The Board of Directors of Novation Companies, Inc. appointed Carolyn K. Campbell to serve as the company's Chief Financial Officer. Prior to Ms. Campbell's appointment, that position had been filled by the Company's Chief Executive Officer, Rodney E. Schwatken. From 2001 to 2004, Ms. Campbell was an internal auditor with Butler Manufacturing Company. From 1995 to 2001, Ms. Campbell was employed by Houlihan's Restaurant Group, a developer of restaurant concepts, most recently as a tax analyst.