Financial Officers

Chief Financial Officer Moves North America—Q4 2009

Trends and Moves

​Chief Financial Officer Moves is a quarterly series issued by Russell Reynolds Associates’ North American Financial Officers Practice representing a snapshot of CFO trends, expectations and moves within the Fortune 500.

Looking Back—2009 Trends

  • We have little doubt that you will all be delighted to have put 2009 behind you—but, we suspect many of you still have one eye on the year-end and one eye on Q1 2010. The search industry was not immune to the economic crisis as executive hiring activity fell by 30 percent to 40 percent during 2009. While the financial services sector was the hardest hit, no sector was immune, with nonprofit emerging as the most robust of any of the global markets.
  •  In previous downturns, the financial officers market remained strong and was, to some extent, recession-proof. Not so in 2009 when there was a sharp decline in the number of Fortune 500 CFO roles that changed hands, which was driven primarily by a slowdown in the number of CEO changes as boards hunkered down and took a “wait and see” approach. The private equity markets were also a lot quieter, driving a lower volume of CFO changes in their portfolios as M&A activity dwindled.
  • One trend that did emerge as a result of the downturn was a far more comprehensive approach to succession planning by boards, particularly with respect to C-suite roles. The impact of that focus was evidenced in the numerous assessment projects we conducted in support of succession planning activities. We expect this trend to continue and to drive some change at the senior executive-level.

Looking Ahead—Emerging Trends

  • We are hearing a clear message for 2010—there will be a jobless recovery as businesses seek to squeeze capacity and improve productivity with existing resources. Despite this overarching theme, the executive search industry is already beginning to recover, volumes are up and activity is slowly increasing following the first signs of improvement in Q4 2009.
  • As most businesses move from survival to growth mode, we expect to see an increase in the number of C-suite and senior executive changes as boards and their chairmen seek new talent with a strong growth orientation. This trend will be further underpinned by the latent demand caused by the inactivity of the past 18 months. We also expect an uptick in activity in the latter part of the year as human capital resources become stretched and strategic hiring re-commences.
  • The IPO and private equity markets will gradually return and generate opportunities for senior executives and board members.
  • Shared services and outsourcing will remain high on the CFO agenda as the finance function continues to optimize transaction processing productivity gains, while seeking to offer decision support on the front line.
  • We have already seen an increase in demand in the risk function as boards seek to better understand and manage the risk portfolio.


Coldwater Creek

  • Coldwater Creek announced that following Tim Martin’s resignation, John Hayes III will serve as interim CFO until a permanent replacement is found, in addition to his responsibilities as General Counsel. Hayes joined the firm in February 2009 and previously served as the company’s outside securities law and corporate counsel since 1999.


  • Ronald Dissinger has been promoted to CFO of Kellogg and joined the company’s global leadership team. He was most recently CFO of Kellogg North America.

Newell Rubbermaid

  • Juan Figuereo has been named CFO of Newell Rubbermaid, succeeding J. Patrick Robinson, who has retired. Previously, Figuereo was CFO of Cott Corp.

Financial Services

Alliance Data Systems

  • Charles Horn has been named CFO of Alliance Data Systems. Most recently, he was CFO of Builders FirstSource Inc.

Morgan Stanley

  • Morgan Stanley has named Ruth Porat CFO. Porat, who had been Global Head of the Financial Institutions Group since 2006, succeeds Colm Kelleher, now Co-President of Institutional Securities.


Bristol-Myers Squibb

  • Charles Bancroft was named acting CFO following Jean-Marc Huet’s resignation. Bancroft joined Bristol-Myers Squibb in 1984 and most recently served as Vice President, Finance for its global pharmaceutical business.

Bruker Corporation

  • Bill Knight has been promoted to COO from CFO. He is succeeded by Brian Monahan, who most recently served as Bruker’s Chief Accounting Officer.


  • David Denton has been promoted to CFO of CVS/Caremark. He succeeds David Rickard, who retired at the end of 2009. He joined the firm in 1999 and was most recently Controller and Chief Accounting Officer.

