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No More Early Wake-up Calls: Fred Salerno Retires

Verizon finance chief calling it quits after 37 years. Also: Nvidia CFO takes leave as restatement, arbitration are announced, and former finance e...
Lisa YoonApril 30, 2002

>>Verizon Communications said prominent vice chairman, CFO Frederic V. Salerno will retire later this year after 37 years with Verizon and predecessor companies… Successor to be named shortly…

Salerno, 58, held variety of finance posts through Verizon history… Served as CFO of Bell Atlantic before Bell Atlantic-GTE merger in 2000… Before that, was vice chairman—finance and business development at NYNEX…

Salerno earned quite a few bucks at Verizon… In 2001, made $810,000 with $1.053 million bonus… Earned $780,000 in 2000 with $1.097 million bonus, and exercised more than $4 million in stock… In 1999, took home $750,000 and $877,500 bonus… Plans to devote more time to other business interests, nonprofit activities, and his family, according to company statement…

>>Lots happening at graphics chip maker Nvidia Corp., but CFO Christine Hoberg taking leave… Finance chief departure sounds permanent, with board on lookout for replacement… In 2000, most recent year available, though, Hoberg did well, earning $302,000 in FY 2000, cashing in whopping $6.9 million in stock… Nvidia surged in 2001, becoming best performer in S&P 500 as share price quadrupled… Controller Mary Dotz named interim CFO…

Nvidia also said Monday it would beat Wall Street’s current-quarter expectations… Q1 net income forecast at 45 cents to 48 cents per diluted share, while Thomson Financial/First Call analysts’ average forecast was 42 cents, reports Reuters…

Santa Clara, Calif.-based Nvidia also restated results for most of past three years… Some news good, some bad… 2002 net income saw hike of about $2.1 million, or 1 cent per diluted share… 2001 net fell by about $3.7 million, or 3 cents per diluted share… Net income for 2000 up by about $2.9 million, or 2 cents for each diluted share…

Nvidia expects big gain from arbitration with Microsoft in dispute over Xbox chip—pricing… Shares jumped $4.70 on news, to $35.07…

>>Fargo Electronics Inc. said former CFO Paul Stephenson, who left in February for other business opportunities, is back at his former gig at Fargo… Acting CFO Tony Dick will continue as director of finance at Minneapolis-based maker of personal-identity cards…

Company also announced earnings up 6 cents per share from 3 cents per share in year-ago period… Stephenson earned $130,000 with $12,987 bonus in 2001…

Compensation Highlights

Revlon CFO, EVP Douglas Greeff earned $731,375 plus $361,200 in 2001… In 2000, he took home $422,500 with $450,000 bonus…

Charles Michel, former CFO of restaurant chain Dave & Buster’s, earned $189,260 in 2001 and $186,977 in 2000… No bonus either year…

CFO and EVP Emanuel Chirico of clothing company Phillips-Van Heusen earned $500,000 in 2001… In 2000 earned same, plus $485,000 bonus… Chirico also got long-term incentive plan payouts of $419,374 in 2001 and $700,000 in 2000…