ITT’s CFO MOVES TO HONEYWELL
Honeywell International Inc., the $22.2 billion manufacturer of aerospace products and heating equipment that’s based in Morris Township, N.J., hired David Anderson as its new CFO. Anderson had been CFO at ITT Industries Inc. since 1999. He replaces Richard Wallman, who is leaving Honeywell to spend more time with his family, according to the company. Before joining ITT, Anderson, 53, served as CFO at Newport News Shipbuilding, where he presided over its spin-off from Tenneco, and as CFO for RJR Nabisco’s tobacco group. He also held financial positions at The Quaker Oats Co. and Kraft Inc. At $4.9 billion ITT, the controller, Edward Williams, was promoted to succeed Anderson as CFO.
NEW FINANCE CHIEF FOR FREDDIE
Martin Baumann‘s responsibilities at Freddie Mac have grown rapidly. Just months after joining the $36.7 billion mortgage finance giant as executive vice president of finance, Baumann took on the additional title of CFO when accounting problems led to a management shake-up that included the firing of Freddie’s president, the retirement of its chairman and CEO and the resignation of former CFO Vaughn Clarke. Now Baumann and the rest of the new management team have to resolve Freddie’s accounting problems and deal with renewed calls from critics to curtail the privileges that the federal government grants Freddie and fellow mortgage giant Fannie Mae. Before joining Freddie in March, the 55-year-old Baumann had worked at PricewaterhouseCoopers since 1969. He was a global banking leader for the accounting firm and deputy chairman of its world financial services practice.
Ford Motor Co. promoted its controller, Don Leclair, to CFO and group vice president. He succeeds Allan Gilmour, who will continue to serve as vice chairman of the $163.4 billion automaker. Jim Gouin, Ford’s controller for North America, will replace Leclair as controller. Leclair will report to Gilmour, who came out of retirement in 2002 to rejoin Ford as CFO. Leclair, 51, had been controller since 2001 and earlier served as controller for North America. He has worked at Ford since 1976 in various positions in product development, manufacturing and finance, and earlier put himself through college by working at Ford production lines in the Detroit area. Gouin, 43, has held various finance positions since joining Ford in 1979.
Hewlett-Packard Co., a $56.6 billion technology company based in Palo Alto, Calif., named Cathie Lesjak treasurer and vice president. She replaces Larry Tomlinson, who is retiring. Lesjak, 44, was most recently vice president of finance for HP’s global software business unit and previously served as group controller for its software solutions organization. She has spent 12 of her 17 years with Hewlett-Packard in treasury positions.
BellSouth Corp., a $22.4 billion telephone company based in Atlanta, Ga., promoted Lynn Wentworth to treasurer and vice president. She succeeds Linda Harty, who left to become CFO of RTM Restaurant Group of Atlanta. Wentworth, 44, was most recently assistant vice president of finance and accounts receivable management. Before joining BellSouth in 1985, Wentworth worked in public accounting.
Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), a $19.7 billion New York-based financial services firm and pension provider for the academic community, named Elizabeth Monrad CFO and executive vice president. She succeeds Richard Gibbs, who was assigned to other responsibilities. Monrad, 49, had been CFO of General Re Corp since 2000 after joining the reinsurer in 1992. Earlier, she was a partner at Coopers & Lybrand in Boston.
Derica Rice was promoted to controller and vice president of Eli Lilly and Co., an $11 billion pharmaceutical company in Indianapolis. He replaces Jeffrey Henderson, who was appointed general manager of the Canadian division. Rice, 38, most recently was general manager of the company’s U.K. affiliate. Previously, he was executive director of finance for European operations and director of finance for the Canadian division, after joining in 1990 as an international treasury associate.
Circuit City Stores Inc., a $10 billion electronics retailer based in Richmond, Va., named Michael Foss CFO and senior vice president. He replaces Michael Chalifoux, who is retiring. Foss, 45, joined Circuit City from TeleTech Holdings Corp., a global customer service outsourcer, where he most recently was executive vice president of corporate development and earlier served as CFO. Previously Foss was CEO of PictureVision, CFO of Rally’s Hamburgers Inc. and director of corporate treasury operations and director of financial planning at IBM Corp.
Johnson Controls Inc., a $20.1 billion auto components manufacturer based in Milwaukee, Wisc., hired Frank Voltolina as its treasurer and vice president. He replaces Ben Bastianen, who is retiring after serving as treasurer since 1991. Voltolina, 42, joined the company from ArvinMeritor Inc., where he was treasurer. Previously he served as treasurer of Mallinckrodt Inc. ArvinMeritor says its CFO, S. Carl Soderstrom, will serve as interim treasurer while it searches for Voltolina’s replacement.
Roy Templin was named controller and vice president of Whirlpool Corp., an $11 billion appliance maker based in Benton Harbor, Mich. He succeeds Betty Beaty, who left to spend time with her family. Templin, 42, joins Whirlpool from Kimball International Inc., where he was vice president of finance and chief accounting officer. He joined Kimball in 1991 as assistant corporate controller. Earlier he worked for Cummins Engine Co., NCR Corp. and Price Waterhouse.
Randy White was named treasurer of Bank One Corp., a Chicago-based bank with $22.1 billion of 2002 revenues. He replaces Michael Cavanagh, who was promoted to chief administrative officer of the commercial banking business. White, 46, had been head of treasury analytics since late 2000. He joined the bank in 1997 as an asset/liability manager. Earlier, White worked at Huntington BancShares Inc. and First Republic Bank.
Timothy Pullen was appointed chief accounting officer and executive vice president of Tenet Healthcare Corp., an $8.7 billion hospital chain based in Santa Barbara, Calif. He succeeds Raymond Mathiasen, who is retiring. Pullen, 48, had been Tenet’s controller since 1995. He joined The Hillhaven Corp., a subsidiary of Tenet’s predecessor company, in 1983, and since then has held various financial positions.
Allegheny Energy Inc., a financially troubled $10.3 billion utility, named Jeffrey Serkes as its CFO and senior vice president. He succeeds Bruce Walenczyk, who took early retirement in June. Serkes, 44, was treasurer of IBM until 2002 and previously served as vice president of finance for its sales and distribution division. Earlier in his career, he held a number of positions at RJR Nabisco, including deputy treasurer.
Lizabeth Zlatkus was named CFO and executive vice president of Hartford Life Insurance Co., a subsidiary of The Hartford Financial Services Group Inc. She replaces David Foye, who left to join another company. Zlatkus, 44, spent the last seven years as director and executive vice president of The Hartford’s group benefits division. She moved to Hartford Life, a $6.4 billion insurer based in Simsbury, Conn., in 1990 after joining The Hartford in 1983.