Canadian CFOs on the Move - week ending June 10, 2011

Companies with CFOs on the Move this week include: Ridgemont Iron Ore Corp., Calvalley Petroleum Inc., Noveko International Inc., CE Franklin Ltd., Atlantis Systems Corp.

Ridgemont Iron Ore Corp. (TSX-V: RDG) announced the appointment of Yvette Harrison as Chief Financial Officer. Ms. Harrison has worked as Chief Financial Officer, VP Finance, Director Finance, Controller and Consultant with numerous public and private companies. Ms. Harrison is replacing Anna Ladd as CFO.

Calvalley Petroleum Inc. (TSX: CVI.A) announced the appointment of Gerry J. Elms as Chief Financial Officer. From 1997 to 2005, Mr. Elms was Vice President, Finance and Corporate Secretary of Penn West Petroleum Ltd. Mr. Elms joined Penn West in 1994 as part of the management team that executed a strategy to significantly increase production and reserves, as well as shareholder value, through a combination of organic growth and corporate acquisitions. Since 2005, Mr. Elms has been Vice President, Finance and CFO at two private start-up oil and gas companies. From 1981 until he joined Penn West, Mr. Elms held various financial management positions with Petro-Canada and NOVA Corporation. The Company also announced that Zacharie Magnan, who has been the Acting CFO of Calvalley, will continue his significant service with the Company as Vice-President of Finance.

Noveko International Inc. (TSX: EKO) announced that Éric Phaneuf, Senior Vice-President and Chief Financial Officer of the Company, has decided, for strictly personal reasons, to reorient his career and has accepted a position with another company. Until his replacement, André Leroux, Chairman of the Board and Chief Executive Officer of the Company, will also act, on an interim basis, as Chief Financial Officer.

CE Franklin Ltd. (TSX.CFT, NASDAQ.CFK) announced the promotion of Derren Newell to the position of CFO. Mr. Newell, previously Financial Controller has extensive experience and expertise in finance, accounting, audit, tax and a wealth of experience with strategic and operational support in the energy and distribution industries. Mr. Newell succeeds Mark Schweitzer who is leaving CE Franklin to pursue an opportunity with an oil sands development company.

Atlantis Systems Corp. (NEX: AIQ.H) today announced the appointment of Anne-Marie Gammon as Chief Financial Officer. Anne-Marie replaces Ron Brown who has been the Interim CFO since February 2010 and who will remain with Atlantis for a transition period to support Anne-Marie.

If you have news about CFOs on the move, or any comments on this feature, please email us.

Canadian CFOs on the Move - week ending June 3, 2011

Companies with CFOs on the Move this week include: Hart Stores, Khan Resources Inc., Corvus Gold Inc., CCL Industries Inc., Trevali Mining Corporation, GT Canada Medical Properties REIT, Marfil Mines Ltd., DDS Wireless International Inc., ID Watchdog, Inc., Western Wind Energy Corp., Cream Minerals Ltd., General Donlee Canada Inc., Acceleware® Ltd., Stoneset, DirectCash Payments Inc., Alamos Gold Inc.

Hart Stores (TSX: HIS) announced the appointment of Robert Harritt as Vice President Finance and Chief Financial Officer of the Company. Mr. Harritt has held the position of Vice-President of Finance in a number of highly successful public and private Quebec based firms over the last twenty-five years, including Rona and Hartco to name a few.

Khan Resources Inc. (TSX: KRI) announced that it has appointed K. Bruce Gooding as Chief Financial Officer. Mr. Gooding was most recently in his own practice providing project and management services to the mining and other industries. Mr. Gooding replaces Paul D. Caldwell, the outgoing Chief Financial Officer.

Corvus Gold Inc. (TSX: KOR, OTCQX: CORVF) announced the appointment of Peggy Wu as the Company's new Chief Financial Officer. Ms. Wu succeeds former CFO Michael Kinley who will remain with the Company as a consultant through a transition period before leaving to pursue other opportunities. Ms. Wu is currently the CFO for Indico Resources Inc. as well as the Financial Reporting Specialist for the Cardero Group of Companies, which include Balmoral Resources Ltd. and Abzu Gold Ltd.

CCL Industries Inc. (TSX: CCL.A, CCL.B) announced that Gaston Tano, Senior Vice President and Chief Financial Officer, has tendered his resignation to accept a new position, in a similar capacity, at a consumer products company in the private sector and will be leaving CCL at the beginning of August following the release of the Company's second quarter earnings.

Trevali Mining Corporation (TSX: TV, OTCQX: TREVF, FRANKFURT: 4TI) announced the appointment of Anna Ladd as its Chief Financial Officer. Anna has served as Vice President Finance and Chief Financial Officer for a number of TSX listed junior mining and development companies in addition to several mid-size to senior gold and base metal producers including Grande Cache Coal's operations, Kinross Gold Corporation's Fort Knox, Round Mountain and Kettle River operations and Vale Inco's Thompson and Sudbury base metal operations. Concurrent with Ms. Ladd's appointment, Michael Kinley has stepped-down as CFO in order to devote more time to several early-stage exploration companies of which he is also the Chief Financial Officer.

GT Canada Medical Properties REIT (TSX-V: MOB.UN) announced that Sean Nakamoto has resigned as Chief Financial Officer to pursue other opportunities. Mr. Nakamoto has agreed that his resignation will be effective after the release of the REIT's financial statements and MD&A for the recent quarter.

Marfil Mines Ltd. (TSX-V: MFM) announced the appointment of Matthew A. Fowler to the position of Chief Financial Officer of the Company. Mr. Fowler has been the Interim CFO of the Company since October 2010. Mr. Fowler serves as a Senior Consultant with Sharp Executive Associates, Inc., an international financial consultancy assisting private, USA, and Canadian listed public companies with accounting and regulatory compliance needs. Mr. Fowler served as a partner, CFO and CCP at Strata Partners, LLC, a boutique investment bank based in Seattle, Washington where he was responsible for capital raising as well as all financial, operational and compliance requirements with the Financial Industry Regulatory Authority.

DDS Wireless International Inc. (TSX: DD) announced that its Chief Financial Officer and Corporate Secretary, Jim Zadra, is leaving the Company to pursue other opportunities. Mr. Zadra has been with DDS for almost three years and will remain on with DDS through to the end of August to ensure an orderly transition.

ID Watchdog, Inc. (TSX-V: IDW, OTC: IDWAF) announced that the Company has named Jay Lewis as its new Chief Financial Officer. Mr. Lewis will be replacing Dennis Perkins who is leaving the Company after four years of service. Prior to joining ID Watchdog, Jay served as the CFO of Jones Media Networks, a Denver, Colorado based media company.

Western Wind Energy Corp. (TSX-V: WND) announced that Chris Thompson, the CFO, has been promoted to the position of Senior Vice President - Project Finance and Keven Craig, the Corporate Finance Manager, has been promoted to Chief Financial Officer of the Company.

Cream Minerals Ltd. (TSX-V: CMA) announced that Angela Yap has been appointed the Chief Financial Officer of the Company. Ms. Yap has previously held successively senior positions, most recently as Director of Corporate Accounting with the Anthem Properties Group. Ms. Yap replaces Shannon Ross, who served as Chief Financial Officer and Corporate Secretary of the Company since 2000.

General Donlee Canada Inc. (TSX: GDI) announced that Michael Snow, President and Chief Executive Officer, will be leaving the Company, and has named the Company's Chief Financial Officer, Garen Mikirditsian, as interim CEO until a new CEO is appointed.

Acceleware® Ltd. (TSX-V: AXE) announced that Heather Stubbs has been appointed Chief Financial Officer of Acceleware. Prior to joining Acceleware, Ms. Stubbs was the Manager of Financial Reporting for Peak Energy Services Ltd., a publicly held energy services company.

Stoneset (CNSX: SQC) has announced that Anna Lentz of Brava CFO Services Inc. has submitted her resignation to Stoneset due to other commitments with other clients. Peter Jarman will act as interim CFO.

DirectCash Payments Inc. (TSX: DCI) announced that Brian Kathol has joined the company as CFO for DirectCash Payments Inc., as well as the various other limited partnerships, partnerships, corporations, and subsidiaries that are part of the DirectCash group (collectively referred to as "DirectCash"). Claudette M. Dick will return to the position of Vice President of Finance at DirectCash. Mr. Kathol brings with him recent experience as Vice President of Technologies (from 2007 to 2010) and prior as Vice President of Finance and Administration (from 2004 to 2007) at Enersul Inc., a private sulphur processing corporation.

Alamos Gold Inc. (TSX: AGI) announced that James R. Porter, previously Alamos' Vice President of Finance, has been promoted to Chief Financial Officer of the Company. Mr. Porter has been with the Company for nearly six years, joining Alamos in 2005 as Controller. Prior to joining Alamos, Mr. Porter held the position of Controller and Corporate Secretary for another publicly-listed gold producing company and was a manager in the assurance practice at PricewaterhouseCoopers. Mr. Porter's appointment follows the retirement of Jon Morda, Alamos' Chief Financial Officer since 2004.

If you have news about CFOs on the move, or any comments on this feature, please email us.

