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NBA hires new CFO from Skadden, Arps
Published May 17, 2010
The NBA has hired a new chief financial officer as the league adds staff to meet its increasing finance management demands.
Carol Sawdye will join the league as executive vice president and chief financial officer on June 7 and will report to NBA Commissioner David Stern.
Longtime NBA executive vice president of finance Bob Criqui has been promoted to president of administration. Criqui has worked as the league’s CFO since 1998. Steve Richard, senior vice president of finance, has been promoted to deputy chief financial officer.
Criqui reports to Stern while Richard reports to Sawdye.
Stern said he is adding to the management staff in order to meet the increased financial challenges for a league that counts $4.3 billion in overall revenue.
“Bob has been CFO since 1998 and every time there is a new responsibility, the department takes it on,” Stern said. “We have 16 offices around the world, have television arrangements in 215 countries, we are running three leagues and have a separate NBA China enterprise. We are also now dealing with a $2 billion credit facility, have collective bargaining and a sophisticated revenue-sharing model. There is a major shift in responsibilities consistent with the expanded business needs of the NBA and its related enterprises.”
Sawdye comes to the NBA after working for eight years at the Skadden, Arps, Slate, Meagher & Flom law firm, where she most recently worked as chief operating officer. She also worked as the firm’s CFO.
Prior to her time with the firm, Sawdye spent 17 years at the Pricewaterhouse-Coopers accounting firm, including six years as a partner in the firm’s media and entertainment practice.