Showing posts with label Decision Makers. Show all posts
Showing posts with label Decision Makers. Show all posts

Thursday, May 5, 2011

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!

  

Thursday, March 10, 2011

Kvetches from the Trenches - Job Seeker Complaints [Q1 2011]

Being a mid-level financial manager looking for work in this market is still tough. It has been for a while. When we have heart to heart discussions with these capable people, we hear many complaints. Here are some of them.

Complaints about Companies:

Companies are low-balling: Candidates feel that companies are taking advantage, and paying less for positions that should have a higher salary. One candidate we spoke with believes that companies are offering salaries that are 15-20% less then they feel they should be paid for the level of work required. Job seekers are frustrated with this price differential.

“I would rather work with an external recruiter”: Some candidates have told us that they would prefer to work with a recruiter they trust, rather than work directly with the hiring company. They feel they get more complete and reliable information in the search from an external recruiter.

Companies are taking too long to make a decision: During the height of the recession this was the most difficult issue with companies that were looking to hire. Now that we are passed those lows and on the way to recovery, companies are still taking too long to make decisions. Not only does time make it more difficult for companies to hire the best people (because the best candidates will not wait for them), companies are not helping their market reputation.

Getting stuck in HR Hell: The job-seeker hears about a job that sounds ideal for them. They send their resume in, because that is what they believe they are supposed to do. And then they wait. And wait. They wait for whoever is in charge of the company resume inbox to actually read their resume, understand what they do, and put them to the top of the pile. Good luck – you have now entered HR Hell. Most of the time, the person clearing the inbox and doing the initial assessment has no real clue as to what to look for in the resume. At best, they are working off a key word list.

Complaints about Recruiters:

Job seekers are not only frustrated with companies; they are frustrated with some recruiters too. Job seekers we have spoken with generally like recruiters, but not all of them. Here are some of their complaints.

Recruiters that don’t understand what I do: “When I have to explain what I do to a recruiter who doesn’t understand what I do, how can I be sure that she is representing me properly to the company?”

Recruiters that blast me: “I can’t stand when a recruiter presents me to a company that I did not give them permission to do so.”

Recruiters that don’t understand my market: “When I see area code XXX on my call display, I cringe. Those [Unnamed Large City] recruiters are the worst. They don’t have a clue about the market I live in.”

Recruiters that call me for roles that I said I wasn’t interested in: “I told the recruiter I was not interested in an internal audit position. Why do they keep calling me about internal audit roles?”

On the positive side, most of the job seekers we spoke with said that their complaints about recruiters are limited to a small number of them. Most recruiters, they feel, are reputable and provide quality service.

When I asked one job seeker whether he dealt with recruiters he would prefer not to deal with, he said: “I’m actively looking for a job. If a recruiter I don’t like to work with has a job opportunity for me, how can I pass up working with them? I need a job. I just hold my nose.”

Sunday, December 5, 2010

Canadian CFOs on the Move - week ending December 3, 2010

MegaWest Energy Corp. (OTCBB: MGWSF) announced the resignation of Kelly D. Kerr, Vice President Finance and CFO.

Vast Exploration Inc. (TSX-V: VST) announced that it has appointed Darren Moulds as Chief Financial Officer. Mr. Moulds appointment follows the resignation of Gary Lobb. 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).

Longford Energy Inc. (TSX-V: LFD) announced that it has appointed Darren Moulds as Chief Financial Officer. Mr. Moulds appointment follows the resignation of Gary Lobb.

Stetson Oil & Gas Ltd. (TSX-V: SSN) announced that it has appointed Darren Moulds as Chief Financial Officer. Mr. Moulds appointment follows the resignation of Gary Lobb.

Chantrell Ventures Corp. (TSX-V: CV) announced the appointment of Paul A. Parisotto as President, CEO and CFO and Director of the Company. Mr. Parisotto was the President and Chief Executive Officer of Arizona Star Resource Corp., from 2004 to 2007, when it was acquired by Barrick Gold Corporation. From November 2008 to June 2009 he was the Co-Interim CEO of Noront Resources Ltd and most recently was the President and Chief Executive Officer of Tamaka Holdings Inc., a private gold exploration and development company. Previously, Mr. Parisotto provided investment banking services to the mining industry.

Petaquilla Minerals Ltd. (TSX: PTQ, OTCBB: PTQMF, FRANKFURT: P7Z) announced the appointment of Ezequiel Sirotinsky as Chief Financial Officer of the Company. Mr. Sirotinsky replaces Julie van Baarsen as the Company's Chief Financial Officer. Mr. Sirotinsky was formerly Director of Finance for Silver Standard Resources, Inc., and Administrative and Finance Manager for AngloGold Ashanti Limited's Cerro Vanguardia Project, a gold and silver mine.

EurOmax Resources Limited (TSX-V: EOX) announced the appointment of Aurora Davidson as Chief Financial Officer. Since 2003, Ms. Davidson has focused on providing CFO services predominantly to companies in the mining sector, including Amerigo Resources Ltd.

