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.

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 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 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.

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.

5 difficult steps to becoming a Great CFO

CFOs get lots of good advice about their career. They hear things like:  

• Build your Personal Brand 
• Always be Networking 
• Learn to be more Strategic 
• Acquire Operational Experience

These tidbits are important for a CFOs success.

However, as good a CFO as you may be, to become a Great CFO you must have a great team.

Having a great team gives you the bench strength you need to spend the time necessary to be strategic and add value to the business, rather than getting lost in the day to day functional realities and firefighting.

Whether you are the newly hired CFO or have been the CFO for a while, the steps necessary are the same. You need to:

1) Design what your team should look like to support your vision

2) Look critically at your current team and allocate people based on their strengths

3) Dismiss those whose strengths do not align with the vision of what your team should look like

4) Hire right to fill the gaps, and

5) Create a succession plan for your team and for yourself.

Sounds simple. It's not. But you already knew that. However, putting in the time and the effort to doing these steps will put you on track to becoming a Great CFO. 

 

I urge you to make this effort. It will be worth the time.

Let me know how it goes.