We're expecting a release shortly, but we've received info that indicates that FAA Administrator Marion Blakey has named Cendant Corp's Ramesh Punwani to be the FAA's new CFO. Punwani holds a Master's in business administration in finance from New York University and a Master's in management science from Cornell University. He received a Bachelor's in industrial engineering from the Indian Institute of Technology (India). More recently, Ramesh was VP of tour and cruise relations and director of business development for American Express before joining Travelocity.com. From September '93 to '96, he was Sr. VP and CFO for Empire Blue Cross and Blue Shield.

An internal FAA memo sent by Blakey reportedly noted that, "After a long, careful search, we have found the right person with the right mix of skills and experience for the critical job of Chief Financial Officer for the FAA.  Ramesh Punwani, senior vice president of business strategy for Cendant Corporation, has agreed to join our team. We are fortunate to get someone of his caliber.  He brings financial, management and technical skills that are tailor made for the agency."

In taking on the flight responsibilities of the FAA CFO, Ramesh will have to supervise and administer the FAA’s $14 billion operating budget, "as well as the development and agency-wide application of cost accounting and financial management systems." 

Blakey praised Punwani's qualifications and explained that, "...his background in aviation and the travel industry spans over three decades. It includes CFO and vice president positions for Tower Air, Pan Am and TWA. Prior to Cendant Corp, Ramesh was the executive vice president and CFO of Travelocity.com as the Internet travel company grew into a $3 billion enterprise and the largest public e-travel company."

Blakey also noted that, "With the selection of Ramesh, we have rounded out our top management team, and a very strong team it is.  As we welcome Ramesh to the FAA, I want to take this opportunity to thank John Hennigan, who has been acting CFO for the past 13 months.  He and his team have done an outstanding job and we all owe him a debt of gratitude."

FMI: www.faa.gov