In Good Hands
The CFO post at Allstate Corp. is changing hands. John L. Carl was named the new finance chief and SVP at the Northbrook, Ill., insurance giant. He succeeds Thomas J. Wilson, who was recently named president of the Allstate Life Insurance Co. unit. Carl was formerly EVP and CFO of BP Amoco Corp.
The restructuring of Barney’s Inc. is hanging by a thread. CFO Ed Lambert announced he will resign from the New York-based owner of upscale retail stores along with CEO Tom Shull and Paul Jen, vice president of marketing. The three executives are partners at Meridian Ventures Inc., which was hired to complete a turnaround. Barney’s emerged from Chapter 11 bankruptcy in January.
Get with the Program
Warren Edwards, SVP of finance at Affiliated Computer Services Inc., learned an important lesson recently: Don’t fire someone because he or she has jury duty. ASC was forced to settle a wrongful-termination suit brought by Jennifer Sutton, who alleged she was fired when she left to serve on a jury. Edwards was also hauled into court by District Judge John M. Marshall and reprimanded, according to reports.
CVS Corp. will refill its soon-to-be-vacant president and COO positions with Charles C. Conaway, who is currently CFO. Conaway will take over for Thomas M. Ryan, who is assuming the post of chairman of the drugstore chain later this month. The firm has launched a search for a new CFO.
Juliet Reising logged into the CFO spot at Mindspring Enterprises Inc., an Atlanta-based Internet service provider. The post has been open since October, when Mike Misikoff stepped down to spend more time with his family. Reising was previously CFO of AvData System Inc., in Atlanta.
An American in London
Michael O’Neill became the latest executive to defect from BankAmerica Corp. since it merged with NationsBank last year. O’Neill, who was CFO of Bank- America before the merger and head of the combined bank’s asset management and investment operations, left to become CEO of Barclays Plc, the UK’s second-biggest bank. His former boss, David A. Coulter, resigned in October from BankAmerica, where he was second in command.
It’s not often that a CFO requests a demotion, yet Anthony R. Leach is moving from CFO of Occidental Petroleum Corp. to VP of finance, “to devote more time to his family and professional interests.” EVP of corporate development Stephen I. Chazen takes over as CFO of the Los Angeles-based company.
Reid Johnson stepped down as SVP and CFO of Venator Group Inc. after the New York-based owner of such retailers as Foot Locker and Champs Sports was downgraded by Standard & Poors’s Ratings Service to a BB credit rating. Venator named Bruce L. Hartman, formerly VP of corporate shared services, to replace him.
The Incredible Hull
Just a few weeks into his new job as CFO of Marvel Enterprises Inc., Robert Hull was called on to help complete a $250 million high-yield bond offering. The move put the finishing touches on Marvel’s emergence from two years of a bitter bankruptcy, and financiers Ronald Perelman and Carl Icahn, who at times owned controlling interests in Marvel, are now out of the picture. Now, says Hull, with a top management team, plenty of cash, and no more legal squabbles, Marvel is poised for growth. “Not only are we alive and healthy, there is a tremendous opportunity to leverage our intellectual property,” says Hull. “The Marvel brand and character library is one of the most valuable assets in the entertainment industry.”