ANN ARBOR, MI – Following last week’s news announcing a restructured marketing operation, today Affinia Group announced that it has added two new members to its corporate finance team and also realigned the duties of some existing corporate finance managers. AdvertisementClick Here to Read MoreAdvertisement “This finance team, under the leadership of our CFO Thomas Madden, will assure that we stay on course to meet and exceed the expectations of our customers and our investors,” said Terry McCormack, Affinia’s president and chief executive officer. “Our comprehensive restructuring program continues to move forward according to plan. As we achieve our immediate goals, we will continue to implement organizational change that will position us for success with our longer-range strategic initiatives.” The company has appointed David Shears to the position of director of internal audit, and Mark Trinske to the position of director of investor, public and government relations. Shears joins Affinia Group from Metaldyne Corp., a privately held auto parts manufacturer, where he served as director of internal audit services. At Affinia, he will be responsible for global internal auditing. Mark Trinske will be responsible for the flow of financial and strategic information to investors, press and public. Trinske will also provide a liaison to various governmental agencies. He was formerly with ProQuest Co., where he held the position of vice president, investor relations. Under the newly aligned corporate finance structure, Pat Flanagan has been promoted from corporate controller to chief accounting and financial compliance officer. In this expanded role, Flanagan will be responsible for, among other things, compliance with Sarbanes-Oxley requirements. Advertisement Walt Nevolis, formerly Affinia’s director of audit and compliance, has been named director, IT business office. Nevolis will be responsible for IT corporate compliance, corporate technology investments and will interface with IT providers. Nevolis will also serve as a financial analyst to the company’s business architecture group. Chuck Mendeljian, vice president of customer financial services, will join the finance department in the same capacity. Mendeljian’s extensive experience in the analysis and management of customer credit will result in closer integration within the finance department. “These changes greatly strengthen our audit, communications and compliance functions,” said Thomas Madden, Affinia Group’s chief financial officer. “With these additions and this realignment, our finance organization is well positioned to support our current growth as well as our long-range strategic initiatives.” For more information about Affinia, go to: http://www.affiniagroup.com.
Listed law firm pioneer Gateley today hailed an ‘encouraging’ start to 2015/16 after posting an underlying improvement in profits for its last year before flotation.The AIM-listed outfit also claimed its admission to the junior market in June has boosted its appeal to potential acquisition targets and lateral hires.In the year to 30 April, pre-tax profits rose 32.4% on a like-for-like basis to £9.8m, on income which climbed 11.5% to £60.9m. Chief executive Michael Ward (pictured) said the firm benefited in 2014/15 from improved market conditions. ‘Clients began to feel cautiously optimistic about the future and therefore sought our services to implement and aid their growth plans,’ he added.Revenues from Banking and Financial Services, which contributed a fifth of total income, rose 13% on the previous year ‘driven by an increasing number of banking transactions taking place and notable successes in recovering monies obtained through fraudulent or deceitful transactions’. Property – the largest business segment accounting for a third of revenues – posted a 16.1% rise, attributed to a bullish market.Revenues from corporate deals, which yielded £10m in income, improved by 14.1%, the firm said. Gateley advised on more than 250 deals with an aggregate value in excess of £1.5bn.The number of fee-generating staff climbed to 366 from 355 during the year with their utilisation edging up to 85% from 84%. The bonuses earned by all employees rose to 6.13% of staff payroll costs from 5.6%.All staff received shares on the firm’s admission to AIM; Gateley is presently implementing an all-staff share ownership scheme. ‘The aim of encouraging widespread equity ownership is to attract, retain and motivate talent and to ensure all staff can benefit from the firm’s longer-term growth,’ Ward added.