Aldridge Minerals Inc. (TSX-V: AGM) announced the appointment of Edward J. Badida as its new Chief Financial Officer, replacing Kim Evans who resigned. Ms. Evans will continue to work for the company as a consultant to assist with the transition of moving the Company's accounts to Toronto.

Shear Minerals Ltd. (TSX-V: SRM) announced the resignation of Greg Hayes as Chief Financial Officer. In the interim, Darcy Ogrodnick, Shear's Controller, will serve as Interim CFO to assist through the transition.

Empire Industries Ltd. (TSX-V: EIL) announced the resignation of David Carefoot as CFO, and announced the return of Campbell McIntyre as CFO of Empire, a position he occupied prior to the hiring of David Carefoot in 2008. In addition to his new responsibilities as CFO of Empire, Mr. McIntyre will retain his duties as President of Empire Iron Works, a key operating subsidiary of Empire. Assisting Mr. McIntyre in the financial function will be Mike Martin, as the newly appointed Director of Finance and Corporate Controller.

Boston Pizza International Inc. ("BPI") announced that Mark Powell will step down as Chief Financial Officer of BPI and will be leaving the company as of December 15, 2010. In conjunction with this departure, Mr. Powell will also resign as Director and CFO of Boston Pizza GP Inc., Managing General Partner of Boston Pizza Royalties Limited Partnership ("BPRLP"), administrator of the Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN). Mark Powell joined BPI in 2001 as Chief Financial Officer and has been a Director and CFO of Boston Pizza GP Inc. since its inception in 2002. Wes Bews, Vice President of Finance for BPI, will replace Mark Powell on an interim basis as CFO of BPI and will also be appointed as a Director and CFO of Boston Pizza GP Inc. on an interim basis.

Cavan Ventures Inc. (TSX-V: CVN) announced that Harvey Lawson has been appointed Chief Financial Officer of the Company. Mr. Lawson replaces Trevor Sinclair, who resigned as Chief Financial Officer.

Rare Method Interactive Corp. (TSX-V: RAM) announced that Josh Ius has resigned as CFO of the Company.

Fission Energy Corp. (TSX-V: FIS) announced that Gregory Downey has joined the Company as Chief Financial Officer and replaces Andrew Adamson who has stepped down to pursue other opportunities.

YANGAROO Inc. (TSX: YOO, OTC: YOOIF) announced that John Heaven is leaving the position of President and Chief Financial Officer and Director of YANGAROO. John served as President and CEO until June of this year. The company has appointed Michael Galloro, CA as interim Chief Financial Officer.

Frontline Gold Corporation (TSX-V: FGC) announced that Jim Patterson has been appointed as Chief Financial Officer (CFO) replacing Tom Hickey, who stepped down as CFO.

Allied Properties REIT (TSX: AP-UN.TO) announced that Peter E. Sweeney has been appointed Vice President and Chief Financial Officer, replacing Tom Wenner, who is leaving Allied. Mr. Sweeney was formerly Chief Financial Officer and Chief Administrative Officer of a leading real estate brokerage and advisory firm. Prior to that, he was Corporate Controller for a public real estate company and a Senior Accountant with Price Waterhouse.


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

Monday, September 20, 2010

Canadian CFOs on the Move – week ended September 17, 2010

Ram Power, Corp. (TSX: RPG) announced the appointment of John O'Neill as Vice President and Chief Financial Officer. Mr. O'Neill will take over as Chief Financial Officer from Paul Zavesov, who will be transitioning to a senior role in Business Development. Mr. O'Neill previously worked with EGB Consulting, Homeland Renewable Energy, Environmental Power Corporation, Constellation NewEnergy, and KPMG.

Maple Leaf Reforestation Inc. (TSX-V: MPE) announced that Daniel Chu has resigned as Chief Financial Officer ("CFO") and Director. Mr. Chu’s vacancy as Maple Leaf’s CFO and Director will be filled by Mr. Derek Liu.

Green Swan Capital Corp. (TSX-V: GSW.P) announced the appointment of Daniel Hilton as Director and CFO. Daniel is currently Executive Director of the Conservative Party of Canada. He was previously the Director of Finance and Administration, Research and Development for World Heart Corporation and a co-founder and CFO of Kids Futures Ltd. Daniel was formerly the Vice-President Finance and Technology and Senior Vice-President, Corporate Development & Administration of Enablence Technologies Inc.

Equal Energy Ltd. (TSX: EQU, NYSE: EQU) announced that Dell Chapman has been appointed Chief Financial Officer. Mr. Chapman was most recently the Vice President, Finance and Chief Financial Officer of Berens Energy Ltd. Prior to that, he held various senior finance positions with a number of oil and gas companies, including Suncor Energy Inc. and Gulf Canada Resources Limited.

