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CFOs on the Move: Week Ending January 11

General Motors, MTV, Sallie Mae, Exelon, Volvo, Smart Balance, Edgar Online, Yankee Candle, Trident Microsystems, IDT, MF Global.
Sarah JohnsonJanuary 10, 2008

• Former General Motors CFO John Devine will reportedly become chairman of Dana Corp., which is expected to emerge from bankruptcy this month, two years after filing for Chapter 11. According to the Wall Street Journal, Devine is one of several individuals with automotive company experience slated to serve on Dana’s board. The list includes Jerome York, former CFO of Chrysler. Two years ago, Devine’s five-year contract with GM expired, and the company appointed Frederick Henderson in his place. Devine also served as CFO of Ford Motor Co.

• Jacques Tortoroli has been named executive vice president and CFO of MTV Networks, a unit of Viacom. Tortoroli will assume his new job in March after transitioning from his current post as Viacom’s controller and chief accounting officer. He previously was CFO of Infinity Broadcasting, Westwood One, Scient Inc., and Young & Rubicam Inc. He also spent 12 years at PepsiCo in various financial roles. He began his career with KPMG.

• John Remondi has returned to SLM Corp (commonly known as Sallie Mae). Now vice chairman and CFO, Remondi previously joined the student loan company in 1999. Most recently, he was a portfolio manager at Par Capital Management.

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• Energy Future Holdings, formerly known as TXU Corp., has hired John Young, executive vice president of finance and markets at one of its major competitors, Exelon. Young will serve as the company’s first CEO following its acquisition last year by Kohlberg Kravis Roberts. At Exelon, Young also served as president of Exelon Generation, managing the company’s nuclear, fossil, and hydro operations. Previously, he was senior vice president of Sierra Pacific Resources. From 1983 until 2000, he worked at Southern Co. Exelon plans to announce a new CFO after its board meets in late January.

• Volvo CFO Par Ostberg will take over the company’s Asian truck operations in April. Ostberg’s successor will be named during the first quarter of this year. In addition to CFO, he has held the title of president of Volvo Treasury Asia, and he served as CFO of Renault Trucks.

• Smart Balance Inc. has moved CFO Bob Gluck to chief operating officer. Alan Gever, vice president of financial planning and analysis, will take his place. Prior to Smart Balance, Gluck spent more than 20 years with Bestfoods/CPC
International, followed by four years with Unilever United States Inc., in executive positions focused on operations, finance, and business development. As for Gever, he formerly served as CFO and general manager of the Nabisco Refrigerated Foods Group. He was also named Nabisco’s first vice president of global procurement.

• Greg Adams, Edgar Online’s CFO and chief operating officer, has resigned to pursue other interests. He will continue to serve as CFO until either March 15, 2008, or when the firm files its 2007 annual report. The financial information company is looking for Adams’ successor. He joined Edgar in 1999.

• The Yankee Candle Company Inc. has hired Bruce Hartman as senior vice president of finance and CFO, replacing Bruce Besanko, who left the company last summer to work at Circuit City Stores. Hartman has served as the CFO of Cushman & Wakefield since 2006. He also held the CFO title at Foot Locker and the divisional CFO role at May Department Stores. In addition, he held various senior finance and leadership positions with Netco Automation and Dayton Hudson – Lechmere. He will join Yankee Candle in February.

• Trident Microsystems has appointed Pete Mangan as vice president of finance and interim CFO. He fills the slot left open by John Edmunds, who left the provider of digital TV technology in December to serve as Inphi Corp.’s CFO. Mangan most recently served as director of finance at Spansion. He also worked at Compxs as vice president of finance and administration and at Asyst as director of finance. In addition, he held senior financial positions at Advanced Micro Devices, Form Factor, Trident Microsystems, Real Chip Communications, and Genesis Microchip. Trident is conducting a search for a permanent CFO, and said Mangan will be considered as a candidate.

• IDT Corp’s chief operating officer and CFO are switching roles. COO Stephen Brown will become CFO and treasurer. He had previously served as the company’s CFO for more than a decade after joining the company in 1995. Marc Oppenheimer, who took the CFO post last August, will now oversee operations.

• Amy Butte has resigned as CFO of MF Global Ltd. to pursue other opportunities. She joined the broker in 2006 from the New York Stock Exchange, where she had been finance chief. MF Global has named chief administrative officer Ira Polk as interim CFO. He was the company’s CFO from 1999 until Butte was hired.

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