HALLIBURTON NAMES GAUNT CFO
C. Christopher Gaut was named CFO and executive vice president of Houston-based Halliburton Co., a $12.5 billion provider of oil field services, which is undergoing a probe of its accounting by the Securities and Exchange Commission. Gaut, 46, joins Halliburton from Ensco International Inc., a $698 million offshore drilling contractor, where he was one of three people sharing the role of president and chief operating officer, and where he had been CFO since 1988. He succeeds Doug Foshee, who was named chief operating officer of Halliburton.
U.S. STEEL NAMES HAGGERTY CFO
Gretchen Haggerty has a front-row seat for the steel industry’s current consolidation phase in her new position as CFO and executive vice president of U.S. Steel Corp. The $7 billion Pittsburgh-based company, the nation’s biggest steel maker, returned to profitability last year after posting losses in both 2000 and 2001, thanks partly to the tariffs the Bush administration imposed on steel imports in March 2002. As those tariffs boosted cash flows for other steel companies, a number of them looked around for acquisitions. U.S. Steel is currently battling AK Steel for the right to purchase bankrupt National Steel Corp.
Haggerty, 47, says her biggest challenge as CFO will be supporting the company’s strategic initiatives, such as its effort to buy National Steel. “We’ve been very active in that acquisition in particular,” she says, noting the $250 million that U.S. Steel raised in February with an issue of mandatory convertible preferreds. She also emphasized the company’s cost-cutting efforts. U.S. Steel vowed in 2001 to cut costs by $10 per ton of steel in each of the following three years, and it more than met that goal in 2002.
When it comes to corporate finance, Haggerty has an edge: she is a tax lawyer as well as a CPA, and she says her legal training comes in handy for coping with the many documents required for major transactions. Before her promotion, Haggerty was U.S. Steel’s treasurer and she retains that title for the time being. Her predecessor as CFO, John Surma, was named U.S. Steel’s president. Haggerty joined the company’s tax division as a management trainee in 1976 and has held a series of financial positions since then. “I’ve never been bored working here, that’s for sure, and I don’t expect to be bored this year,” she says.
Mirant Corp., a $31.5 billion energy trading company based in Atlanta that is struggling financially, named Daniel Streek controller and vice president and Cameron Bready global chief risk officer. Streek, 41, succeeds James Ward, who retired. He had been the CFO of Aquila Inc., another financially troubled energy company, until late last year. Streek spent 10 years at Aquila. Bready, 31, replaces Mike Smith, who left in November 2002 to pursue other interests. Before being named interim global risk control officer in 2002, Bready had served as Mirant’s director of trading control, director of special projects and interim CFO of the company’s former European business unit.
David Nord was promoted to CFO and vice president of Hamilton Sunstrand Corp., a $3.4 billion aerospace systems manufacturer that is a subsidiary of United Technologies Corp. (UTC). Gregory Hayes succeeded Nord as controller and vice president of UTC, a $27.9 billion maker of building systems and aerospace products in Hartford, Conn. Nord, 45, replaces Todd Kallman, who was promoted to vice president of corporate strategy and development for UTC. Nord joined UTC as assistant controller in 1996 after serving as corporate controller at Pittston Co. and a senior manager at Deloitte & Touche. Hayes, 42, most recently was Hamilton Sunstrand’s vice president of financial planning, analysis and treasury and previously served as its controller for aerospace and director of financial planning and analysis.
TXU Corp., a $27.9 billion utility company based in Dallas, named Dan Farell CFO and executive vice president. He replaces Jarrell Gibbs, who retired in July 2002 after more than 20 years of service. Farell, 53, most recently was the president of a TXU subsidiary, TXU Gas. Since joining the company in 1972 as an engineer, Farell has held many management positions, including principal accounting officer for Texas Utilities Co., principal financial officer of its main subsidiary, TU Electric and managing director of TXU Australia.
Ford Motor Credit Co., a $25.6 billion subsidiary of Ford Motor Co. that provides financing for vehicle purchases and automotive dealers, named David Cosper as its CFO. Cosper, 48, succeeds Bibiana Boerio, who returned to Ford Motor Co. to serve as director of finance and strategy for its international operations. Cosper most recently was assistant treasurer for Ford Motor Co. He joined the company in 1979 as a financial analyst in the glass division and has served in a series of finance positions in the manufacturing, marketing and sales and finance departments.
Steve Swad was appointed CFO and executive vice president of America Online Inc., the $9 billion Internet division of AOL Time Warner Inc. He replaces and reports to Joseph Ripp, who was appointed vice chairman of America Online. Swad, 41, most recently was executive vice president of finance and administration for another AOL Time Warner unit, Turner Entertainment Group. Earlier, he was vice president of financial planning and analysis for AOL Time Warner and deputy controller of Time Warner. Before joining Time Warner, he was a partner at KPMG LLP and deputy chief accountant with the Securities and Exchange Commission.
David Foy was appointed CFO and executive vice president of White Mountains Insurance Group Ltd., a $4.1 billion insurer and reinsurer based in Hamilton, Bermuda. This is a new position for the company. Foy, 36, joins White Mountains from the Hartford Financial Services Group, where he had worked for 10 years and where he most recently served as CFO of Hartford Life.
Ronald Jackson was named comptroller and senior vice president of Regions Financial Corp., a $4 billion bank holding company in Birmingham, Ala. He succeeds D. Bryan Jordan, who was promoted to CFO in December 2002. Jackson, 46, most recently was the company’s director of investor relations, a position he had held since 1992. He joined Regions as an accountant in 1980 after working at Price Waterhouse. Jenifer Goforth, 31, replaced Jackson as director of investor relations.
USG Corp., a $3.4 billion Chicago-based maker of wallboard and joint compound, appointed Karen Leets treasurer and vice president. She succeeds Rick Lowes, who was promoted to controller. Leets, 46, joins USG from McDonald’s Corp., where she was assistant treasurer. She started her career as an accountant at Coopers & Lybrand.
David Bearman was named CFO and executive vice president of Hughes Supply Inc., a $3 billion distributor of industrial, plumbing and building supplies based in Orlando, Fla. He replaces J. Stephen Zepf, who was promoted to senior vice president of strategic development and mergers and acquisitions. Bearman, 57, was CFO of NCR Corp. from 1998 until 2001. Earlier he served as CFO of Cardinal Health Inc.