Discovery Communications has created four new CFO positions to head up the corporate finance function at the company’s U.S. Networks brand businesses. The move is aimed at “increasing shareholder value by providing more robust financial planning and management for Discovery’s U.S. networks,” says Roger Millay, chief financial officer of Discovery Communications. “This new organizational structure supports our efforts to drive financial discipline and good governance and provides clear reporting lines for senior management. Shareholder value creation and margin expansion are at the forefront of our company’s growth strategy, and we are positioning finance to fully support, and help drive forward, these key objectives.”
The company, which calls itself the number-one nonfiction media company, says the quartet of finance chiefs will be assigned to the Discovery Channel, TLC, Animal Planet, and Planet Green. Under the new structure, the four network CFOs will work closely with each network’s president and chief operating officer, and will lead finance teams embedded within the groups they serve.
To ensure consistent financial governance, the brand network CFOs will report to Neal Kirsch, executive vice president and CFO, U.S. Networks, the company says.
The four new CFOs include:
• Kristen Welch, responsible for Discovery Channel and The Science Channel. She is an 18-year Discovery veteran who most recently was vice president of financial planning and analysis for U.S. Networks Finance. In her new role, Welch will provide strategic financial guidance and management of Discovery’s flagship network and help lead efforts to improve global content collaboration.
• Ben Teicher, responsible for Animal Planet, Discovery Kids Media, and Planet Green. He most recently was senior vice president and CFO of Discovery’s Education Division. He previously was an executive at The Walt Disney Co. and Nestlé USA.
• Doug Baker, responsible for Discovery Health Media Enterprises and for Digital Media, Emerging Networks, and Business Development. He most recently was senior vice president and CFO of Discovery Commerce. He previously helped lead growth at The Picture People and Hallmark Cards.
Discovery also says it expects to appoint a network CFO for TLC as that organization formalizes its plans and structure under new president and general manager Angela Shapiro-Mathes.