Canadian CFOs on the Move - week ending May 27, 2011

Companies with CFOs on the Move this week include: CAE Inc., MBMI Resources Inc., Eldorado Gold Corporation, Imaging Dynamics Company Ltd., Everton Resources Inc., Home Capital Group Inc., Liquid Nutrition Group Inc., Divestco Inc., Sagres Energy Inc., Mistango River Resources, Redzone Resources Ltd., Central Iron Ore Limited, Sonde Resources Corp., PanTerra Resource Corp., Big Eagle Services, Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), Northern Lion Gold Corp.

CAE Inc. (TSX: CAE, NYSE: CAE) announced the appointment of Stéphane Lefebvre as Vice President, Finance and Chief Financial Officer effective immediately. Mr. Lefebvre replaces Alain Raquepas who is leaving the company. Mr. Lefebvre as been an executive with CAE since 1997, most recently as Vice President, Finance, Military and New Core Markets. Mr. Lefebvre joined CAE as Structured Finance Manager in 1997 and became a director in 2000. Over the years, Mr. Lefebvre has held senior posts with responsibilities in the U.K., Australia and Canada. In 2005, he was named Vice-President, Finance, Military, and, later in the year, he added the responsibility of the Civil Simulation Products segment. CAE provides its military customers simulation products and training services at more than 60 locations worldwide. Mr. Lefebvre sits on a number of CAE boards including Rotorsim, a consortium held by CAE and AgustaWestland, a Finmeccanica company. He is also on the Board of The Helicopter Academy to Train by Simulation of Flying (HATSOFF), a joint venture of Hindustan Aeronautics Limited (HAL) of India and CAE.

MBMI Resources Inc. (TSX-V: MBR) announced that John F. Cook has been appointed as Executive Vice President and interim Chief Financial Officer of the Company. Mr. Cook has held the position of independent director and qualified person of MBMI since March, 2003. A Professional Mining Engineer, Mr. Cook has more than 45 years of extensive experience in all facets of mining development, operations and management. Currently Mr. Cook is the President and CEO of Firebird Resources Inc. and a director of Strategic Resources Inc., Southern Andes Energy Inc., Cerro Resources Inc., Nord Resources Corp., and Homeland Uranium Inc. Past positions include President of San Anton Resources, Chairman of Premier Gold and Chairman of Wolfden Resources Inc. Adrian Rothwell, the Company's former Chief Financial Officer, is resigning due to his other significant work commitments.

Eldorado Gold Corporation (TSX: ELD, NYSE: EGO, ASX:EAU) announced that Ed Miu has resigned his position as Chief Financial Officer to pursue other endeavors. Ed joined Eldorado from Sino Gold in December 2009 and has assisted in the integration of the Sino Gold assets as well as leading the finance department over the past one a half years. Fabiana Chubbs, currently Eldorado's Treasurer and Risk Manager, will be assuming the role of Chief Financial Officer. Fabiana has been serving the Company in the role of Treasurer and Risk Manager. Fabiana joined Eldorado in July 2007 after a long association with the Company in her role of Senior Manager PricewaterhouseCoopers Audit Group.

Imaging Dynamics Company Ltd. (TSX: IDL) announced the appointment of Shameze Rampertab to the Board of Directors of IDC. Mr. Rampertab is a seasoned business finance leader in the healthcare sector with depth of experience in capital markets, finance, strategic planning and analysis. Mr. Rampertab is currently the Vice President Finance & Chief Financial Officer for Intellipharmaceutics International Inc. (NASDAQ:IPCI; TSX:I). Prior to this, he spent 14 years in capital markets serving the life sciences sector.

Everton Resources Inc. (TSX-V: EVR, FRANKFURT: ERV) announced that David Massola was elected to the Board of Directors of the Company. Mr. Massola was the Senior Vice President Finance and Chief Financial Officer of GlobeStar Mining Corporation between 2006 and 2011. While at GlobeStar, Mr. Massola was active in facilitating Perilya Ltd.'s (ASX:PEM) acquisition and integration of GlobeStar. Prior to joining GlobeStar, Mr. Massola was Chief Financial Officer of De Beers Canada Inc. ("De Beers") where he was in charge of all the financial aspects of the company's Canadian operations. Previous to De Beers, Mr. Massola spent 20 years with BHP-Billiton in various positions in Canada, Chile and the United States. He was Vice President of Finance of BHP-Billiton's Ekati Diamond Mine from 1997 through 2001, responsible for the financial aspects of the mine from the construction period through commercial production.

Home Capital Group Inc. (TSX: HCG) announced the appointment of Robert J. Blowes as Chief Financial Officer of Home Capital and its wholly owned subsidiary, Home Trust Company. Mr. Blowes joined the Company as Senior Vice President, Finance in November 2010. He is an experienced financial executive, having recently retired as a Partner at Ernst & Young, where he served a number of reporting issuers in the financial services and technology sectors over the course of a 35-year career.

Liquid Nutrition Group Inc. (TSX-V: LQD) announced the appointment of Mark O'Hara as Chief Financial Officer. Mr. O’Hara was the Chief Financial Officer for Air Liquide Middle East & North Africa FZCO, based in Dubai, where he led the start-up of all accounting and finance activities in the region. He began his career in public accounting with Price Waterhouse London (England) and Toronto offices.

Divestco Inc. (TSX-V: DVT) announced the departure of its Chief Financial Officer, Roderick Chisholm. For the near to medium term Stephen Popadynetz, the current CEO and President, will assume the role of Chief Financial Officer. Danny Chiarastella, Vice President Finance will report directly to Mr. Popadynetz.

Sagres Energy Inc. (TSX-V: SGI) announced the appointment of Darren Moulds as Chief Financial Officer.  Mr. Moulds is concurrently the Chief Financial Officer with the Forbes Energy Group of Companies. Previously, Darren has held management positions in various financial capacities including the CFO of Africa Oil Corp. and the Financial Controller of Upstream Operations of Centurion Energy International Inc. (Dana Gas).

Mistango River Resources (CNSX: MIS) announced the appointment of Johnny Oliveira as the Chief Financial Officer. Previously, Robert J. Kasner, President and Chief Executive Officer of the Corporation, also served as the Corporation's acting Chief Financial Officer. Mr. Oliveira is serving as Controller and/or Chief Financial Officer of several junior mining and exploration companies listed on the CNSX, TSXV and TSX.

Redzone Resources Ltd. (TSX: REZ) reports that Pauline Pasetka has tendered her resignation as Chief Financial Officer, effective July 31, 2011, to pursue other interests. As of August 1, 2011, the Chief Financial Officer role will be assumed by Rebecca Moriarty. Ms. Moriarty is a senior consultant with Malaspina Consultants Inc. Malaspina offers junior public companies, on an out-sourced basis, financial reporting and management services. Prior to joining Malaspina, Ms. Moriarty worked for 11 years in the audit practice of an international accounting firm, the last seven years of which as a manager. During this time, she worked exclusively on clients in the resource sector. Ms. Moriarty is currently the Chief Financial Officer of Brea Resources Corp., a client of Malaspina.

Central Iron Ore Limited (TSX-V: CIO) announced that Graham Hurwitz has been appointed Chief Financial Officer. Peter Treston has resigned as Chief Financial Officer but will continue to consult to the Company. Mr. Hurwitz was a director of a Chartered Accountancy practice in Australia for 22 years. Subsequently, he served as Chief Financial Officer of Allegiance Mining Limited (listed on the Australian Stock Exchange until acquired in 2008). He is currently a director of Hurwitz Geller Pty Limited, a Chartered Accountancy practice. He also acts as Chief Financial Officer of Gullewa Limited (listed on the Australian Stock Exchange). He is also a director of The Australian Institute of Music Limited.

Sonde Resources Corp. (TSX: SOQ, NYSE Amex: SOQ) announced the appointment of Kurt Nelson as CFO. From June 2008 to present, Mr. Nelson worked in a private upstream petroleum finance practice. Prior thereto, from November 2001 to May 2008, he was Vice President and Chief Accounting Officer for Harvest Natural Resources, Inc., (“Harvest”) a public oil and gas company and from November 2001, he served as Vice President and Controller. From September 2000 until November 2001, Mr. Nelson was Manager, Operations Analysis for Anadarko Petroleum Corporation. Prior to his time with Anadarko, Mr. Nelson spent 19 years with The Louisiana Land and Exploration Company and its successor Burlington Resources, Inc., holding various positions, including Manager, Business Development.

PanTerra Resource Corp. (TSX-V: PRC) announced that Oxana Cusnir has been appointed CFO. Ms. Cusnir brings over 15 years of oil & gas and other accounting experience to the Company. At his request, Ron Sparrow has assumed the role of Controller, allowing him more time in his semi-retirement.

Big Eagle Services, a leading provider of oilfield services in Western Canada, today announced that Morley Myden will succeed Texas Howard as Chief Financial Officer of Big Eagle. Mr. Myden joins Big Eagle from High Arctic, where he has worked as Chief Financial Officer since 2007. Prior to High Arctic, Mr. Myden spent over 20 years at Halliburton in a number of senior finance, accounting and operational roles both in Canada and abroad. In various capacities, Mr. Howard will remain with the Company as an Executive Vice President and a member of the senior management team. Since assuming the CFO role in June 2010, Mr. Howard led the accounting department and successfully completed various projects including the transition and re-staffing of the corporate accounting functions into Calgary.

Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN) announced that Scott Cryer has been appointed Chief Financial Officer of the REIT. Mr. Cryer has been with CAPREIT since September 2009 and, prior to his appointment as CFO, held the position of Vice President, Financial Reporting. Prior to joining CAPREIT, Mr. Cryer had an eleven year career of increasing responsibility in the Real Estate Assurance and Advisory practice of Deloitte & Touche LLP. Mr. Cryer is replacing Richard Smith, who is leaving CAPREIT effective June 24, 2011 to pursue a new opportunity following the fulfillment of his mandate to reorganize and strengthen CAPREIT's accounting department and systems.

Northern Lion Gold Corp. (TSX-V: NL, FRANKFURT: N3E) announced that Tammy Gillis has been appointed as Chief Financial Officer. Ms. Gillis was formerly the Company's Financial Controller.

If you have news about CFOs on the move, or any comments on this feature, please email us.

CFO Career Track: Can a CFO change industries?

CFOs, like many senior executives, get ‘pigeon-holed’ as they get more senior. In CFO Search, we continually hear these kinds of comments in our needs assessment process at the beginning of a Search:

• “We want our new CFO to come from a competitor”
• “The new CFO will need ___________ (fill in the blank) industry experience”
• “She should have only worked for entrepreneurial companies”
• “He must have IPO experience”

The challenge for any company as they begin their CFO Search process is to properly define what they really need. We still see too many companies treat this part of the search process as a waste of time. Usually, these are the same companies that hire wrong.

I came across this story in the CFO Journal (a new daily Wall Street Journal online publication) “Time Warner Looks Far Afield for CFO Pick”. The article talks about how Time Warner’s new CFO is not from their industry, but from financial services. It is difficult to be privy to the back room conversations that happened for this CFO Search, but I would like to believe that it was done well – not by looking just at the experience of the candidates based on what they have done before, but doing a proper assessment of what the company really needed, and matching the best possible candidates for the role.

My guess is that Time Warner and their Search Firm did their job.

For CFOs planning your career track, be aware that change is possible. You may not be stuck in that ‘pigeon-hole’. One of the challenges you face in career change is to truly understand what the company really needs from their next CFO. Do you own needs assessment. If you understand what the company needs, you will be able to sell yourself appropriately and increase your chances of getting that great new CFO role in a company and an industry that you may not have been considered for otherwise.

Canadian CFOs on the Move - week ending May 20, 2011

Companies with CFOs on the Move this week include: Redline Communications Group Inc., Mongolia Growth Group Ltd., Silvermex Resources Inc., Continental Gold Limited, Continental Nickel, Petro-Reef Resources Ltd., QHR Technologies Inc., Sherbrook SBK Sport Corp., High Arctic Energy Services Inc.


Redline Communications Group Inc. (TSX: RDL) announced that George Kypreos will join the Company as its new Chief Financial Officer ("CFO"). He served most recently as Chief Financial Officer with TSX-listed Xenos Group Inc. Prior to this, he was Chief financial Officer of SAMSys Technologies Inc, a Canadian public technology company offering Radio Frequency Identification hardware solutions. Kypreos replaces former CFO Bruce MacInnis.

Mongolia Growth Group Ltd. (CSNX: YAK) announced the hiring of Matthew Aiken as MGG's new Chief Financial Officer. Mr. Aiken is replacing Jordan Calonego, the Company's COO, who served as interim CFO while MGG conducted a search for a permanent CFO. He was most recently employed as a Manager with BDO Canada in its Auditing department in the Mississauga, Ontario office.

Silvermex Resources Inc. (TSX: SLX) announced the appointment of Lisa Dea as its Vice President, Finance and Chief Financial Officer. Prior to joining the Company, Ms. Dea was the Vice President, Finance and Chief Financial Officer of Polaris Minerals Corporation (“Polaris”), a TSX listed Company, from 2006. Before joining Polaris, Ms. Dea spent eleven years at Deloitte &Touche LLP, achieving the position of Senior Manager. Hallein Darby has stepped down as CFO to pursue other ventures. Ms. Darby joined the Company in November 2008, as Senior VP Finance and was appointed CFO in March 2010.

Continental Gold Limited (TSX: CNL) announced the appointment of Paul Begin as the Company's new Chief Financial Officer ("CFO”). Mr. Begin joins Continental from Hanfeng Evergreen, Inc., where he served as CFO and Corporate Secretary. Prior to Hanfeng Evergreen Inc., Mr. Begin served as the former CFO and Vice President of Trilliant Incorporated and OZZ Corporation. Mr. Begin succeeds Keith McKay, who is also CFO of Dalradian Resources Inc. Mr. McKay will remain with the Company through a transition period.

Continental Nickel (TSX-V: CNI) announced the appointment of David Massola as President and Chief Executive Officer of the Company, effective June 27, 2011. For the past 4 years, Mr. Massola served as Senior Vice President and CFO of GlobeStar Mining Corporation. Prior to GlobeStar Mr. Massola spent 5 years as the Chief Financial Officer for De Beers Canada Inc. and 20 years with BHP-Billiton in a broad range of increasingly responsible roles.

Petro-Reef Resources Ltd. (TSX-V: PER) announced that Hugh M. Thomson has been appointed Vice President Finance and Chief Financial Officer of the Company. Mr. Thomson has been a Senior Officer and Director of several public companies on the TSX-V for the past 18 years. He was previously VP Finance & CFO, Director and Co-Founder of Relentless Resources Ltd., a publically traded (TSX-V) oil and gas company based in Calgary Alberta. Mr. Thomson replaces Alisdair Leeson as VP Finance and CFO.

QHR Technologies Inc. (TSX-V: QHR) named John K. Gillberry as the Company's Chief Financial Officer and Executive Vice President. Mr. Gillberry is currently a member of the board of directors of WiLAN Inc. (TSX: WIN) as well as being active with a number of not for profit organizations. Mr. Gillberry is replacing Charles LaFleche who provided interim CFO assistance to the Company since May 2010.

Sherbrook SBK Sport Corp. (TSX-V: SBK) announced the appointment of Marc-André Watson as Vice President of Finance as well as Chief Financial Officer. Mr. Watson has, since 2007, been Head of Finance of Gurit (Canada) Inc. He was previously Director of Finance and Administration and Controller with Drolet Group (Sherwood-Drolet, Inglasco). Mr. Watson replaces Paul St-Louis who resigned from all office previously held in SBK Sports Corp.

High Arctic Energy Services Inc. (TSX: HWO) announced the resignation of Morley Myden as Chief Financial Officer with effect on June 17, 2011. Mr. Myden has been the Chief Financial Officer since March 2008.

If you have news about CFOs on the move, or any comments on this feature, please email us.

Canadian CFOs on the Move - week ending May 13, 2011

Companies with CFOs on the Move this week include: Prize Mining Corporation, TSO3 Inc., CSM Systems Corp., Innoventé Inc., Primary Petroleum Corporation, Dundee Precious Metals Inc., InNexus Biotechnology Inc., Concert Properties, Xebec Adsorption Inc., Noveko International Inc., Ranaz Corporation, Greenfield Financial Group Inc.


Prize Mining Corporation (TSX-V: PRZ) reported that Nigel Kirkwood has joined Prize as its new Chief Financial Officer. Mr. Kirkwood is the Chief Financial Officer of Philippine Metals Inc. and a director and Chief Financial Officer of Citation Resources Inc. Feisal Somji, formerly the Corporation's interim Chief Financial Officer, will continue in his role as a Director of Prize.

TSO3 Inc. (TSX: TOS) announced the appointment of Benoît Deschamps to the position of Chief Financial Officer and Vice President of Finance, effective June 15, 2011. Mr. Deschamps most recently held the position of Executive Vice President and Chief Financial Officer for Mechtronix World Corporation. Prior to this, he held positions of Vice President and Treasurer at Videotron, and Vice President, Private Investments at the Caisse de Dépôt et Placement du Québec where he was Vice-President in the Private Investment group. Mr. Deschamps was also an Associate Professor of Finance at both the HEC, in Montreal and Georgia State University, in Atlanta, where he taught in areas covering corporate finance at the bachelor, master and doctorate levels.

CSM Systems Corp. (TSX-V: CKX) announced the appointment of Randa Kachkar as the new Chief Financial Officer. Ms. Kachkar brings a wealth of financial and operations experience to the company, and the board of directors is pleased to have Randa assume this position. Susan Lett has resigned her position to focus on other opportunities.

Innoventé Inc. (TSX-V: IGE) announced the appointment of Martin Lemay as its Chief Financial Officer. He succeeds Pierre Massicotte in this position. Mr. Lemay previously worked with Atrium Innovations Inc. as Director of Finance for seven years until his promotion to VP of Finance in 2008.

Primary Petroleum Corporation (TSX-V: PIE; OTCQX: PETEF) announced the appointment of Brian J. Spilchen to the position of Chief Financial Officer, replacing Mr. Plater. Mr. Spilchen was previously VP Finance & CFO, Director and Co-Founder of Nexstar Energy Ltd., a publically traded (TSX-V) oil and gas company based in Calgary Alberta. Nexstar was sold in February 2010.

Dundee Precious Metals Inc. (TSX: DPM) announced the appointment of Hume Kyle as Executive Vice President and Chief Financial Officer. Most recently, Mr. Kyle served as Vice President, Treasurer and Controller, of TransAlta Corporation. Prior to TransAlta, Mr. Kyle held senior financial roles at Fort Chicago Energy Partners L.P., Noranda Inc. and Deloitte & Touche.

