Sears, Roebuck and Co. CFO Glenn R. Richter to

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					                       THE

    PREEMINENT

  ASSOCIATION

                     FOR

       FINANCIAL

     EXECUTIVES

OFFICERS & DIRECTORS                  CHICAGO CHAPTER NEWSLETTER                                                       M AY 2003
President


                                      Sears, Roebuck and Co. CFO
   Mark A. Zorko
   Tatum CFO Partners, LLP
   Mark.Zorko@tatumcfo.com

Executive Vice President


                                       Glenn R. Richter to Address
  Marie Hollein
   Ruesch International

V.P. Chapter Development
   William J. Hudson, III


                                            FEI May Meeting
   CNA

V.P. Programs
    Margaret A. Johnsson
   The Johnsson Group, Inc.
                                      ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
V.P. & Secretary
    Carol Sherman
   TransLumen Technologies, Inc.
                                      Glenn R. Richter                                   Glenn started his career as a consultant
V.P. Treasurer
   Heather Korsvik
                                      Senior Vice President & CFO                        with McKinsey and Company.
   Midwest Air Technologies, Inc.     Sears Roebuck and Co.
Academic Relations                                                                       Glenn received his B.B.A. from George
  Dr. Ellen Landgraf
                                      Glenn Richter was named senior vice                Washington University and an MBA
   Loyola University
                                                                                         from Duke University.
At Large                              president and chief financial officer for
   David Cavallo
   USG Corporation                    Sears, Roebuck and Co. in October                  Be sure to register now.
   Jeffrey T. McReynolds              2002.                                              Registration form is enclosed.
   Century Solutions, LLC

Career Services                       In this position, Glenn is responsible for         Directions to hotel on back of
   John McLean                        the company’s financial planning,                  registration form.
   CNA Surety

Communications                        analysis and business development
  Stephen Wasko                       functions. He also leads the enterprise-
Community Outreach/Mentoring          wide productivity initiatives for Sears
  William S. Seiden
                                      and provides financial support to the                Meeting
Corporate Controllers
  R. Mark Mallory
                                      corporate strategy group as the company                ANNOUNCEMENT
   Tribune Company                    moves forward with its redefined
Membership                            business plan. Glenn reports to                               Thursday, May 15, 2003
  Philip Maughan
   Northern Trust Corporation         Chairman and Chief Executive Officer,                          Sheraton Suites Hotel
Membership Retention                  Alan J. Lacy.                                                  121 Northwest Point
  Keith E. Kahl
   IMC Global Inc.                                                                                   Elk Grove Village, IL
                                      Prior to becoming CFO, Glenn served as
Nominating
  William A. Schrank                  Vice President of Finance; Vice                                      AGENDA
   Outsource Partners International
                                      President and Controller.
Professional Development                                                                   5:30 p.m. Cocktails
   John Burns
   LewisCo., Inc.
                                      Previous to joining Sears, Glenn was                 6:15 p.m. Dinner
                                      Senior Vice President and CFO for                    7:00 p.m. Program
Sponsorships
   James W. Atkinson                  Dade Behring International and held
   Ariel Capital Management, Inc.                                                               RSVP by Monday, May 12, 2003
                                      several positions with PepsiCo.
                                                         In The FEI NEWS
     From
                                                         Cash Rewards Waiting for You
                                                         The FEI national office has just announced an exciting membership campaign.
                                                         By recruiting new members to FEI by June 30, you can receive up to a $300 dollar
                                                         Amazon.com gift certificate. Each new member earns you a $75 certificate with a

     The                                                 $300 maximum.
                                                         This is a great way for you to introduce several colleagues to FEI, strengthen our
                                                         chapter and provide your summer reading material for free. Please take advantage

