coverstoryfor the next year, if not the next five, …...david goulden, evp and cfo, emc corp. it...

Reproduced from the June 2007 issue of Treasury & Risk magazine© 2007 by Wicks Business Information.

100.MOST

COVERSTORYFor the next year, if not the next five, these are the

leaders who will be leaving their mark on how companies face their biggest challenges

in finance—setting new global standards and exploring new frontiers


00.PEOPLE INFINANCE

As it is every year, the task of choosing Trea-sury & Risk’s list of the 100 most inf luentialpeople in finance for 2007 is always a diffi-cult one. The editors survey a wide array ofexecutives, consultants, bankers, vendors and academics to arrive at the group. We also rely on majormotifs running through finance to determine whether indi-viduals are positioned to make a significant impression.This year’s themes: globalization; risk management of allstripes, including global warming and governance; an aging demographic,

which means healthcare and retirement; and a general redefinition of

roles—whether for a banker, a tech vendor or a finance executive.

TInfluential


Ed Bastion, EVP and CFO, Delta Air Lines Inc.

Bastion helped return DAL shares to the New York

Stock Exchange and pulled the company out of

Chapter 11 in just 19 months.

Frank Brod, VP of Finance and Administration

and CAO, Microsoft Corp.

Brod, who moved to Microsoft in 2006 to become its

controller, is bringing a new level of badly needed

transparency to Microsoft Corp., much as he did at

Dow Chemical Co. Shareholders clearly appreciate it

because, despite some disappointments with product

launches, the company’s stock has been on a roll.

Brod also is a champion of the XBRL standard for

financial filings.

C. Edward Chaplin, Vice Chairman and CFO,

MBIA Inc.

As treasurer at Prudential Financial Inc., Chaplin led

an ambitious business unit partnering effort and

now will bring his integration magic to MBIA.

Nancy Cooper, EVP and CFO, CA Inc.

Called in to restore integrity to the financials of the

company formerly known as Computer Associates,

Cooper is bringing a single-minded focus to systems

and processes.

Gary Crittenden, CFO, Citigroup

Crittenden already showed his prowess as CFO of

American Express Co., but at Citi he will need to be

a point man as the bank continues its transforma-

tion into a 21st century model global financial

services company.

Jeffrey N. Edwards, SVP and CFO,

Merrill Lynch & Co.

Edwards led a $6 billion share buyback and helped

combine Merrill Lynch Investment Managers and

Blackrock to create one of the largest asset manage-

ment companies in the world with $1 trillion

in assets.

Wim Elfrink, SVP of Customer Advocacy and

Chief Globalization Officer, Cisco Systems Inc.

Cisco’s man in Bangalore, India, Elfrink leads a new

breed of executives committed to transforming their

companies into truly global businesses, reaching out

to customers, partners and offshore facilities around

the world. His clout is undisputed. He reports direct-

ly to CEO John Chambers.

Gary Ellis, SVP and CFO, Medtronic Inc.

Ellis is one of the few CFOs with experience as both a

controller and treasurer. He now has responsibility

for the conventional CFO turf, as well as one of the

newer process management areas being assigned to

strategic CFOs—supply chain management.

David Goulden, EVP and CFO, EMC Corp.

It has been a busy time for Goulden, who is one of

the prime movers behind EMC’s decision to sell 10%

1. ED BASTION

2. FRANK BROD

3. C. EDWARD CHAPLIN

4. NANCY COOPER

5. GARY CRITTENDEN

6. JEFFREY N. EDWARDS

7. WIM ELFRINK

8. GARY ELLIS

9. DAVID GOULDEN

10. WANG GUOLIANG

THE FINANCIAL C-SUITE THE KEEPERS OF THE FIDUCIARY TRUST

1 2 3 4 5

6 7 8 9 10

Jeffrey Weiss

Associa ted P

r ess

of VMware, its wholly owned subsidiary, in an initial

public offering. Goulden has also restructured EMC’s

capitalization through a debt offering to finance the

company’s $2.2 billion acquisition of RSA Security

and used EMC’s strong cash flow to repurchase 35

million shares.

Wang Guoliang, CFO, PetroChina

On the cutting edge of China’s campaign to gain access

to Western marketplace liquidity and commerce, Guo-

liang is leading the effort to bring China’s poster child

of good governance into Sarbanes-Oxley compliance.

Michael E. Lehman, EVP of Corporate Resources

and CFO, Sun Microsystems Inc.

