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FD news: BlackBerry CFO steps down

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26th Nov 2013
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A round-up of significant executive moves, announcements and other developments from the world of business during November 2013.

BlackBerry CFO steps down

25 November - Brian Bidulka, the chief financial officer (CFO) of BlackBerry, will leave the struggling smartphone maker as part of a broader executive shake-up.

James Yersh, the former controller and head of compliance, will replace Bidulka as CFO.

Recently appointed chief executive John Chen thanked Bidulka for his eight years of “dedicated service to BlackBerry”, adding “I look forward to working with James and his finance team as we move forward, execute on our plans and deliver long-term value for our shareholders.”

Bidulka will stay on as a special adviser to the chief executive for the remainder of the financial year to ensure a smooth transition.

Yersh has more than 15 years’ experience in the technology and telecommunications sectors and prior to joining BlackBerry held senior positions at Cognos and Deloitte.

Chief operating officer Kristian Tear and chief marketing officer Frank Boulben will also leave the mobile phone vendor.

Chen added: “BlackBerry has a strong cash position and continues, by a significant margin, to be the top provider of trusted and secure mobile device management solutions to enterprise customers around the world. Building on this core strength, and in conjunction with these management changes, I will continue to align my senior management team and organizational structure, and refine the Company’s strategy to ensure we deliver the best devices, mobile security and device management through BES 10, provide multi-platform messaging solutions with BBM, and expand adoption of QNX embedded systems.”

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Sage appoints new CFO

11 November - Apax Partners operating partner Steve Hare has been appointed chief financial officer (CFO) at software provider Sage and will take up his position on 3 January.

He replaces Paul Harrison who moved to distributed computer specialist WANdisco in September after 13 years at Sage.

The chartered accountant brings with him experience, both in private equity and as an FD of FTSE 100 and 250 companies.

Guy Berruyer, chief executive at Sage, said Hare would strengthen the executive team: “He will play a key role in driving forward our strategy and realising our growth ambition.”

Hare joined Apax in 2009 as an operating partner and is currently co-head of the portfolio support group.

Prior to that he spent 10 years in industry working as group CFO at Marconi, where he oversaw a business divestment programme that raised more than £2bn. In 2004 he moved to Spectris as group FD and then joined Invensys as group CFO in 2006.

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CFO leaves New Look

12 November - The chief financial officer (CFO) of New Look is set to leave the company to concentrate on building a portfolio of non-executive roles.

Alastair Miller is stepping down after 13 years with the business, having played a leading role in restructuring the company’s debt.

Anders Kristiansen, chief executive of New Look, said: “Alastair has been an invaluable member of the executive team. He was the architect of our recent re-financing and bond issue and leaves the business in great shape and with a very bright future.”

Kristiansen said the company was on track to open its first Chinese store by spring 2014,  but added that he couldn't see the business going through an IPO within the next year.

* * *

Former Halfords CFO joins Mothercare

12 November - The former chief financial officer (CFO) of Halfords has joined the board of Mothercare as a non-executive director.

Nick Wharton, chief executive at Dunelm Group, joins the retailer with effect from 14 November.

Wharton worked at Halfords as its CFO, and prior to that he had various finance and international positions with Boots and Cadbury.

Alan Parker, chairman of Mothercare, said: “I am very pleased that Nick is joining us as a non-executive director. Nick will bring valuable retail experience to the Mothercare Board.”

Nick Wharton said: “I am delighted to be joining Mothercare, and look forward to working with Alan and the other members of the Board to support its business both in the UK and Internationally.”

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