Not one to mince words, KPS Capital's Michael Psaros offers a ...

84-88_ChangingScenes.qxd 4/6/09 5:52 PM Page 72The Changing SceneCorporates Build Out M&A CapabilitiesAlbemarle, BAE Systems and MTV were just a few of the corporates adding M&Acapabilities, plus other personnel news in the deal marketIf hiring trends reflect possible deal activity, strategic buyerscould be gearing up to take advantage of the low valuationsin the market, as a number of corporates filled M&A roles.Chemicals producer Albermarle Corp. tapped Milan Shah,a former Deutsche Bank director, to head its business developmentactivities, while BAE Systems promoted DougBelair to serve as senior VP for defense and planning, a rolethat oversees the unit’s strategic planning efforts. Viacom’sMTV also made a move along these lines, naming RichardGay as executive vice president of strategy and operations,a role that will have him pursuing external partnerships andacquisitions.Meanwhile, restructuring stayed in focus for the investmentbanks as Piper Jaffray brought in former Morgan Joseph& Co. veteran Victor Caruso, while Lazard poached SkaddenArps attorney Timothy Pohl to serve as a managing directorin its restructuring group. MorrisAnderson also promotedDavid Bagley to managing director. At the firm,Bagley focuses on financially distressed and under-performingcompanies.Albemarle Corporation — The chemicalscompany has named a Deutsche Bank investmentbanker to lead its business developmentactivities; it brought on Milan R. Shahas vice president of the company.While at Deutsche Bank, Shah was directorof global chemicals. In his new position,he will lead the company’s strategic initiatives,partnerships, and joint ventures. Shahwill report to Richard J. Diemer, chief financialofficer and senior vice president. He willbe based in the company’s Baton Rouge,Louisiana headquarters.Shah’s hire is part of a string of personnelchanges that Albemarle has initiated. It alsobrought on board Jim W. Nokes, a former executiveof Houston-based energy company ConocoPhillips,to the board of directors and namedDarian K.Rich vice president of human resources.BAE Systems — The aerospace and defensecompany appointed Doug Belair to itssenior vice president role for defense andplanning; he is presently president of the defenseand aerospace company’s technologysolutions and services business.Belair joined the company in 2002, andbecame vice president of the Undersea WarfareSystems Integration Division in February2003. In his new position, Belair will lead theunit’s business development initiatives andwill lead the strategic planning efforts. Hereplaces Ralph Meoni, who served in the positionfor less than a year. Meoni will becomeexecutive vice president of the electronics, intelligenceand support group.Bank of America — The investment banknamed Brian Moynihan as general counsel.He previously served as the bank’s presidentof global corporate and investment banking.Moynihan’s appointment as general counselwas effective Dec. 10 and his previousresponsibilities will be assumed by other executives.He will continue to serve as chiefexecutive of the company’s Banc of AmericaSecurities arm throughout the transition periodfollowing the Merrill Lynch acquisition.As general counsel, Moynihan will continueto report to Ken Lewis, BofA chairmanand CEO. Moynihan replaces Timothy Mayopoulos,who is leaving the firm.Moynihan joined BofA in 2004 as presidentof global wealth and investment managementvia the firm’s acquisition of Fleet-Boston Financial. He started at FleetFinancialas deputy general counsel in April 1993.The Blackstone Group — The private equitygiant is planning to lay off roughly 70staffers amidst the credit crunch, a sourcetold sister publication IDD.The New York private equity firm employed93 senior managing directors and more than780 additional investment and advisory professionalsthrough September.The layoffs, initially reported by Bloomberg,come on the heels of disappointing resultsfor the firm’s various business segments in thethird quarter. It reported negative revenuesfor its private equity business of $68.3 million,negative $273.7 million of revenues forits real estate business, and negative revenuesof $48 million for its alternative assetmanagement business.Officials from Blackstone declined to commenton the matter.Blue Wolf Capital Management LLC —The New York-based private equity firmmade a pair of appointments; Michael Ransonbecame a partner and Haran Narulla,asenior associate at the firm, was promotedto vice president.72 MERGERS & ACQUISITIONS February 2009