Chief Financial Officer

WATERTOWN — A123 Systems Inc., which makes lithium-ion batteries, said its chief financial officer is leaving. Michael Rubino will leave A123 on Jan. 14 to join a Boston “clean tech’’ start-up, the company said yesterday. Rubino guided the company from its early financing through a 2009 initial public offering. Prior to working for A123 Systems, he served as CFO of Maker Communications, which was acquired by Conexant Systems after a successful IPO, and of Agile Networks, which was acquired by Lucent Technologies.

Mayor Susan Kay will deliver her "State of the Town" address Monday at 7 p.m. in the Abigail Adams Middle School auditorium. Town Council president Arthur Mathews will also deliver an overview of the legislative activities of the council, and the town's chief financial officer will present the fiscal 2013 budget to the meeting, which by town charter is a public hearing in the form of a Town Meeting. The agenda also includes awarding local scholarships. The school is located at 89 Middle St. Johanna Seltz

By Evan Allen, Globe Correspondent Wellesley Audit Committee Chairman Rusty Kellogg recommended at a Board of Selectmen meeting last night that the School Department hire a chief financial officer for the Business Department, which has been under fire since failing to collect about $169,000 in school lunch debt. "We'd continue to have a school business manager, but we'd also have a CFO person to beef up current staffing," Kellogg said in an interview. The business office, he noted, handles a budget of nearly $70 million.

Mayor James J. Fiorentini has named longtime City Assessor Charles Benevento chief financial officer in hopes of streamlining city government. In his new role, Benevento will oversee city spending, tax collection, purchasing, information technology, and the city clerk's office. As a result, instead of receiving updates from several different department managers, the mayor will be briefed by Benevento, who will earn a $5,000 annual stipend for the job. The appointment is for three years.

J. C. Penney Co. said Thursday that it hired a new chief financial officer as it tries to reshape its business. Ken Hannah will take over as CFO on Monday. The company's former chief financial officer, Michael Dastugue, left in April just days after the company announced it planned to cut hundreds of jobs and transform every aspect of its business. Hannah, 43, was most recently president of solar energy at MEMC Electronic Materials Inc. He has also worked at a number of other companies, including General Electric Co., The Boeing Co. and Home Depot Inc. J.C. Penney is trying to...

HORSHAM, Pa. — Joel H. Rassman, longtime chief financial officer of Toll Brothers Inc., died yesterday, officials with the home builder reported. He was 65. “We are heartbroken,’’ said Robert Toll, the builder’s executive chairman. “As we announced in December of 2008, he faced serious illness. He struggled mightily and was a model of determination for all of us.’’ Mr. Rassman, a member of the company’s board of directors since 1996, joined Toll Brothers in 1984 as chief financial officer.

Defense contractor Northrop Grumman Corp. said Friday that it named Thomas M. Schoewe, former chief financial officer of Wal-Mart Stores Inc., to its board of directors. Northrop said the appointment increases its board of directors to 12 members, 11 of whom are not company employees. Schoewe was executive vice president and CFO for Wal-Mart Stores from 2000 to 2010, Northrop said in a release. Before that, he served as chief financial officer at Black and Decker Corp. and Beatrice Companies.

Westwood resident and Selectman Phil Shapiro has been named a member of the board of directors of the nonprofit Massachusetts Educational Financing Authority. Shapiro is vice president of finance and the chief financial Officer at Babson College in Wellesley. He was previously a managing director in the Public Finance Department of Standard and Poor's, chief financial officer of the Massachusetts Water Resources Authority, and budget director and director of Investor Relations at New England Corp.

BILLERICA — Scientific instruments maker Bruker Corp. said yesterday that Brian Monahan will step down as chief financial officer and take another job within the company so he can spend more time with his young family. Monahan will now be vice president for strategic and financial planning. Monahan has had several financial and operational positions at Bruker over the last seven years. Bruker’s current chief operating officer and former finance chief, William Knight, will act as chief financial officer on an interim basis while the company searches for a permanent replacement.