Lehman, who came out of retirement to help Sun

recover its glory, has instituted the company’s One

Touch supply chain effort, shipping products direct-

ly to customers from Sun’s contract manufacturers

and cutting logistics costs by 20%. He has also re-

duced headcount and restructured real estate,

downsizing Sun’s campuses to two from three and

saving $250 million.

Cathie Lesjak, EVP and CFO, Hewlett-Packard Co.

Lesjak created a best-practices treasury at HP and is

now taking on her next challenge at the computer

giant, which seems to be making all the right moves

lately—including promoting Lesjak.

Patricia McKay, EVP and CFO, Office Depot Inc.

McKay has presided over an impressive turnaround

at Office Depot. In addition to a 38% jump in earn-

ings per share in 2006 and a 300-basis point in-

crease in return on invested capital, McKay has

reduced working capital by 11%.

Brian P. McKeon, EVP and CFO,

Iron Mountain Inc.

A relative newcomer to Iron Mountain, McKeon is

expected to work the same kind of magic as he did at

his previous assignments for Timberland Co. and

PepsiCo Inc. At Timberland, he was an expansion ex-

pert, implementing a global treasury and adding new

brands, including SmartWool; at PepsiCo, he played

a key role in the splitoff of its bottling and concen-

trate businesses in North America.

Biggs C. Porter, CFO,

Tenet Healthcare Corp.

Porter was brought in to revamp Tenet’s financial

reporting and controls after skillfully navigating

Raytheon Co. through an accounting crisis of

its own.

George Reyes, SVP and CFO, Google Inc.

Reyes is building a robust finance organization at the

relatively young Google, which is expected to help

the dot-com maintain its financial momentum.

David B. Wyshner, EVP, CFO and Treasurer,

Avis Budget Group

Wyshner led a stellar treasury at Cendant Corp., and

he’s now transforming the financial strategies and

practices at Cendant spinoff Avis, with much of his

old Cendant team as backup.


11 12 13 14 15

16 17 18 19 20

11. MICHAEL LEHMAN

12. CATHIE LESJAK

13. PATRICIA MCKAY

14. BRIAN P. MCKEON

15. BIGGS C. PORTER

16. GEORGE REYES

17. DAVID B. WYSHNER

18. CHRISTOPHER BALLINGER

19. BRENT CALLINICOS

20. JENNIFER CERAN

Christopher Ballinger, VP of Treasury,

Toyota Motor Corp.

In his best practices treasury, Ballinger is a master of

simple solutions for complex problems. Among his

many accomplishments: He configured an innova-

tive tool to improve communication and coordina-

tion between treasury and GMAB lenders, lowering

costs and enhancing revenues.

Brent Callinicos, VP and Treasurer, Google Inc.

After perfecting a best-practices treasury at Mi-

crosoft Corp., Callinicos is now off to create the same

kind of top-flight organization at Google.

Jennifer Ceran, VP and Treasurer, eBay Inc.

Ceran is a regular on lists of forward-thinking treas-

urers for her work on ERM and with eBay business

units like PayPal. This year, she showed her prowess

in more traditional treasurer turf with masterful tim-

ing on a $2 billion share buyback. She also thinks

ahead: Anticipating a trip to the credit market, she is

doing early spadework with both the rating agencies

and senior management.

Richard Grannis, SVP and Treasurer,

Qualcomm Inc.

Considered a thought leader by his fellow treasurers,

Grannis has undertaken a corporate cash invest-

ment framework initiative, which has substantially

increased the returns on Qualcomm’s investment

portfolio with more than $11 billion in assets.

Mary Jo Green, SVP and Treasurer,

Sony Corp. of America

Always pushing the envelope on efficiency, Green

has used consolidation and the clout of the $27 bil-

lion North American division to extract significant

cost savings from her operation’s banking and card

operations.

Jesse Greene, VP and Treasurer, IBM Corp.

Greene is still among the few treasurers with fingers

in all the appropriate pies, when it comes to working

capital management and real visibility into cash flow.

He was an early advocate of putting accounts payable

and accounts receivable in the hands of the treasurer.

Christopher Hayward, Global Treasurer,

Merrill Lynch & Co.

Hayward has leveraged his 10-plus years in risk

management to bring treasury new tools and tech-

niques, such as stress testing and scenario/sensitivity

analysis, to drive improvements in liquidity risk

management and the development of a disciplined

capital management framework. Along with treas-

ury, Hayward is responsible for Investor Relations.

