Mackie Is Gone
Robert G. Scott, CFO of Morgan Stanley Dean Witter since 1997, has popped to the top amidst a recent management upheaval at the investment bank. The firm, which dropped the “Dean Witter” from its name in January, announced that Scott will take over the role of president from longtime colleague John Mack, who is resigning at the end of March. Chairman and CEO Philip Purcell, who was at Dean Witter before the merger, will retain his title and assume charge of the key institutional securities group that Mack had directed.
Analysts had mixed feelings about Mack’s resignation, which followed a well-publicized tussle with Purcell over the future leadership of the company, which Mack apparently lost. The resignation comes on the heels of some major leadership turnover in the institutional securities group, the retirement of veteran executive Peter Karches last fall, and two consecutive disappointing earnings announcements.
“I’m very disappointed that John Mack is gone, but given that he is, Bob’s probably exactly the right person,” says Mark Constant, an analyst with Lehman Brothers. “The question is how all these departures, and possible future departures, will impact the franchise strength over the intermediate and long term.”
Morgan Stanley’s chief strategic administrative officer, Stephen S. Crawford, will fill Scott’s CFO spot, the announcement said. Scott was unavailable for comment. Shares dipped slightly following the announcement of Mack’s resignation, but surpassed preannouncement levels in the following weeks.
HE’S A LOANER
Jack Remondi is collecting for USA Education Inc. The former SVP of finance at USA has been named EVP and CFO of the top provider of student loans. The position has been vacant since last year’s merger with Sallie Mae.
Judith Boynton, 49, is no longer in the picture at Cambridge, Mass.-based Polaroid Corp. The former CFO resigned in order to pursue “broader career opportunities.” The announcement came one day before the company reported a fourth-quarter loss. Carl L. Lueders, now serving as treasurer and VP, becomes interim CFO.
Chiquita Brands International Inc. peeled James B. Riley out of the CFO spot at turbine manufacturer Elliott Co. Riley, 49, was named finance chief for Chiquita, replacing Warren Ligan, who left the Cincinnati-based company last year.
HEAD OF THE CLASS
Randall S. Livingston is college- bound. Livingston was CFO of OpenTV Corp. before joining Stanford University as CFO and VP of business affairs. He replaces Mariann Byerwalter, who–after serving for five years at Stanford–has decided to return to the private sector.
Basil Anderson, 53, thinks retirement sounds mmm- mmm good. The CFO of Camden, N.J.-based Campbell Soup Co. retires effective April 30. He plans to pursue opportunities for “personal growth and development.” His successor has not yet been named.
In other retirement news, The Spiegel Group announced the departure of its CFO, James W. Sievers. Jim Cannataro, EVP and CFO of Spiegel division Eddie Bauer, will replace Sievers at the Downers Grove, Ill.- based clothing retailer.