Word: cfo
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...internet phenomenon in the same boat as multimillion dollar companies like Friendster and Tribe. And a sophomore computer science concentrator in Kirkland House, his detail-oriented roommate, and a mutual friend with an eye for business became Silicon Valley executives—de facto CEO, project manager, and CFO, respectively...
...first year of operation. It took I Cable, Hong Kong's sole cable-TV provider, five years to reach that milestone after launching in 1993. "Two years ago, I wouldn't have predicted that our main competition would be from the phone company," says Samuel Wong, I Cable's CFO...
Ferraris was brought aboard in the spring of 2003 to calm investors, who had been rattled when the outgoing CFO, Fausto Tonna, announced an unexpected new bond issue, sending Parmalat stock into a nose dive. The issue was quickly canceled. Within a few days of taking over, Ferraris made a presentation to financial analysts in Milan, stressing the company's rosy outlook: sales and earnings were up, debt was under control, and the company was awash in cash. "It was my job to patch up relations with the market," Ferraris told TIME in his lawyer's Milan office...
...attractive that foreign banks, with Citibank at the head of the line, were clamoring to get a piece of the business. Ferraris, who worked at Citibank in Milan for seven years before joining Parmalat in 1997 as an executive in Canada and Australia, remembers making regular sales calls on CFO Tonna. "There was big competition for Parmalat business," Ferraris recalls. "You needed to come up with a product that really interested them." On Ferraris' watch, Citibank scored two coups, first setting up a securitization program, then advising Parmalat on its acquisition of Beatrice Foods in Canada...
...first red flags began popping up. In late 1999, Esteban Pedro Villar, a partner in the Buenos Aires offices of accountants Deloitte & Touche, filed an internal "early warning report" expressing serious concerns about Parmalat's Latin American operations. He peppered the company with so many questions that cfo Tonna lost his temper. The requests for information are "offensive and ridiculous," Tonna thundered in a June 9, 2000, fax to Adolfo Mamoli, the Deloitte partner in Milan, and terminated Deloitte's Parmalat business in Argentina. Deloitte - which had taken over as Parmalat's worldwide auditor only the previous year - quickly backed...