Avery Dennison CFO Leaves to Join Ariba

Avery Dennison Corp.’s chief financial officer, Robert Calderoni, is leaving the Pasadena-based label maker to become the top financial executive at Ariba Inc., business-to-business software maker. Calderoni will replace Ariba’s retiring chief financial officer and co-founder Edward Kinsey, who is retiring, effective Jan. 1. Kinsey will train Calderoni until then and will remain an advisor to the company for the next several quarters.

Shares of Mountain View, Calif.-based Ariba shares dropped $4.38, or 7.6%, in extended trading following the announcement of Kinsey’s retirement. The shares declined $3.88 to close at $57.88 during regular trading on Nasdaq.

Avery Dennison Chairman and Chief Executive Philip M. Neal said that several senior Avery executives are being considered to replace Calderoni as senior vice president, finance and CFO, and that a decision will be made before the end of the year.