CFO on Juniper Networks’ Board
Mercedes Johnson, 55, has joined as Director on the Board of Juniper Networks. Johnson served as SVP & CFO at Avago and as SVP & CFO at Lam Research. She also previously held executive leadership and management roles at Applied Materials, Nanometrics, NCR and HP.
Telecom Veteran Selected to Health Services Board
John Gerdelman, 58, has joined as Director on the Board of healthcare supplies and solutions company Owens & Minor. He currently serves as President of telecom provider, Long Lines. Before Long Lines, he was Executive Chairman and Co-founder of Intelliden, a network solutions provider acquired by IBM in 2010. Gerdelman has over 15 years of experience with MCI Communications and serves on the boards of directors of Brocade Communications Systems, Sycamore Networks, and Proxim Wireless.
Dell announced that Judy Lewent has decided not to seek re-election to its board of directors when her current term ends in July in order to devote more time to other business responsibilities. Ms. Lewent, the former EVP and CFO of Merck, was chair of the finance committee and also served on the audit committee of the Dell Board. She has been a member of the board since May 2001. Ms. Lewent recently joined the board of Glaxo Smith Kline. In addition, she is a director of Motorola Solutions and Thermo Fisher Scientific.
David Kenny, 48 President of Akamai Technologies has joined the Yahoo!’s Board of Directors. Kenny was previously a managing partner of VivaKi and CEO of Digitas, where he transformed the company from a direct marketing business to cutting-edge interactive communications firm.
January 2011 had some notable appointments:
Ivan G. Seidenber, 63, Chairman and CEO of Verizon joined the board of BlackRock, Inc. Mr. Seidenberg has led Verizon since its inception in 2000 and before that he was Chairman and CEO of its predecessor companies, NYNEX and Bell Atlantic. He created Verizon Wireless in a period of massive industry transformation by merging Bell Atlantic Mobile, GTE Wireless and portions of Vodafone AirTouch. In June 2010, President Barack Obama appointed him to the President’s Export Council and in 2007 President George W. Bush named him to the National Security Telecommunications Advisory Committee. Mr. Seidenberg is a member of the New York Academy of Science’s President’s Council and serves on the board of trustees of the New York-Presbyterian Hospital, The New York Hall of Science, Pace University and the Paley Center for Media.
As some tech companies continue to feel the backlash of the recession—and as others continue to defy it—board appointments remain in the spotlight. Fourth quarter appointments indicate a recognition of the opportunities and challenges 2011 has to offer.
We didn’t have room in our latest newsletter for these significant technology board appointments, but we would be remiss not to mention them…
Apple appointed Dr. Ronald D. Sugar, 61, former Chair and CEO of Northrop Grumman. He also held executive positions at Litton Industries and was CFO, TRW. He is a director of Chevron, Amgen and Air Lease Corporation, and is a senior advisor to Ares Management. He holds a PhD in engineering from USC. A strong financial executive was needed to boost up the board with the death of Jerry York, 71, earlier this year.
What educational backgrounds do board members of fast growth software companies have?
In the third quarter 2010, overall public company CEO and CFO departures become more rare. Liberum Research shows a 27 percent drop in third quarter 2010 CEO changes and an 8 percent dip in CFO changes. Overall, C-suite changes declined 32 percent in the third quarter over the year-ago period.
Our latest newsletter had no room to cover second quarter technology board moves of note in the under $1 billion market cap range. While the themes are very much the same, with the apointment of the traditional functions of CEO and CFOs, we see gender and age diversity.
What has been happening in the technology sector? The key word in the technology sector these days is "shakeup." CA, HP and Microsoft made major changes in the C-suite, even as companies like Xerox continue to appoint women in P&L roles and smaller cap companies get ultra-active with new appointments.
When it comes to board changes and trends, there are several moves-and key trends-of significance.