Martina Hund-Mejean, SVP and Treasurer,

Tyco International Ltd.

Hund-Mejean was pivotal in the transformation of

Tyco from felon to governance example and is now

taking the lead in the conglomerate’s impending

breakup into three units.


TREASURERS THE STARS OF WORKING CAPITAL AND CASH FLOW

21. RICHARD GRANNIS

22. MARY JO GREEN

23. JESSE GREENE

24. CHRISTOPHERHAYWARD

25. MARTINA HUND-MEJEAN

26. BERNIE JACOB

27. RAVI JACOB

28. DENNIS LING

29. PAOLO TONUCCI

30. JOHN J. TUS

21 22 23 24 25

26 27 28 29 30


Bernie Jacob, Treasurer, Prudential

Financial Inc.

In 11 months as Prudential’s treasurer, Jacob is

already showing his mettle by structuring bank

deals in-house and building upon predecessor

Chuck Chaplin’s visionary strategy of business-

unit partnering.

Ravi Jacob, VP of Finance and Treasurer,

Intel Corp.

After building up a best-practices treasury at home,

Jacob has spearheaded Intel’s expansion into India,

China and other emerging Asian markets.

Dennis Ling, SVP and Treasurer, Saks Inc.

The former Avon treasurer is now rebuilding Saks’

treasury from the ground up as operations move

from Birmingham, Ala. to New York City. Ling also

has left a national footprint because of his work on

the Credit Rating Reform Act of 2006 as the chair-

man of Financial Executives International’s commit-

tee on corporate finance. His priority: building

safeguards to prevent credit rating agencies from

using their power over companies to push their

consulting businesses.

Paolo Tonucci, Treasurer, Lehman

Brothers Holdings Inc.

Tonucci has overseen the growth of Lehman’s capital

base, which has doubled over the past two years, as

well as having been the moving force behind the

company’s inaugural issuances in other markets such

as Canada, Australia and Switzerland. He has also

overseen the issuance of innovative capital structures

such as ECAPS (enhanced capital advantaged pre-

ferred securities) and MCAPS (mandatory capital

advantaged preferred securities).

John J. Tus, VP and Treasurer,

Honeywell International Inc.

Tus is leading the company’s global allocation of cap-

ital to maximize cash returns initiative and is work-

ing to optimize Honeywell’s capital structure, by

minimizing the company’s global cost of capital. Tus

plans to achieve this goal by accessing capital mar-

kets throughout the world to reduce blended after-

tax cost of debt and equity.

Robert Warren, VP and Treasurer, Diebold Inc.

Like IBM’s Greene, Warren has responsibility for

many non-traditional functions for treasury, includ-

ing tax. Warren’s job description encompasses so

much he sounds more like a CFO than treasurer.

John Weisenseel, SVP and Treasurer,

The McGraw-Hill Cos.

Weisenseel earned his stripes at Barnes & Noble Inc,

but he is the finance point man on McGraw-Hill’s

move into Asia and its efforts to coordinate its pen-

sion obligations worldwide.

George Zinn, VP and Treasurer, Microsoft Corp.

Zinn continues the Callinicos legacy of best practices

Microsoft style, but has been pumping up the volume

with a centralization project in treasury and

Microsoft’s championing of SWIFT for corporates.

31. ROBERT WARREN

32. JOHN WEISENSEEL

33. GEORGE ZINN

34. JOAN LORDI AMBLE

35. THOMAS A.BARTLETT

36. BRAD CEREPAK

37. BRIAN HART

38. KATHY WALLER

39. PAUL C. WIRTH

40. LAZARO CAMPOS

31 32 33 34 35

36 37 38 39 40


Joan Lordi Amble, SVP and Comptroller,

American Express Co.

Amble brings an auditor’s eye to the table as con-

troller, which is not that unusual, but her back-

ground working for the Financial Accounting

Standards Board on rules affecting financial instru-

ments makes her one of the few executives to be able

to claim a more intimate understanding of complex

rules, such as FAS 133 or 158.

Thomas A. Bartlett, SVP and Controller,

Verizon Communications Inc.

Bartlett brings a depth of top-level management ex-

perience and a new perspective to the controller’s job

after stints as president of two Verizon units.

Brad Cerepak, VP and Controller, American

Standard Companies Inc.

Cerepak is leading the planning and execution of

American Standard’s split into three businesses.

