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Conference 7.286::digital

Title:	The Digital way of working

Moderator:	QUARK::LIONELON

Created:	Fri Feb 14 1986
Last Modified:	Fri Jun 06 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	5321
Total number of notes:	139771

1954.0. "Bill Steul new CFO" by MRKTNG::SILVERBERG (Mark Silverberg DTN 264-2269 TTB1-5/B3) Fri Jun 19 1992 14:50

   Worldwide News                                              LIVE WIRE
                                                               June 19, 1992

          Bill Steul elected chief financial officer for Digital 

  Digital today announced the election of Bill Steul as vice president and 
  chief financial officer.  In this position, he will be a member of the 
  Executive Committee reporting to Ken Olsen.

  In his twenty years with Digital, Bill has held a number of Finance and 
  Operations management positions.  Most recently he was vice president, 
  Services Cluster Applications and Industry Business Units with 
  responsibility for Banking, Health Care, Insurance, Media, Retail/
  Wholesale, Travel and Transportation, Utilities, and Professional Services.
  Previously, he was vice president Corporate Systems Group; group manager, 
  Engineering Systems; finance manager for the Technical Group; finance 
  manager for the Components Group and finance manager for Europe.

  Commenting on the appointment, Ken Olsen said, "As Digital continues its 
  efforts to restore profitability, we need a chief financial officer with 
  knowledge of our operations and our strategy in addition to a strong 
  financial background.  Bill offers a unique blend of operating and 
  financial experience.  His career includes international finance, as well 
  as market development and product line experience.  He understands where 
  Digital is going in our industry and knows how to get things done inside 
  the company.  He will be a strong link between the operating and financial 
  disciplines and will be able to quickly implement our business strategies."

  "I'm pleased and excited about this new opportunity," Bill said.  "I intend 
  to take an aggressive role in the CFO function as a partner to Ken Olsen, 
  the operating committees and the business units as they work on the 
  strategy of the company for the 1990s and beyond to help the company to 
  return to profitability."

  Bill holds both a BSBA and an MBA from the State University of New York.  
  He has also completed the MIT Sloan School Senior Executive Program.  Prior 
  to joining Digital, Bill was with the Carborundum Company for eight years 
  where he held positions in finance, manufacturing management and 
  information systems.

T.R	Title	User	Personal Name	Date	Lines
1954.1	Elected/appointed	SCAACT::AINSLEY	We will miss you, Simon	`Fri Jun 19 1992 17:12`	3
	Elected? Appointed? By whom? Bob
1954.2	The Board of Directors...	CREATV::QUODLING	OLIVER is the Solution!	`Fri Jun 19 1992 17:18`	1

1954.3		SCAACT::AINSLEY	We will miss you, Simon	`Fri Jun 19 1992 17:23`	5
	re: .2 Well is it an election or an appointment???? Bob
1954.4	both, neither, does it matter?	NECSC::ROODY		`Fri Jun 19 1992 17:40`	12
	re -1 I'm pretty sure the board votes to approve a nominee for an appointment. It's all very parlimentary, they need a quarum (sp?), a mojority, etc. Nominations are probably made by a search committee, which may or may not be comprised solely of board members. So I guess it's both.....
1954.5	It's a bird, It's a plane, it's SuperCFO...	SCAACT::AINSLEY	We will miss you, Simon	`Fri Jun 19 1992 17:52`	6
	re: .4 No it doesn't matter, but after reading .0 I couldn't figure out if he was elected or appointed, since both words are used multiple times. Bob
1954.6	Need to look outwards not inwards	SMAUG::GARROD	Floating on a wooden DECk chair	`Fri Jun 19 1992 18:49`	13
	Wouldn't be have been better off with an outsider rathyer than someone who with so many years at Digital has to be one of the "old fogies" club? I know nothing of Bill Steul so my comment is not directed at him per se but I'd have thought that what Digital needed now in the CFO chair was someone with new ideas from the outside not somebody steeped in the existing culture which is quite obviously failing us. But maybe the board is saving the outsider for COO or CEO... Just thinking... Dave
1954.7		AIMHI::BOWLES		`Mon Jun 22 1992 09:53`	7
	Well, Bill Steu seems like an OK guy, but he certainly does not seem to have the heavy-duty financial background I would expect from someone who is elected/appointed to the position of CFO. Time (and the market) will tell. Chet
1954.8		NOTIME::SACKS	Gerald Sacks ZKO2-3/N30 DTN:381-2085	`Mon Jun 22 1992 11:25`	1
	BTW, it's pronounced "stoil" according to the Globe.
1954.9	He is (was?) a toughie.	ESTASI::HARBIG	Riempendo di vuoto il nulla.	`Tue Jun 23 1992 04:57`	17
	re -1 Yes it's pronounced Stoil. Well he certainly re-organised F&A in Europe when he was here. If energy and guts can do it (or are allowed to do it) I'm sure he will be successful. As they say where I come from "he's a hard wee man", very practical and straight and when he feels something is right he goes for it like a terrier after a rat. It's been many years since he's been back in the States and I don't know if he's still the fighter he was or if he'll manage against the smoothies in the upper echelons which must be a bit like fighting a wall of chewing-gum. Max
1954.10	CFO == "High and Mighty" in my book ...	AUSTIN::UNLAND	Sic Biscuitus Disintegratum	`Tue Jun 23 1992 13:43`	12
	re: .-1 > know if he's still the fighter he was or if he'll manage against > the smoothies in the upper echelons which must be a bit like Chief Financial Officer is about as upper echelon as you can get in most companies. It will be interesting if he feels as hamstrung by K.O. as Osterhoff evidently felt. Geoff
1954.11	Already one of the club	SMAUG::GARROD	Floating on a wooden DECk chair	`Tue Jun 23 1992 17:23`	14
	Re .-1 Notice how the announcement of his appointment said the following in PC speak: "Bill Steul will do what Ken Olsen tells him to. The CFO will not be allowed to bring forward independent ideas" at least that's how I interpreted it. Rumour I heard was that there were 2 excellent outside candidates. I'll leave the reader to decide on why an internal candidate was chosen. Dave
1954.12	Good Luck Bill!!!	TAVIS::BARUCH	in the land of milk and honey	`Wed Jun 24 1992 06:49`	17
	>Note 1954.9 Bill Steul new CFO 9 of 11 > Well he certainly re-organised F&A in Europe when he was here. Hi Max, how are you? Remind me, when exactly was Bill in the European job? I certainly remember Bill's reputation as a "strong guy" and doubt that he will do "only what Ken tell's him to". Noone should reach such an elevated position if he does not have a mind of his own. I think that Bill does and hope he will be allowed to use it. Ciaou Shalom Baruch
1954.13	It could be positive.	MLNOIS::HARBIG	Riempendo di vuoto il nulla.	`Wed Jun 24 1992 08:20`	12
	Hi Baruch, How are the elections going? Bill was here for 5 years or so and went back to the States 9 or 10 years ago. Maybe we should be optimistic and hope that K.O will accept things from an insider with a proven loyalty to the company that he wouldn't even talk about with a "stranger". Max
1954.14	Good Luck Bill	MAYES::SKOWRONEK		`Fri Jul 10 1992 17:30`	14
	When I was a temp at DEC - 7 or so years ago, I was working in a Marketing Group in MRO3. I am not sure what Bill's exact position was at the time, but he was "up there". From what I remember of Bill, he seemed to be an excellent manager. Financially, he made all of his underlings responsible for everything they signed for, therefore his people were very careful when signing expense vouchers and the such. I always had great respect for him and I am sure he will do a super job. I am glad they chose him over an outside candidate. Just my 2 cents, Debby