DreamWorks Names President

DreamWorks Animation SKG Inc. on Monday named Lewis Coleman, a former vice chairman and chief financial officer of Bank of America, as its president as part of an effort to bolster the company’s financial and management ranks.

Coleman, 63, who has stepped down as a DreamWorks board member, fills a position that has been vacant since the creator of computer-animated hits such as “Shrek 2” and “Madagascar” was launched as a publicly traded company last year.

He will report to Chief Executive Jeffrey Katzenberg.

Tapping an executive with Coleman’s credentials is another effort to mollify investors, analysts said. Earlier this year, Wall Street punished DreamWorks’ stock after the company overestimated DVD sales targets for “Shrek 2.”

“They were facing some pressure from investors to beef up their fiscal credentials and improve oversight of the operations,” said New York media industry analyst Harold Vogel.

Analyst Anthony Valencia of TCW Group in Los Angeles said, “They’re really just shoring up the financial bench strength of the company. It’s definitely a positive.”

Selecting Coleman will allow Katzenberg and Chief Operating Officer Ann Daly to focus more on the creative side of the Glendale-based business, Valencia said.

In a statement, Katzenberg cited Coleman’s experience with public companies and his familiarity with DreamWorks.

Coleman held a variety of top posts at Bank of America, including serving as chairman of Banc of America Securities from 1995 to 2000. Previously, he worked at Wells Fargo & Co.

To maintain a majority of independent directors on the DreamWorks board, Coleman has resigned as a director and audit committee chairman.