     President                                           of this unique opportunity and be sure to use the special Member-Get-A-
                                                         Member application form found on our web site, www.fei.org. If you would like
                                                         some promotional material about FEI to pass on to your prospects or for any
                                                         help or information regarding recruiting your colleagues, please contact me at
                                                         plm2@ntrs.com or 312-557-0355.
                                                                                                Phil Maughan, Membership Chair
  Congratulations to Steve Wasko and Sylvia Novak
                                                                                                FEI Chicago Chapter
  for developing a new look for our newsletter! As
  one of our objectives this year we wanted to take a
  fresh look at our chapter communication efforts        Career Management Day and 2003 Golf Outing June 13, 2003
  and improve the content we bring to your               We have a powerful day planned, beginning with our keynote speaker, Norm
  attention. Our next step is to migrate to an e-mail    Wesley, the Chairman and CEO of Fortune Brands and continuing with
  delivery of the newsletter for next year.              individual sessions addressing:
  April’s social program at Second City was quite            •    Today’s CFO Key Competencies;
  enjoyable. The improv session was humbling for             •    Leadership, Mentoring and Coaching for Business Performance;
  us, except for a few closet actors in our group. It        •    Business Ethics: The Real Dilemmas; and
  gave us a chance to poke fun at ourselves and              •    Networking: How Wired Are You?
  enjoy a great show.                                    The Golf Outing will feature a Shotgun Start and Scramble Best Ball format at
  May’s dinner meeting will provide chapter              1:30 p.m.. Prizes will be awarded for Longest Drive, Longest Putt, Closest to the
  members a chance to hear Glenn Richter, Sears’         Pin and Team Scores. Guests are welcome and encouraged, but we are limited to
  CFO, discuss the challenges of rejuvenating a          90 golfers, so form a personal or company group and sign up early.
  Chicago institution. We will also be hosting Ridge     Some sponsorships are still available for the day’s events so if you or your
  Braunschweig, the FEI Chairman, and Colleen            company are interested, contact Jim Atkinson, Geoff Woie or Paul Palz.
  Sayther, the new FEI President. We have also
  invited members from the three regional chapters       Please sign up and return your check as soon as possible for what promises to be
  and the Midwest area chapter presidents, who will      an informative and fun day. Included with this newsletter is the brochure and
  be in Chicago for an area meeting. Please note the     registration form for this key event.
  May meeting is at a new suburban location!
                                                         FERF Update
  June’s career management meeting is geared             Two recently issued reports from the Financial Executives Research Foundation
  towards all members. John McLean and Jerry             are available as a free online download to FEI members:
  Herb have put together an outstanding program.              · Compliance with the requirements of the Sarbanes-Oxley Act is driving
  Norm Wesley, Fortune Brands CEO, and Peter                       a renewed focus by publicly traded entities on the design and
  Crist, a leading search firm executive, will provide             documentation of their internal control procedures and structure. The
  their views on career management in the morning                  most widely accepted definition and framework for an effective internal
  program. We will also have a golf scramble in the                control environment was developed by the Committee of Sponsoring
  afternoon, courtesy of John’s persistence and his                Organizations of the Treadway Commission (COSO). “What is COSO?
  guarantee of perfect Friday afternoon weather.                   Defining the Alliance That Defined Internal Control” provides a history of
  Let me know if you will be attending the annual                  COSO to understand how it became the defining voice for internal
  summit in Orlando. We’ll try to arrange a Chicago                control issues.
  reception.                                                  · Have recent events changed the world of risk? The world has changed
  It has been a pleasure for me to serve as the                    in countless ways in the past 18 months, but what is the real state of
  Chapter President during this past year. On behalf               risk? Have those responsible for managing risk addressed this change?
  of the Board, I would like to thank each of you                  To discover the truth, CFOs, treasurers and risk managers — the people
  for your support. Our attendance at dinner                       charged with understanding risk and protecting their company’s value —
  meetings increased 26% from last year, our                       from the world’s top corporations were surveyed for the “2003 Protecting
  membership held up well despite a tough                          Value Study”.
  economy and special interest groups were launched          Both reports are available through the FERF research products website at
  for Corp. Controllers and Treasurers.                      http://www.fei.org/rfbookstore/
  I can be reached at 847-477-2784 or at
  mark.zorko@tatumcfo.com.

