Who’s Coming and Going in Governance [Compliance Week]

Compliance Week regularly tracks various personnel moves, board appointments, product releases, customer wins, and industry gossip in the corporate governance realm. Submit announcements to Compliance Week Assistant Editor Jaclyn Jaeger at (888) 519-9200 or jjaeger@complianceweek. com. To see more briefs on personnel announcements and vendor news, please visit www.complianceweek.com and click on the 'Blogs' tab on our home page.

Moody's Third Compliance Chief Departs in Less Than Three Years

Moody's Investors Service has announced the departure of its chief compliance officer, Jeffrey Schwartz, who has held the post since 2009. The move is significant, given that Moody's has gone through three compliance officers in less than three years.

The reason likely has to do with concerns raised by former compliance officer, Scott McCleskey, who held the post from 2006 to 2008. David Teicher, a managing director in one of the firm's structured finance credit-analysis units, later assumed the compliance post in late 2008.

In a March 2009 letter to the Securities and Exchange Commission, McCleskey said he had grave concern with "the lack of meaningful surveillance of municipal securities, contrary to statements by Moody's to the public and to Congress, which imply that all securities are either monitored in a robust fashion or are as 'point in time' ratings." In reality, McCleskey said during his time as compliance head, "virtually no surveillance was being performed on U.S. public financial ratings."

McCleskey also charged Moody's senior management with ignoring his concerns. "While I was there, I felt that my guidance was routinely ignored, if that guidance meant making less money or emplacing separation requirements to address conflict of interest between the ratings side and the business-development side."

He expressed particular concern that this "failure" in the current economic environment could have "far-reaching" systemic consequences, even causing a repeat of the sub-prime mortgage crisis.

Janet Holmes, formerly vice president of regulatory affairs, was appointed interim compliance officer in April, according to company documents.

Industry Ventures Names CCO

Industry Ventures, an investment firm for venture capital, has appointed industry veteran Robert May as chief financial officer and chief compliance officer.

With a 20-year career under his belt encompassing both operating companies and private equity investment firms, May most recently was a venture partner at Standish Management, where he oversaw multiple fund accounting and finance teams. Additionally, as CFO at Founders Fund and Thomas Weisel Venture Partners, May was responsible for oversight of financial and compliance processes, investor communications, operational issues, and selected investment due diligence.

Earlier in his career, May was controller of Mohr, Davidow Ventures, where he managed the financial reporting and accounting audit process for multiple funds totaling over $1 billion under management. May began his finance career as finance and control analyst with Hewlett-Packard/Agilent Technologies specializing in semiconductor-based product lines.

Lorillard Appoints Chief Compliance Officer

Cigarette manufacturer Lorillard has appointed Neil Wilcox, a former U.S. Food and Drug Administration science policy analyst, as senior vice president of product-related regulations and chief compliance officer. In the newly created role, Wilcox will oversee and manage regulatory affairs, including plans to achieve regulatory compliance with federal regulations such as the Family Smoking Prevention and Tobacco Control Act.

Wilcox comes to Lorillard from the FDA, where he spent 13 years as a science and regulatory expert, most recently as science policy analyst in the Center for Food Safety and Applied Nutrition since 2008.

From 1990 to 1999, Wilcox's work at the FDA included serving as senior science policy officer in the Office of Science, Office of the Commissioner. He left the FDA in 1999 to serve as director of global regulatory affairs at The Gillette Company and then as vice president of global regulatory and scientific affairs at Kimberly- Clark. At both corporations his role included developing and implementing plans to achieve global regulatory compliance for a range of products.

AEP Industries Names Corp. Secretary

AEP Industries, a manufacturer, marketer, and distributor of plastic packaging products, has appointed Sandra Major as vice president and secretary.

Major has been the AEP's director of compliance and assistant corporate secretary since October 2005. Prior thereto, she was risk manager since January 2003 and held various positions with the company since 1989. James Rafferty, formerly vice president, secretary, and treasurer, will continue as vice president and treasurer.

In other news, the company has also elected Ira Belsky to its board of directors. Since his retirement in 2002, Belsky has served as a trustee of a local regional high school district board of education for which he currently serves as president. Previously, Belsky served as executive vice president of business development and legal affairs, and a member of the executive committee of FreeRide. com., an internet-based media business. Belsky's appointement expands the size of the board from eight to nine directors.

Travelers Europe Names Chief Risk Officer

International insurer Travelers has appointed Kendra Felisky to the newly created position of chief risk officer, Europe, covering both Travelers Syndicate Management and Travelers Insurance Company.

Felisky will be responsible for enterprise risk management in Europe including the development, implementation, and monitoring of risk-management strategies and policies for the European operations. Additionally, she will assume the reporting line of the risk function and the capital modelling group, and will play a significant role in helping drive forward the organization's Solvency II efforts.

Felisky joins Travelers Europe from the London office of Deloitte, where she was a director in the actuarial and insurance solutions consulting practice. Prior to Deloitte, Felisky held leadership roles at CNA Re insurance company, and reinsurance company CX Re. She previously was a consultant in the United Kingdom and the United States.

A.O. Smith Corp. Appoints New Vice President and Controller

A. O. Smith Corp., a global manufacturer of residential and commercial water heating equipment, has named Daniel Kempken vice president and controller. In his new position, Kempken will oversee the accounting, financial planning, internal audit, and risk-management functions for the company.

Kempken brings more than 13 years of public accounting experience to A. O. Smith. Most recently, he was a senior manager with Ernst & Young. He served a number of Wisconsin-based companies, handling audit, quarterly review, and control testing activities. During this time, he assisted several of his clients with domestic and international acquisition accounting.

Hilton Worldwide Names General Counsel

Global hospitality company Hilton Worldwide has appointed Kristin Campbell as executive vice president and general counsel. She will report to Hilton Worldwide's president and chief executive officer, Christopher Nassetta, and will be responsible for leading the company's legal team.

Campbell joins Hilton Worldwide from Staples, an office products supplier company, where she served as senior vice president, general counsel and corporate secretary. Prior to joining Staples in 1993 as real estate counsel, Campbell worked at the law firm Goodwin Proctor in Boston. She began her career as a lawyer with the law firm Rackemann, Sawyer & Brewster in Boston.

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