InNexus Biotechnology Inc. (TSX-V: IXS) announced that it has appointed Christie Amato as its Chief Financial Officer. Mrs. Amato replaces David Petulla.

Concert Properties announced the appointment of John McLaughlin as Chief Financial Officer. For over a decade, John served as the Executive Vice President and Chief Financial Officer for the Vancouver Organizing Committee (VANOC). He played an integral role in making Vancouver’s 2010 Olympic and Paralympic Winter Games one of the most successful in Olympic history. Prior to his involvement with the Olympics John held senior finance positions within Norwesco Packaging, a not-for-profit organization and the event that put Vancouver on the map — Expo 86.

Xebec Adsorption Inc. (TSX: XBC) announced the appointment of Eric Favreau to the position of Chief Financial Officer effective June 13, 2011. Mr. Favreau brings with him more than 20 years of corporate finance, strategic planning, operational and legal experience. Most recently Mr. Favreau held the position of CFO at Noveko International Inc., a publicly traded company (TSX: EKO) based in Montreal. Lyne Routhier will cease to act as interim CFO.

Noveko International Inc. (TSX: EKO) has appointed Eric Phaneuf as SVP & CFO, replacing Eric Favreau who has left Noveko. Mr. Phaneuf was formerly CFO of AAER Inc. until the acquisition of AAER by Pioneer Power Solutions, Inc. (OTC BB: PPSI) in August 2010. Phaneuf has previously held a VP position with MEGA Brands.

Ranaz Corporation (TSX-V: RNZ) reported the departure of Paul Guay as interim Financial Chief Officer. Mr. Guay remains with the company as advisor to the President. Ranaz also announces the appointment of Alain Lévesque as Chief Financial Officer.

Greenfield Financial Group Inc. (TSX-V: GRF) announced that Gerald Greve has resigned as Chief Financial Officer of the Company. Deborah McDonald has been appointed by the Company as interim CFO subject to TSX and regulatory approval. Deborah has acted as corporate controller for a number of companies within VRG Capital, the Toronto-based merchant banking division of the Vimy Ridge Group Ltd.

If you have news about CFOs on the move, or any comments on this feature, please email us.

Canadian CFOs on the Move - week ending May 6, 2011

Great Panther Silver Limited (TSX: GPR, NYSE Amex: GPL) announced the appointment of Martin Carsky to the newly created position of Executive Vice President and Chief Financial Officer, effective June 1, 2011, and is therefore stepping aside as an independent director. Mr. Carsky is currently the CEO of Con-Space Communications Ltd. a member of the Savox Group of Companies, a position he will be leaving to take on this new role. In the past, he has been the CEO or CFO of several Vancouver-based public and private businesses and was formerly a director and chairman of the audit committee for Spectrum Signal Processing, Pacific Safety Products and Con-Space Communications. He currently serves as audit committee chairman and independent director on the board of Cangold Limited. Mr. Carsky replaces Raakel Iskanius who is resigning as the Company's CFO for personal reasons. Ms. Iskanius will remain on as a consultant to the Company.

Royal Coal Corp. (TSX-V: RDA, FRANKFURT: RLC) announced the appointment of Jeff Lowe as Chief Financial Officer. Mr. Lowe brings to Royal Coal a diverse financial acumen across multiple industry segments including coal production and significant expertise in public company treasury/corporate finance, sophisticated financial and commodity risk management, as well as corporate development.

Anterra Energy Inc. (TSX-V: AE.A) announced that Qiping Men has been appointed Vice President, Finance and Chief Financial Officer of Anterra. Mr. Men previously held the position of Controller of Anterra. Mr. Men has nine years' experience as an engineering manager in a manufacturing company, and extensive accounting experience in public accounting firms. He has provided accounting services to private and public oil and gas companies in Calgary including a company listed on the TSX Venture Exchange.

RONA (TSX: RON) announced that Claude Guevin will leave his position as the Corporation's Executive Vice President and Chief Financial Officer on June 3, 2011. Marie-Claude Lalonde, Vice President and Corporate Controller, will assume the financial management of the Corporation on an interim basis. Marie-Claude has 25 years of experience at RONA.

IBI Group Inc. (TSX: IBG) announced the appointment and commencement of work of its new Chief Financial Officer, Anthony (Tony) Long.

Copper Fox Metals Inc. (TSX-V: CUU) announced that its Chief Financial Officer, Murray Hunter, has decided to resign in order to devote more time to his growing public practice. The Company would like to record its appreciation to Mr. Hunter for his contribution to Copper Fox since its inception some seven years ago, and to wish him continued success in his future endeavors. During the interim, Catherine Henderson, currently the Corporate Comptroller will assume the role of interim Chief Financial Officer.

Biomass Secure Power Inc. (Pink Sheets: BMSPF) announced that Murray Swales has been appointed CFO of the Company. Mr. Swales has been involved with public companies and their operating and financial reporting requirements for more than a quarter century, and has served as an officer and/or director of several reporting issuers since 1980.

Long Harbour Capital Corp. (TSX-V: LHC) announced the appointment of Charles Austin as Chief Financial Officer ("CFO"). Mr. Austin, a co-founder of the Company, has and brings extensive experience in business development, corporate governance and early-stage risk capital. He is an officer and director of Central Asia Mining Corp. and of Bamet Resources Corp., both of which are private companies active in exploration of precious and base metals in Southeast and Central Asia. As the President of Austin & Briggs Investments Inc., Mr. Austin is an active angel investor in sectors including real estate and alternative energy.

Hana Mining Ltd. (TSX-V: HMG, FRANKFURT: 4LH) announced the appointment of Paul Taggar as the new Chief Financial Officer ("CFO") of the Company. Matthew ("Matt") Kavanagh, the outgoing CFO, has resigned to pursue other opportunities. Mr. Taggar joins Hana from Fronteer Gold Inc. where he spent the last 5 years as Corporate Controller until the acquisition of Fronteer Gold by Newmont Mining Corp. (TSX: NMC, NYSE: NEM) for Cdn$2.3 billion in April 2011.

Prophecy Resource Corp. (TSX-V: PCY, OTCQX: PRPCF, FRANKFURT: 1P2) announced the appointment of David Jan as the Company's Chief Financial Officer. Mr. Jan joins Prophecy from Western Coal Corp., where he held the position of Head of Investor Relations prior to its merger with Walter Energy Inc. Over the past 20 years Mr. Jan has also held progressively senior financial positions in other natural resource companies.With Mr. Jan's appointment, Irina Plavutska, formerly the company's Interim Chief Financial Officer, has been appointed Corporate Controller of the company.

Foran Mining Corporation (TSX-V: FOM) announced the appointment of Tim Thiessen as Chief Financial Officer of the Company. Mr. Thiessen has 13 years of international experience in both public accounting and the mining industry. Most recently he was CFO of Aurcana Corporation, a publicly listed silver and copper producerPreviously he held various positions with Endeavour Financial Ltd., Endeavour Mining Capital Corp. and with Deloitte LLP. Mr. Thiessen replaces Allyson Stephens who has been CFO for the past five years.

Imvescor Restaurant Group Inc. (TSX: IRG) announced the resignation of William Lane from the role of Chief Financial Officer. Mr. Lane has agreed to stay on for a period of time as Executive Vice President Restructuring to assist the Company in completing the strategic exit of underperforming locations. The Company is pleased to announce today that Ming-Ming Wong has been named Interim Chief Financial Officer. Ms. Wong has been the Vice President of Finance with IRG and has worked closely with Mr. Lane over the past 7 years in the Company's finance group.

Ranaz Corporation (TSX-V: RNZ) has appointed Alain Lévesque as its new Chief Financial Officer (CFO), replacing Paul Guay who has resigned as interim CFO. Mr. Guay will continue as an advisor to Ranaz’s President. Mr. Lévesque, an independent consultant, has previously worked for Raymond Chabot Grant Thornton and Deloitte. Mr. Lévesque currently is also CFO of INTERIM Capital, a bridge loan financing company to small and medium sized enterprises.

Canfor Corporation (TSX: CFP) announced the appointment of Alan Nicholl as Senior VP, Finance and Chief Financial Officer. Mr. Nicholl joined Canfor in 2008 and prior to his recent appointment served as Corporate Controller. Prior to his employment at Canfor, Alan spent 10 years in senior finance positions within the forest industry. Mr. Nicholl is replacing Tom Sitar.

If you have news about CFOs on the move, or any comments on this feature, please email us.

6 Reasons why an Entrepreneur Needs a Strong CFO

Entrepreneurs who are fortunate to be facing growth pains know that growth hurts. Look closely at a successful entrepreneur facing serious business growth and you’ll notice they don’t sleep much.

 

There are many issues that face growing entrepreneurial businesses. Growth can kill a company if it is not managed properly.

 

What could go wrong when an Entrepreneurial Company is in Growth Mode? Plenty. Having a Strong CFO as part of your management team will minimize the possibility of failure and increase the probabilities for long-term, profitable success.

 

A Strong CFO can help a growing company in the following areas:

 

1) Cash Management. Growing companies have to properly manage their cash, or they will not be able to fund growth. Not managing cash and planning for cash needs can lead to failure.

 

2) Profitability Management. As Entrepreneur, do you really know… 

• your true costs?
• whether you are making a profit or a loss?
• which products should be pushed to maximize profit?

