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cfo posts

Nokia plays musical execs, moves CFO to new Mobile Phones post

by Chris Ziegler posted Oct 16th 2009 @ 2:52PM

There's nothing quite like a dismal quarterly report to shake things up, and that's exactly what Nokia's doing after losing over $800 million in its most recent three-month period. CFO Rick Simonson is being whisked over to a new post as head of the Mobile Phones group -- concentrating on Series 30 and Series 40 handsets -- within the Devices division, while Timo Ihamuotila, who currently leads up global sales, will take over for the CFO position being vacated by Simonson. For what it's worth, the move doesn't seem like a demotion for Simonson; he'll be in charge of "strategic sourcing" for the entire Devices division and still sit on the executive board, so we're sure he'll be doing alright for himself. All things considered, there's no way of knowing whether this would've all gone down without the quarterly performance, but it makes you wonder, doesn't it?

Former Motorola CFO alleges that company lied about financial data, Santa Claus

by Tim Stevens posted Apr 13th 2009 @ 8:04AM

There have been no shortage of legal wranglings in the electronics space lately, usually between two well-entrenched corporations, but this one's a little more interesting: a former officer taking the offensive against his former office. Paul Liska, previous head of all things financial at Motorola, is alleging that the company has been misleading investors for quite some time regarding the performance of its Mobile Devices unit, and that when he raised his concerns to the board he was given an escorted trip out the building for his troubles. Moto, on the other hand, is saying that the company's current financial mess is all thanks to a scheme concocted by Liska himself, who then attempted to blackmail the company before trying to paint himself as a whistleblower. That's an awful lot of intrigue, but given the thrilling, cut-throat world of chartered accountancy (as depicted in Monty Python's documentary The Meaning of Life), truly anything can happen.

[Via Phone Arena]

Douglas C. Jeffries replacing Andy Brown as Palm CFO

by Darren Murph posted Dec 15th 2008 @ 6:54PM

Palm's newfound place back on the map of relevance has people all sorts of excited, including one Douglas C. Jeffries. The former chief accounting officer at eBay has been appointed CFO at Palm, taking the place of the occasionally cagey Andy Brown. Mr. Jeffries will officially be wearing his new badge in January, though Andy will stay on into the new year to ensure "a smooth transition." Ed Colligan, president and chief executive officer, stated that he was "delighted to welcome Doug Jeffries to the Palm team," noting that his "extensive financial, operational and strategic experience will contribute enormously to Palm's future success." Of course, we'd say that a fresh OS and / or device at CES would contribute infinitely more to this strange beast called "success," but maybe we're underestimating this man's clout.

[Via Palm InfoCenter]

Sprint gets slapped with debt downgrade, lawsuit

by Chris Ziegler posted May 4th 2008 @ 7:33PM

If there's one thing Sprint doesn't need at the moment, we'd say that "a harder time getting cash" ranks high on the list. That's where big ol' number three finds itself at the moment, though, thanks to a credit downgrade by Standard & Poor's from "BBB-" to "BB," a move that puts its bonds squarely in junk territory. S&P has some harsh words for Sprint regarding the move, too, explaining that it went down thanks to its "assessment that Sprint Nextel's business risk profile is no longer supportive of an investment-grade rating given its deteriorating operating performance and lack of visibility in the wireless business." Lack of visibility in the wireless business, eh? Snap! The junkification of Sprint's debt coincides with the installment of a new CFO -- purely a coincidence, no doubt -- effective immediately.

But wait, the bad news isn't over. A workers' lawsuit filed in US District Court last week alleges that Sprint dumped pension plan cash into Sprint stock at a time when... well, let's just say that it wasn't exactly a solid investment. The suit names 12 Sprint board members as co-defendants and looks to recover the money lost as Sprint stock slid into the basement; furthermore, it's looking to garner class-action status, meaning that the carrier could potentially owe money to a whole boatload of employees if the plaintiffs win the whole shebang.

Read - Debt downgrade, new CFO
Read - Pension plan lawsuit

Motorola anoints new CFO

by Chris Ziegler posted Feb 22nd 2008 @ 4:08PM

Despite praise heaped upon Motorola's interim CFO Tom Meredith during his one-year tenure, he's being replaced as of March 1 by Paul Liska, an outsider who's done time with Sears and private equity firms in recent years. The move comes as a surprise, with many predicting that the permanent chief would come from the inside -- either by naming Meredith to the position or selecting someone else -- but let's be honest, Moto can use about as much fresh thinking as it can get its hands on at the moment. A Citibank analyst has gone on record saying he's a "big fan" of Meredith, pegging him as a guy who brought a lot of "financial discipline" into the beleaguered number three manufacturer -- so heads up, Liska, you've got some big shoes to fill.