Cygnus Names New CFO
Ex-Journal Communications exec Paul Bonaiuto tapped for chief financial role.
A little more than two months after being named chief executive at Cygnus Business Media, John French has appointed Paul Bonaiuto as CFO. Formerly, Bonaiuto served as executive vice president and CFO of Milwaukee, Wisconsin-based media company Journal Communications Inc.
According to French, Bonaiuto will play a central role in Cygnus’ strategic planning. “In today’s business climate, and experienced executive who has actively worked through several economic recessions is key to building the foundation of a healthy and successful business,” he said.
Bonaiuto joined Journal Communications in 1992 as senior vice president and CFO of subsidiary Perry Printing Corporation. He was elevated to CFO of the entire company in 1996. He announced his retirement from Journal Communications—which has operations in publishing, radio and television broadcasting, interactive media and printing services—in May 2008.
At Cygnus, Bonaiuto replaces Jim Ogle, who left the company September 21, the day the company emerged from bankruptcy protection and named French CEO. Cygnus filed for Chapter 11 on August 3 after reaching an agreement with all but one of its 24 lenders on a pre-packaged restructuring.
As part of its court-approved reorganization agreement, a secured debt-equity exchange reduces Cygnus’ debt from $180 million to $60 million.