3) Budgeting & Forecasting. Without targets and goals, it is difficult to achieve them. Growth has to be planned.

 

4) Cost management. Every dollar spent should lead to more than a dollar in value. Is every dollar being spent being spent efficiently and effectively?

 

5) Controls. Money may be flying out the door and you wouldn’t even know it.

 

6) Decision making. Without timely and reliable information, you can’t make timely and good decisions.

 

Want to have the cash you need to grow, make money, and make better decisions? Hire a Strong CFO!

  

Canadian CFOs on the Move - week ending April 29, 2011

Companies with CFOs on the Move this week include: Biosign Technologies Inc., Kingsway Financial Services Inc. , Evolution Presentation Technologies Ltd., UEX Corporation, RX Exploration Inc., Aveos, RJK Explorations Ltd., Wireless Age Communications, Inc., TRIUMF, Cadman Resources Inc., Richmond Minerals Inc., Whiterock Real Estate Investment Trust

Biosign Technologies Inc. (TSX-V: BIO) announced the appointment of Colley Clarke as interim Chief Financial Officer (CFO). Mr. Clarke has served as CFO of Redknee Solutions Inc. (TSX: RKN), The Descartes Systems Group Inc. (Nasdaq, TSX: DSG), BCE Media, Canadian Satellite Communications Inc. and WPP Group Plc. Mr. Clarke currently serves as the Chairman of the Board and Chair of the Audit Committee for the Edleun Group, Inc. (TSX-V: EDU). Mr. Clarke succeeds Scott Worthington.

Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) announced that William A. Hickey, Jr., currently the Company's Chief Operating Officer, will take on the additional responsibility of Chief Financial Officer. Hickey replaces Daniel Brazier, a contract employee who held the post while the Company transitioned its executive functions from Canada to the United States. Hickey has previously held the COO and/or CFO roles at Lumbermens Mutual Casualty Company, Cochran Caronia Waller and Fox-Pitt Kelton.

Evolution Presentation Technologies Ltd. of Calgary, Alberta announced the appointment of Brad Celmainis as its Chief Financial Officer.

UEX Corporation announced the appointment of Ed Boney as Chief Financial Officer. Prior to joining UEX, Mr. Boney held the position of Corporate Controller at Century Mining Corporation ("Century"), a Canadian junior gold mining company with producing mines in Canada and Peru.

RX Exploration Inc. (TSX-V: RXE, OTCQX: RXEXF) appointed John Ryan as the Chief Financial Officer ("CFO") of the Company on an interim basis. The former CFO, Maxwell Polinsky, has been offered the role of Vice President of Business Development with the Company.

Aveos announced that Peter Timotheatos, VP Finance at Aveos, has been promoted to CFO. Peter Before joining Aveos in 2008, he was Chief Financial Officer at BCE Elix, and prior to that Director of Mergers & Acquisitions at BCE. Mr. Timotheaotos is replacing Robert Comeau.

RJK Explorations Ltd. (TSX-V: RJX.A) announced that Barry Milne has tendered his resignation from the Company and has appointed Amanda Kasner as a Director, CFO and member of the Audit Committee of the Company. Ms. Kasner has worked with Ernst & Young LLP, and most recently with Ross Pope & Company LLP, in Kirkland Lake.

Wireless Age Communications, Inc. (PINK SHEETS: WLSA) announced the appointment of Mark A. Donovan as Chief Financial Officer of the Company. Mr. Donovan has had leadership positions in both Canada and the U.S. with Collective Brands, Blockbuster International, Blockbuster Canada, and Silcorp Ltd (Mac's Convenient Stores). He has served as a Member of the McKinney, Texas Chamber of Commerce, the De La Salle College "Oaklands" Founding Board of Trustees, the Motion Picture Foundation of Canada, the Child Abuse Prevention Foundation and The Retail Executive Group of Canada.

TRIUMF, Canada's National Laboratory for Particle and Nuclear Physics based in Vancouver, BC, has appointed Henry Chen as CFO, replacing outgoing Chief Financial Officer Shirley Reeve.

Cadman Resources Inc. (TSX-V: CUZ.H) announced the appointment of Alex Johnston as its interim Chief Financial Officer, replacing Dodge Li.

Richmond Minerals Inc. (TSX-V: RMD) announced that Andrew McGuire has been appointed Acting Chief Financial Officer to replace Ian A. Shaw who has resigned as Chief Financial Officer.

Whiterock Real Estate Investment Trust (TSX: WRK.UN) announced appointment of Kursat Kacira as the new Chief Financial Officer for the REIT, on the retirement of Frank Bucys, effective June 6, 2011. Mr. Kacira is an accomplished professional and brings to Whiterock over 17 years of real estate, finance, capital markets, and accounting experience both in Canada and the United States. Most recently, Mr. Kacira was Vice President & Director in the Real Estate Group, Investment Banking at TD Securities Inc. in Toronto, where he worked for the last 9 years.

If you have news about CFOs on the move, or any comments on this feature, please email us.

Hiring a CFO is easy. Hiring a Great CFO is not.

My friend Cindy Kraft, who is a CFO Coach to the better CFOs out there, recently wrote a blog entitled CFO Turnover is on the Rise. In it, Cindy points to a study that mentions that more CFOs are being hired because the economy is doing better. She also mentions 4 key points as to what has not changed for CFOs looking for their next career move.

What has not changed enough yet is this: Boards and Owners are still looking at 'who they know' and 'who is in their network' as opposed to doing a real search.

The reasons Board Members and Owners give for not doing a real search is mostly cost related. However, it costs more to a company's reputation to do a bad search, or worse, a bad hire.

We have all seen CFOs and Companies that don't fit well together. Most of the time, it is because the company hired wrong. As hard as it may be for the CFO to find the right company, it is just as hard, if not harder, for a company to hire the right CFO.

Many companies (specifically owners and board members) think that calling some people in their network or using LinkedIn is enough. It's not.

A real search is real work.

When CFOs leave: Perception is Reality

Followers of this blog know that we keep track of CFOs on the Move. We have been doing this feature every week for almost a year now, and have watched many CFOs be promoted, hired, fired, resigned and replaced. Our feedback on this blog has been very positive, and knowing that our clients, candidates and competitors follow our reporting of these moves shows the importance and appreciation of this relevant and timely information.

What fascinates me in each and every one of these moves is the story behind the press release. Being that we are involved in CFO moves with our clients and being privileged to be aware of the real story behind the moves, we know that each story is unique as well as interesting.

A recent article in the Financial Times by Francesco Guerrera, Fears Over CFO Changes on Wall Street discusses what happens when people do not know the reason of departure of CFOs – they think what they want to think. Knowing human tendencies, thinking that “leaving for personal reasons” means the worst is not surprising. Charles Elson, director of the Centre of Corporate Governance at the University of Delaware was quoted in the article:

“The departure of a CFO is a reason for concern and investors need a full explanation of their reasons and rationale to allay their fears,”

While I agree with Mr. Elson’s logic that investors need a full explanation, I believe that is naïve to think that a “full explanation” will ever be given.

First, as anyone who has been through (or has had close friends who have been through) a divorce knows, there are 3 sides to every story – the husband’s story, the wife’s story, and the truth. I don’t believe a “full explanation” is possible to be determined and agreed upon. When a CFO leaves for “personal reasons”, it could mean practically anything.

Second, privacy concerns dictate that a “full explanation” is not possible. Could the CFO have believed that there were ethics issues at the company? Could the CFO have a health problem? Could the CFO and the CEO not be getting along? Could the CFO have been sexually harassed? Yes, Yes, Yes and Yes. These are all possibilities. But can we expect a “full explanation”? I don’t believe so.

I do believe that the more information that is provided upon a CFO departure will make investors comfortable. The challenge CEOs and Boards face on this topic, as we see in this article, is that when you provide less information, there is a perception that something is going on. And with this lack of information, the perception is that things are not going well.

My advice to the CEO and Board on a CFO departure: Manage the perception better for a better reality.

Canadian CFOs on the Move - week ending April 22, 2011

Companies with CFOs on the move this week include: Emera Inc., Conway Resources Inc., Gold-Ore Resources, New Millennium Capital Corp., Coronet Metals Inc., CYGAM Energy Inc., Catalina Metals Corp., Nextraction Energy Corp., Inspiration Mining Corporation


Emera Inc. (TSX: EMA) announced that Judy Steele has been appointed interim Chief Financial Officer effective May 16, 2011. Ms. Steele is replacing Nancy Tower who was recently appointed CEO for Emera Newfoundland and Labrador, and Executive Vice President of Business Development for Emera. Ms. Steele is presently the Vice President of Finance for Emera Energy Inc., and a member of its Executive Team. Prior to joining Emera Energy, Ms. Steele worked in a variety of capacities across Emera's business including Investor and External Relations, Strategy Development, and Regulatory Affairs. Ms. Steele is a Director of Film Nova Scotia, a Crown Corporation of the Province of Nova Scotia; and a former Director of The Halifax Port Authority, and Chair of its Audit Committee. She is well known for her community leadership, which has included serving as Treasurer of the 2011 Canada Winter Games, and as National Chair of The Canadian Breast Cancer Foundation (the "Run for the Cure").

