>> Proxy season rolling around again. This, of course, means CFOs can figure out if their compensation stacks up with other finance managers.
According to early releases, seems chief financial officers are making out just fine — despite lousy economy. Marriott International CFO Arne Sorenson, for example, took home $515,000 in salary and $149,608 bonus, as well as $1.6 million in restricted compensation. Also received $46,315 in other compensation. All told, Sorenson’s total package exceeded $2.3 million last year…
McGraw Hill’s CFO, Robert Bahash, earned $644,000 in salary in 2001, $788,701 bonus, $661,050 from long-term incentive payouts and another $141,711 in other income. Also had other miscellaneous sources of income. All in, Bahash’s compensation last year was north of $2.2 million.
One more from proxies: Reebok EVP and CFO Kenneth Watchmaker earned $600,000 in salary in 2001. The Reebok finance chief also took home $976,310 bonus and another $57,743 from other sources. In addition, Watchmaker exercised $1.46 million in stock options. His total package: $3 million.
>> Paging Horace Greely… Arlington, Va.-based US Airways has named former Northwest Airlines exec Neal Cohen CFO. Cohen spent nine years at Northwest, most recently as treasurer… 41-year-old executive held various CFO gigs at financial and service organizations after leaving Northwest…
As for former US Airways finance chief Thomas Mutryn, who knows? Apparently not his most recent employer. Spokesperson for US Airways told Dow Jones Mutryn was leaving the company — but that the airline “was unaware of Mr. Mutryn’s plans.” Okay, then.
US Airways also announced number of senior-level appointments, including David Davis as VP of financial planning and analysis… Gregory Taylor, who has been senior vice president of planning, will assume the newly created position of senior vice president and president of the US Airways Express division… Taylor joined company in 1998 and has been VP of US Airways Express… Before joining US Airways, Taylor was VP of revenue management at United Airlines. He also held jobs as director of pricing, director of inventory management, and director of financial planning and analysis… Could Taylor, 35, be a CFO-in-training? Stay tuned.
>> Swiss Life chief financial officer and chief investment officer Dominique Morax will give up one of his positions. But which one? When Dow Jones asked him, Morax “declined to say.” Meanwhile, Swiss Life spokeswoman told Dow Jones “successor to one of the posts” will be announced toward end of month… Morax has reportedly been under pressure of late for holding the two jobs. Some critics wonder, in wake of Enron scandal, if it’s wise for any CFO to be in charge of corporate investments… Critics of the company say Swiss Life expanded too quickly and let costs get out of hand. According to Dow Jones report, some critics blame former CEO Manfred Zobl and Morax for expansion… Company has warned of 90 percent drop in net profit. But Guggisberg told Dow Jones the company “firmly” denies rumors that Morax will leave Switzerland’s biggest life insurer.
Manfred Zobl, CEO at Swiss financial services company, resigned his post in February. Swiss Life says Zobl left because of “differing views on the future of the company’s strategic direction and the timeframe needed to bring long-term projects to fruition… ” Roland Chlapowski, former head of company’s Swiss division, succeeded Zobl.
>>Kenosha, Wis., tool maker Snap-on said SVP of finance and CFO Donald Huml resigned to join Greif Bros. as finance chief… Huml replaces Joseph Reed, who is retiring from Delaware, Ohio-based packaging company.