The aim is to help investors understand the com-

pany better, but it is unlikely anyone is complain-

ing—the $11 billion company has had a great

five-year ride.

Brian Hart, Controller, U.S. Snackfoods, Mars Inc.

While treasurers sometimes play in the controller’s

space in order to get the visibility to predict cash flow

or manage working capital, Hart is one of the rare

controllers who does the treasurer’s job on making

cash flow predictions and managing working capital.

Kathy Waller, VP and Chief of Internal Audit,

Coca-Cola Co.

Waller came into her role in the midst of Coke’s Sar-

banes-Oxley implementation and made it through

the audit unscratched. Since then, she has stream-

lined the process, reducing controls by 20%. Now,

Waller is designing Coke’s continuous control moni-

toring, streamlining the process that checks for

anomalies and provides constant updates

on operations.

Paul C. Wirth, Global Controller and Principal

Accounting Officer, Morgan Stanley

Wirth is a great example of the motto “think global,

act local.” As part of the effort to run finance as a busi-

ness, Wirth has standardized and automated similar

functions across the global finance organization, while

setting up a legal entity control focus. He has also es-

tablished a cross-functional merger integration group

to simplify strategic bolt-on acquisitions.

CONTROLLERS CONTROL FREAKS WITH A GLOBAL PLAN

41. HUGO CHÁVEZ

42. CONNIE D.MCDANIEL

43. WERNERSTEINMUELLER

44. ZVI BODIE

45. NANCY EVERETT

46. JOHN THAIN

47. JEAN-CLAUDETRICHET

48. ZHOU XIAOCHUAN

49. PAULA K. FRYLAND

50. JEROME S. GOLDEN

41 42 43 44 45

46 47 48 49 50

GLOBALIZATION WHEN BOUNDARIES NO LONGER MATTER

Lazaro Campos, CEO, SWIFT

Under Campos, SWIFT opened its electronic pay-

ment system to non-financial companies, bringing

banking costs down and efficiency up.

Hugo Chávez, President of Venezuela

While it may put a damper on Western investment,

Associated P

ress

Associated P

ress


Chávez’s anti-U.S., anti-globalization rant and his

threat to seize his country’s banks is rallying crowds

in South America and internationally.

Connie D. McDaniel, VP of Global Finance

Transformation, Coca-Cola Co.

McDaniel, Coke’s controller, is leading the creation of

a finance function that will take a global view to

drive efficient processes.

Werner Steinmueller, Head of Global

Transaction Banking, Deutsche Bank

Under Steinmueller’s leadership, Deutsche Bank’s

Global Transaction Banking business is following a

growth trajectory across Europe, Asia and the U.S.

by capitalizing on the bank’s commitment to invest-

ing in the latest technology and leveraging new ini-

tiatives, such as SEPA.

John Thain, Director and CEO, NYSE Euronext

The NYSE goes global. Capitalized at $28.5 billion,

the merged NYSE Euronext is the first transatlantic

exchange and already the biggest bourse globally.

Next stop: Asia.

Jean-Claude Trichet, President,

European Central Bank

With the euro at record levels against the dollar,

Trichet hopes creation of a Single European Pay-

ments Area (SEPA) will further pump up the curren-

cy by eliminating barriers to cross-border trading.

Zhou Xiaochuan, Governor,

People’s Bank of China

With $1.1 trillion in foreign exchange reserves—

enough to buy out Citigroup—the Chinese central

bank has the clout to have an impact on markets.

51. BLAKE R.

GROSSMAN

52. EVE GUERNSEY

53. JIM MORRIS

54. CYNTHIA E. MURRAY

55. WILLIAM F. QUINN

56. MARK A. SCHMID

57. JAY VIVIAN

58. AMY W. BRINKLEY

59. LANCE J. EWING

60. CHRISTINA KITE

51 52 53 54 55

56 57 58 59 60

RETIREMENT AND BENEFITS TRAILBLAZING LIFE AS A LESS HEDGEABLE FINANCIAL RISK

Zvi Bodie, Norman and Adele Barron Professor of

Management, Boston University

Bodie, a maverick in pension investing, is challenging

conventional wisdom about the virtues of investing in

equities for the long run, pushing for investment in

inflation-protected securities and annuities.

Nancy Everett, Chief Investment Officer, General

Motors Corp. Asset Management

Everett led the restructuring of the GM pension fund, mov-

ing $24 billion into bonds out of equities and offering up a

lower-risk model for the 21st century pension fund.