Conway Resources Inc. (TSX-V: CWY) announced the appointment of Gilles Rochette as Chief Financial Officer and a Director of the Corporation. Mr. Rochette replaces Francois Kalos, who has resigned as a Director and Chief Financial Officer and will henceforth be in charge of corporate development for the Corporation. Mr. Rochette has acquired 20 years of experience in the accounting industry working for accounting firms, financial institutions and companies. He specializes in project and treasury management.

Gold-Ore Resources (TSX: GOZ) announced the appointment of Michael Kerfoot to the position of Chief Financial Officer, replacing Maricruz Alvarado. Most recently, Mr. Kerfoot was the CFO for Panoro Minerals, an exploration company with two advanced stage exploration copper porphyry properties in Peru. Prior to that, he was the Controller at a tungsten mining company.

New Millennium Capital Corp. (TSX-V: NML) announced that Mark Freedman, currently acting as interim Chief Financial Officer of the Corporation, has now been confirmed as Chief Financial Officer.

Coronet Metals Inc. (TSX-V:CRF.H) announced that Theo van der Linde has been appointed Chief Financial Officer. Mr. van der Linde currently provides financial consulting, management and accounting services to Public companies. During the last seven years of his career Mr. van der Linde has worked with Etruscan Resources Inc. and ended up as the CFO for Burkina Mining Company in Burkina Faso.

CYGAM Energy Inc. (TSX-V: CYG) announced that Ali Rawji will resign from his position of Chief Financial Officer effective June 1, 2011.

Catalina Metals Corp. (TSX-V: CTX.H) announced that Ian Gallie has resigned as Chief Financial Officer and director of the Company. Alec Peck has been appointed as Chief Financial Officer. Mr. Peck brings more than 25 years experience in the financial markets. From 1986 until 1993, he was a partner in Toronto and then Vancouver with member offices of the international public accounting firm Horwath International. From 1993 until March, 2004, he was a vice-president in the corporate finance group of publicly listed full-service investment dealers, first with CM Oliver and then Canaccord Capital Corp., which acquired CM Oliver.

Nextraction Energy Corp. (TSX-V: NE) announced that Scott David Badcock has been appointed as Chief Financial Officer. Prior to joining Nextraction, Mr. Badcock was employed by two of the world's largest professional service firms, Ernst & Young and Deloitte & Touche and has extensive oil and gas industry experience serving such clients as Paramount Resources Ltd., MGM Energy Corp. and British Petroleum PLC in Calgary, Alberta.

Inspiration Mining Corporation (TSX: ISM, FRANKFURT: OI8) announced that James Davis, its Chief Financial Officer (CFO), is retiring from the company. Inspiration is pleased to report that Mr. Davis will be succeeded by Peter Anderson as its new Chief Financial Officer. Mr. Anderson was formerly the Vice President Finance of Stratacon Inc. Prior to joining Stratacon Inc., Mr. Anderson was the Chief Financial Officer of Gas Recovery Systems LLC, a major U.S. based landfill gas to energy company.

If you have news about CFOs on the move, or any comments on this feature, please email us.

Canadian CFOs on the Move - week ending April 15, 2011

Companies with CFOs on the Move this week include: Metalline Mining Company, Mediagrif Interactive Technologies Inc., Chalice Diamond Corp., Liberty Coal Energy Corp., General Donlee Canada Inc., Riata Resources Corp., Rocky Mountain Liquor Inc., Cue Resources Ltd., Scorpio Mining Corporation, Parkland Fuel Corporation


Metalline Mining Company (TSX: MMZ) announced the appointment of Sean Fallis as Chief Financial Officer, replacing Robert Devers. Mr. Fallis was hired in February 2011 as VP of Finance. Mr. Fallis was formerly the corporate controller of gold producer Rusoro Mining Ltd. Prior to Rusoro Mining Ltd. Mr. Fallis worked with Canadian and United States publically listed companies in the audit and assurance practice of PricewaterhouseCoopers.


Mediagrif Interactive Technologies Inc. (TSX: MDF) announced that Chief Financial Officer Suzanne Mercier will be leaving the Corporation to pursue other interests. Mrs. Mercier will complete the filing of the Corporation's 2011 Annual Financial Statements and will assist her successor in the transition of her role up to the date of her departure on June 14, 2011. 


Chalice Diamond Corp. (TSX-V: COD) announced that Larry Johnson has been appointed to the Company's Board of Directors and to the positions of Chief Financial Officer and Corporate Secretary. The Company also has received resignation of Alan Campbell as a Chief Financial Officer. Mr. Campbell will stay on board as a Director. Mr. Johnson has been employed as a Chief Financial Officer for several junior resource companies including Fronteer Gold which Newmont Mining is to acquire for about Cdn. $2.3 billion.


Liberty Coal Energy Corp. (OTCBB: LBTG) announced that Robert Malasek has been hired as the Company's CFO and has joined the board of directors. Mr. Malasek is a financial consultant and works with a number of public companies. Currently Mr. Malasek is a Director and CFO for Siga Resources Inc. and the Chief Financial Officer for Naturewell, Inc.


General Donlee Canada Inc. (TSX: GDI) announced that Gerald Thain will retire as Chief Financial Officer of the Company at the end of April 2011, following an 11-year career with the Company. Effective May 2, 2011, Garen Mikirditsian will become Chief Financial Officer of the Company. Mr. Mikirditsian's most recently served as Vice President at the Toronto offices of Geosam Investments Limited, a private investment firm. From 2006 to 2009, Mr. Mikirditsian spent three years in the Mergers & Acquisitions group of a major Canadian investment bank where he was involved in a wide range of public and private M&A advisory mandates.


Riata Resources Corp. (TSX-V: RTR) announced the appointment of Robert McMorran as the Chief Financial Officer and a Director of the Company. Mr. McMorran has held numerous board positions and senior officer appointments with various public companies.


Rocky Mountain Liquor Inc. (TSX-V: RUM) announced the promotion of Sarah Stelmack from controller to Chief Financial Officer ("CFO"), replacing the the current CFO, Tracey Bean. Sarah held a position as an accountant with Atco Gas before coming to Rocky Mountain Liquor as controller February 16, 2010.


Cue Resources Ltd. (TSX-V:CUE) announced that David McAdam has joined Cue Resources as chief financial officer. Mr. McAdam is an experienced CFO, with transformation and operational experience in the mining sector and internationally. Mr. McAdam has held various senior financial and operational positions ranging from CFO of start-up companies listed on the TSX Venture Exchange through to vice-president operations and finance director of a Fortune 150 company based in Houston, Tex. Mr. McAdam is replacing Jon Lever as CFO.


Scorpio Mining Corporation (TSX: SPM) announced the appointment of Hemdat Sawh as Chief Financial Officer (CFO) effective May 1, 2011. Since May 2007, Mr Sawh held the position of CFO for Crystallex International Corporation, a Canadian-based gold company with operations in Venezuela. From 2005 to 2007, he was the CFO for Goldbelt Resources Ltd., prior to which he worked with Grant Thornton LLP from1989 to 2005, involved in the audit of small to medium-sized businesses with a concentration in publicly-listed junior mining companies. Scorpio Mining's current CFO, Gilbert Comtois will continue to serve as CFO for Scorpio Gold Corporation ("Scorpio Gold") and will assist Mr. Sawh on an as needed basis.

Parkland Fuel Corporation (TSX: PKI) announced the resignation of Senior Vice President and CFO Ken Grondin effective July 1, 2011.The corporation has actively begun the process to recruit a new CFO.

If you have news about CFOs on the move, or any comments on this feature, please email us.

CFOs and their relationship with HR - A Survey

If you have been reading my blogs over the past while, you may know that I blog about CFOs, their careers, and the relationships they have with others.

Our last survey in the Fall of 2010 was on CFOs and their relationships with Lawyers. You can read more about the results of this survey here. The survey was a success, and we continue to present these results to law firms so they can learn more about CFOs and what they are thinking.

For the past while I have been considering doing another survey about CFOs and what they think about the HR (Human Resources) function. And then I read this ‘joke’ that has been repeated ad nauseum over social media (I’ve seen it numerous times on Twitter and LinkedIn).

CFO asks CEO "What happens if we invest in developing our people & then they leave us?" CEO: 'What happens if we don't, and they stay?

Now personally, I think do not think that this ‘joke’ is funny. I don’t think it’s funny because from my experience meeting with CFOs on a regular basis, I find them to generally be not only capable business people, but considerate and caring for the people in their organization. CFOs get the value of people – they always have and they always will.

However, a dynamic I constantly see in organizations is the CFO/HR divide. And rather than pontificate on the subject (right now), I would like your feedback.

If you are a CFO or senior finance professional in your organization, please complete our survey at your earliest convenience. It will only take 10 minutes of your time.

Thank you in advance,

Samuel

Canadian CFOs on the Move - week ending April 8, 2011

Companies with CFOs on the move this week include: Hanfeng Evergreen Inc., Titan Uranium Inc., Stornoway Diamond Corporation, Essential Energy Services Ltd., Platmin Limited, Seabridge Gold, Everton Resources Inc., Sono Resources Inc., Vicwest Inc., CriticalControl Solutions Corp., Orezone Gold Corporation, Arian Silver Corporation, RBC Capital Markets, West Fraser, Fiber Optic Systems Technology, Inc., Nextraction Energy Corp., Katanga Mining Limited, RDM Corporation, Symax Lift (Holding) Co. Ltd., Confederation Minerals Ltd.

