From the July-August 2009 issue of Treasury & Risk magazine


Citigroup, the New York City-based bank with $52.8 billion in revenue, has named John Gerspach CFO. Edward Kelly, the bank's finance chief since March, has been appointed vice chairman. Gerspach, 55, most recently was Citi's controller and chief accounting officer. Since signing on at Citi in 1990, he has served as CFO and chief administrative officer for various units of the bank. Before joining Citi, Gerspach was CFO of Penn Central Industry Group and comptroller for the defense contracting group at ITT Corp.

Cigna, the $19 billion health insurer, named Annmarie Hagan CFO and executive vice president. She succeeds Michael Bell, who is leaving to become CFO and senior vice president of Toronto-based Manulife Financial. Hagan, 48, has served as Philadelphia-based Cigna's chief accounting officer since 2001 and added the title of controller in 2008. She has worked in both the company's group disability and life insurance unit and in the property and casualty business. She began her career at KPMG and joined CIGNA in 1987.

Duke Energy, a Charlotte, N.C.-based power company with $13.2 billion of revenue, has named Lynn Good CFO and group executive. Her predecessor, David Houser, is leaving to become chairman and CEO of FairPoint Communications. Good, 50, has been group executive and president of Duke's commercial businesses since 2007. She previously served as treasurer, and prior to Duke's merger with Cinergy, was CFO and executive vice president of Cinergy. Before joining Cinergy in 2003, she was a partner at Deloitte & Touche.

Yahoo, the Sunnyvale, Calif.-based Internet company with $7.2 billion in annual revenue, appointed Tim Morse CFO. He succeeds Blake Jorgensen, whose departure was announced in February. Morse, 40, is joining Yahoo from semiconductor provider Altera Corp., where he had served as CFO since 2007. Previously, he was CFO and general manager of business development for General Electric Plastics. In 15 years at General Electric, Morse also worked at GE Appliances and GE Capital in North America, Europe and Asia.

Levi Strauss, the privately held San Francisco-based apparel company with annual revenue of $4.2 billion, has named Blake Jorgensen CFO and executive vice president. The company's controller, Heidi Manes, has served as interim CFO since Hans Ploos van Amstel left to pursue other opportunities. Jorgensen, 49, most recently served as CFO of Yahoo. Before joining Yahoo in 2007, he co-founded financial services firm Thomas Weisel Partners and served as its chief operating officer and co-head of investment banking.

CBS, the New York City-based media company with $13 billion in revenue, has appointed Joseph Ianniello CFO and executive vice president. He succeeds Fred Reynolds, who is retiring after 38 years with the company. Ianniello, 41, has been the company's deputy CFO since November and previously served as treasurer and chief development officer. Before CBS and Viacom split in 2006, he was Viacom's treasurer and vice president of corporate development. Earlier, he worked in finance positions at CBS and spent seven years at KPMG.

Mylan, a $5.1 billion manufacturer of generic pharmaceuticals in Pittsburgh, has appointed Jolene Varney CFO and executive vice president. She succeeds Edward Borkowski, who was named CFO of CareFusion, the planned spinoff of Cardinal Health's medical products unit. Varney, 42, most recently was senior vice president at Dr. Pepper Snapple Group. Earlier, she spent 18 years at Kimberly-Clark, where she served in positions including global treasurer and general manager of Central and Eastern European operations.

Dover Corp., a New York City-based manufacturer with $7.5 billion of revenue, named Brad Cerepak CFO. He replaces Robert Kuhbach, who is retiring. Cerepak, 50, most recently was controller of Trane, formerly known as American Standard, and previously served as CFO of American Standard's bath and kitchen division. Earlier, he spent almost 10 years at Honeywell and at Allied Signal prior to its merger with Honeywell, where his positions included CFO of the automation and controls solution unit.

Hasbro, the $4 billion toy manufacturer in Pawtucket, R.I., has appointed Deb Thomas CFO. David Hargreaves, the company's chief operating officer, had also served as CFO prior to Thomas' appointment. Thomas, 45, had served as Hasbro's senior vice president and head of corporate finance since 2007. Since joining the company in 1998, she has held several senior finance positions, including corporate controller. Before joining Hasbro, Thomas had worked for KPMG Peat Marwick in the U.S. and overseas.

Pepco Holdings, the $10.7 billion Washington utility, promoted Anthony Kamerick to CFO and senior vice president. He replaces Paul Barry, who is leaving to pursue other opportunities. Kamerick, 61, will also serve as CFO of three Pepco subsidiaries: Potomac Electric Power, Delmarva Power and Light and Atlantic City Electric. Kamerick had served as Pepco's chief regulatory officer since March. He has worked for Pepco and its predecessor, Potomac Electric Power Co., since 1970 in positions including treasurer.

Unum Group, a Chattanooga, Tenn.-based provider of disability insurance and other employee benefits with $9.9 billion in revenue, has named Richard McKenney CFO and executive vice president. He succeeds Robert Greving, who is retiring. McKenney, 40, most recently served as CFO and executive vice president at Sun Life Financial and earlier was CFO at Genworth Financial. He began his career at General Electric in 1991 in the manufacturing management program, then moved on to GE Financial.

Facebook, the privately held social networking Web site in Palo Alto, Calif., has named David Ebersman CFO. The company said in March that CFO Gideon Yu would be leaving and that it was looking for a new CFO with public company experience. Ebersman, 39, was CFO and executive vice president of Genentech until it was acquired by Roche in April. In his 15 years at the biotechnology company, he also served as senior vice president of product operations. Earlier, he was a research analyst at Oppenheimer & Co.


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