NEWHALL LAND NAMES ACTING CFO KIMBALL MOVES UP AS MORK STEPS ASIDE.
VALENCIA - Donald L. Kimball is the new acting chief financial officer for The Newhall Land and Farming Company and likely will be appointed to the permanent post in April, the company president said Wednesday.
Kimball replaces Stuart R. Mork, senior vice president and chief financial officer, who will resign effective March 1.
Kimball, who has been with the development company for 16 years, was vice president of finance and controller for Newhall Land. He will continue to oversee financial reporting, information systems and audit services and now will also assume responsibility for treasury, investor relations and tax services.
A certified public accountant, Kimball joined the company in 1986 as director of internal audit. In 1990, he was promoted to controller, and in 1994 elected vice president-controller. Kimball earned his degree in business and accounting from California State University, Northridge, and his master's in business administration from Pepperdine University.
Kimball founded the Santa Clarita Valley chapter of the American Diabetes Association in 1997 and serves on its board of directors. He is a past president and current board member of the Santa Clarita Valley Committee on Aging and an associate member of the Urban Land Institute.
``Don is a key member of the company's financial management team and his experience and leadership skills have prepared him well for his expanded responsibilities at Newhall Land,'' said Gary Cusumano, president and chief executive officer.
Mork was in charge of finances during Newhall Land's buyback of stock it saw as undervalued, a venture in Scottsdale, Ariz., and a more recent project in Broomfield, Colo. Both those projects were sold.
``In the last five years, we have purchased over one-third of the company in an aggressive unit-repurchase program, yet we have limited debt exposure and have maintained adequate resources to focus on our complex entitlement process,'' said Cusumano. ``Rick's guidance has been invaluable to the successful execution of our strategy.''
Mork joined Newhall Land in 1987 as treasurer following a variety of management positions with public and private companies in banking, investments and energy.
He was appointed vice president in 1992, CFO in 1995 and senior vice president and CFO in 1996. Mork serves on the board of directors of the Lusk Center for Real Estate at USC and the Los Angeles Area Council of the Boy Scouts of America, is a member of the Urban Land Institute and is chairman of the Henry Mayo Newhall Memorial Hospital board of directors.