive and chairman. Burnison joined the talent services company in 2002 as CFO and took on the COO title in 2003. He previously was principal and CFO of Guidance Solutions, executive officer and board member at Jefferies & Co., and a KPMG partner.

• Westinghouse Digital Electronics has hired John McAlpine as chief financial officer. Most recently, he held was executive vice president, CFO, and director at Targus Group International from 2002 to 2006. He also worked at AmerisourceBergen Drug Co. as vice president and CFO and held senior financial roles at Pioneer Electronics, Merisel, and Westec Security Group.

• Michael Healy has resigned as CFO and senior vice president of finance for Genesis Microchip “to pursue another opportunity,” according to a company press release. He is helping during the transition period as Genesis looks for his permanent replacement. Healy joined the company three years ago. He previously served as CFO of Jamcracker, and he held senior level finance positions at Exodus Communications. He also spent 10 years in management positions at Apple. He started his career at Deloitte & Touche.

• Tim Leyden is returning to Western Digital Corp. to eventually become its CFO. He previously worked at Western Digital from 1983 through 2000 and will assume the title of executive vice president of finance until September 1, when he will take over the position from Steve Milligan. In the meantime, he will report to Milligan. Leyden most recently served as senior vice president and CFO of Sage Software. He has also worked as a management consultant with Pittiglio, Rabin, Todd & McGrath.