CFOs on the Move: Week ending December 14

Siemens, Shire, O2 UK, Greencore, RWE
Jason KaraianDecember 14, 2007

• Siemens, the German electronics and engineering firm, has revoked the appointment of Hannes Apitzsch as CFO of its industrial sector. After appointing him only a week ago, the company said that new information it examined from the Nuremberg public prosecutor’s office led it to conclude that a “re-evaluation of the compliance screening” of Apitzsch was required. The prosecutor is investigating whether inappropriate payments were made by Siemens to a labour union. The company said that a new appointment for the industrial sector CFO post will be announced soon.

• In June, Angus Russell will rise from CFO to CEO of Shire, a UK-based pharmaceutical group. He replaces Matthew Emmens, CEO since 2003, who will become non-executive chairman. Russell joined Shire as CFO in 1999.

• Another finance chief stepping up to chief executive is Ronan Dunne at O2 UK, the British arm of Spanish telco Telefónica. Dunne, CFO since 2005, replaces Matthew Key, who will become CEO of O2 Europe in February.

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• Greencore, the Irish food group, joined the crowd and announced that it was promoting its CFO, Patrick Coveney, to CEO in April. Coveney joined the firm in 2005 from McKinsey, where he was an Ireland-based managing partner.

• German utility RWE announced that RWE Innogy, a renewable-energy business, will be launched in February. The company intends to invest €1 billion a year in the unit. Its CFO will be Hans Bünting, a 12-year RWE veteran who most recently served as group head of risk management.