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CFOs on the Move: Week Ending July 27

McDonald’s, Kellogg, Facebook, UST, Marsh Supermarkets, Buckeye, MCD, Boston Private Wealth Management, First National Bank of Pennsylvania, IceBre...
Kate PlourdJuly 26, 2007

• The CFO of McDonald’s will retire from the fast-food chain at the end of the year to pursue a teaching career. Matthew Paull served as CFO for six years and is credited with the company’s turnaround and resurgence during the past four years. Paull plans to teach undergraduate economics, finance, or international business at a university in San Diego.

• David Bryant, Kellogg Co.’s CFO and president of the company’s international division, will now oversee the company’s North American division, in addition to his role as CFO. The company’s former president of Kellogg North America, Jeffrey Montie, will move into the post of president of Kellogg International.

• The second largest social-networking website, Facebook, has hired away YouTube’s CFO Gideon Yu. The new finance chief is slated to begin at Facebook in September. Yu was the top finance executive at YouTube for less than a year, during which time Google bought the video website for $1.76 billion. Yu’s move to Facebook has Silicon Valley buzzing about whether the social networking site, second only to MySpace, will be bought out, or remain independent and potentially launch its own initial public offering. Facebook CEO Mark Zuckerberg insists that neither option will occur in the near future.

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• Raymond Silcock will become CFO for UST Inc., the holding company for U.S. Smokeless Tobacco Co. and International Wine & Spirits Ltd. Silcock will take the reigns in August from CFO Robert T. D’Alessandro, who is retiring after a seven-year stint with the company. Silcock, who will also serve as senior vice president of UST, is a food and beverage industry veteran. He was finance chief at Cott Corp. and Swift & Co., and was an executive at Campbell Soup Co. for 18 years.

• Marsh Supermarkets appointed Robert Riesbeck chief financial officer of the grocery chain. Riesbeck is the former CFO of American Golf Corp. and Cluett American Corp. He was also CFO and chief operating officer for the Hurley and Nike Bauer Hockey divisions of Nike Inc.

• Vance Powers has been named acting chief financial officer of Buckeye GP. He is currently vice president of finance and controller of the independent petroleum pipeline operator. Powers replaces Robert Wallace who resigned to pursue other interests. Buckeye has begun its search for a permanent CFO.

• David Doft will replace Steven Berns as chief financial officer of MCD Partners, effective August 10. Doft’s most recent position was overseeing media and Internet investments at the hedge fund Cobalt Capital. Berns, who was also the company’s president, is leaving the marketing communications services provider to pursue other business opportunities. MDC’s chairman and CEO Miles Nadal will take over as president.

• Boston Private Wealth Management has appointed David Kaye as chief financial officer of the financial services company. Kaye succeeds company president Walter Pressey, who has been serving as interim CFO. Kaye was previously senior vice president and CFO for Bank of America’s asset management organization, Columbia Management, and vice president and controller for Goldman Sachs Asset Management.

• Scott Free, corporate treasurer of First National Bank of Pennsylvania, was promoted to CFO this week. Free, who joined the company from First Merit Corp. in 2005, will continue to serve as treasurer as well.

• The mobile social software company IceBreaker Inc. has appointed David Laub as CFO. Laub, who oversaw financial operations for two international fishing companies where he was president of U.S. operations and CFO. He also spent 14 years with Arthur Andersen.

• Steven Sterin, vice president and corporate controller of global chemical company Celanese Corp., has been appointed senior vice president and CFO. Sterin will replace former executive vice president and CFO, John Gallagher, who was promoted to vice president and president of Acetyls and Celanese Asia. Sterin will take over immediately as Gallagher makes the move to the company’s headquarters in Shanghai.

• The Hanover Insurance Group has appointed John Leahy as executive vice president and chief financial officer. Leahy comes to the company from business and IT services firm Keane, where he was executive vice president and CFO since 1999. He also held financial, business, and strategy positions at PepsiCo.

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