Job Hunting

Did the CFO Find No Balm in Gilead?

Caroline Dorsa resigns after only 2 months to pursue "another opportunity," days before its year-end conference call.
Stephen TaubJanuary 21, 2008

Gilead Sciences Inc. said that Caroline Dorsa has resigned as Chief Financial Officer after just two months on the job.

The biopharmaceutical company said she is leaving “to pursue another opportunity,” and gave no further details.

Last week, the company announced that it plans to release its fourth quarter and year-end results this Wednesday, and said that Dorsa would be one of the company’s executives scheduled to lead a live conference call after the market’s close.

Dorsa joined Gilead from Avaya Inc., where she served as senior vice president and CFO for less than a year. Avaya has agreed to a private equity buyout.

Prior to joining Avaya in 2007 she spent 20 years at Merck & Co., most recently as vice president and treasurer. She held that position from 1994 to last year.

Last week, we noted that Avaya made finance-related news when an Illinois man was arrested for allegedly receiving $469,000 from Avaya, even though he never had worked for the telecommunications provider. According to press reports, the individual, Anthony Armatys, was charged with theft for allegedly receiving electronic payroll bank deposits from Avaya.

The company belatedly discovered that checks had been mistakenly deposited into Armatys’s account for nearly five years, the Associated Press reported earlier. It seems Armatys accepted a position with Avaya a number of years ago, but changed his mind before he actually began working there.

In Gilead’s announcement, the company said that it plans to initiate a search for a new CFO.

In the interim, chief operating officer John F. Milligan will immediately reassume the additional responsibilities of CFO, which he previously had from 2003 until 2007.

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