From the November 2008 issue of Treasury & Risk magazine

Knocking More Cracks In That Glass Ceiling

Each year it seems they start younger. They're smarter, more talented and more qualified. There's no shortage of women in corporate finance, but the number of CFOs leading finance at various Fortune 500 companies remains at 38 for two years in a row, which is three more than in 2005. Progress to be sure, but slow indeed. Women senior executives aren't discouraged though; they're bright, determined and confident that one of these day's they'll shatter that glass ceiling for good. Here's this year's Treasury & Risk list of 25 outstanding leaders in finance who happen to be women.

Lougie Anderson
VP of Product Development; CTO, FiREapps Inc.

Anderson oversees the development of cutting-edge financial software, including the first software-as-a-service (SaaS) application to automate the calculation and analysis of corporate foreign exchange exposures.

Elizabeth Beshel
Global Treasurer, The Goldman Sachs Group Inc.

Beshel is managing Goldman's conversion to a bank holding company and the growth of its flagship U.S. bank. She continues to increase funding and liquidity, and to manage the firm's $1 trillion balance sheet.

Amy Woods Brinkley
Global Risk Executive, Bank of America Corp.

She stands in the eye of the economic storm, providing broad perspective, insightful counsel and clear management direction to risk managers at the largest U.S. consumer bank.

Sandra Cartie
Chief Audit Executive, Bristol-Myers Squibb Co.

Cartie is a change agent, successful at building focused teams, implementing rapid transitions and boosting the bottom line. She became chief audit executive, responsible for internal auditing, last December.

Pamela J. Craig
CFO, Accenture Ltd.

Despite the enormous demands on her time as one of Accenture's leaders, Craig makes mentoring women at the world's largest consulting, technology services and outsourcing firm, a top priority.

Sallie A. DeMarsilis
SVP and CFO, Movado Group Inc.

DeMarsilis is driving significant productivity improvements and expanding the scope of existing functions through a global enterprise resource planning program, regionalization and a company-wide cost savings program.

Elizabeth A. Duke
Governor, Federal Reserve System

The board's seventh female governor in its 95-year history, Duke brings a wealth of hands-on banking experience and expertise to the Fed at the most challenging time for the U.S. economy.

Margaret M. Foran
EVP, General Counsel and Secretary, Sara Lee Corp.

She has been with Sara Lee only since leaving Pfizer in June, but Foran brings with her a reputation for integrity in corporate governance shaped over a three-decade career.

Talia Griep
VP and Controller, Honeywell International Inc.

Thanks largely to Griep, Honeywell achieved near world-class performance in statutory reporting in 2008. Griep is also driving a seamless transition for the company to international accounting standards.

Victoria D. Harker
EVP and CFO, The AES Corp.

Harker oversaw the restructuring that transformed AES' finance organization into one integrated worldwide team. She leads 1,500 finance professionals and manages a portfolio of about $40 billion in assets in seven currencies.

Martina Hund-Mejean
CFO, MasterCard Inc.

Jumping to MasterCard from Tyco International last year, Hund-Mejean believes that a finance team that is embedded in the business is critical to the company's long-term success.

Julie Monaco
Managing Director and Head of Global Transaction Services, North America, Institutional Clients Group, Citigroup Inc.

Appointed to this new position in August 2007, Monaco has shifted the unit's focus from products onto client segments, a move that has boosted short-term revenue and promises longer-term success.

Melissa Moore
EVP, JPMorgan Chase & Co.; CEO, JPMorgan Treasury Services

Moore has led treasury services to top industry rankings and awards--and to swelling coffers--that reflect innovative treasury, cash management, liquidity and trade finance solutions for global clients.

Alicia H. Munnell
Peter F. Drucker Professor of Management Sciences, Boston College's Carroll School of Management; director of BC's Center for Retirement Research

With more Baby Boomers losing sleep over retirement security, her wealth of experience at the Fed, the Treasury Department and in academic circles has made Munnell a go-to expert in the field.

Marie Quintero-Johnson
VP and Director of Mergers and Acquisitions, The Coca-Cola Co.

Quintero-Johnson oversees Coke's M&A and divestiture transactions. She managed the company's largest single acquisition--of vitamin water firm Glaceau--last year and was integral to the recent buyout of Chinese juice maker Huiyuan.

Vanessa Manning
Corporate Director and Head of North American Liquidity Advisory Team, ABN AMRO Bank NV/ The Royal Bank of Scotland Group

Manning and her team are responsible for creating and delivering innovative, customized domestic and global liquidity management strategies for North American-based commercial clients of the RBS Group.

Elizabeth O'Melia
SVP and Treasurer, The McGraw-Hill Cos.

O'Melia's leadership made it possible for McGraw-Hill to successfully refinance its credit facilities, ensuring that the global information services provider maintains its liquidity position even during constrained market periods.

Mary Quist-Newins
State Farm Chair in Women and Financial Services, The American College

Occupying the only academic chair in the U.S. devoted to studying women and financial services, Quist-Newins has held positions at Thrivent Financial, ING Advisors Network and American Express.

Maeve Robinson
Treasurer, Omnicom Capital Inc.

Robinson oversees the North American treasury operations and global reporting of advertising and marketing communications conglomerate Omnicom, where she has implemented treasury systems that employ straight-through and paperless processing.

Amy Schioldager
Managing director and head of U.S. indexing, Global Index and Markets Group, Barclays Global Investors

Schioldager oversees the U.S. indexing business of Barclays Global Investors, the world's largest index manager. Recently, her team launched a new fund invested in certain pre-emerging market economies.

Marilyn Spearing
Head of Trade Finance and Cash Management Corporates, Global Transaction Banking, Deutsche Bank AG

Under Spearing's guidance, Deutsche Bank's trade finance and cash management offering has taken the lead in the Single Euro Payments Area (SEPA) and extended its leadership in the Americas and Asia.

Rosemarie S. Teta
VP, Comcast Capital Corp.

At subsidiary Comcast Capital, 22-year company veteran Teta brings discipline to the consolidation of cash, treasury operations and investments as Comcast continues to expand its communications empire.

Jolene L. Varney
SVP of Corporate Finance, Dr. Pepper Snapple Group Inc.

When Dr. Pepper Snapple was spun off from Cadbury Schweppes in May, Varney executed the demerger and associated financing and successfully established the new company's finance organization.

Pam Wapnick
Treasurer, Amgen Inc.

Since joining the company 10 months ago, Wapnick has focused on implementing best practices, tools and processes that are transforming Amgen's treasury team into a best-in-class organization.

Ann E. Ziegler
SVP and CFO, CDW Corp.

Ziegler, who joined IT product and services provider CDW earlier this year, is a different kind of CFO, able to draw upon broad experience as a lawyer, a manager and a financial executive.

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