In January, Qualcomm cut its 2002 earnings forecast in response to the slowdown in global growth. However, Keitel says that "other than just a general program within all Qualcomm to manage expenses very carefully, we don't have any plans for significant reductions."

Qualcomm has not been immune to the recent crop of accounting worries. In early February, the Center for Research and Analysis criticized the way Qualcomm reported transactions with start-up technology companies. Qualcomm defended its moves, noting that since 2000 it has disclosed in SEC filings its program of exchanging licensing for equity in start-up companies. The market has been dismissive of the center's charges, with Wachovia Corp. analyst Mark Roberts calling them "totally bogus."

Integrity of the Financials

Keitel says, though, that in the current environment, "a real key focus for Qualcomm finance is just the overriding integrity of our financials. It's something we've always put a lot of focus on, but in this environment, it has to fall very high on my priority list."

Keitel succeeds Anthony Thornley, who was named president and COO after having served as CFO and COO since last summer. Keitel had been Qualcomm's corporate controller since 1998, after joining the company in 1996 from Nortel, where he had worked in finance since 1983.

BALANCING CASH AND GROWTH AT DEFS

Lower energy prices are a double-edged sword for Rose Robeson, the new CFO of Duke Energy Field Services Corp. (DEFS) On the one hand, it means the Denver-based midstream energy company can continue to snap up companies as it has done in recent years. But low prices also cut into the free cash DEFS has on hand to make those purchases.

Striking a balance between those forces will be one of Robeson's biggest challenges. The company's revenues surged to $9.65 billion at the end of 2001 from $1.58 billion in 1998, with most of that growth fueled by acquisitions, including the 2000 joint venture between Duke Energy Corp. and Phillips Petroleum Co. that formed DEFS. And the company wants to continue expanding, says Robeson, 41, adding that "periods of low prices, such as we're currently in, are when opportunities for that growth come about." DEFS has done some debt financing, but that strategy will only go so far: Robeson wants to keep DEFS's debt rating at triple-B, which means it won't go the debt route too often.

With 75% of DEFS's revenues sensitive to commodity prices, Robeson's other big challenge is hedging. "We have a very active risk-management program," she says, and adds that she was already involved in the risk management effort while serving as DEFS's treasurer. The Enron Corp. debacle left the company with some minor scrapes. DEFS itself suffered a loss of about $2 million in receivables, while Teppco, a publicly traded master limited partnership of which DEFS is the general partner, lost $6 million.

Robeson joined DEFS as treasurer in May 2000 from Kinder Morgan Inc., where she held the same position. Earlier she worked at Total Petroleum Inc. and was a CPA with Ernst & Young and McGladrey & Pullen. As CFO, Robeson succeeds John Jackson, who left the company.

John Bryant was named chief financial officer and senior vice president of Kellogg Co., the $8.9 billion cereal and snack-food maker based in Battle Creek, Mich. He succeeds Thomas Webb, who is leaving the company. Bryant most recently was CFO of Kellogg USA, which produces about 70% of the company's revenues. He joined Kellogg in 1998 after working at Deloitte & Touche, Marakon Associates and A.T. Kearney.

Premcor Inc., a St. Louis-based oil refiner and marketer with revenues of $7.3 billion, named Bill Hantke CFO, replacing Ezra Hunt. Hantke was vice president of corporate development at Tosco Corp. until Phillips Petroleum acquired it in September 2001. Then he served as Phillips' controller. He joins Premcor along with three other former Tosco executives, including former Tosco Chairman and CEO Thomas O'Malley, who was named Premcor's chairman.

Marvin Rich joins Health Net Inc., a $9.1 billion managed health-care company based in Los Angeles, in the new position of executive vice president of finance and operations. Steven Erwin, Health Net's CFO, is leaving to pursue other interests, the company said. Rich, 56, was president of WebMD Corp. until September 2001 and earlier served as CEO of CareInsite Inc.

Collins & Aikman Corp., a $1.9 billion automotive carpet and parts maker in Troy, Mich., named Jonathan Peisner treasurer and senior vice president. Peisner, who had been senior vice president of communications, investor relations and business planning, replaces Charlie Nichols, who resigns later this year. Peisner joined Collins & Aikman in 1999 from Lear Corp., where he was director of investor relations.

Susan Kreh, 40, was named treasurer of PPG Industries, the $8.2 billion Pittsburgh-based manufacturer of coatings, glass, fiberglass and chemicals. Kreh, who joined PPG in 1985, most recently served as general manager of the optical monomers and coatings business and earlier worked in corporate finance and information technology positions. She replaces Daniel Kiener, who left PPG after 25 years to become CFO of Banta Corp., a $1.5 billion printing and supply-chain management company in Menasha, Wis. Kiener, 50, succeeds Gerald Henseler, who is retiring later this year after 36 years at Banta.