Canada Lithium Corp. (TSX: CLQ; U.S. OTCQX: CLQMF) announced that Germaine Coombs, formerly Corporate Controller with FNX Mining Company, has joined as Chief Financial Officer. Prior to FNX Mining, Ms. Coombs worked with Iron Ore Company of Canada.

White Pine Resources Inc. (TSX-V: WPR) announced the appointment of Michael G. Leskovec to the position of Chief Financial Officer, replacing Mario Miranda. Mr. Leskovec is the Financial Control Officer of Northfield Capital Corporation, a publicly traded, TSX-V listed investment holding company with investment interests primarily in the resource sector. Previously, Mr. Leskovec was Corporate Controller and an Officer of Andina Minerals Inc., Controller and an Officer of Gold Eagle Mines Ltd., and Audit and Assurance Manager at Smith Nixon LLP.

SAND Technology Inc. (OTCBB: SNDTF.OB) announced that Bruno Martel, previously announced as incoming Chief Financial Officer, will no longer be joining the company.

Palko Environmental Ltd. (TSX: PLK) announced the appointment of Corey Zahn as VP Finance and Chief Financial Officer, replacing the interim CFO, Susan McClinton. Mr. Zahn's latest position was VP Finance and CFO with Century Oilfield Services Ltd., which was recently acquired by Calfrac Well Services Ltd. Prior to this, Mr. Zahn worked with KPMG LLP as a Senior Manager.

Feronia Inc. (TSX-V: FRN) announced the appointment of Georgina Cotton as Chief Financial Officer.

WebTech Wireless Inc. (TSX: WEW) announced that Andrew Morden, has been appointed as Chief Financial Officer. Mr. Morden previously worked with Intrinsyc Software and Digital Dispatch Systems, Internet Marketing Center, Intrawest Corporation, SAP Canada and KPMG.

Bitterroot Resources Ltd. (TSX-V: BTT) announced the appointment of Barney Magnusson as its Chief Financial Officer. Mr. Magnusson is currently a director of SilverCrest Mines Inc. and Goldsource Mines Inc.

Romarco Minerals Inc. (TSX-V: R) announced that Fraser Sinclair has resigned as Senior Vice President and CFO of Romarco Minerals effective October 8, 2010. Joe Romagnolo, the Company's Corporate Controller, has been appointed Interim CFO.

Antioquia Gold Inc. (TSX-V: AGD) announced the appointment of JoAnne Dorval-Dronyk as its Chief Financial Officer (CFO). Ms Dorval-Dronyk replaces Robert C. James who left the Company.

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

Monday, July 12, 2010

Canadian CFO’s on the Move – week ended July 9, 2010

Excellon Resources Inc. (TSX: EXN) announced the appointment of Robert Whittall to the position of CFO of Excellon Resources Inc. Mr. Whittal has worked most recently with Volta Resources Inc. as Chief Financial Officer where he was also a founder and director. He has also held senior financial management positions with TVX Gold Inc., as Vice President, Finance and Rio Algom Limited and Anvil Range Mining over the course of his career.

Stonegate Agricom Ltd. (TSX: ST) announced the appointment of Germaine Coombs as Vice President and Chief Financial Officer, effective September 1, 2010. Ms. Coombs replaces William E. Jupp, who has resigned as Chief Financial Officer. Ms. Coombs was most recently the Corporate Controller of FNX Mining Company Inc., and previously held increasingly senior accounting roles in operations and corporate finance with the Iron Ore Company of Canada, a Rio Tinto company.

International Minerals Corporation (TSX: IMZ, Swiss: IMZ) announced that Mr. Eric Edwards has resigned from his position as Chief Financial Officer (“CFO”) in order to pursue other business opportunities. In the interim, IMZ’s Controller, Mr. Scott Weger, will be acting in the role of CFO.

Greystar Resources Ltd. (TSX:GSL, AIM:GSL) announced the appointment of David Newbold as Chief Financial Officer (CFO) of the Company effective August, 2010. David spent eleven years (1995-2006) at Placer Dome Inc. where he held positions of increasing responsibility including Senior Vice President, Commercial; Senior Vice President Strategy, Placer Dome America; President & CEO, Zaldivar Copper Mine; and Senior Vice President and CFO, Placer Dome Latin America. Prior to Placer Dome David spent several years at Outokumpu holding various finance positions.

Innovative Wireline Solutions Inc. (TSX-V: ALH) announced that Cameron Bawol has replaced Ray Charron as Vice President, Finance and Chief Financial Officer.

Trueclaim Exploration Inc. (TSX-V: TRM) announced that it has hired Mr. Stephen Holmes, CA as the Company's Chief Financial Officer.

Pinetree Capital Ltd. (TSX: PNP) announced that Larry Goldberg, the Company's Executive Vice President and Chief Financial Officer, has resigned effective August 15, 2010 to pursue other business interests. Gerry Feldman, C.A., Pinetree's Vice President, Corporate Development, will assume the role of Chief Financial Officer upon Mr. Goldberg's departure.