Paula K. Fryland, EVP and Manager of the Na-

tional Healthcare Group, PNC Bank

The public face of PNC’s healthcare services, Fryland

is responsible for delivering a full range of banking

services to national healthcare clients, including

treasury management services and traditional cor-

porate banking products. PNC technology lets hos-

pitals have an electronic connection without

creating it themselves.


Jerome S. Golden, President of the Income

Management Strategies Division, Massachusetts

Mutual Life Insurance Co.

What Golden and his team have come to realize is that

the problem facing retirees—and there will be many

of them soon—is not just whether they have saved

enough, but determining the rate at which they should

be tapping that savings—a dilemma that MassMutual’s

new retirement management account is addressing.

Blake R. Grossman, CEO, Barclays

Global Investors

Grossman has helped transform the asset manage-

ment industry by applying science and technology to

the investment process, growing BGI to $1,800 bil-

lion in assets under management as the world’s

largest asset manager from $746 billion in 2002.

BGI is responsible for managing more than half of

the top 200 pension funds in the U.S.

Eve Guernsey, CEO, JPMorgan Asset

Management Americas

Guernsey takes an unconventional approach to the

retirement market that stresses how participants re-

ally behave and encourages companies not to segre-

gate retirement risk. To that end, Guernsey and her

team have developed innovative and unique risk

modeling that puts retirement risk into the same

language as other financial risks.

Jim Morris, SVP of Institutional Solutions, SEI

Global Institutional Group

Morris changed the pension reform landscape by

linking broader corporate financial objectives with

pension program development through what is con-

sidered to be the industry’s first fully integrated glob-

al pension solution. No more independent silos and

accountability problems.

Cynthia E. Murray, EVP of Transaction Banking,

LaSalle Bank Corp.

Murray is the moving force behind LaSalle Bank’s

launch of its innovative consumer-directed healthcare

platform, pushing the boundaries in which traditional

treasury management banking serves its clients.

William F. Quinn, Chairman and CEO, American

Beacon Funds

Quinn maintained the DB plan at American Air—an

accomplishment in itself. He was into liability-driven

investing long before LDI became an acronym.

Mark A. Schmid, VP of Trust Investment and

Chief Investment Officer, The Boeing Co.

Schmid developed a unique strategic allocation plan to

lower the risk profile for Boeing’s $48 billion pension

and retiree healthcare investment portfolio. The alloca-

tions are: 28% publicly traded equities, 45% long dura-

tion bonds and 27% alternative investment products.

Jay Vivian, Assistant Treasurer and Managing

Director of Retirement Funds, IBM Corp.

Vivian has shaped IBM’s innovative defined benefit

and defined contribution plans, allowing the compa-

ny to be an early leader in adopting distribution op-

tions, such as annuities.

61. JOANNA

MAKOMASKI

62. LARRY RITTENBERG

63. DAVID RUSATE

64. PRODYOT SAMANTA

65. SPENCER SCHWARTZ

66. NICHOLAS STERN

67. BRIAN STORMS

68. BEAUMONT W.

VANCE

69. LEE DITTMAR

70. JOHN HAGERTY

61 62 63 64 65

66 67 68 69 70


Amy W. Brinkley, Global Risk Executive, Bank of

America Corp.

BofA has one of the top risk management programs

among all the big banks, and much of that is thanks

to Brinkley. She has been able to instill a risk-based

approach down into the organization and has pushed

ERM across the spectrum of businesses. Unlike most

CROs who come up with quant background, Brink-

ley spent her time on the credit and operations side,

giving her a very business-like approach to risk.

Lance J. Ewing, VP of Risk Management,

Harrah’s Entertainment Inc.

Well-known in risk circles as a savvy negotiator of in-

novative insurance packages, Ewing has had to con-

front climate change head on because of Harrah’s

extensive operations in the Southeastern U.S.

Christina Kite, VP of Workplace Resources and

Enterprise Risk Management, Cisco Systems Inc.

Her fans say she is destined for greatness. Kite uses an

innovative strategy for ERM, making it more about

opportunity than protection. Kite’s role at Cisco is the

essence of integrated GRC meeting ERM, working in

risk transfer and the development of Cisco’s playbook

on the environment and social responsibility.

Joanna Makomaski, Manager of Risk

Management, Enbridge Energy Distribution Inc.

An expert on international standards at Canada’s

largest natural gas utility, Makomaski wants to take

some of the risk out of ERM with a newly developed

system that shows potential favorable outcomes and

opportunities, as well as traditional losses.

