Saturday, June 03, 2000
Cinergy official resigns
Ludlow to take chief finance post at Cadence
By Mike Boyer
The Cincinnati Enquirer
Madeleine W. Ludlow, Cinergy Corp.'s chief financial officer, is leaving the utility to be CFO at Cadence Network Inc., the fast-growing energy services company partly owned by Cinergy.
Ms. Ludlow, 45, who joined the utility in 1997 after working for a Wall Street investment banking firm, said the move wasn't the result of dissatisfaction at Cinergy but a chance to tackle a new challenge.
“I knew the business and got the bug a bit about growing a small company vs. managing a big one when we brought the venture capitalists in,” she said. “The stars were aligned in a way. They needed a CFO, and I had the desire.”
Earlier this year, Cadence, which employs 75 in Cincinnati, received $15 million in venture capital money from funds backed by Dell Computer founder Michael Dell and former Treasury Secretary Robert Rubin.
Cinergy said it was begin ning a search for a new CFO.
James E. Rogers, Cinergy president and chief executive officer, said Cadence's “proven business model and growth aspirations are a perfect strategic fit with Madeleine's corporate development, finance and mergers and acquisitions background.”
Formed in 1997 by Cinergy, Florida Progress Corp. in St. Petersburg, Fla., and New Century Energies in Denver, Cadence provides Web-based site-operating cost management services for national chains. Cadence provides services to more than 70,000 locations for clients such as Blockbuster, Winn Dixie, Papa John's, Motel 6 and Burger King.
Ms. Ludlow's addition completes Cadence's senior management, which includes Mark Shunk, president and CEO, and James Christopher, who was named chief operating officer in January.
Ms. Ludlow served as president of Cinergy's power-generation business in 1998 and early 1999. Her resignation is effective July 17.
Housing crunch snares middle-income families
Cinergy official resigns
Kroger's attempt at Winn-Dixie buyout halted
Markets climb as job rate slows
Savvy Strategies
The Sophisticated Investor
Venture capitalists to mingle with e-start-ups at conference
The In Basket
What's the Buzz?