Mega Uranium Ltd. (TSX:MGA) announces that Larry Goldberg, the Company's Chief Financial Officer, has resigned effective August 15, 2010 to pursue other business interests. While the Company undertakes a search for Mr. Goldberg's replacement, Gerry Feldman, C.A., will assume the role of Chief Financial Officer upon Mr. Goldberg's departure. Mr. Feldman is currently Chief Financial Officer of Brownstone Ventures Inc. and is a senior officer and director of other TSX and TSX Venture Exchange-listed issuers.

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

Monday, July 5, 2010

Canadian CFO’s on the Move – week ended July 2, 2010

CIBT Education Group Inc. (TSX: MBA, AMEX: MBA) appointed Dennis Huang as the Chief Financial Officer of CIBT, replacing Tim Leong, who has resigned from his position as Chief Financial Officer. Mr. Leong has been appointed as the VP of Finance and Accounting of CIBT and will continue to provide accounting, financial and administrative services to the Company.

FMX Ventures Inc. (TSX-V: FXX-H) announced that it has appointed Carmelo Marrelli as its Chief Financial Officer. Mr. Marrelli replaces Jon Kelly who has resigned to pursue other interests. Mr. Marrelli holds a Bachelor of Commerce degree from the University of Toronto and is a qualified Chartered Accountant and Certified General Accountant.

US Silver Corporation (TSX-V: USA, OTCQX: USSIF, Frankfurt: QE2) announced the appointment of Christopher J. Hopkins as the Company's new Chief Financial Officer (CFO), replacing Joseph Rauhala. Mr. Hopkins most recently served Excellon Resources Inc. as Chief Financial Officer. Mr. Hopkins has twenty-five years of experience in financial planning and analysis, accounting, financial reporting, and corporate finance. This includes seven years of combined experience as a Chief Financial Officer.

Lumina Copper Corp. (TSX-V: LCC) announced that Martin Rip has been appointed as Chief Financial Officer, replacing Sandra Lim, who is retiring from the position. Mr. Rip is a Chartered Accountant with 10 years experience in the mineral resource sector and joins Lumina having served previously as Chief Financial Officer for a Canadian resource company.

Sinchao Metals Corp. (TSX-V: SMZ) announced the appointment of Bruce Ramsden as Vice President, Finance and Chief Financial Officer. Mr. Ramsden has been a Vice President and CFO with noted resource companies since 1996.

PetroGlobe Inc. (TSX-V: PGB), undergoing a reorganization transaction, announced the appointment of Jason James as Chief Financial Officer. Mr. James is a chartered accountant with more than 16 years of finance, business development, strategic planning and tax experience, operating in Canada. He has held the position of CEO and director of PetroGlobe Inc. for the past three years.

Toronto 2015 Pan American Games announced the appointment of Barbara Anderson as Chief Financial Officer. Most recently CFO for MaRS Discovery District and MaRS Innovation, she has worked for PepsiCo, Cara Foods, Progistix-Solutions Inc., and the Securit Group of Companies. An MBA graduate of the Rotman School of Business, University of Toronto, Anderson also is a Chartered Accountant (Ontario) and has a BSc from the University of British Columbia.

Provident Energy Trust (TSX: PVE.UN), announced that Mark Walker, Senior Vice-President, Finance & Chief Financial Officer (CFO) will step down from his role with Provident concurrent with the naming of his replacement, which is expected to be on or before September 30, 2010. Mr. Walker will remain with Provident in an advisory role for an appropriate period after that date.

Treasury Metals Inc. (TSX: TML) announced that it has appointed Dennis Gibson as Chief Financial Officer for the Company. Mr. Gibson served as Vice President, CFO and Corporate Secretary for Vector Intermediaries Inc from 1996 to 2004, as CFO for Aquiline Resources Inc. from April 2006 to December 2009 and as CFO for Laramide Resources Ltd. from April 2006. Mr. Gibson replaces James Fairbairn, former CFO for Treasury, who has stepped down to pursue other interests in the resource sector.

BioWest Therapeutics Inc. (TSX: BWE) announced that Jeff Charpentier was appointed chief financial officer of the Company. Over the course of the past fifteen years, Mr. Charpentier has successively served as chief financial officer of each of Inex Pharmaceuticals Corporation, Chromos Molecular Systems Inc. and Lignol Energy Corporation. Bruce Schmidt resigned from his position as interim chief financial officer and president of the Company effective June 28, 2010, but will continue in his role as corporate secretary and as a director of Biowest.

OPTI Canada Inc. (TSX: OPC) announced the appointment of David Halford to its Board of Directors. Mr. Halford is the Executive Vice President, Finance and Chief Financial Officer of ENMAX Corporation. He is responsible for all financial policy, planning and reporting, risk management, corporate finance, tax and treasury functions of ENMAX and its subsidiaries. Prior to joining ENMAX, Mr. Halford held Chief Financial Officer roles at OPTI, BA Energy and Irving Oil.

