EDS appoints new finance chief

Information technology services giant Electronic Data Systems taps a former executive at TRW to become its new chief financial officer.

Ed Frauenheim Former Staff Writer, News
Ed Frauenheim covers employment trends, specializing in outsourcing, training and pay issues.
Ed Frauenheim
Information technology services giant Electronic Data Systems on Tuesday said Robert H. Swan, a former executive at defense contractor TRW, will become its chief financial officer.

Effective Feb. 10, Swan will replace Jim Daley, who will transfer to the post of executive vice president of client solutions, global sales and marketing. Daley will oversee EDS' client care organizations, replacing Chuck Griffith, who is leaving the company.

Swan took the position of CFO at TRW--now owned by Northrop Grumman--in 2001. The 42-year-old also served as CFO for three General Electric units.

Daley, 61, has served as CFO of EDS since March 1999.

The management shake-up comes amid a rough patch for EDS. Shares of the company tanked this fall after it announced third-quarter earnings guidance well below expectations. EDS' third-quarter results included write-downs associated with the US Airways and WorldCom bankruptcies. The company also announced that its fourth-quarter earnings would fall by 5 cents per share because of aircraft lease deals with United Airlines, whose parent UAL filed for bankruptcy.

In October, EDS said it was the subject of a Securities and Exchange Commission probe.

EDS is one of the largest information technology services companies in the world, with revenue of $21.5 billion in 2001.