Larry Rittenberg, Chairman of COSO and

Professor of Accounting at the University of

Wisconsin

Rittenberg has been instrumental in directing COSO

to provide more robust guidance regarding the appli-

cation of the COSO framework.

David Rusate, Deputy Treasurer of Foreign

Exchange and Commodities, General Electric Co.

Rusate runs a dynamic program that hedges against

Mother Nature and the volatility of natural gas prices.

It can be adapted to hedge other commodities.

Prodyot Samanta, Director and Risk

Management Specialist with Financial

Institutions Ratings, Standard & Poor’s Corp.

It’s a flip of the coin that puts Samanta on the list

over his S&P risk management team partner David

Ingram. Together, the two are forcing the hand of

non-financial companies to push forward in ERM by

developing and incorporating new criteria for enter-

prise risk management in their credit ratings.

Spencer Schwartz, SVP and Group Head of ERM

and Business Continuity, MasterCard

International

Schwartz led the monumental effort to institutional-

71 72 73 74 75

76 77 78 79 80

RISK MANAGEMENT ELEVATING RISK TO ROCKET SCIENCE

71. SCOTT MITCHELL

72. HERMAN MULDER

73. MICHAELRASMUSSEN

74. RALPH V.WHITWORTH

75. ELLEN ALEMANY

76. DEBORAH BALL

77. GREGORY J. CICERO

78. MICHAEL COHRS

79. DAVID F. CONROY

80. PAUL GALANT


ize ERM throughout MasterCard, and by sharing

that experience, he provided best practices to

other companies.

Nicholas Stern, Former Chief Economist of

the World Bank and Advisor to the

U.K. Treasury

Outspoken on the looming dangers of global warm-

ing, Stern transformed the debate with a 700-page

report concluding that the cost of doing nothing

about environmental risks is far greater than taking

steps to solve the problems. It was the basis for

Tony Blair’s proposals for major European

missions cutbacks.

Brian Storms, chairman and CEO,

Marsh Inc.

Storms has committed Marsh to play a leadership

role in the global warming/sustainable development

discussion. He was a prime mover behind the Sus-

tainable Governance Forum at Yale that advises

board members and companies.

Beaumont W. Vance, Senior Enterprise Risk

Manager, Sun Microsystems Inc.

Vance has become a respected spokesman for what it

takes to do effective ERM, and has done extensive

work in quantification that could help others consid-

er taking the plunge.

81. HEIDI MILLER

82. PAUL SIMPSON

83. ROBERT H. ATTMORE

84. TIMOTHY F. GEITHNER

85. HENRY M. PAULSON JR.

86. THOMAS RAY

87. JOHN W. WHITE

88. REP. JOHN BOEHNER

89. SEN. CHRISTOPHERDODD

90. REP. BARNEY FRANK

81 82 83 84 85

86 87 88 89 90

GOVERNANCE AND COMPLIANCE SAVING THE PLANET AND THE CORPORATION

Lee Dittmar, Principal, Deloitte Touche

Co-leader of the firm’s Sarbanes-Oxley practice,

Dittmar cautioned against the SOX hysteria, assert-

ing that the pain would ease over time, as it has, and

that it could benefit business in the long run.

John Hagerty, VP of Research, AMR Corp.

Compliance guru Hagerty is a leading thinker in the

exploding business intelligence and performance man-

agement markets, spending in which he predicts could

approach $24 billion this year in North America alone.

Scott Mitchell, President and CEO, Open

Compliance and Ethics Group

Mitchell was fundamental in delivering OCEG’s

much-anticipated internal audit guidance draft,

which helps steer corporations through thorny com-

pliance and ethics issues.

Herman Mulder, Senior Adviser, United Nations

Global Compact Office

After pioneering the groundbreaking Equator Princi-

ples- used by banks to voluntarily assess and manage

social and environmental risk- Mulder, a 27-year vet-

eran with ABN Amro, left the bank to advise the U.N.

on sustainable development.

Michael Rasmussen, VP of Governance, Risk and

Compliance Research, Forrester Research Inc.

Rasmussen’s work is helping to create the framework


to pull governance, business ethics, risk

and compliance out of their silos and

into an integrated discipline.

Ralph V. Whitworth, Founder,

Relational Investors LLC

Outspoken on corporate governance,

this activist shareholder helped topple

Home Depot Inc. chairman and CEO

Robert Nardelli over runaway executive

pay and is now sparring with Sprint

Nextel Corp.