New Guinea Gold Corporation (TSX-V: NGG)(FRANKFURT: NG8) announced that Paul Schultz has resigned as Chief Financial Officer (CFO), and that Lisa Hartin has been appointed CFO.

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

Monday, June 28, 2010

Canadian CFO’s on the Move – week ended June 25, 2010

HudBay Minerals Inc. (TSX: HBM) announced the appointment of Mr. David Garofalo as President and Chief Executive Officer and to the Board of Directors of the Company, effective July 12, 2010. Most recently, Mr. Garofalo served as Senior Vice President, Finance and Chief Financial Officer with Agnico-Eagle Mines Limited, where he has been employed since 1998. Mr. Garofalo is a graduate of the University of Toronto (B.Comm.) and a Chartered Accountant, and serves on the Board of Directors of York Central Hospital Foundation.

TransCanada (TSX: TRP) announced that Greg Lohnes, currently Executive Vice-President and Chief Financial Officer, is appointed to the role of President, Natural Gas Pipelines. TransCanada also announced that Don Marchand, currently Vice-President, Finance and Treasurer, is appointed to the role of Executive Vice-President and Chief Financial Officer.

Crombie Real Estate Investment Trust (TSX: CRR.UN) announced the appointment of Glenn Hynes CA, to the position of Chief Financial Officer and Secretary. Mr. Hynes previously held the position of Chief Financial Officer at the time of Crombie's establishment and initial public offering in 2006. Mr. Hynes also held the position of Executive Vice President and Chief Financial Officer of Sobeys Inc. from 2001 to 2004 and Executive Vice President & Chief Development Officer (2005-2006) and subsequently was appointed Executive Vice President and Chief Financial Officer of Gammon Gold Inc. Most recently, Mr. Hynes served as Chief Financial Officer and a Partner of Bluewave Energy Ltd, a national fuel distributor.

Magma Energy Corp. (TSX: MXY) announced that Ms. Sandra Lim will retire as Chief Financial Officer, and that Ms. Annette Cusworth has been appointed to replace Ms. Lim. Ms. Cusworth is a Chartered Accountant and joins Magma from a long career with a major Canadian public company, most recently as Vice President and Chief Accounting Officer.

Temple Real Estate Investment Trust (TSX-V: TR.UN) announced the appointment of Mr. Larry Beeston as Chief Financial Officer, replacing Mr. John Liddle, CGA. Mr. Beeston, CA, is the Senior Manager - Financial Reporting for Shelter Canadian Properties Limited. Mr. Beeston has been employed by Shelter Canadian Properties Limited for most of his career. He has also held other senior positions, including Chief Financial Officer of a TSX listed real estate investment trust for five years and Vice President - Finance and Chief Financial Officer of a real estate and management company for seven years. Mr. Beeston obtained his Chartered Accountant designation in 1980 and holds a Bachelor of Commerce degree from the University of Manitoba.

Goldsource Mines Inc. (TSX-V: GXS, FRANKFURT: G5M) announced the appointment of Barney Magnusson as Chief Financial Officer, replacing Graham Thody as Chief Financial Officer. Mr Thody will continue to serve as Director. Mr. Magnusson is a former Senior Officer and Director of three mining companies that developed producing mines: Dayton Mines Inc. (Chile), High River Gold Mines Ltd. (Manitoba, Canada) and Brohm Resources Inc. (South Dakota, USA).

Madalena Ventures Inc. (TSX-V: MVN, announced that Mr. Anthony Potter, Chief Financial Officer of the Company, was elected by the shareholders to join the Board of Directors.

Wescast Industries Inc. (TSX: WCS.A) announced the appointment of Teresa Fortney to the position of Chief Financial Officer. Ms. Fortney holds a Bachelor of Mathematics from the University of Waterloo, is a CMA and a Fellow of the Society of Management Accountants.

Augen Gold Corp. (TSXV:GLD) announced that Manish Z. Kshatriya, CA, has resigned as Chief Financial Officer of the Company, and that Carmelo Marrelli, CA, has been appointed as Chief Financial Officer. Mr. Marrelli holds a Bachelor of Commerce degree from the University of Toronto and is a qualified Chartered Accountant and Certified General Accountant.

Triple 8 Energy Ltd. (TSX-V:TEE) announced the appointment of Doug Bailey as Chief Financial Officer. For the past 6 years Mr. Bailey has taken on senior roles in the junior oil and gas sector including involvement in the financing, merging and dispositions, and restructurings of numerous junior entities. Concurrently Mr. Bailey has served as the Chief Financial Officer of Canadian Phoenix Resources Corp.

Stem Cell Therapeutics Corp. (TSX-V: SSS) As part of an announced cost cutting program, the employment contracts for Barry Herring, the current CFO has been terminated effective June 30, 2010. Mr. Herring, has agreed to stay on with the Company in his current capacity on a consulting basis for the following six months to assist the Company in its attempt to maximize the value of its intellectual property.

