CFOs on the Move: Week Ending October 19

UPS, Intel, Mazda, Quest Software, Ryder System, Level 3, Korn/Ferry, Jefferies Group, Sage Group, Meta Financial, Rockwell Automation, StarCite.
Sarah JohnsonOctober 18, 2007

• UPS has promoted five-year CFO veteran Scott Davis as its new CEO. He will succeed Mike Eskew as chairman and chief executive when Eskew steps down at the end of this year. Kurt Kuehn, senior vice president of global sales and marketing, will fill Davis’ spot. He has been with the company for 30 years, nine more than Davis. UPS credited Kuehn with being the first of its vice presidents of investor relations after he played a key role in the company’s 1999 IPO. As for Davis, the package delivery company described his CFO term as one in which he served with Eskew as “an architect of the UPS strategy, helping the company expand through acquisitions and investments in new products and technology.” Davis began his finance career with Arthur Andersen. He has also worked at reinsurance company Overseas Partners Ltd., where he was CEO.

• Andy Bryant, who has been the CFO of Intel Corp. for the past 13 years, is now the company’s chief administrative officer, a new position. Stacy Smith, the assistant CFO for the past 18 months, will take his place. The company says these moves are part of its long-term succession planning process. Bryant joined Intel in 1981 and became CFO in 1994. “Andy Bryant is one of the most respected financial officers in the world,” said Paul Otellini, Intel president and CEO. Smith has been with Intel for 19 years.

• Matthew Foulston is the new senior vice president and CFO of Mazda’s North American operations. He replaces Shinji Mizukane, who returned to the car company’s headquarters in Japan. A 22-year veteran of Ford Motor Co., Foulston most recently was controller, material planning and logistics, for Ford. He has held a variety of other finance roles in the U.S. and Europe, including three years as controller, large and luxury vehicles, for Ford in Germany.

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• Quest Software has appointed its treasurer, Scott Davidson, as CFO. Davidson replaces Michael Lambert, who quit earlier this month to take the CFO job at Advanced Medical Optics. Davidson previously was director of corporate treasury and investor relations at Citrix Systems. As a five-year veteran of Quest, Davidson is well aware of its financial troubles. The company has delayed updating its financial results to correct accounting errors for stock options. A year ago, Lambert’s predecessor, M. Brinkley Morse, resigned after refusing to answer questions about the company’s stock option practices during his tenure.

• Ryder System has named Robert Sanchez CFO to replace Mark Jamieson, who is leaving the transportation company to become the finance chief at HD Supply, a building material distribution company. Previously, Sanchez served as executive vice president of operations of Ryder’s Fleet Management Solutions. A 14-year veteran of Ryder, Sanchez’s positions there have included chief information officer and finance director of global financial analysis. He has also worked at Florida Power and Light as an applications engineer and Pratt & Whitney Aircraft as a controls engineer.

• Level 3 Communications Inc. has ousted CFO Sunit Patel and is searching for his replacement. The company is looking for someone with more “operational and financial management” skills. Patel is staying with the company during the search by CTPartners. The company plans chose its next CFO by the end of the first quarter in 2008. In the meantime, CEO James Crowe said he will “work hard to convince” Patel to stay with Level 3 in a new role. Patel joined Level 3 in 2003. He previously was CFO and co-founder of Looking Glass Networks. He also was once the treasurer of MCI WorldCom and treasurer of MFS Communications.

• Korn/Ferry International has hired Stephen Giusto as executive vice president and CFO. He previously was the finance chief at Resources Connection Inc., which he co-founded in 1996, for the past eight years. At the talent services firm, Giusto replaces Gary Burnison, who was promoted from CFO and chief operating officer to CEO in July. Giusto has also worked at Deloitte & Touche in its real estate practice.

• Jefferies Group Inc. has appointed Peregrine C. de M. Broadbent as executive vice president and CFO. He joins the investment bank from Morgan Stanley, where he had worked for 16 years. Most recently, he was a managing director and head of institutional controllers. He previously worked at Coopers & Lybrand. He will join Jefferies later this quarter, replacing Joseph Schenk, who is retiring at the end of the year for family reasons.

• The Sage Group, a U.K.-based software company, has let go of Jim Eckstaedt, the CFO heading its North American business. The company also made other management changes to that unit, including the departure of the CEO of North America. Among them, Andrew Griffith, group director of treasury and mergers and acquisitions, will be the acting CFO of North America. He previously was a group financial controller. Sage is looking for a permanent regional CFO.

• Jonathan Gaiser has resigned as senior vice president, secretary, treasurer, and CFO of Meta Financial Group. The holding company has replaced him with David Leedom on an interim basis. For nearly a year, Leedom has served as senior vice president of portfolio credit and business analytics at MetaBank. He previously was an executive vice president for Bankfirst.

• Rockwell Automation Inc. has named Theodore Crandall senior vice president and CFO. He has been filling in as acting finance chief since April. He previously was head of the company’s control products and solutions segment for Rockwell, where he has worked for nearly 30 years. Among his previous titles was controller of Electronics Corporation of American when it was acquired by Rockwell. Crandall filled the CFO spot following the sudden departure of James Gelly after almost three years in the role.

• StarCite Inc. has hired Richard Fagan as CFO. This summer, he left the finance chief post at InterDigital Communications after nine years with the company to pursue “entrepreneurial interests.” At StarCite, which provides solutions for meetings and corporate events, Fagan will be responsible for all of its financial and legal functions. Before joining InterDigital, Fagan was the controller and treasurer of Quaker Chemical Corp.