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Sat, May 05, 2007

Eclipse Aviation Names Former 3M Vice President As CFO

Borseth Will Handle Financial Management, Operations

Eclipse Aviation told ANN this week J. Mark Borseth is joining the executive team at the Albuquerque, NM-based planemaker as senior vice president and chief financial officer (CFO). Borseth brings with him 23 years of management and financial experience at 3M Company, and will be responsible for all financial planning, management and reporting at Eclipse Aviation.

Borseth joins Eclipse Aviation following a long career at 3M, where he most recently served as vice president of global business processes. Under his leadership, Borseth's cross-functional team delivered significant cost savings, successfully deployed numerous global processes, and developed an innovative worldwide IT application.

Before taking on this position, Borseth was the 3M's corporate treasurer. In this role, Borseth was responsible for global treasury operations including capital structure. Among his accomplishments as corporate treasurer was the successful implementation of a stock split.

"We have rapidly evolved from a start up to a market leader with more than 1,200 employees," said Eclipse CEO Vern Raburn. "Mark is a proven financial leader who brings a wealth of national and international public company experience to Eclipse. He will help us continue to grow, while simultaneously taking our financial systems and processes to the next level as our company matures. Mark comes to us from a high-growth, technology-based organization, and will be an invaluable asset to our team as we develop and execute the most efficient capital structure to support Eclipse's continued expansion."

Earlier in his career at 3M, Borseth was the president and general manager of 3M's Canadian operation. With over 2,000 employees, this is one of 3M's largest international subsidiaries. Borseth held P&L responsibility for the entire operation. Under his leadership, the subsidiary consistently grew sales and profits.

Prior to that, Borseth held a variety of executive leadership roles at 3M, including: healthcare market controller, director of corporate financial services, international finance manager and area financial manager for Asia Pacific. Borseth earned a bachelor's degree in management and industrial relations, and an MBA in general management from Mankato State University in Minnesota.



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