(The following article by Randolph Heaster was posted on the Kansas City Star website on June 9.)
KANSAS CITY — Kansas City Southern added two more executives to its finance department Thursday, nearly a month after replacing its chief financial officer.
Michael K. Borrows was named vice president of financial reporting and tax, and Bradley R. Cornelson was appointed director of joint venture accounting.
Borrows and Cornelson join three other executives appointed to positions in the finance department after the departure of Ronald G. Russ, who had been the company’s executive vice president and CFO.
Patrick J. Ottensmeyer replaced Russ, and Kansas City Southern named Susan B. Wollenberg and Julio Quintero to new positions last month.
Borrows joins Kansas City Southern from BNSF Railway, where he was general director of finance.
Cornelson joins Kansas City Southern from SPX Cooling Technologies in Overland Park.
The changes in Kansas City Southern’s finance department began about six weeks after the company missed a March 31 extended deadline to file its 2005 financial report with the Securities and Exchange Commission.
Kansas City Southern filed its annual report a week later and had no other material weaknesses than what was previously reported. Also, Kansas City Southern’s 2005 diluted earnings per share figure increased in its April filing from what was initially reported two months earlier.