Hanfeng Evergreen Inc. (TSX: HF) announced that Niral V. Merchant has been appointed Chief Financial Officer, replacing Paul Begin whose resignation and transition was previously announced. Most recently, Mr. Merchant served as the CFO for Royal Laser Corp., a TSX listed steel fabrication and distribution company, which was acquired in 2010.

Titan Uranium Inc. (TSX-V: TUE, Frankfurt: T4X) announced that Rahoul Sharan, Director of Titan Uranium has been appointed CFO of the company, replacing Kelly McShane. Prior to joining Titan, Mr. Sharan was the Chairman of the Board of Uranium Power Corp. Mr. Sharan was a partner of the S&P Group, which specializes in investment financing for venture capital projects, real estate development and construction. Mr. Sharan is also the President of KJN Management Ltd., which provides a broad range of administrative, management and financial services. Mr. Sharan also serves as a Director and Officer for several other TSX Venture Exchange listed companies.

Stornoway Diamond Corporation (TSX: SWY) announced that Jean-Jacques Carrier, Senior Vice-President and Chief Financial and Risk Officer of Investissement Québec, has been appointed a director.

Essential Energy Services Ltd. (TSX: ESN) announced the combination of their business with Technicoil Corporation (TSX:TEC) and that the CFO of the combined entity will be Jeff Newman. Robert Sprinkhuysen, Chief Financial Officer of Technicoil, is expected to continue in an ongoing advisory role with the combined company on a transition basis.

Platmin Limited (TSX: PPN) announced the appointment of Craig Shaw as Chief Financial Officer. Wayne Koonin, Platmin's the current CFO, will hand over his responsibilities to Mr. Shaw in the coming weeks. For the past 14 years, Mr Shaw is currently Joint Head of the Natural Resources/Mining Corporate Finance team at Investec Corporate Finance, a division of Investec Bank Limited. Prior to joining Investec, Mr Shaw managed various listings on the London Stock Exchange and was the CFO of Cunico Nickel.

Seabridge Gold (TSX: SEA, NYSE Amex: SA) announced that Christopher J. Reynolds will join the Company as Vice President, Finance, Chief Financial Officer and Corporate Secretary effective May 1, 2011. Mr. Reynolds will be replacing Roderick Chisholm. Most recently, Mr. Reynolds was Vice President, Finance and Chief Financial Officer for Norsemont Mining Inc. which was acquired this year by HudBay Minerals Inc. Prior to Norsemont, Mr. Reynolds served in the same position with SouthernEra Diamonds Inc. which was purchased by Mwana Africa PLC in 2007. His experience also includes senior positions with Southern Platinum Corp., TVX Gold Inc. and Inmet Mining Corporation.

Everton Resources Inc. (TSX-V: EVR, FRANKFURT: ERV) announced the appointment of Judith Mazvihwa-MacLean as new Chief Financial Officer effective, replacing Khadija Abounaim. Prior to joining Everton Resources Inc., Ms. MacLean was the CFO for Logan Resources Ltd., and Acme Resources Inc. (formerly, International KRL Resources Corp.) from 2002 to 2010 and Golden Harp Resources Inc. from 2006 to 2009. She also served on the Boards of both Logan Resources Ltd., and Acme Resources Ltd. From 2001 through 2002, Ms. MacLean was the Exploration Geologist for Cumberland Resources Ltd. and Northgate Resources Ltd. in Canada. Previous to this, she was the Section Head and Section Geologist at Turk Mine and Queens Mine, Casmyn Mining Zimbabwe (Pvt) Ltd. and a Field Geologist for Prospecting Ventures Ltd., a subsidiary of Anglo-American Corp. in Zimbabwe.

Sono Resources Inc. (OTCQB: GVRS) announced the appointment of William D. Thomas as CFO of the Company. Most prominently, Mr. Thomas has held various management positions with Kerr McGee Corporation's operations in Beijing, China, ending in 2004 with his final position as Director of Business Services. From July 2007 to March 2010 he was the CFO for Hana Mining Ltd., a TSX-V company exploring for copper and silver in Botswana, Africa. Mr. Thomas also holds the position as CFO of Mainland Resources, an oil and gas exploration company based in Texas.

Vicwest Inc. (TSX: VIC) announced the appointment of Edward Mahood as interim Chief Financial Officer following the departure of John Slattery. Mr. Mahood was most recently EVP and CFO for Linamar Corp, a large publicly traded precision manufacturing company with a market capitalization of $1.4 billion. Prior to joining Linamar, Mr. Mahood held a series of increasingly senior finance positions at Toyota Motor Manufacturing Canada, including ultimately leading the finance department before joining Linamar in 2008.

CriticalControl Solutions Corp. (TSX: CCZ) announced the appointment of Bruce Byford as Chief Financial Officer of the Corporation. Hashu Remtulla, formerly VP and CFO will remain with CriticalControl in the newly formed role of Vice President and Corporate Controller.

Orezone Gold Corporation (TSX: ORE) announced that Sean Homuth has returned, after a brief absence, to the position of Chief Financial Officer. Joe McCoy is now VP Administration for Orezone and CFO for Brighton Energy Corp (67% owned by Orezone).

Arian Silver Corporation (TSX-V: AGQ) announced the appointment of Samuel Clarke as the Company's Chief Financial Officer, effective as of May 9, 2011. Previous senior finance roles include Head of Finance/Finance Manager for Eni International Resources Limited, a subsidiary of Eni S.P.A.; Financial Controller for Weatherly International; Financial Controller for UK Online, a subsidiary of BSKYB; and Senior Auditor with Ernst & Young.

RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada (TSX: RY, NYSE:L RY) announced the appointment of Stephen Krag as Chief Financial Officer Europe. Mr. Krag has joined from Daiwa Capital Markets Europe where he was Chief Financial Officer. Prior to this, Mr. Krag was Chief Operating Officer for HBOS Treasury Services and held a number of senior finance positions within capital markets, equities and global financial market businesses for NatWest Securities. Mr. Krag will be based in London and reports to John Burbidge, CEO, Europe, RBC Capital Markets.

West Fraser (TSX: WFT) announced that Gerry Miller, Executive Vice-President, Finance and CFO will retire at the end of July 2011. Mr. Miller joined the Company in 1986 as Corporate Controller and has served West Fraser in a number of senior management roles in administration, operations and finance. Larry Hughes, Senior Vice-President and Secretary, will become Vice-President, Finance and CFO upon Mr. Miller's retirement. Mr. Hughes joined the Company in September of 2007 following a 27-year career as a corporate and commercial lawyer.

Fiber Optic Systems Technology, Inc. (TSX-V: FOX) announced that Sean Carr has resigned as Chief Financial Officer. Allen Lone, the President of the Corporation, has been appointed the interim Chief Financial Officer until such time that the Corporation completes its search for a permanent Chief Financial Officer.

Nextraction Energy Corp. (TSX-V: NE) announced that Scott David Badcock has been appointed as Chief Financial Officer of the Company. Prior to joining Nextraction, Mr. Badcock was employed by two of the world's largest professional service firms, Ernst & Young and Deloitte & Touche and has extensive oil and gas industry experience serving such clients as Paramount Resources Ltd., MGM Energy Corp. and British Petroleum PLC in Calgary, Alberta.

Katanga Mining Limited (TSX: KAT) announced that Nick Brodie, Chief Financial Officer and Secretary of the Company, has resigned. Mr. Brodie will remain available to ensure a smooth transition of responsibilities. Nico Paraskevas will serve as the new Chief Financial Officer and Acting Secretary of the Company. Mr. Paraskevas is currently Commercial Director of Kamoto Copper Company, a DRC-based subsidiary of Katanga.

RDM Corporation (TSX: RC) announced that Chief Financial Officer James Merwin has resigned from his position to pursue a similar role at a privately owned company. Mr. Merwin will continue in the role until the release of the second quarter results, expected to be on May 2, 2011. RDM has commenced a formal process to select a successor.

Symax Lift (Holding) Co. Ltd. (TSX-V: SYL) announced that Xiao Qin (Mary) Ma, the current Interim Chief Financial Officer and a Director of the Company, has been formally appointed to the position of Chief Financial Officer of the Company. Ms. Ma is also currently a director and Chief Financial Officer of Polo Biology Global Group Corporation. Amongst other positions held by Ms. Ma, she was the Financial Controller and Project Manager of Zongshen PEM Power Systems Inc., Financial Controller of Chongqing Lear Changan Interior Co., Ltd and Chief Financial Officer of Chongqing Skyman Industrial Group Co., Ltd.

Confederation Minerals Ltd. (TSX-V: CFM) announced the appointment of Savio Chiu as the chief financial officer and corporate secretary. Mr. Chiu is currently Senior Manager, Corporate Finance of Baron Global Financial Canada Ltd. Previously, he was a professional staff accountant with an international accounting firm where he gained valuable experience leading large teams for audits under Canadian GAAP for public multi-national clients.

If you have news about CFOs on the move, or any comments on this feature, please email us.

A CFO is an Artist...

...and a Controller is a Scientist.

A Successful CFO needs creativity, personality, some acting, and an ability to lead people inside and outside the company.

A Successful Controller needs math, process and critical thinking. Personality is less important than getting the numbers done right and on time.

My previous blog post 6 Things Real CFOs Do Not Do received some significant feedback in this LinkedIn Group. The general feeling (with some exceptions) was that there is a significant difference between a CFO and a Controller, but they both need each other.