Copper Ridge Explorations Inc. (TSX-V: KRX) announced that Justin Blanchet has been appointed as Chief Financial Officer. Mr. Blanchet is a Chartered Accountant who was formerly a public accountant with Davidson & Company LLP. He has served as Controller for Golden Predator Corp. and EMC Metals Corp. since February 2010. Mr. Michael O'Brien who previously held the position of Chief Financial Officer will continue with the Company in an advisory capacity.

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

Monday, June 21, 2010

Canadian CFO’s on the Move – week ended June 18, 2010

Palliser Oil & Gas Corporation (TSX-V: PXL) announced this week the appointment of Ivan J. Condic to the position of Vice President, Finance & Chief Financial Officer. Prior to joining Palliser, Mr. Condic was the Controller at an active Canadian junior oil producer. Prior thereto, he held positions with oil service and pipeline companies and KPMG.

Cymat Technologies Ltd. (TSX: CYM) announced the resignation of Trevor Sandler, the Company’s VP & CFO, effective July 2, 2010. Mr. Sandler will stay on to complete our year-end activities and AGM preparation prior to him joining his new company.

Sprott Power Corp. (SPC) announced that Martin Lim is joining the company as CFO. SPC has recently announced its formation, after the completion of an initial capital raise of approximately $20 million and its merger with Renewable Energy Developers LP ("ReD"), a private renewable energy company. SPC is a privately held Canadian company dedicated and committed to the acquisition, development and financing of renewable energy projects. SPC will be managed by Sprott Power Consulting LP ("SPCLP"), a newly-formed entity of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:SII), is the sole limited partner.

Blackline GPS Corp. (TSX-V: BLN) announced the appointment of Paula Kaner as Chief Financial Officer. Ms. Kaner succeeds Randy Henderson who departs to pursue the increasing demands of his consulting practice.

Gazit America Inc. (TSX: GAA) announced the appointment of Ms. Lenis W. Quan as Chief Financial Officer of the corporation effective July 5, 2010. Ms. Quan replaces John Todd, who was interim CFO. Prior to joining Gazit, Ms. Quan worked as a consultant, as well as at Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) for 10 years in a number of progressive positions, most recently as Vice-President, Corporate Development and Treasury with Brookfield Homes Corporation (NYSE: BHS). Ms. Quan is a Chartered Accountant and received her initial training at Deloitte & Touche LLP.

Eurogas Corporation (TSX-V:EUG) announced the appointment of Mr. David Bhumgara as Chief Financial Officer of the Company replacing Ms. Lucie Presot. Mr. Bhumgara is a CA, CA-IT with over 16 years experience in financial reporting, budgeting, and IT. He was previously Controller – Resource Division for Dundee Corporation and has served with KPMG before assuming senior finance positions with public and private companies prior to joining Dundee Corporation.

Cyrium Technologies Inc., an Ottawa based venture backed company, in the area of advanced concentrator photovoltaic (CPV) cell solutions for the solar industry, announced the appointment of Alan L. McKinnon, Jr., is named Vice-President and Chief Financial Officer, replacing Steven Neal, who had filled the role during the interim transition period. McKinnon joins Cyrium from Vietnam Chipscale Advanced Packaging Services where he was Chief Financial Officer. Prior to this Mckinnon was with The Garrett Group of San Francisco, where since 2002 he had been senior vice president responsible for global structured financial advisory efforts.

Celeste Copper Corporation (TSX-V: C.V) announced the resignation of Mr. Tomasz Kedzierski as CFO of the Corporation for personal reasons.

Crombie Real Estate Investment Trust (TSX: CRR.UN) announced that Scott Ball has left his position with Crombie REIT as Chief Financial Officer.

Next Alternative, Inc., an Ottawa based Company (Frankfurt: N4H), announced that Bob Daly has been appointed as the firm's Chief Financial Officer. Recently, Bob held CFO positions with Klocwork and Espial where he led a successful IPO on the TSX. Daly has held a number of other senior financial roles with Ottawa-based companies including Cognos, Inc. and the Ottawa Senators Hockey Club.

Source Exploration Corp. (TSX-V: SOP) announced the appointment of Steve Filipovic, CA as interim Chief Financial Officer. Mr. Filipovic replaces Matthew Kavanagh who has resigned from the Company.

YANGAROO Inc., (TSX-V: YOO, OTCBB: YOOIF) announced that current CEO John Heaven will continue his role with the Company as President, Director and will also assume the role of Chief Financial Officer.

Blugrass Energy, Inc., a Calgary based Company, (OTC.BB: BLUG) is pleased to announce that they have appointed Jeff Dunphy as the Chief Financial Officer of the Company. Prior to joining Bluegrass, Jeff worked at Salman Partners, and Octagon Capital Corporation in Calgary. Mr. Dunphy has replaced Ms. Grace Sutherin who has resigned as Chief Financial Officer and as Director of the company to pursue other career opportunities.

