CFOs on the Move: Week Ending June 29

HSBC, Wachovia, Blockbuster, Morningstar, Alcon, TiVo, Princess Cruises, ONI Medical Systems, NeoMedia, Apollo Management, Cardinal Bankshares, NIC...
Sarah JohnsonJune 28, 2007

• Former GE Healthcare finance executive Iain Mackay will begin his new job as executive vice president and CFO of HSBC North America in mid-July. He replaces Chris Spooner, who had been the interim CFO after Simon Penney retired last year. Spooner heads the Group Financial Planning and Tax division for HSBC Holdings plc. In addition to working in various General Electric units starting in 1996, Mackay held public accounting positions with Thomson McLintock and PricewaterhouseCoopers.

• Wachovia Corp. has named Pete Carlson corporate controller and principal accounting officer, positions he had been filling since October. He will report to Wachovia CFO Tom Wurtz. Carlson has been with the financial services company since 2002 and has served as director of external reporting for the past three years. He began his career with Arthur Andersen.

• Larry Zine plans to leave his CFO post at Blockbuster by the end of the year. The company has not specified who will replace Zine or whether an external search is underway. Zine, who joined Blockbuster in 1999, wants to relocate to New Mexico to retire, according to the company.

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• Morningstar has appointed Scott Cooley as CFO, effective August 10. As reported in March by, Cooley’s predecessor, Martha Dustin Boudos, is stepping down after six years as finance chief to take on a role that gives her more time to spend with her family. The investment research provider has still not specified what the role will entail but said Boudos will “work closely” with Cooley during the transition. Cooley has worked at Morningstar for the past 11 years, most recently as co-CEO of Morningstar Australia and Morningstar New Zealand. He was also once the editor of Morningstar Mutual Funds, a print product, and senior manager for the company’s U.S. Web site. Before joining Morningstar, Cooley was a bank examiner for the Federal Deposit Insurance Corp.

• Jacqualyn Fouse will step down after five years as senior vice president and CFO of Alcon Inc. to take on a similar role at Bunge Ltd., a food company. The eye-care company plans to name a new CFO in the next several weeks. Drew Burke, who has served as Bunge’s interim CFO since April, will return to his full-time job as co-CEO of Bunge Global Agribusiness. Before joining Alcon in 2002, Fouse was finance chief at SwissAir during the time that it collapsed. Along with several other former executives of the airline, she was recently acquitted of charges she contributed to the collapse by a Zurich district court. She will be leaving Alcon for the second time. Earlier in her career, she was a group treasurer for its majority owner, Nestle SA, and she held several positions with Alcon from 1986 to 1993, including manager of corporate investments and domestic finance. She also worked at Celanese Chemical and LTV Aerospace and Defense.

• Steve Sordello has resigned as CFO of TiVo after less than one year in the role. He has taken the finance chief job at LinkedIn Corp., an online professional network. TiVo is searching for Sordello’s replacement, and he has promised to help during the transition. Sordello previously was the CFO of Ask Jeeves, and he held senior finance roles at Adobe Systems and Syntex Corp.

• Alan Buckelew, a former CFO, has been promoted to president and chief executive of Princess Cruises. He most recently served as president of the vacation company for the past three years. In addition to holding the finance chief title, he has held the titles of executive vice president of corporate services and chief information officer. He joined Sitmar Cruises — which was acquired by Princess in 1988 — 30 years ago.

• Paul Falvey has taken on the CFO role at ONI Medical Systems, which develops MRI systems. He previously was director of finance at Shields Health Care Group. He replaces Mark Shooman, who joined the company last July. Shooman previously was CFO of Clinical Data.

• David Dodge has resigned as vice president and CFO of NeoMedia Technologies after five years with the company for personal reasons. Corporate controller J. Scott Womble will temporarily take his place. Womble has also worked at Bonded Builders as corporate controller.

• Tom White has joined Apollo Management L.P. as an operating executive to monitor investments in the transportation and logistics industry. Previously, he was CFO of Hub Group Inc. and a partner at Arthur Andersen.

• Cardinal Bankshares Corp. has appointed Alan Dickerson as vice president and CFO. The small bank holding company’s news comes five years after an administrative law judge said it should reinstate the job of David Welch, the former CFO who became the first person to win protection under the Sarbanes-Oxley Act’s whistle-blower provision. The judge’s ruling was recently overturned. Dickerson replaces Stephanie Sigman, who resigned in May to work at an accounting firm in another state.

• Eric Bur has resigned as CFO of NIC Inc., which provides Web services to government agencies. The company says Bur is pursuing other opportunities after six years with the NIC. As the company searches for his replacement, vice president of finance Steve Kovzan will oversee the NIC’s financial operations.

• Salem Communications Corp. has made several changes to its executive positions, including moving David Evans from executive vice president of new business development and CFO to division president of new business development of interactive and publishing. Evan Masyr, formerly the vice president of accounting and finance, will take his place as finance chief and also hold the title of senior vice president. Salem publishes books and magazines and owns radio properties.

• Moldflow Corp. has promoted Gregory Magoon to executive vice president, CFO, treasurer, and assistant secretary to replace Christopher Gorgone, who has resigned to pursue other interests. Magoon previously was the company’s corporate controller. He started his career with PricewaterhouseCoopers. Moldflow provides design analysis for the plastics injection molding industry.

• John Thero is leaving pharmaceutical company Acusphere Inc. to pursue other interests. Thero, who held the titles of senior vice president of finance and administration, CFO, treasurer, and secretary, will help during the transition. Frederick Ahlholm, vice president of finance, will serve as interim principal financial officer. He has been with the company since 2005.