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McKesson names new CFO
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February 24, 2000: 1:24 p.m. ET
Beleaguered medical supplier names veteran to address financial woes
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NEW YORK (CNNfn) - Medical supply company McKesson HBOC Inc., trying to rebound from a series of accounting scandals last year, appointed former General Electric Co. and Mead Corp. executive William R. Graber to its top financial post Thursday.
The San Francisco-based company's former chief financial officer, Richard H. Hawkins, resigned, and then-CEO Charles W. McCall was fired, in a June 1999 management shakeup stemming from a probe of improperly recorded sales at the company's information technology unit - the division added through McKesson's 1998 acquisition of healthcare software maker HBO & Co.
Since the investigation broke last spring, McKesson (MCK: Research, Estimates) shares have plummeted about 75 percent, hitting a 12-month low of 18-13/16 Thursday. The company was twice forced to revise its 1999 earnings downward due to the accounting irregularities.
Graber served as vice president and chief financial officer at Mead from 1993 until his retirement in 1999. He joined Mead in 1991, after spending 26 years at General Electric, where he served in various financial posts.
In a statement announcing the appointment, co-CEOs John H. Hammergren and David L. Mahoney said Graber has the experience and style "for leading change and growth in complex business environments."
"We look forward to the contributions that Bill will make as we execute our strategy for redefining the delivery of health care," they said.
Graber, who also was named a senior vice president, succeeds acting CFO Heidi Yodowitz, who returns full-time to her posts as senior vice president and controller. 
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McKesson HBOC
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