Tango Energy Inc. (TSX-V: TEI) which, pursuant to shareholder approval was renamed Tamarack Valley Energy Ltd., has named Mr. Ron Hozjan as Chief Financial Officer. Most recently he was the Chief Financial Officer Financial Officer at Vaquero Resources Ltd. which was and Director acquired by RMP Energy Ltd. Prior to that he was the Vice President Finance and Chief Financial Officer at Vaquero Energy Ltd. which grew successfully before merging with Highpine Oil & Gas Limited.

TransAlta Corporation (TSX: TA; NYSE: TAC), today announced that Brett Gellner has been appointed Chief Financial Officer. Mr. Gellner succeeds Brian Burden, who has made a personal decision to retire from the company. Mr. Burden will assist Mr. Gellner with the transition through September 30, 2010. Mr. Gellner joined TransAlta in 2008 after 12 years with CIBC World Markets, where he was co-head of the Power & Utilities Group. Prior to CIBC, Mr. Gellner held senior roles in the corporate planning and development group at MacMillan Bloedel Ltd.

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

Monday, June 7, 2010

Canadian CFO’s on the Move – week ended June 4, 2010

Rainy River Resources Ltd. (TSX-V: RR) announced the appointment of Nicholas J. Nikolakakis as Vice President and Chief Financial Officer of the Company. He succeeds James Grinnell, who will continue to serve as Rainy River's Controller.

The Caisse de dépôt et placement du Québec (one of the leading institutional fund managers in Canada) announced the departure of Ghislain Parent, Executive Vice-President and Chief Financial Officer. The search for a replacement has been under way for some time, and an appointment for this position will be announced shortly. In the meantime, Michael Sabia, President and Chief Executive Officer, will continue to handle these responsibilities.

Gee-Ten Ventures Inc. (TSX-V: GTV) has announced that Pierre Barnard has been appointed as interim CFO.

Stream Oil & Gas Ltd. (TSX-V: SKO) announced the appointment of James Hodgson to the position of Chief Financial Officer. Until recently Mr. Hodgson was the CEO of United Oil Projects in Kuwait and has held senior management and executive positions with Kuwait Foreign Petroleum Exploration Company, Qatar Petroleum, PanCanadian Petroleum (Encana) and Esso (Exxon) Canada.

Mullen Group Ltd. (TSX: MTL) announced that David E. Olson has advised Mullen of his intention to retire as Vice President, Finance and Chief Financial Officer of Mullen effective July 31, 2010 after more than 25 years of service with the Mullen organization.

NioGold Mining Corporation (TSX-V: NOX) announced the appointment of Jonathan Richards as Chief Financial Officer effective June 1, 2010. Mr. Richards was previously an audit manager at a premier Canadian chartered accountant firm where he specialized in the mining industry.

Sea Dragon Energy Inc. (TSX-V: SDX) announced the appointment of Olivier Serra as Chief Financial Officer. Mr. Serra has 17 years of investment banking experience previously heading the Europe, Midde East and Africa (EMEA) Oil and Gas Department of BNP Paribas.

West Kirkland Mining Inc. (TSX-V: WKM) announced the appointment of Frank Hallam, a director of the Company, as CFO.

Spitfire Energy Ltd. (TSX-V: SEL) and Whitecap Resources Inc. (currently a private company) have announced that subject to a reorganization and investment agreement, the New Management Group will be appointed upon the completion of the Agreement. Thanh Kang will be the Vice President Finance & Chief Financial Officer of the New Company.

Reitmans Canada Ltd. (TSX: RET) announced that its Board of Directors has appointed Eric Williams, C.A. has been appointed Vice-President, Finance and Chief Financial Officer.

U3O8 Corp. (TSX-V: UWE) appointed John Ross as Chief Financial Officer, effective June 4, 2010. Mr. Ross previously served as Chief Financial Officer of Colossus Minerals Inc, Cronus Resources Ltd., FNX Mining Co. and IAMGold Corp.

Ballard Power Systems (TSX: BLD) announced that Bruce Cousins, the company's CFO, is leaving to pursue other career interests and, effective June 14, Tony Guglielmin will join the company as Chief Financial Officer. Mr. Guglielmin was most recently CFO at Canada Line Rapid Transit Inc. Before that role Mr. Guglielmin served as Corporate Treasurer at BC Hydro and in a series of VP-level financial leadership roles at Finning International.

Terra Ventures Inc. (TSX-V: CAS) and Terrex Energy Inc. announced, that following finalization of the previously announced spin-out of Terrex, Norman G. Knecht has been appointed VP Finance and CFO of Terrex Energy Inc. Mr. Knecht was VP Finance & CFO of Compton Petroleum Corporation a TSX and NYSE listed company from 1997 through 2008 prior to which he was a partner with a national accounting firm.

