Spiegel Names New CFO

The past few weeks haven’t been the best of times for The Spiegel Group to be without a chief financial officer. But two weeks after James Cannataro resigned to join Nintendo of America, Spiegel named James Brewster to replace him. For the past 10 years Brewster has been senior vice president/chief financial officer for Spiegel’s Newport News division.

Brewster, who had been with Newport News since 1986, has plenty of work waiting for him. The Securities and Exchange Commission has informed Spiegel that it would recommend an action be taken against the debt-laden company. What’s more, in an 8-K report on Feb. 26 the company admitted that it may not have the funds to finance ongoing operations.

Spiegel also promoted John Steele to senior vice president/treasurer from vice president/treasurer, reporting to president/CEO Martin Zaepfel.