2 - MAY 2003                                                                                                          CHICAGO CHAPTER
Professional DEVEL OPMENT
             DEVELOPMENT
FINANCIAL
                                            Eric and Mark will share how this
GOVERNANCE
                                            approach has helped many of their               NEW MEMBERS
AND THE FINANCE                             clients recently. They will review the          We are pleased to welcome the
DATA WAREHOUSE                              issues and opportunities presented by           following new members to the
                                            current financial conditions, discuss                 Chicago Chapter:
Speakers: Eric Wasowicz, President          benchmarks and best practices for
          Greenbrier & Russel                                                                      Herman Brons
                                            financial organizations, and present a
                                                                                               Vice President Finance
          Mark Robinson, Business           roadmap for financial governance               Bakemark Ingredients East, Inc.
          Intelligence Practice Manager,    utilizing a finance data warehouse. They
          Greenbrier & Russel               will answer questions related to how to                Donald Eldert
Date:     Thursday, May 15, 2003            build the business case, how to proceed        VP Enterprise Risk Management
                                            with a phased development approach                NiSource, Incorporated
Time:     3:30 p.m. – 5:30 p.m.
                                            and provide examples of companies
Place:    Sheraton Suites Hotel             that have been very successful in                     Todd Hacker
          121 Northwest Point               demonstrating strategic value with a                    Treasurer
          Elk Grove Village, IL             finance data warehouse.                            OnDeo Nalco Company
Fee:      FEI Members Free                                                                         Kirk Izydorek
          Guests $25                        Eric and Mark will discuss benchmarks                Director of Finance
RSVP By: Monday, May 12, 2003               of leading organizations related to key            Edward Don & Company
                                            financial business processes like
The Accounting Reform Act has               forecasting, budgeting, closing the                    Karla Mansfield
increased the importance of accurate        books, dedicated analysis time available           Vice President & CFO
                                            and the distribution of FTEs required            Delta Dental Plan of Illinois
financial information, adequate
financial controls and complete and         to service the finance function per
                                            billion $ in revenue.                                 Joseph Prochaska
timely disclosure. In addition, attention                                                          SVP & Controller
and focus on “operational excellence”                                                             AON Corporation
has created a demand for near real-time     They also will discuss the implications
information of the key indicators of        of the Accounting Reform Act on                         Haus Schuster
the business to ensure timely business      control, reporting and analysis from a             Chief Financial Officer
decisions. The finance data warehouse       finance data warehouse.                          Ada S. McKinley Community
is an enabling technology that                                                                       Services, Inc.
empowers financial executives to meet
                                                                                                  Vincent Sparrow
all of these demands.
                                                                                                 Managing Director
                                                                                             Outsource Partners Int’l., Inc.

                                                                                                    James Walsh
                                                                                              Manager Financial Planning
                                                                                               FMC Technologies, Inc.



                                                                                       Chapter NOTES
                                                                                               NOTES
                                                                                       Does FEI have your current e-mail address?
                                                                                       The Chicago FEI Board of Directors is
                                                                                       considering the distribution of the FEI
                                                                                       Chicago Newsletter via e-mail. Make sure
                                                                                       your e-mail address is on file with FEI
                                                                                       National.

CHICAGO CHAPTER                                                                                                     MAY 2003 - 3
                                                                                                                    MAY
                       May 2003                                                  June 2003
Calendar of Events
                          Financial Executives Summit                               Career Management Day
                          May 4-7                                                   Friday, June 13, at 7:30 a.m.
                          Disney Yacht Resort                                       Lincolnshire Marriott
                          Orlando Florida                                           Lincolnshire, Illinois
                                                                                    Keynote Speaker: Norm Wesley
                          FEI Professional Development                                                   Chairman & CEO
                          Meeting                                                                        Fortune Brands
                          Thursday, May 15, at 3:30pm
                          Sheraton Suites Hotel                                     Golf Outing
                          121 Northwest Point                                       Friday, June 13, 1:00 p.m.
                          Elk Grove Village, Illinois                               Lincolnshire Marriott
                                                                                    Lincolnshire, Illinois
                          FEI Dinner Meeting                                        Shotgun Start and Scramble Best Ball
                          Thursday, May 15, at 5:30pm
                          Sheraton Suites Hotel
                          121 Northwest Point
                          Elk Grove Village, Illinois

                          Guest Speaker: Glenn R. Richter
                          Senior Vice President and CFO
                          Sears, Roebuck and Co.




                       FEI Meeting Attendees are welcome to wear business casual attire to all meetings.




                       330 South Wells Street
                       Suite 1110
                       Chicago, IL 60606




                       Tel: (312) 362-9770 Fax: (312) 461-0238
                                  Email: feich@aol.com
 In This Issue 2003




                              www.fei.org/chapter/chicago



                         CHICAGO
 May




                          CHAPTER
                               Dinner Meeting with
                      Glenn R. Richter, Senior Vice President
                                     and CFO
                             Sears, Roebuck and Co.

                          Career Management Day and
                                FEI Golf Outing