BANKERS REDEFININGTHEIR ROLE AND WATCHINGTHEIR BACKS

Ellen Alemany, CEO,

RBS America

In March, Royal Bank of Scotland

tapped the 30-year veteran banker Ale-

many—formerly the CEO of Citigroup’s

Global Transaction Services—to beef up

its U.S. operations ahead of its recently

launched bid to buy ABN-Amro. If RBS

prevails in its bid and lands LaSalle

Bank, Alemany will have expanded

cross-selling opportunities between the

retail bank and RBS’ increasingly active

capital markets business in the U.S.

Deborah Ball, EVP and Head of

Wells Fargo Wholesale Internet

Solutions, Wells Fargo & Co.

Ball is all about customer relations and

service as she leads a 650-member team

dedicated to solving treasury manage-

ment inquiries and assisting with prod-

uct enrollment and changes. She is

converting Wells Fargo into the back of-

fice for many corporate clients.

Gregory J. Cicero, SVP, Mellon

Financial Corp.

Cicero, who oversees Mellon’s working

capital solutions group, has been instru-

mental in expanding Mellon’s middle-

market penetration in cash management

services through the department’s pri-

vate label outsourcing division.


Robert H. Attmore, Chairman, Governmental

Accounting Standards Board (GASB)

Attmore and the GASB are pushing for transparency

in state and municipal pension plans that could lead

to an underfunding gap in excess of $1 trillion.

Timothy F. Geithner, President and CEO, Federal

Reserve Bank of New York

With a deluge of money flowing into hedge funds,

Geithner is the point man in a campaign to make

sure banks can handle the shock of a hedge fund

blowup.

Henry M. Paulson Jr., Secretary of the

U.S. Dept. of Treasury

The chief aim of the ex-Goldman Sachs CEO is pre-

venting any further erosion in the primacy of U.S.

capital markets abroad.

Michael Cohrs, Head of Global Banking,

Deutsche Bank AG

Cohrs is building on the momentum of previous

successful quarters to increase productivity across

all global banking businesses and take a global,

client-centric approach that seeks to deliver the en-

tire suite of the bank’s products and services to its

client base.

David F. Conroy, Managing Director and Global

Head of Supply Chain Services and Trade Sales,

Citigroup Inc.

Conroy is one of the leading lights in the corporate

drive toward supply-chain efficiency and better

working capital management. At Citi, where strong

trade and cash management operations give it a leg

up in the supply-chain space, Conroy has been

charged with developing new market strategies and

solutions aimed at bringing real process improve-

ments to the sometimes Byzantine world of interna-

tional trade.

Paul Galant, CEO and Managing Director

of Global Transaction Services,

Citigroup Inc.

The visionary behind Citigroup’s award-winning

global account management system TreasuryVision,

Galant now heads up Citi’s fastest growing business,

which includes cash management, trade services and

finance, and securities and funds services. If Citi

never sleeps, neither does Galant: He’s making Citi

into an entrepreneur, developing products and serv-

ices through strategic acquisitions and potentially

transformative alliances with best-in-class vendors.

Heidi Miller, CEO, Treasury and Securities

Service, JPMorgan Chase & Co.

Miller’s TSS has been firing on all cylinders. Besides

increasing assets under custody by 30% to $13.9

trillion and liability balances by 22% last year, Miller

introduced unique products for automating health-

care claims reimbursement and simplifying e-pay-

ments. She is also building up fund services, foreign

exchange and the wholesale card business, while cre-

ating through acquisition middle and back office op-

erations for hedge funds.

Paul Simpson, SVP and Treasury

Services business executive responsible

for trade, e-payables and card solutions,

JPMorgan Chase & Co.

Simpson is the visionary behind Chase’s flurry of tech

acquisitions including Vastera, the trade and supply-

chain management vendor; FisaCure, a healthcare

data-capture provider; and more recently Xign, the

financial settlement leader. Once viewed as ancillary

activities, these are now at the heart of what corpo-

rate clients expect from their banks.

91. REP. GEORGE MILLER

92. ARNOLD

SCHWARZENEGGER

93. AMIT CHATTERJEE

94. MIKE DUFFY

95. KEN DUMMITT

91 92 93 94 95

REGULATORS BRINGING SOME ORDER TO REGULATION


Thomas Ray, Chief Auditor and Director of Pro-

fessional Standards, Public Company Accounting

Oversight Board

Ray is leading the board’s effort to redefine Auditing

Standard 2—the principal rule guiding practices in

Section 404 internal controls audits. Considered to

be open and honest, it’s hard to see how he survives

in Washington.

