Goldman’s New Guru
When The Goldman Sachs Group LP agrees to underwrite an IPO, often one of its first suggestions is to bring in a new CFO. The New York investment bank is now practicing what it preaches. In anticipation of a $2 billion offering this spring, Goldman appointed David Viniar as CFO. He takes the reins from John Thain, who was promoted to co-COO in January. A corporate shake-up at that time led to the ouster of former co-CEO John Corzine.
Kellogg Co. is losing some of its snap, crackle, and pop. John Hinton resigned as CFO, along with three other high-ranking executives, ahead of the appointment of a new CEO. The struggling cereal maker, based in Battle Creek, Mich., has yet to name a replacement.
The spring line at AnnTaylor Stores Corp. includes new CFO Barry Erdos. The former COO of J. Crew succeeds Walter J. Parks, who resigned from the New York-based women’s apparel retailer in March
. St. Louis-based specialty-chemicals manufacturer Sigma-Aldrich Co. is looking for a hero in newly appointed CFO Michael R. Hogan. He takes over a position that has been vacant since the mid-1998 departure of Peter Gleich. Hogan was formerly VP and controller at Monsanto Co.
Sure, it’s not as big as winning an Oscar, but Miramax Films’s Talk Media division is pleased to name Gerard A. Fragetti CFO. He was formerly EVP and CFO of News Corp.’s News America Publishing division. Talk Media, based in New York, was launched last July to produce media content, including Talk magazine by Tina Brown, former editor of Vanity Fair and New Yorker magazines.
The National Association of Securities Dealers Regulation Inc. announced a deal of its own with Salvatore F. Sodano. Sodano was named COO in addition to his CFO post at the stock-market regulatory organization, which owns Nasdaq Stock Market Inc. and the American Stock Exchange. He takes over for Richard G. Ketchum, who remains NASD president.
Burlington, Mass.-based Open Market Inc. is in the market for a new CFO. Regina Sommer left in April to pursue other interests after four years with the provider of Internet commerce software. Brad Nelson, currently CIO, was appointed interim CFO while the company searches for a successor.
On a sad note, the CFO community mourns the loss of Ann Greer Rector. Rector, the CFO of Owens & Minor Inc., a Richmond, Va., distributor of medical supplies, for four years, died in March. She was 41 years old.
A New Day for Sears
With sales stagnant and profits down, Sears, Roebuck and Co. is tired of the softer side of its financials. Enter new CFO Julian C. Day, a British-born surfer and runner, who left a rejuvenated Safeway Inc. in mid-1998 and took over finance at the giant retailer in March of this year. Not surprisingly, Sears went outside for a turnaround specialist, and Day is considered one of the best. Having studied at the school of Kohlberg, Kravis, Roberts & Co., he took a struggling Safeway, where he was CFO, and helped CEO Steven Burd turn the Pleasanton, Calif., supermarket chain into the envy of the industry, with an annual growth rate of 34 percent over the last five years. At Safeway, Day combined store expansion and acquisitions with aggressive cost-cutting.