EDS BRINGS IN REINFORCEMENT
Electronic Data Systems Corp., the $21.5 billion computer services company that suffered a run of bad news last fall, named a new CFO, Robert Swan, to replace James Daley, who had been CFO since 1999. EDS's September 2002 warning of sharply lower-than-expected third-quarter earnings caused its stock to dive. Subsequent bad news included losses caused by a stock hedging program, an informal SEC investigation and losses tied to UAL Corp.'s bankruptcy. Swan, 42, joins EDS from defense contractor TRW Inc., where he had been CFO since 2001. Earlier, he spent two years at online grocery wonder Webvan Group, where he served as CFO and later CEO, and 14 years at General Electric Co., where he served as CFO for three different GE units. Daley, 61, will remain at Plano, Texas-based EDS as executive vice president of client solutions, global sales and marketing.
CASSIDY NAMED GE TREASURER
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General Electric Co., the $125.6 billion conglomerate in Fairfield, Conn., promoted Kathryn Cassidy to treasurer and vice president. She succeeds James Bunt, who is retiring after nine years as treasurer and 33 years with the company. Cassidy, 48, had been treasurer of GE Capital Services since November 2001 and in that position oversaw the issuance of about $86 billion in term debt in 2002 and expanded the unit's back-up bank lines by $21 billion. Cassidy has worked for GE for 23 years in management positions in its various financial services businesses.
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E. I. du Pont de Nemours & Co., the $24.7 billion chemical company based in Wilmington, Del., promoted its controller, John Jessup, to treasurer and vice president. He was replaced as controller by Daniel Smith, who had been DuPont's director of corporate accounting and reporting and assistant controller since 1992. Jessup, 54, succeeds Susan Stalnecker, who was promoted to vice president of government and consumer markets for DuPont Safety & Protection. Jessup had been controller since 1995 and has worked at DuPont since 1974. Smith, 55, joined DuPont in 1972.
Aon Corp., a $7.6 billion insurance brokerage based in Chicago, said David Bolger joined the company as executive vice president of finance and administration and will add the title of CFO in April, when Harvey Medvin retires. Bolger, 45, spent more than 20 years at Bank One Corp. and its predecessors, including stints as executive vice president of Bank One, treasurer of First Chicago Corp. and CFO of American National Bank.
Patrick Conroy was appointed CFO and executive vice president of Penske Corp., a privately held truck leasing and auto dealership company with 2001 revenues of about $11 billion. Conroy, 39, had been Penske's senior vice president of finance. He joined Bloomfield Hills, Mich.-based Penske in 1999 from McDonald & Co., where he was a senior vice president in the investment banking department.
Tyco International Ltd. appointed W. Mark Schmitz as vice president of finance of its $10.6 billion Tyco Fire & Security unit. Schmitz, 51, replaces Skip Heger, who retired. Schmitz joins Tyco from Plug Power Inc., where he had served as CFO and vice president since 2001. Earlier, he spent 22 years at General Motors Corp., where he worked with David FitzPatrick, who is now Tyco's CFO. Schmitz's positions at GM included treasurer, controller and president of its Brazilian finance company, Banco General Motors.
Dan Hale was named CFO and senior vice president of Allstate Corp., the $28.8 billion personal insurance company based in Northbrook, Ill. Hale, 58, succeeds John Carl, who retired in mid-2002 for health reasons. Hale was CFO and executive vice president of Promus Hotel Corp. until 2000, following its acquisition by Hilton Hotels Group. He started his career at General Electric Co. in 1966 and spent 20 years in financial positions at GE, including serving as a managing director with GE's brokerage subsidiary, Kidder Peabody Group. Hale also worked for Chase Manhattan Leasing Co. and USF&G Corp.
Gap Inc., the $13.8 billion apparel chain that is working to reverse the sag in its sales over the last couple of years, hired Byron Pollitt away from The Walt Disney Co. to serve as CFO and executive vice president. He replaces Heidi Kunz, CFO at San Francisco-based Gap since 1999, who has resigned. Pollitt, 51, most recently was CFO and executive vice president for Walt Disney Parks & Resorts, whose head, Paul Pressler, became the Gap's president and CEO in September 2002. Pollitt had worked at Disney since 1990 and before that worked for McKinsey & Co.
HealthSouth Corp., a $4.3 billion provider of outpatient surgery and rehabilitative care based in Birmingham, Ala., reversed the changes in its executive line-up it made in August, when it had also announced plans to split off its surgery division. The company said in October it was canceling the spin-off. William Owens, who was promoted to CEO in August, will go back to being to CFO and executive vice president, and Malcolm McVay, who had been serving as both CFO and treasurer, will go back to being treasurer full-time. Richard Scrushy, the company's founder and chairman, will resume the position of CEO.
In April, Ann Godbehere will become CFO of Swiss Re, the $20.3 billion Zurich-based reinsurer. Godbehere, currently CFO of Swiss Re's property and casualty business, will replace John Fitzpatrick, who has been named head of the giant reinsurer's life and health business. Godbehere, 47, joined Mercantile & General Reinsurance Group in 1981, and became a Swiss Re employee when it bought M&G in 1996.
Jeffrey Boyer was named CFO and executive vice president of Michaels Stores Inc., a $2.5 billion chain of craft stores based in Irving, Texas. Boyer, 44, succeeds Bryan DeCordova, who left Michaels last fall to pursue other interests. In 2001, Boyer served as CFO of Kmart Corp. for six months. Earlier, he spent five years at Sears, Roebuck & Co., where his last position was CFO, and also worked at Kraft General Foods, Pillsbury Co., Quaker Oats Co. and the Nutrasweet Co.
Exide Technologies Inc., a $2.4 billion manufacturer of automotive and industrial batteries in Princeton, N.J., says it hired Biagio Vignolo Jr. as CFO and executive vice president. Vignolo, 54, succeeds Lisa Donahue, a principal in turnaround firm AlixPartners, who was brought in to help Exide as it underwent bankruptcy proceedings. Vignolo had been CFO and EVP of Sun Chemical Co. until August of 2001. Earlier he served as controller of American Bakeries Corp. and worked at Revlon Inc. and Peat Marwick & Mitchell.
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