What’s Going on in Finance Today from CFO
After posting a third-quarter loss, J. Crew Group has appointed retail veteran Michael J. Nicholson as its new CFO, filling a position that has been vacant for nearly a year. Since Stuart Haselden stepped down in January to join Lulemon, Joan Durkin has been serving as acting CFO at J. Crew. Nicholson, most recently CFO at Ann Taylor, will take over Jan. 11. Read more.
Kinder Morgan must pay the bulk of a $171 million award to former unitholders of a master limited partnership that the pipeline operator acquired last year, a Delaware judge has ruled. The merger did not deprive the unitholders of standing to sue over a 2011 “fall dropdown” deal in which El Paso Corp. sold two natural gas subsidiaries to the partnership, El Paso Pipeline Partners, Vice Chancellor J. Travis Laster said. Read more.
CFO has the financial news you may have missed. Get the details in the CFO roundup.
CFOs on the Move: Week Ending December 4
Dollar General, Encyclopaedia Brittanica, CEC Entertainment, Warren Resources, AK Steel, TCF Financial, Performance Sports, WhiteWave Foods, Checkpoint
Kinder Morgan Can’t Escape $100M Judgment
Investors in a master limited partnership were shortchanged when the partnership overpaid in a natural gas pipeline deal.
Metric of the Month: How Financial People Spend Their Time
Regardless of company size, about half of finance teams’ time is spent on transaction processing.
Strong Jobs Report Makes Rate Hike Likely
The gain of 211,000 jobs in November should remove “the final doubts” that the Fed will raise rates this month.
CFO’s Mission, Possible: Widen Sales Sights
Process-automation software developer Nintex, which serves users of Microsoft platforms, is hunting for new “ecosystems” to conquer.
Executives Down on Growth Prospects for 2016
Those polled by AICPA expect lower revenue and profit growth next year, reflecting rising concern about economic conditions and domestic competition.
J. Crew Names Retail Veterans as New CFO
Michael Nicholson takes over as finance chief as the retailer works to correct operational missteps that have hurt sales.
Congress Revives Ex-Im Bank for 4 Years
The Senate’s vote to renew the bank’s charter ends a battle over its future that pitted GOP conservatives against business groups.
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