Watson Pharmaceuticals

  • R. Todd Joyce has been promoted to CFO, succeeding Mark Durand. Joyce joined the company in 1997 as Corporate Controller and in 2001 added the role of Treasurer to his responsibilities.


The Andersons

  • Nicholas Conrad has been appointed Vice President, Finance, and Treasurer, succeeding Gary Smith, who retired after 29 years with the company. Conrad joined The Andersons in 1984 and has served as Assistant Treasurer since 1995.

Ball Corporation

  • The Ball Corporation announced that Scott C. Morrison has been promoted to Senior Vice President and CFO and will remain the company’s Treasurer, a role he took on in 2002 in addition to serving as Vice President.

Copano Energy

  • Carl Luna has been named CFO of Copano Energy. He joined the company in 2005 and most recently served as interim CFO and Senior Vice President, Finance and Corporate Development. Before joining the company, Luna was a Vice President in the syndicated and leveraged finance group at J.P. Morgan Securities Inc.


  • Mark McBride was promoted to CFO from Corporate Controller. He succeeds Philip Strawbridge.

Helmerich & Payne

  • Helmerich & Payne announced that CFO Douglas Fears will retire on April 30 after nearly 24 years at the company. At that time, Director of Investor Relations Juan Tardio will be promoted to CFO.

Nucor Corp

  • James Frias succeeded Terry Lisenby as CFO of Nucor Corp.

Polymer Group

  • Dennis Norman has been promoted to CFO following Robert Kocourek’s resignation. Norman has been with the company for 10 years, most recently as Vice President, Strategy and Corporate Development.


Clear Channel Communications

  • Tom Casey has been named CFO of Clear Channel Communications. Previously, he was CFO at Washington Mutual.

Deluxe Corp

  • Terry Peterson has been promoted to CFO, succeeding Richard Greene, who resigned in late 2009. Peterson joined Deluxe as Director of Internal Audit in 2004. In 2005, he became Chief Accounting Officer and added the title of Vice President of Investor Relations in 2006.

Hewitt Associates

  • Hewitt Associates announced that Robert Schriesheim was named CFO following John Park’s resignation. Schriesheim was most recently CFO of Lawson Software Inc.

Walt Disney Company

  • CFO Thomas Staggs, a 20-year veteran of the company, became Chairman of Walt Disney Parks and Resorts. He succeeds 23-year company veteran James A. Rasulo, who was named Senior Executive Vice President and Disney’s Chief Financial Officer.


Diebold Inc.

  • Bradley Richardson was named CFO of Diebold. Formerly, he was CFO of Modine Manufacturing Co.

MEMC Electronic Materials

  • Ken Hannah has been promoted to Executive Vice President of MEMC and President of MEMC Solar Materials from CFO. Hannah is succeeded as CFO by Tim Oliver, who joins the company from Metavante Technologies, where he also was CFO.


  • Peter Klein succeeds Chris Liddell as CFO. Liddell is joining General Motors as CFO.


  • Ed Fitzpatrick, Senior Vice President of Motorola Inc., has been appointed CFO after having served as acting CFO since early 2009.

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About Russell Reynolds Associates’ Chief Financial Officers Practice

CEOs are increasingly seeking CFO candidates who are capable of stepping into the CEO role. The CFO role is now viewed as one of the bench strength roles for CEO succession. This is, in part, a recognition of the way that the CFO role has broadened in the past decade with CFOs adding operational responsibilities to their finance duties. The trend is also driven by the turnaround nature of today’s market, where CFOs often fill a vacant CEO seat in a downturn. Our team of experts assesses and recruits chief financial officers and other senior finance executives in functions including treasury, corporate development and strategy, control/audit, risk and compliance, tax, financial planning and analysis, for companies ranging from small, entrepreneurial firms—many of which are private equity and venture capital-backed—to large, multinational organizations in all major industries.

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Chief Financial Officer Moves North America—Q4 2009