John W. White, Director of the Division of

Corporation Finance, Securities and Exchange

Commission

White has been the point man in SEC efforts to

provide better guidance for the problematic Section

404, eliminate the IFRS-GAAP reconciliation re-

quirements and move companies to an XBRL format

for filings.

96. WOLFGANG KOESTER

97. STEVE MIRANDA

98. SHARON ROWLANDS

99. JOHN SNOW

100. STEPHEN A.

SCHWARZMAN

POLITICIANS TAKING ON THE REALLY BIG ISSUES—FOR ONCE

Rep. John Boehner (R-Ohio), Minority Leader,

U.S. House of Representatives

The congressman pushed through the historic Pen-

sion Protection Act, which is revitalizing defined

benefit plans and turbo-charging 401(k)s.

Sen. Christopher Dodd (D-Conn.), Chairman,

Senate Banking Committee

The senator is leading the fight to extend the Terror-

ism Risk Insurance Act (TRIA) and make Sarbanes-

Oxley more management-friendly.

Rep. Barney Frank (D-Mass.), Chairman,

House Finance Committee

Frank was not necessarily a congressman companies

dealt with much before he became chairman of a

powerful committee, but now his calls to cap execu-

tive compensation and regulate hedge funds may

have teeth.

Rep. George Miller (D-Calif.), Chairman of the

House Education and Labor Committee

Miller, who held the first hearings on 401(k) fee

disclosure, is shining a spotlight on an opaque fee

structure.

Arnold Schwarzenegger,

Governor of California

Ahnold may be the only brandname Republican not

running for president, but he is tackling the two big

issues of this decade and probably the next:global

warming and healthcare.

96 97 98 99 100

TECHNOLOGY LEARNING TO COMPETE AND COOPERATE TO THE SAME END

Amit Chatterjee, SVP of Risk and Compliance

Management, SAP AG

Chatterjee is at the forefront of SAP’s spectacular

drive over the last year into integrated GRC through

acquisition and alliances with such powerhouses as

Cisco Systems Inc.

Mike Duffy, President and CEO, OpenPages Inc.

Duffy’s Open Pages continues to be a standout in the

continuing challenge to meet Sarbanes-Oxley criteria

and extend best practices-integrated GRC.

Ken Dummitt, President, SunGard AvantGard

After a slightly slow start following the split from its

SunGard Availability parent, the treasury worksta-

tion provider under the leadership of Dummit has

been on a roll—building, mostly through acquisition,

the new version of what treasury technology will

need to look like in the 21st century. Among its con-

quests: Integrity, Aceva and XRT.


Wolfgang Koester, CEO,

FiREapps

With VC and ex-Microsoft CFO John

Connors as its sugar daddy, Koester’s

FiREapps is leading the charge on an

enterprise approach to hedging and

financial risk management.

Steve Miranda, SVP for Financial

Applications, Oracle Corp.

Miranda heads up Oracle’s financial ap-

plication development efforts, such as

human relations and payroll, procure-

ment, CPM and the functional archi-

tect group.

Sharon Rowlands, President and

CEO of Thomson Financial, The

Thomson Corp.

Rowlands has shaken up Thomson Fi-

nancial, pushing the financial informa-

tion provider into such hot areas as

financial and trading desktop analytics

for hedge fund managers. Now, Row-

land is leading Thomson’s acquisition of

the much bigger Reuters Group PLC.

DEALMAKERS COMING TO ACOMPANY NEAR YOU

John Snow, Chairman, Cerberus

Capital Management PLC

The former U.S. treasury secretary is the

front man for Stephen Feinberg, the ex-

tremely low-profile founder of this private

equity firm that just made a big splash

with a $7.4 billion purchase of the

Chrysler portion of DaimlerChrysler.

Stephen A. Schwarzman,

Chairman and CEO,

The Blackstone Group

Blackstone’s planned $4 billion IPO

broadens its reach and sets the bar for

the rest of high-flying private equity.

But given private equity’s dogma of

cashing in at the top, could it foreshad-

ow the high watermark for private equi-

ty at least in this cycle—or is it just

Round Two?

coverstoryfor the next year, if not the next five, …...david goulden, evp and cfo, emc corp. it...

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