"Historically, we've been a highly decentralized company," says

McCarville, 55, senior vice president of corporate finance. "We're moving to a more

centralized model for a couple of reasons. One is that our customers are demanding it because they are concentrating as well. Another is to get more

efficiencies by taking advantage of our scale."

McCarville began his quarter century at Sara Lee as assistant to the

treasurer in 1976. He ascended to treasurer and senior vice president of corporate development. Last fall, he assumed the newly position he now

holds. Sara Lee has no plans to replace him.

"The first phase of my career dealt with traditional treasury management

stuff," says McCarville. "I helped to streamline and modernize the treasury function and put in new cash management systems and a more up-to-date

foreign exchange management system."

His most recent tasks involved putting in a new organizational structure

following the departure of the company's former treasurer and other top staffers two years ago. McCarville says he played a key role in attracting

Diana S. Ferguson to the treasury post last January from paper manufacturer Fort James, which was acquired by Georgia-Pacific.

"I knew that this was going to be a transitional role because at the time, we

did not have a treasurer–the treasury function reported to me," he says.

"So my job was to hire the new treasurer, get that person installed and coordinate various aspects of the treasury and tax activities, because they

were very separate."

McCarville's departure comes at a time when Sara Lee is reexamining its

business portfolio amid a weaker economy. Indeed, a tough U.S. retail climate and the sagging euro (40% of Sara Lee's sales are in Europe) led to

an 8% year-to-year decline in fiscal third-quarter earnings to $241 million.

At the same time, Sara Lee has been shedding noncore and

underperforming units, using the proceeds to snap up new assets, buy back shares and retire debt. In June the company sold its British baking unit to

Ireland's Hibernia Foods for an undisclosed sum. In July, Sara Lee announced the acquisition of St. Louis-based Earthgrains, the No. 2 U.S.

bread maker, for $1.8 billion in stock and the assumption of about $950 million in debt.

"We have a lot of options today," McCarville says. "I think it is an

interesting time to look at different kinds of financial transactions."

As for his own plans? "I'd like to move on to something entrepreneurial," he

says. –David S. Ortiz

PEOPLE ON THE MOVE

Polaroid, in Cambridge, Mass., named William Flaherty CFO. He replaces

Carl Lueders, who had been acting CFO since Judith G. Boynton resigned in January. Before joining Polaroid, Flaherty was CFO at Avid Technology.

Harry L. You, 42, has been named CFO of Accenture, the consulting unit

spun off of accounting giant Arthur Anderson. You replaces Mike McGrath, 54, who had served as CFO since September 1997 and who now becomes

the company's treasurer. You previously worked at Morgan Stanley as a managing director.

Montreal-based Alcan, the world's second-biggest aluminum company,

named Geoffery Merszei CFO. Merszei, 49, has been treasurer of Dow Chemical since 1996. He spent more than 23 years with the company,

including stints as director of finance in Europe and in Hong Kong. Merszei succeeds Suresh Thadhani, who is retiring. Meanwhile, Dow named

Fernando Ruiz, who had been director of insurance and risk management and assistant treasurer, to replace Merszei as treasurer.

Class ring and yearbook company Jostens lost both its CFO and treasurer.

The Minneapolis-based company is conducting a search to replace CFO

William Priesmeyer, who quit at the end of June after four years at the

company. Separately, treasurer Lee U. McGrath resigned June 15 to pursue other opportunities after more than five years at Jostens. Jack Larsen,

director of corporate development, will take responsibility for treasury and investor relations in addition to his other duties.

Martin Inglis was promoted to CFO of Ford Motor Co., replacing Henry

Wallace, a 30-year veteran who was named head of the auto maker's Asia-Pacific operations. Inglis, 50, had been head of Ford North America

since January 2000. Since joining Ford in 1971, he has held both finance and operating positions in Asia, Europe and the U.S.

Hershey Foods, of Hershey, Pa., promoted CFO Frank Cerminara to senior vice president from vice president. R. Montgomery Garrabrant has

assumed Cerminara's joint title of treasurer. Garrabrant, formerly vice president, corporate development and financial services, reports to

Cerminara.

Somers, N.Y.-based Pepsi Bottling Group named Alfred

Drewes, 45, as senior vp and CFO. He replaces Lionel Nowell, also 45, who the firm said

left to pursue outside opportunities. Drewes had been CFO of Pepsi-Cola International, one of the two main divisions of PepsiCo.

RealNetworks, the Seattle-based media software company, said its CFO,

Paul Bialek, is resigning for personal reasons. Bialek joined the company in

1998 after serving as CFO of Metapath Software.

When Tennessee-based Eastman Chemical splits into two public companies

at year-end, Albert Wargo, 47, currently its treasurer, will become CFO and

treasurer of the new PET, plastics and acetate fibers unit.

James P. Rogers, 50, Eastman's CFO, will retain that title and also serve as

chief operating officer for the remaining specialty chemicals company, which will be called Eastman Co.

George MacKenzie, vice chairman and CFO of Hercules, retired from the

Wilmington, Del.-based chemicals company. Hercules, which is exploring a

sale, has no plans to replace him. Finance functions will be handled by

treasurer Stuart Shears and by Fred G. Aanonsen, who joined the company in June as controller after 25 years at Union Carbide, most recently as

director of accounting.

McDonald's named Matthew H. Paull CFO of the restaurant chain,

replacing Michael Conley, who is retiring. Paull had been senior vice president of finance at the company since 1999, overseeing tax, insurance

and facilities. He joined the company in 1993.

Barry Sullivan, 56, has been named treasurer of Armstrong Holdings, a

producer of wood flooring, linoleum and cabinets that is currently in Chapter 11 federal bankruptcy proceedings. Prior to joining the Lancaster, Pa.-based

company, Sullivan was treasurer at RailWorks Corp.

Following Continental Airlines' appointment of former CFO

Lawrence W. Kellner, 42, as president, the Houston-based airline reshuffled its finance

department. Gerry Laderman, Continental's senior vice president of finance, added the title of treasurer and will be responsible for treasury, corporate

finance, investor relations and fleet, fuel and risk management. Jeff Misner, who had been treasurer, was promoted to senior vice president of finance,

in charge of corporate accounting and tax, financial planning and analysis, flight profitability and internal audit. Misner will also handle the remaining

CFO duties.

Jeffrey P. Freimark, 46, joined Shaker Heights, Ohio-based OfficeMax as

CFO. Freimark had been president, CEO and CFO of supermarket chain Grand Union. He replaces Jeff Rutherford, 40, who resigned to pursue other

opportunities.

Jesse L. Greene Jr., senior vice president of strategic planning at Compaq

Computer, left the Houston-based company at the end of June to pursue other interests. Greene had been CFO until March, when then-vice

president of finance and strategy Jeff Clarke took the position. Greene's M&A duties

have been assumed by treasurer Ben Wells, while Compaq's strategy and competitive intelligence groups now report to chief technology

officer Shane Robison.

Gregory Sphar has been promoted to CFO of Mylan Laboratories from his

former position as vice president, finance, of the Pittsburgh-based pharmaceutical company. Former CFO John Hanson quit in June after

seven months on the job. Mylan said he left because of disagreements over the direction of the company.