Certain jobs require a love of adventure. But when Enrico Dallavecchia decided to leave JPMorgan Chase & Co. in June to become Fannie Mae's first chief risk officer, it took real courage.
Dallavecchia was moving to the housing-finance giant only weeks after the company agreed to pay $400 million in penalties to federal regulators for accounting fraud. Fannie Mae also had to take steps to improve its internal controls, risk management practices and corporate culture. Essentially, Dallavecchia's new job would be to make sure that his employer lives up to the settlement.
As CRO, Dallavecchia–who is also executive vice president–reports to the president, CEO and board of directors. He is responsible for measuring, reporting and monitoring Fannie Mae's risk profile and formulating appropriate risk policies.
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While centralizing rigorous risk assessment is not uncommon at companies, particularly at financial services operations–Dallavecchia was head of market risk management for the chief investment office and retail financial services at Chase–it is still being defined at Fannie Mae. That is "the broader challenge," says Dallavecchia. Added to that is the fact that so many executives have left Fannie Mae–by choice and not.
Dallavecchia points to two factors that have helped him. The first is the attitude of those who have stuck it out at Fannie Mae and want to get things right again; the second is his approval authority as CRO. It changes the dynamic when people know "they need the CRO's signature before they can move on day-to-day activities," he says.
Dallavecchia is a firm believer that most companies need a CRO: "You want to have [someone senior with] oversight over practices and policies that ensure consistency and reduce operational risk. At Fannie Mae, it could be about losing customer information; at another company, about producing a more efficient car that has fewer faults." Ultimately, someone needs the kind of visibility and authority that comes with the CRO job.
SEARS HOLDING CORP. named Craig T. Monaghan CFO of the $55 billion retailer, effective Sept. 1. Monaghan, 49, joins Sears, which is based in Hoffman Estate, Ill., from AutoNation Inc., where he was executive vice president and CFO.
He assumes the position from William Crowley, 47, who moved to chief administrative officer of Sears Holdings a year ago. Earlier, Monaghan served as CFO of iVillage.com and spent a total of 13 years in senior finance positions at Bristol-Myers Squibb Co. and General Motors Corp.
CA INC. appointed Nancy E. Cooper as executive vice president and CFO of the $3.8 billion software company, based in Islandia, N.Y. With nearly 30 years of finance experience, Cooper, 52, joins CA from IMS Health Inc., where she served as senior vice president and CFO. Prior to that, Cooper was CFO at Reciprocal Inc., a digital rights management and consulting outfit. Cooper replaces Robert Cirabisi, 42, who has acted as interim CFO for the past three months. Cirabisi returns to his role as CA's corporate controller.
EMC CORP. promoted David Goulden to executive vice president and CFO of the $10.2 billion data storage maker, based in Hopkinton, Mass. Goulden, 46, has headed customer operations for two years. In addition to finance, he will lead IT and the international development team. Before joining EMC, he was president and COO of Getronics Americas, an IT services provider. Goulden takes over from William J. Teuber Jr., 54, who was recently named vice-chairman, assisting CEO Joseph M. Tucci in day-to-day management.
BANK OF NEW YORK CO. named Thomas P. Gibbons CFO. The senior vice president and chief risk officer takes over for the current CFO and vice-chairman, Bruce W. Van Saun, who will take charge of the bank's market-related businesses, such as asset management and global markets. Since joining the bank in 1986, Gibbons, 49, has held key leadership roles, including serving as head of global treasury.
An industry leader in operational risk management, Gibbons has orchestrated BNY's preparation for Basel II implementation.
GENENTECH INC. promoted Robert Andreatta to controller of the $7.8 billion biotech company, based in South San Francisco, Calif. Andreatta joined Genentech in 2003 as director of collaboration finance and has held finance positions of increasing responsibility. Before joining Genentech, he was COO and CFO at biosciences company HopeLink Corp. Prior to that, Andreatta was an audit partner with KPMG. He takes over from John Whiting, who remains vice president for finance and chief accounting officer.
CVS CORP. named Paula A. Price senior vice president, controller and chief accounting officer at the $37 billion pharmacy retailer, based in Woonsocket, R.I. Price, 44, joins CVS from JPMorgan Chase & Co., where she was senior vice president and CFO for the institutional trust services division. Earlier, she held senior finance positions at Prudential Financial, RJR Nabisco, Kraft Foods and Sears, among others. Price received her M.B.A. from the University of Chicago. She succeeds Larry Solberg, who left the company to pursue other interests.
LIMITED BRANDS INC. has promoted Martyn Redgrave to CFO, replacing Ken Stevens, who is retiring. Redgrave, 54, joined Limited Brands in 2005 and currently serves as chief administration officer. He will retain those duties along with his new finance role. Before joining the $9.8 billion, Columbus, Ohio-based retailer, Redgrave was executive vice president and CFO for Carlson Cos. Redgrave also spent 14 years at PepsiCo Inc., serving in senior finance
positions, including CFO of PepsiCo subsidiary Taco Bell.
FORD MOTOR CO. promoted Peter Daniel to senior vice president and controller. Daniel, 59, is currently vice president of Ford's Asia Pacific and Africa division and has served in senior finance positions overseas since joining Ford in 1971. Meanwhile, James Gouin, the current vice president and controller of the $170.4 billion, Dearborn, Mich.-based auto maker, was named vice president of finance, strategy and business development of international operations. Gouin, 46, joined Ford in 1979.
HARRAH'S ENTERTAINMENT INC. promoted Jonathan S. Halkyard to CFO. Halkyard, 41, will add CFO duties to his current role as senior vice president and treasurer of the $9.8 billion casino operator, based in Las Vegas. Halkyard joined Harrah's in 1999 as director of finance at its Lake Tahoe operations and held several senior finance positions before being named treasurer in 2003. Halkyard succeeds Charles L. Atwood, 58, who was promoted to vice chairman of the Harrah's board of directors.
ARCELOR MITTAL CO. named Aditya Mittal CFO of the company. Additionally, he will be responsible for the Flat American business. Arcelor Mittal was formed this year by the $31.9 billion merger of Luxembourg-based Arcelor and Mittal Steel. Prior to being appointed to his current position, Mittal, 31, served as the president and CFO of Mittal Steel. He is the son of its founder Lakshmi N. Mittal. Arcelor Mittal is the world's largest steelmaker, with combined revenues of $43.3 billion in the first six months of 2006.
USEC INC., a supplier of enriched uranium fuel for nuclear power plants, announced the promotion of John C. Barpoulis to senior vice president, CFO and treasurer. Barpoulis, 41, has been the acting CFO since February 2006, when Ellen C. Wolf resigned to become CFO at American Water Co. Barpoulis joined USEC, which is based in Bethesda, Md. with $1.6 billion in sales, in March 2005 after serving as vice president and treasurer for National Energy & Gas Transmission Inc., formerly a subsidiary of PG&E Corp.
SCANIA AB, a leading manufacturer of trucks, buses and heavy machinery, promoted Jan Ytterberg to CFO. He will also join the executive board at the $8.8 billion, Stockholm-based heavy equipment maker. Currently senior vice president and controller, Ytterberg, 45, joined the company in 1987 as a trainee and was promoted four years later to a management position. Prior to being named controller, Ytterberg served as finance director of Scania Latin America from 2002 to 2004. Scania is a leading maker of industrial engines.
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