Investment fund manager Eaton Vance Corp. of Boston said its chief financial officer and treasurer is resigning based on a "mutual decision" that it is time for him to leave. His duties will be divided between two executives. Company spokeswoman Colleen Lavery said Tuesday that CFO Robert Whelan was not fired, and left after he reached a mutual decision with the company that he should step down after almost five years on the job. A brief statement from the company said that Whelan, who is 50, "resigned to pursue other opportunities.

J. C. Penney Co. said Thursday that it hired a new chief financial officer as it tries to reshape its business. Ken Hannah will take over as CFO on Monday. The company's former chief financial officer, Michael Dastugue, left in April just days after the company announced it planned to cut hundreds of jobs and transform every aspect of its business. Hannah, 43, was most recently president of solar energy at MEMC Electronic Materials Inc. He has also worked at a number of other companies, including General Electric Co., The Boeing Co. and Home Depot Inc. J.C. Penney is trying to...

Avis Budget Group rose the most in almost three years after forecasting annual adjusted profit of $2.35 to $2.65 a share, which would top estimates. Analysts in a Bloomberg survey had predicted $1.59, on average. Fleet costs in North America will be 3 to 8 percent lower than originally forecast, Avis said. "Our recent experience in selling used vehicles in North America has been outstanding, and we have revised our outlook for fleet costs accordingly," chief financial officer David Wyshner said.

Lockheed Martin said Thursday that its chief executive, Robert J. Stevens, will retire in December after eight years in the job. His successor will be Christopher E. Kubasik, Lockheed's president and chief operating officer. Lockheed, the world's largest military company, had begun setting the stage for the transition more than two years ago, when Kubasik was promoted to his current jobs. If shareholders and the board approve, Stevens, who is also the chairman, will remain in that role through January 2014.

SeraCare Life Sciences Inc., a Milford company that delivers blood-based products that are used to develop diagnostic tests, said Tuesday that it has completed its previously announced merger with affiliates of Linden Capital Partners following a vote by SeraCare shareholders. SeraCare also announced that industry veteran Charlie Mamrak has joined the company as its new chief executive. Previously, he was a chief executive of PML Microbiologicals, a provider of prepared culture media, stains, reagents, quality control organisms, sterility products, and collection systems.

By Jaclyn Reiss, Town Correspondent The Framingham Taxpayers Association will host a meeting Saturday to explore what the group sees as a growing financial and leadership crisis in Framingham, but the town's chief financial officer says Framingham is in one of the strongest financial positions it has been since the recession hit. The event, called "Staggering Along or Bankruptcy," comes after local taxpayers became outraged ...

VMWare announced a management shuffle that includes chief financial officer Mark Peek's departure. He will become CFO of Workday Inc. Earnings at VMWare, majority owned by EMC Corp. of Hopkinton, have more than doubled to $723.94 million since 2008, the first full year after Peek joined. "He's been a key ingredient in the company's success," said analyst Daniel Ives at FBR Capital Markets.

EAST RUTHERFORD, N.J. -- Roy E. Posner, a former Loews Corporation executive who was a longtime financial adviser to the New York Giants, died early yesterday after suffering a heart attack while on a road trip with the NFL team. He was 73. Mr. Posner was the chief financial officer and senior vice president of Loews from 1973 to 1997. When the late Robert Tisch became the co-owner of the Giants about 15 years ago, Mr. Posner started working with the team. The Tisches own Loews Corp.

Westwood resident and Selectman Phil Shapiro has been named a member of the board of directors of the nonprofit Massachusetts Educational Financing Authority. Shapiro is vice president of finance and the chief financial Officer at Babson College in Wellesley. He was previously a managing director in the Public Finance Department of Standard and Poor's, chief financial officer of the Massachusetts Water Resources Authority, and budget director and director of Investor Relations at New England Corp.

The city has proposed spending $500,000 on a feasibility study to determine if the West Parish Elementary School should be renovated or rebuilt. Creating a feasibility study and naming a local school building committee is a mandatory part of the state subsidy application. Mayor Carolyn Kirk will serve on the committee, along with Jim Duggan, the city's chief administrative officer; Jeff Towne, chief financial officer; Superintendent Richard Safier; Assistant Superintendent Brian Tarr; West Parish principal Jean Perry; School Committee chairman Jonathan Pope; School Committee member Kathleen Clancy; Public Works...