Educational Testing Service

May 02, 2011 10:40 ET

ETS Appoints Jack Hayon New Chief Financial Officer

CFO and Sr. Vice President Frank Gatti Retires

PRINCETON, NJ--(Marketwire - May 2, 2011) - The Board of Trustees of Educational Testing Service (ETS) today approved the appointment of Jack Hayon as chief financial officer for the world's largest educational measurement and research organization. Hayon replaces Frank Gatti, a key figure in many of ETS's successes over the past 13 years, who retired May 1.

Hayon has implemented and overseen numerous measures and projects that have strengthened ETS's finances, financial controls, and service quality.

"Since coming to ETS in 2003, I have worked side-by-side with Frank Gatti on one opportunity and experience after another," says Hayon. "I am thrilled by this new challenge. I am excited to be able to contribute to helping the company achieve its goals and serve educators and learners around the world."

Hayon's accomplishments include negotiating a supply-chain contract with Accenture, which helped ETS reduce costs and improve operational quality and put in place a capital expenditure control process.

"ETS has benefitted greatly from Frank's expertise in acquisitions, asset sales, financial structuring, investments, pension and benefits issues, and of course in our current and long-term operations and business activities," says Kurt Landgraf, President and CEO. "We thank him for his service and wish him the best."

"We are fortunate to have someone as talented as Jack Hayon here at ETS to assume the role of CFO," Landgraf adds. "I am confident that Jack will make many significant contributions to ETS in his new position."

A certified public accountant, Hayon earned an MBA in computer applications from New York University's Stern School for Business and a bachelor's degree in accounting and computer applications from NYU School of Business & Public Administration. He has also attended the Executive Education Program at the Amos Tuck School at Dartmouth College, and is a certified internal auditor and a certified fraud examiner.

Before coming to ETS in 2003, Hayon had been Vice President of Finance for The Boston Globe, a subsidiary of The New York Times Company. Prior to that, he worked for The New York Times Company as Vice President of Corporate Internal Audit and then as Vice President of Corporate Information Systems.

Hayon, a father of four, is an avid marathon runner, having completed 27 over the past 15 years. He is also fluent in Arabic and conversant in French.

Gatti key figure in ETS's financial success

As CFO, Gatti helped lead the efforts to restore ETS to financial stability and security, including a three-year $100 million turnaround plan, implementing an integrated and comprehensive financial management system that improved the quality and timeliness of business decisions. He has been directly involved in more than a dozen of the largest and most complex transactions in the company's history totaling almost $3 billion. Since joining ETS in 1997, consolidated revenues have increased from $400 million to $1.3 billion in 2010.

Gatti's achievements have won peer recognition as well. He was honored with the NJBiz 2010 CFO of the Year Award as Turnaround Specialist. In 2007, he was selected by the Executive Council of New York as one of the top three CFOs. And in 2005, he received the Dyson College/Pace University Award for Distinguished Leadership in Business and Industry.

"Working with Kurt, the Board of Trustees and the ETS Management teams has been personally and professionally rewarding," Gatti says. "It's one thing to work hard and do a job well, but to work hard and know that you have contributed to the sustainability and success of a company is immensely gratifying and truly a unique opportunity. I am also appreciative of the trust that the Board and the employees had in me as we worked through several financially challenging years in the late 1990's to ensure the company's long-term viability."

A certified public accountant, Gatti began his career with Deloitte & Touche. Before joining ETS, he served in senior financial positions at The New York Times Company, including Corporate Vice President/Corporate Controller, Deputy CFO, and VP of Financial Management. He has completed several executive education programs at the Harvard Business School and earned an MBA in finance and marketing Rutgers Business School. Gatti serves on the Board of Directors of Blackboard, Inc., a publically-traded company where he chairs their Audit Committee and is a member of their Governance and Nominating Committee. In addition, he is a member of the Finance Committee of the Board of Trustees of The Conference Board.

About ETS
We advance quality and equity in education for people worldwide by creating assessments based on rigorous research. ETS serves individuals, educational institutions and government agencies by providing customized solutions for teacher certification, English language learning, and elementary, secondary and post-secondary education, as well as conducting education research, analysis and policy studies. Founded in 1947, ETS develops, administers and scores more than 50 million tests annually -- including the TOEFL® and TOEIC® tests, the GRE® tests and The Praxis Series™ assessments -- in more than 180 countries, at over 9,000 locations worldwide.

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