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

Monday, January 4, 2010

Founderitis

foun-der-i-tis [fown-der-eye-tis]

- noun
an entrepreneur that has grown a business from startup, facing insurmountable odds, that cannot understand that the world has changed around him and that he needs to face up to the reality that if things don't change, the business will die.

Last week I interviewed an executive that is currently looking for a new opportunity. Since he left his previous employer, he has been subject to a number of consulting mandates where the businesses were paralyzed by founderitis. I thank him for sharing this term with me.

Is there a cure for founderitis?

In many cases, the cure requires a founder to realize that they have founderitis. Most often with founderitis, the disease will not let them realize that they have it.

This is because most founders believe that they can fix their business problems. They've fixed problems before - They can fix them again. They feel that outsiders don't know their business like they do, so they cannot really help.

A major symptom of founderitis is the need to be in control. For many entrepreneurs, their business defines them to such a great extent that they cannot believe (or do not want to believe) that their business can do better without their omnipotent control.

So, they live their lives trying to own 100% of a pond (or puddle) as opposed to a lesser but significant portion of a lake (or an ocean).

There is a cure - it requires going through the realization that others may be able to help them achieve their goals. It also requires building a team of management and advisors, or even a board of advisors, to be able to see clearly and come up with a strategy to continue to grow and thrive.

Most successful long-term entrepreneurs have surrounded themselves with management and advisors to allow them to achieve the success they have worked so hard for.

Tuesday, March 18, 2008

The Sky is Falling! The Sky is Falling!

Let’s get a grip. The sky is not falling. It’s just an acorn.

Okay. Maybe a BIG acorn, but we will recover from this bump on the head.

Yes, the financial markets are in a tizzy about mistakes made by company managers, hoping to cash in on the latest trend of the time (sub-prime mortgages). This is opposed to the other times that company managers made mistakes (Enron et al, the tech bubble of 2001, the real estate debacle of the early 1990’s, and all the others that preceded them). So, as we know, this too shall pass.

What can we learn from this current situation? A few things for sure, but here is something that I have learned.

Sarbanes-Oxley is a failure

SOx was created with the intention to stop control failures at US companies. The sub-prime mortgage mess is a prime example of control failure. I’m sure all the forms were filled out, the systems descriptions completed, and the CEO/CFO certifications were filed on time. However, the basics of risk management went out the window when financial companies in the United States did not seriously consider the impact of what a downturn in the economy and an increase in interest rates would have on their sub-prime mortgages.

Hopefully, we won’t see a “new and improved” SOx (although 5 bucks says we will). Shareholders need to be active in the companies they invest in to ensure that the managers and directors properly manage risk. And if the companies don’t manage their risk properly, then shareholders should not be surprised if the value of their shares takes a downturn.

Monday, February 11, 2008

Another Key to Success

Many accounting and finance professionals are noted for their dedication to their career and their company. There is a key to long-term success that many successful CFOs have learned that others haven't figured out, which could be why they didn't (or won't) make the C-suite.

The answer is community involvement.

Becoming involved in the community allows you to showcase your talents, skills and abilities to others, as well as learn things from a different perspective. Working with a Not-For-Profit can help you learn to make decisions that are not purely profit oriented. You can also learn how to facilitate decision making, learn new skills, and get to know people you would never meet otherwise.

As Colleen Johnston, FCA, CFO of TD Financial Group said recently on her community involvement, "I originally thought it was about what I could contribute in the community. I learned that it was not so much about what I can give, but what I can learn."

If you're serious about becoming a CFO, make the move and get involved.

Monday, December 10, 2007

Career Change and the Holiday Season

It’s the second week of December, and you are officially in holiday season mode. Christmas Cards are cluttering your desk, you’re running out at lunch to get another gift (or buying it online during work hours), listening to holiday music on the radio, and either getting ready for the office party (or are recovering from it).

And you’re asking yourself – do I really want to spend another year in my current job?

If your answer is “yes”, stop reading this post.

If your answer is “no” (or “I’m not sure”), continue reading.

There is a general belief that the world closes down for the end of December, so there is no point in starting (or continuing) a career change search during the Holiday period.

While I will agree that a number of companies close down during the holiday period, and people take their vacations to coincide with days off during the holidays, I would like to share our experience with you.

Our experience has shown that down time is the best time for hiring. Why? Because Decision Makers are ready, willing and able to make decisions (i.e. hire). Historically, July and December are our best months of the year. Many of our competitors look at me funny (with a dark tan) when I mention this fact.

The reason is simple. Decision makers use down time to focus on what is important to them – making decisions. The rest of the year they are so focused on fighting fires and meeting deadlines that they don’t have time to plan forward. But when everyone else around them is relaxing, the pressure on them is less to fight fires and meet deadlines. So they make decisions. And hiring is one of they key decisions they make.

From a job seeker perspective, what better gift can you give yourself (and your family) this holiday season than the gift of a new career opportunity, a gift that will give you more of what is important to you in your life?