Just like any artist needs their support team to shine, a CFO is no different. Scratch any Strong CFO and you will find a strong and capable finance team and Controller.

Canadian CFOs on the Move – week ending April 1, 2011

Companies with CFOs on the Move this week include: CIBC, Redishred Capital Corp., Tuscany International Drilling Inc., IBI Group Inc., Mercury Filmworks, Prism Medical Ltd., Shear Diamonds Ltd., Josephine Mining Corp., Aldridge Minerals Inc., MGold Resources Inc., Resinco Capital Partners Inc., Electric Metals Inc., Grizzly Discoveries Inc. , Novadx Ventures Corp., Sino Vanadium Inc., Toronto Community Housing, Priszm Income Fund


CIBC (TSX: CM, NYSE: CM) announced that Kevin Glass has been named Senior Executive Vice President, CIBC, and Chief Financial Officer replacing David Williamson. As part of this role, Kevin will become a member of the bank's Senior Executive Team, reporting to the CEO. Kevin has been with CIBC since January 2009. Prior to joining CIBC, Kevin was Chief Financial Officer of a number of Canadian companies

Redishred Capital Corp. (TSX-V: KUT) announced the appointment of Jeffrey Hasham as its new Chief Executive Officer. Mr. Hasham has been Redishred’s Chief Financial Officer since March 2008. Robert Crozier will be stepping down as the Chief Executive Officer. In addition to the appointment of Mr. Hasham to Chief Executive Officer, Redishred is also pleased to announce the appointment of Kasia Pawluk, to the position of Chief Financial Officer.

Tuscany International Drilling Inc. (TSX: TID) announced that Matt Moorman, presently the Executive Vice President, Corporate Finance and Business Development of the Corporation, was appointed the Chief Financial Officer of the Corporation and the current Chief Financial Officer, Bruce Moyes, was appointed Vice President, Finance and Reporting. Before joining the Corporation in August of 2010, Mr. Moorman acted as Vice President Finance and Treasurer with Provident Energy Ltd. since 2003. Prior thereto, he acted as a member of the senior management team with TransAlta Corporation and TransAlta Power Income Trust, serving in senior financial and commercial positions from 1997 to 2003. Prior to joining the Corporation, Mr. Moyes acted as Vice President, Finance and Treasurer of Ensign Energy Services Inc., a land-based international oilfield services contractor whose shares are listed on the TSX. Prior thereto, Mr. Moyes was a Manager of Financial Planning and Analysis at Canadian Pacific Limited from 1996 to 1999.

IBI Group Inc. (TSX: IBG) is pleased to announce the appointment of Michel Poitras as Interim Chief Financial Officer. Michel Poitras replaces Allan Kamerman, who is departing IBI Group Inc. Prior to joining the IBI/DAA group, Mr. Poitras was a partner with Raymond Chabot Grant Thornton.

Mercury Filmworks announced the promotion of Sandra Green from Director of Finance to Vice President, Finance. In her new position Green will report directly to Mercury President Clint Eland and oversee all aspects of the company’s production and corporate finances. Green, a 15 year veteran of the Canadian entertainment industry, joined Mercury Filmworks in 2004 as a corporate controller after working at several Ottawa production companies including MTR Entertainment and Lacewood Productions.

Prism Medical Ltd. (TSX-V: PM), announced the appointment of George Chiarucci to the position of Chief Financial Officer, succeeding William Edwards, who now holds a key senior operational role with Prism Medical as Executive Vice President, Operations. Mr. Chiarucci previously served as Chief Financial Officer with TSX-listed companies including Atlantis Systems Corp., Timminco Ltd., and Cymat Corp.

Shear Diamonds Ltd. (TSX-V: SRM) announced the appointment of Gregory Rieveley to the Company's Board of Directors. Mr. Rieveley is currently the Chief Financial Officer of Noront Resources Ltd.; previously he held the position of Vice President, Internal Audit and Business Development at Harry Winston Diamond Corporation (formerly Aber Diamond Corporation), and prior to that he was the Controller for Dundee Precious Metals. Mr. Rieveley will be a member of the Shear's Audit Committee and Compensation Committee. The appointment of Mr. Rieveley follows the resignation of Dr. Keith Barron. Dr. Barron will continue his involvement with Shear through his appointment to the Advisory Board.

Josephine Mining Corp. (TSX-V: JMC) announced that R. Llee Chapman will fill the position Chief Financial Officer and will be a Director. Mr. Chapman's mining experience includes public company CFO level management in positions with Barrick Goldstrike Mines, Apollo Gold Inc., Knight Piesold & Co. and Idaho General Mines (now General Moly, Inc.). He managed accounting controls at Gold Fields Limited – Chimney Creek Mine and Asarco, Inc.

Aldridge Minerals Inc. (TSX-V: AGM) announced that its CFO, Ed Badida, will be leaving the Company and will remain available to assist the Company with its transition to a new CFO. Carmelo Marrelli has been appointed the Company's interim CFO. Mr. Marrelli is the President of Marrelli Support Services Inc., which Aldridge retained in January to provide ongoing bookkeeping and accounting services.

MGold Resources Inc. (TSX-V: MNI) appointed Marc R. Poitras as Chief Financial Officer and a Director of the Company. Mr. Poitras is currently the Managing Partner at Poitras & Poitras Professional Corporation, Chartered Accountants, located in Sudbury, Ontario. Mr. Poitras has been owner/manager of a public accounting practice since 1993. Mr. Poitras replaces Douglas Reeson who has been active with the Company since 1993 and has acted as the Chief Financial Officer for the past several years. Mr. Reeson will remain as a Director of the Company.

Resinco Capital Partners Inc. (TSX: RIN, FRANKFURT:L6V) announced that David McAdam has joined Resinco as Chief Financial Officer, replacing Jon Lever. Mr. McAdam has held various senior financial and operational positions ranging from CFO of start-up companies listed on the TSX Venture Exchange through to VP Operations and Finance Director of a Fortune 150 company based in Houston, Texas.

Electric Metals Inc. (TSX-V: EMI) announced the resignation of Donald Currie as Acting President of the Company. Tony Ricci, formerly Chief Financial Officer has now been appointed President and CEO of the Company. The Company is pleased to appoint Zula Kropivnitski to the position of Chief Financial Officer. Prior to joining Electric Metals Inc., Ms. Kropivnitski acted as the Controller to Sacre-Coeur Minerals and African Queen Mines Ltd, companies involved in exploration and production activities in Africa and South America. Before that, Ms. Kropivnitski served as Senior Accountant to Manex Resource Group and its group of mining exploration companies with interests in properties in Canada, the United States and Mexico.

Grizzly Discoveries Inc. (TSX-V: GZD, OTCQX: GZDIF, FRANKFURT:G6H) announced the appointment of Jeremy Strautman as the Interim Chief Financial Officer ("CFO") of the Corporation following the resignation of Sean Mager. Mr. Mager will stay on as a director of the Corporation. Mr. Strautman is a managing partner and Operations Manager of Myriad Corporate Services, which provides accounting and administrative support to several public and private companies, specializing in the junior mineral exploration industry, since January 2010. Prior to 2010, Mr. Strautman was an employee of an unrelated junior mineral exploration company since 2005 where he also provided services to Grizzly on an excess capacity basis since 2006. Mr. Strautman is also the Chief Financial Officer of Altiplano Minerals Ltd., a TSXV-listed junior mineral exploration company.

Novadx Ventures Corp. (TSX-V: NDX) announced that its wholly-owned subsidiary, MCoal Corporation has appointed Gregory Saragas as Vice President, Finance. Mr. Saragas joins MCoal from Nystar Americas, a global multi-metals company, with zinc mining and smelting operations in Tennessee. Prior to joining Nyrstar, Mr. Saragas held the positions of Regional Accounting Officer with Massey Energy, the largest coal producer in Central Appalachia and Chief Financial Officer of Debra Lynn Coals, Inc.

Sino Vanadium Inc. (TSX-V: SVX) announced that Harvey McKenzie, the Chief Financial Officer of the company, has tendered his resignation. The company has appointed Wingfield Ding as the company's new Chief Financial Officer. Mr. Ding has years of experience in auditing Asian and North American companies, and has served as CFO for public companies in Canada and corporations with operations in China.

Toronto Community Housing announced that Len Koroneos will serve as Toronto Community Housing's interim Chief Executive Officer. Mr. Koroneos will perform the role on an interim basis until the company's new board of directors completes the search for a permanent chief executive officer later this year. Mr. Koroneos joined the company in September 2010 as Chief Financial Officer. He will continue to oversee the duties of the Chief Financial Officer together with the current management staff. Prior to joining Toronto Community Housing, Mr. Koroneos spent 22 years with a major health care services corporation operating in Canada and the United States, where he held senior management positions of vice-president taxation, treasurer, and vice president business development. He gained extensive experience in taxation, accounting, auditing and finance while working for KPMG, an international accounting firm.

Priszm Income Fund (TSX: QSR.UN) and its affiliates (collectively "Priszm" or the "Company") announced today that, in order to facilitate the sale of its restaurants, it has applied for and successfully obtained an Order from the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act ("CCAA"). As part of the Restructuring, the duties of the Chief Restructuring Officer will be executed by Deborah Papernick, the current chief financial officer of the Company.

If you have news about CFOs on the move, or any comments on this feature, please email us.