BANKING ON MILLER FOR DEALS
Former Citibank CFO Heidi Miller was named CFO of Bank One Corp., which has $260 billion of assets and $24.5 billion in 2001 revenues, after joining the Chicago-based bank in March as executive vice president of strategy and development. The prior CFO, Charles Scharf, 37, was named Bank One's chief executive officer of retail. Miller, 49, worked with Bank One Chairman and CEO Jamie Dimon at Citibank. She made headlines in early 2000 when left Citibank's CFO to join tiny e-commerce start-up priceline.com Inc., in a move that seemed to exemplify the dot-com frenzy of the time. She spent less than a year at priceline, jumping in January 2001 to insurance services company Marsh Inc., where she was vice chairman. Some analysts see Miller's naming as CFO as a sign that Dimon is preparing to do some deals, given her experience integrating acquisitions at Citibank.
TAKING THE TELECOM CHALLENGE
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It's out of the frying pan and into the fire for Thomas Horton, who's leaving American Airlines parent AMR Corp. to sign on as CFO and senior executive vice president of troubled AT&T Corp. The airline industry has its problems, but $52.5 billion AT&T is going through major changes as it prepares to sell off its broadband unit to Comcast Corp. and concentrate on the hyper-competitive long distance business.
Horton replaces Charles Noski, who remains vice chairman, but plans to leave AT&T following the sale later this year. Noski was reportedly in line for AT&T's top job, but was apparently less interested after the broadband sale, which will shrink AT&T's size considerably. Still, that may bode well for Horton, who had been CFO and senior vice president of $18.9 billion AMR. The top finance job at the name-brand telecom will be high profile and, at 41, being CEO of AT&T one day soon could be an appealing prospect.
Horton joined American in 1985 as a financial analyst, and after serving in a number of finance positions, he was named vice president of its European operations. American named Jeffrey Campbell to replace Horton. Campbell, 41, joined the airline in 1990 and most recently was vice president of European operations.
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Ford Motor Co. brought back its retired vice chairman, Allan Gilmour, to serve as CFO and vice chairman of the $162.4 billion auto maker. Gilmour, 68, replaces Martin Inglis, 51, who was appointed group vice president of business strategy. Inglis had been CFO since August 2001. Gilmour retired from Ford in 1995 after a 34-year career that included stints as vice chairman, member of the board of directors, CFO, controller and president of Ford Motor Credit Co.
Qwest Communications International Inc., the $19.6 billion telecom company whose accounting practices are being scrutinized by federal regulators, named Oren Shaffer vice chairman and CFO. Shaffer, 59, replaces Robin Szeliga as CFO. Szeliga, 41, remains an executive vice president and will focus on reducing Qwest's debt. Shaffer was CFO of another telecom, Ameritech Corp., from 1994 to 2000, and concluded his 25-year career at Goodyear Tire & Rubber Co. as its CFO. He joins Qwest from Sorrento Networks.
Barnes & Noble Inc., which sold $4.9 billion of books and video games last year, hired a banking executive, Larry Zilavy, as its new CFO. Zilavy, 52, most recently was executive vice president of IBJ Whitehall Bank & Trust Co., where he had worked since 1992. Earlier he spent 11 years in commercial banking at Chase Manhattan Bank. Zilavy replaces Maureen O'Connell, who was promoted to executive vice president of finance.
Dynegy Inc., the $42.2 billion Houston-based energy company, appointed Louis Dorey to replace departing CFO and executive vice president Robert Doty. Doty resigned amid an SEC investigation of the company's accounting practices involving its energy trading. Dorey, 46, joined Dynegy in 1997 and most recently was president of its energy marketing division.
Andrew Bonfield was appointed CFO and senior vice president of $19 billion Bristol-Myers Squibb Co. Bonfield, 39, succeeds Frederick Schiff, who left the New York-based pharmaceutical company in April after serving one year as CFO. Bonfield most recently served as executive director of finance at BG Group PLC, a British energy exploration and production company, and earlier was CFO at SmithKline Beecham.
Chris Hall was promoted to CFO and executive vice president of Rite Aid Corp., the $15 billion drugstore chain based in Camp Hill, Pa. His predecessor as CFO, John Standley, was promoted to senior executive vice president and chief administrative officer. Hall, 37, had been Rite Aid's executive vice president of finance and accounting. He joined Rite Aid in January 2000 after serving as CFO at Golden State Foods and senior vice president of finance at Ralphs Grocery Co.
Dole Food Co. Inc., the $4.8 billion producer of fresh fruit, vegetables and flowers that's based in California, named Richard J. Dahl CFO and vice president. Dahl, 50, had worked for Bank of Hawaii since 1981 and had served as its president since 1994. He replaces Kenneth Kay, who left Dole after serving as CFO since 1999.
Xerox Corp., the $17 billion office machine maker based in Stamford, Conn., hired a retired IBM executive, Lawrence Zimmerman, as CFO and senior vice president. Zimmerman, 59, replaces Barry Romeril, who retired at the end of 2001. Zimmerman retired from IBM in 1998 after a 31-year career. He had been the senior finance executive for IBM's server division from 1996 to 1998. After retiring, he served for a year as CFO and executive president of System Software Associates.
Warren Jenson was named chief financial and administration officer and executive vice president of Electronic Arts Inc., the world's biggest video game publisher. Jenson, 45, had been CFO of Amazon.com Inc. since 1999. He replaces Stan McKee, who plans to retire. Before joining Amazon, Jenson served as CFO for Delta Airlines and General Electric Co.'s NBC television network.
New York Life Insurance Co., the $21.9 billion New York City-based insurer, named Michael Sproule CFO and senior vice president. Sproule, 54, had been the company's acting CFO for almost a year, since the previous CFO, Howard Atkins, left to join Wells Fargo & Co. Sproule joined New York Life in 1999 as senior vice president for mergers and acquisitions from AmerUs Group Co., where he served as CFO. Earlier, he did strategic and M&A consulting at Tillinghast-Towers Perrin and worked for 17 years at MetLife in a variety of roles.
Timothy Kullman was appointed CFO and senior vice president of PETsMART Inc., a $2.5 billion retailer of pet supplies. Kullman replaces Thomas Liston, who had served as interim CFO since December 2001. Kullman most recently was CFO and executive vice president for Hagemeyer North America Holdings Inc., a division of Hagemeyer NV, a global distribution company. Earlier he served as CFO for two grocery chains, Genuardi's Family Markets Inc. and Delchamps Inc.
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