CFOs on the Move: Week Ending March 14

Deutsche Bank, Ace Hardware, Tyco, WellPoint, Sally Beauty, Shuffle Master, Delta Uranium, Invacare, Ullico, Big Band, Cistera, Thomson-Reuters, En...
Kate Plourd and Laura CameronMarch 13, 2008

• Former BMW CFO Stefan Krause has been named to succeed Anthony di Iorio, who is retiring as chief financial officer of Deutsche Bank. Krause, who will start October 1, also was appointed to the bank’s management board, effective April 1. He served as CFO at BMW from 2002 to September 2007.

• Ace Hardware Corp. has appointed its first-ever CFO. Dorvin Lively will fill the spot left open by Ace’s vice president of finance who resigned last year after an independent investigation of the hardware company’s $152 million accounting mishap revealed a lack of internal controls and human error. Lively, who was previously CFO of Maidenform Inc. and corporate controller at Toys “R” Us, will take the post March 20.

• Tyco International Ltd. has hired former Pepsico executive Arun Nayar as its treasurer and senior vice president. Nayar, who previously was CFO for operations of Pepsico, will report to CFO Christopher Coughlin.

• WellPoint Inc.’s CFO Wayne DeVeydt will take on the added role of chief accounting officer, after Jamie Miller resigned from her position to take on the role of vice president, comptroller, and CAO at General Electric. At WellPoint, Miller also held the titles of senior vice president and controller.

• The CFO of Sally Beauty Holdings, David Rea, will resign April 11 to spend more time with his family and pursue other interests. Rea will remain with the distributor of beauty supplies for three months following his resignation. Current chief accounting officer and controller Mark Flaherty will oversee the finances while the company searches for Rea’s replacement.

• Gaming supply company Shuffle Master Inc. has announced that its current chief accounting officer, Coreen Sawdon, will serve as the Las Vegas-based company’s CFO. Shuffle Master’s acting CFO Paul Meyer will continue to serve as president and chief operating officer. Before Sawdon joined the company in 2005, she was the vice president of finance at GES Exposition Services and spent 10 years in public accounting.

• Toronto-based Delta Uranium has named Miles Nagamatsu as its finance chief. Nagamatsu has worked in finance, accounting, management, lending, restructuring, and turnarounds for more than 25 years. He has served as a CFO for public and private companies and has been a self-employed business consultant.

• Invacare Corp. has appointed its director of business development and investor relations, Robert Gudbranson, as its CFO and senior vice president of the home and long-term care medical products manufacturer. Starting April 1, Gudbranson takes on a slate of responsibilities at the Elyria, Ohio-based company, including the finance, treasury, internal audit, investor relations, and IT functions.

• A former CFO of Conesco, David Barra, has been named CFO for financial services company Ullico Inc. Barra rose through the finance leadership at Conesco during his 18-year tenure. He will report directly to CEO Mark Singleton, who served as CFO prior to his promotion to chief executive three years ago.

• Video networking company Big Band Networks appointed Maurice Castonguay as senior vice president and chief financial officer. Castonguay has a plethora of experience in finance at high-technology companies. He served as CFO for publicly traded high-tech companies, such as Xylogics Inc., Stratus Computer Inc., and MatrixOne Inc.

• Richard McDowell will be the new CFO of Plano,Tx.-based Cistera Networks, taking over for co-founder Cynthia Garr, who has been serving as acting CFO. The company says the move is aimed at strengthening the company’s corporate governance. McDowell was formerly finance chief for Enlightened Age Entertainment, Inc., a Dallas-based technology startup company.

• Reuters finance director David Grigson will not join the executive board of Thomson-Reuters when the merger is completed on April 17. He plans to take six months away from corporate life when he steps down in May.

• German utility company Energie Baden-Wuerttemberg (EnBW) has announced that its CFO of eight years, Christian Holzherr, is leaving the company on April 30 to take up the same post at German pharmaceutical retailer Celesio. He will replace outgoing CFO Felix Zimmerman, who has been appointed deputy chairman at German mail-order company Takkt.

• FD Jim Smart announced his resignation from British life insurer Friends Provident amid discussion of a takeover bid by American private equity group JC Flowers. Smart will be leaving to seek new challenges in August.

• Swiss logistics company Panalpina has appointed Marco Gadola FD to replace Juerg Honegger, who is stepping down for personal reasons. Gadola will continue as CFO of Swiss dental implant maker Straumann until he assumes his new post this fall.

• German engineering technology company GEA Group has announced that Hartmut Eberlein will remain CFO until April 2009, when he plans to resign from the executive board. GEA has begun searching for a successor.

• Aidan Smith, FD of U.K. real estate investment trust Liberty International, will resign at the end of March. The company has appointed Ian Durant, formerly CFO of Bermuda-based marine container leasing company SeaContainers, as his successor.

• U.K. plastic and fiber products supplier Filtrona has named the director of corporate development Steve Crummett as its new FD. He will replace Steve Dryden, who is leaving the company on March 31 to become the group FD of U.K. packaging manufacturer DS Smith.

• Richard Johnson, joint managing director of entertainment producer Endemol UK, has been named CFO of the same division in a reshuffle of the company’s London-based operations.

• U.K. IT services provider Sungard Availability Services has appointed Steve Lea as FD. Prior to joining SunGard, Lea was general manager of finance and operations for the European operations of American software company RealNetworks.

4 Powerful Communication Strategies for Your Next Board Meeting