With just over five months until Utah’s 2002 Winter Olympic Games begin, the Salt Lake Organizing Committee (SLOC) is passing its trials with flying colors. Since February, when the CFO mantle was passed from Fraser Bullock (who remains as COO) to 34-year-old Brett Hopkins:
* Microsoft Corp. stepped up to take over as Internet sponsor for the Games, after Quokka Ventures filed for bankruptcy-court protection and dropped out as the Olympic Web-site provider.
* A federal judge threw out four racketeering counts against two former Salt Lake City Bid Committee executives who were accused of making illegal payoffs to bring the Games to Utah –a ruling that puts the entire case on hold.
* The SLOC kept the budget to a bargain $1.3 billion, less than half what Nagano, Japan, spent on its Winter Games, in 1998.
The judge’s decision may have caused the biggest sigh of relief, as some had predicted that an embarrassing trial would begin just before the opening ceremonies. But Microsoft’s last-minute save of SLOC’s Internet plan was major, too. Plus, budget cutting and revenue raising has all but eliminated a forecasted $379 million revenue shortfall.
“We’ve now raised about $850 million from sponsors,” says Bullock. “Compare that with Atlanta, which was a Summer Games and much larger; they raised $484 million from sponsors.” Bullock and Hopkins predict the Games will break even– their goal all along.
Hopkins’s next big job: managing the coming increase in finance and material logistics staff from 125 to a projected 200.
The Times they are a-changin’–their CFO, that is. Leonard P. Forman, an SVP of The New York Times Co., will replace John M. O’Brien, who will retire from the CFO position by year’s end. Forman and O’Brien will work closely during the transition.
It’s a Dun deal. Sara Mathew has become SVP and CFO of financial information publisher Dun & Bradstreet Corp., headquartered in Murray Hill, N.J. Mathew previously served for 18 years at Procter & Gamble Co. She replaces Chester J. Geveda Jr., who was acting CFO, and who continues as VP and controller.
THE NUMBERS GAME
Culver City, Calif.-based Game Show Network has a new host in the corporate office, former IFILM SVP and CFO Brent Willman. This is a newly created position at the 24-hour game-show programming service.
Ford’s new CFO, Martin Inglis, has real drive. Inglis, who succeeds Henry Wallace as finance chief, has been with Ford since his 1971 induction as a graduate trainee at Ford of Britain. Wallace plans to retire later this year from the Dearborn, Mich.-based automotive giant.
Donald Heroman must be a real people person. People’s Bank, based in Bridgeport, Conn., has placed him in the EVP and CFO positions, replacing George Morriss, who left in March to pursue other interests. Heroman currently serves as SVP and treasurer of Atlanta-based SunTrust Banks Inc.