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The Kansas City Chiefs Figured It Was About Time They Hired a CFO

Posted on by Caleb Newquist

You figure someone has to determine whether or not the Hunt Family should vote to lock the players out next year.

The Kansas City Chiefs have hired Dan Crumb as their chief financial officer, the team reported Friday.


Plus, dude is a CPA so we like the move. The real question is, are the Chefs for real?

Crumb has a bachelor’s in finance from the University of New Orleans and an MBA from Tulane University. He is a certified public accountant and a member of the American Institution of Certified Public Accountants.

The Chiefs did not have a CFO before Crumb’s appointment. Crumb’s hiring comes two days after the Chiefs announced that Denny Thum had stepped down as president and that Chairman Clark Hunt had taken the title of CEO.

“Dan has a proven track record of success as a financial officer, and his leadership and experience make him a key addition to our business operations,” Hunt said in a release.

Kansas City Chiefs add a new CFO to executive roster [Kansas City Business Journal]

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Time Warner CFO Gives Shocking Assessment of the Print Ad Market

In case you haven’t been paying attention for the past, say, 5-10 years:

Time Warner Inc. (TWX) Chief Financial Officer John Martin said Thursday that the television advertising market is “really strong,” while the print advertising market is “okay–but not really robust.”


Not to worry though, there are no signs that things are getting worse.

Meanwhile, he said the company’s publishing arm, Time Inc.–which he called “the most secularly challenged part of our company”–faces difficult comparisons in the second half of this year, though he added that he didn’t see any slowdown ahead.

The magazine business was pummeled by the recent economic downturn at a time when it was already declining due to the rise of digital media.

Time Warner CFO: TV Ad Market `Really Strong,’ Print Less So [Dow Jones]

Rough Year at KV Pharmaceutical Continues as Chairman, CFO Quit

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

There’s no shortage of drama at KV Pharmaceutical. Last week Chairman Terry Hatfield, Stephen Stamp, who was named CFO April 13, and board member John Sampson quit, citing “serious concerns” about newly elected board members and senior management.

The previous week, immediately following the company’s annual meeting, the newly elected board ousted interim President and CEO David Van Vilet, who had been in charge since December 2008.

The St. Louis-based company has not named a new CFO.


It also said it is looking for a CEO with extensive pharmaceutical experience. For now, Gregory Divis will be interim president and CEO, while continuing as president of Ther-Rx, the company’s branded pharmaceutical subsidiary.

In their resignation letters, Hatfield and Sampson said they had “serious concerns regarding the ability of the newly constituted board and senior management to provide the required independent oversight of KV’s business during this critical time in the company’s history.”

They noted that only three of the board’s seven nominees for board seats were elected at the annual meeting. The remaining elected members were candidates proposed by shareholders. Among those re-elected to the board was Marc Hermelin, son of the founder, who was ousted as CEO in 2008. Also re-elected was David Hermelin, the son of Marc Hermelin, and a former director of corporate strategy who retained his seat. David Hermelin was among the board’s nominees, Marc was not.

The year has been tumultuous. In February, KV agreed to a $25.8 million settlement with the United States Justice Department. Officials with the company’s subsidiary, Ethex Corp. pleaded guilty to two felony counts of criminal fraud for failing to report it was manufacturing oversized tablets that could be harmful to patients, (some had double the advertised dosage of medicine). In March the company fired 289 employees, or 42 percent of its staff, to lower operating costs.

However, the company’s board still found the cash to pay themselves a hefty raise. According to a recent SEC filing, the board was paid $116,000 in 2009, a $60,000 raise while the company was involved in massive layoffs.

Earlier this month KV closed the sale of the assets of Particle Dynamics for $24.6 million, plus up to an additional $5.5 million in potential earn-out payments over the next four years.

In a prepared statement the company said the board’s primary focus is two-fold: to continue to work with the Food and Drug Administration to reinstate KV to Good Manufacturing Practice compliance, and to continue to explore a variety of financial alternatives as a means to strengthen the company’s cash position.

The company could not be reached for comment.

CFO: Philips’ Efforts Have Company Moving Up the Outsourcing Ladder

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

As a follow-up to last week’s blog on Molson Coors’ experience with outsourcing, the CFO of the Latin American division of Dutch comglomerate Philips provided a different perspective Thursday morning at the Hackett Group’s best practices conference in Atlanta.

While Molson Coors’ CFO Stewart Glendinning expressed disappointment over high turnover rates at the outsourcing company the beer company signed up with, Philips’ Latin American CFO Ronald Eikelenboom said he planned on high turnover when he inked a deal with Indian outsourcer Infosys in late 2008 to expand the two companies’ relationship to Brazil, where Philips’ Latin American operations are based.


Eikelenboom told the audience (and me in a follow up video interview that will be posted shortly) that high turnover was central to Infosys’ business model, as the outsourcer keeps salary costs low by rotating from older to younger workers. But that turnover was priced into the terms of the deal, which at $250 million (for, I believe, the global contract, not just the Latin American part) is considered one of the largest of all such transactions. Too, the terms set a minimum level of performance, so it’s up to Infosys to manage the downside of high turnover.

Infosys had few qualms about Philips’ demands, said Eikelenboom, because the company was eager to expand into Brazil and the Philips deal gave it an entrée. So the CFO had enough leverage with the outsourcer to reassure himself about the potential risks.

“We’re building something together with Infosys,” he told the gathering. “We share the same aspirations.”

For that reason, Eikelenboom also expressed less concern than Glendinning did about outsourcing complex financial processes. And he said that was important for Philips as labor cost advantages in emerging markets dwindle over time as wages rise, and innovation and process improvement thus become more critical to the value that outsourcing creates.

“We’re moving up the ladder in BPO,” he said, referring to business process outsourcing.

With outsourcing, as with everything, I suppose, it’s different strokes for different folks.