CFOs on the Move

Student Loan Corp.; Paxson Communications; BorgWarner; American Axle & Manufacturing Holdings; Aspect Medical Systems; Sonus Networks; Pixar Animation Studios; Hollister-Stier Laboratories.

  • The Student Loan Corp. named Daniel P. McHugh as its chief financial officer. He had been CFO of Citigroup Central Europe in its corporate and consumer businesses in the Czech Republic, Slovakia, Hungary, Romania, and Bulgaria as well as in its consumer business in Poland.
  • TV-station owner Paxson Communications Corp. named Richard Garcia, who has served as vice president, controller, and chief accounting officer since September 2003, as its chief financial officer.
  • Robin Adams is rejoining BorgWarner Inc. as chief financial officer and chief administrative officer, effective April 19. He had been vice president and treasurer of BorgWarner from 1993 to 1999.

Adams was most recently executive vice president-finance and chief financial officer at American Axle & Manufacturing Holdings Inc. Treasurer Michael K. Simonte will serve as acting CFO of American Axle until a permanent replacement is named.

  • Aspect Medical Systems Inc. appointed Michael Falvey to the post of vice president of finance. Following a nine-month transition period, Falvey will succeed Neal Armstrong as Aspect’s CFO in January 2005, when Armstrong is planning to retire, the company added. Armstrong will serve as a senior advisor to Aspect after retiring.

Falvey most recently served as vice president of finance at Millennium Pharmaceuticals.

  • Sonus Networks, a provider of “voice over IP” infrastructure solutions, announced as part of a major shuffling of executives that chief financial officer Stephen Nill will “transition” to a new role as vice president of business operations. Bert Notini, who has joined Sonus as president and chief operating officer, will serve as head of financial operations until a new CFO is named.

Notini most recently served as CFO of Manufacturers Services Ltd. He has been a member of Sonus’ board of directors since March 2003 and will continue to serve as a director. He resigned his position as chairman of the company’s audit committee, which now comprises non-employee directors.

  • Ann Mather, who is leaving Pixar Animation Studios as chief financial officer, is joining the board of directors of Central European Media Enterprises Ltd. She will also serve on the audit and compensation committees.
  • Hollister-Stier Laboratories LLC, a privately held contract manufacturer for the pharmaceutical and biopharmaceutical industries, announced that Richard Freeman will become its chief financial officer. Freeman most recently served as vice president for finance and administration and CFO of ILX Lightwave Corp.

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