PAR Technology Fires CFO Over Use of Funds

PAR Technology, a provider of point-of-sale systems to the hospitality industry, fired CFO Michael S. Bartusek on Monday, saying he violated corporate policy by making unauthorized investments with company funds.In a regulatory filing, PAR said the investments totaled less than $900,000 and were ...

By Matthew Heller • March 14, 2016

Investment Group Accused of ‘Ponzi-Like’ Fraud

An Oregon-based investment group and three top executives have been charged with defrauding more than 1,500 investors out of $350 million as part of a “Ponzi-like” scheme to save the group from insolvency.In a complaint filed Thursday, the U.S. Securities and Exchange Commission said founder Robe...

By Katie Kuehner-Hebert • March 11, 2016

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From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

CFOs on the Move: Week Ending March 11

Houghton Mifflin Harcourt has said it has hired Joseph Abbott, Jr., to head finance. He takes over for the retiring Eric Shuman, who will remain an adviser to the publisher until July 1. Most recently, Abbott was an investment banker in the global media and communications group at Morgan Stanley....

By Joan Urdang • March 11, 2016

Companies With “Insider” Chairperson Pay CEOs 42% More

Companies with “insider” chairpersons pay their chief executives a lot more than those with “outsider” chairpersons, according to a report released Wednesday by Institutional Shareholder Services, or ISS.The Rockville, Md.-based firm analyzed data from S&P 500 companies and found that compens...

By Katie Kuehner-Hebert • March 10, 2016

ECB Ramps Up Stimulus With More Asset Buys

After disappointing markets in December with stimulus measures below expectations, the European Central Bank on Thursday announced further rate cuts, more asset-buys, and other measures to prevent the emerging markets slowdown from dampening the eurozone recovery.“This comprehensive package will ...

By Katie Kuehner-Hebert • March 10, 2016

U.S. Recession Chances Double: CFOs (Video)

U.S. CFOs, on average, believe there is a 31% chance that the U.S. economy will be in recession by year-end 2016, double the 16% chance predicted just nine months ago, according to the latest Duke University/CFO Global Business Outlook survey. The executives say the biggest risk factors to cause ...

By CFO Editorial Staff • March 10, 2016

R&D Tax Credit: New, Improved, and Permanent

U.S. taxpayers claim nearly $10 billion in R&D tax credits each year. Many people assume that those credits are going only to the large companies that are revolutionizing the world. That’s not true.In fact, R&D tax credits are available for companies of all sizes, particularly because of ...

By Tom Sanger • March 9, 2016

Global Economy Set to Slow: OECD

There are signs of slowing economic growth across much of the globe, even while China appears to be stabilizing, according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development.In particular, the United States, the United Kingdom, Canada, and Japan co...

By Katie Kuehner-Hebert • March 8, 2016

U.S. Export Curbs Deal Blow to China’s ZTE

The U.S. Commerce Department has imposed new export restrictions against China’s ZTE for alleged Iran sanctions violations, dealing a blow to the company’s efforts to expand its smartphone business in the United States.The restrictions bar U.S. manufacturers from selling components to ZTE, the nu...

By Matthew Heller • March 8, 2016

Is Your Company’s Retirement Plan Fine, or About to Be Fined?

When I meet with CEOs, CFOs, and human resources directors, there’s a recurring theme that leaves me feeling shocked, amazed, and deeply concerned. No matter the industry or size of the company, many employers seem to be making the same big mistake: They aren’t as concerned about fiduciary liabil...

By Francesca Federico • March 8, 2016

Pitch Imperfect: SEC Sues Over Bonds Tied to Schilling Startup

In 2010, the economic development agency for Rhode Island was keen to lure former Red Sox pitcher Curt Schilling’s startup video game company, 38 Studios, to the Ocean State.What better way than to offer $75 million in municipal bonds to investors and then use the proceeds to lend money to the pr...

By Katie Kuehner-Hebert • March 8, 2016

Softbank to Split Domestic, Overseas Units

Japanese telecom conglomerate SoftBank said Monday it would split its domestic and overseas businesses, making another move to boost shareholder value after announcing its largest ever share buyback plan.The overseas division would oversee Softbank’s investments in U.S.-based Sprint and China’s A...

By Katie Kuehner-Hebert • March 7, 2016

Will Machines Take Over Finance?

The (smart) machines are coming.I’ve been interested in artificial intelligence (AI) – the concept that humans can design a machine that thinks for itself without explicitly provide instructions (or a “program”) — since the early 1970s. As an undergraduate math major, I wrote a program designed t...

By John Parkinson • March 7, 2016

CFOs on the Move: Week Ending March 4

Michael Goss has been named to lead the finance function at Sotheby’s, effective March 28, when he will take over for interim CFO Dennis Weibling. Goss formerly worked at Bain Capital, where he was finance chief from 2001 until 2011, a partner and managing director from 2001 until 2013, chief ope...

By Joan Urdang • March 4, 2016

CEOs Could Get $80M After Dow-DuPont Merger

The chief executive officers of Dow Chemical and DuPont are in line for “golden parachute” payments totaling $80 million after the two companies merge and separate into three independent businesses.Dow CEO Andrew Liveris would receive $52.8 million in cash, stock, and other payments — about $13 m...

By Matthew Heller • March 3, 2016

Dwolla Fined $100K Over Lack of Data Security

In its first enforcement action over data security, the Consumer Financial Protection Bureau has accused startup Dwolla of making false claims about the safety of its online payment system.Dwolla agreed to pay $100,000 to settle the CFPB’s charges it misrepresented the effectiveness of its data-s...

By Matthew Heller • March 3, 2016

Job Cuts Continue to Rise In Energy Sector

Layoffs across the United States slowed in February, though downsizing in the energy sector continued to rise due to prolonged weak oil prices, according to Chicago-based consulting firm Challenger, Gray & Christmas.After surging to a six-month high to begin the new year, downsizing slowed in...

By Katie Kuehner-Hebert • March 3, 2016

Industry in China: The March of the Zombies

“Oversupply is a global problem and a global problem requires collaborative efforts by all countries.” Those defiant words were uttered by Gao Hucheng, China’s minister of commerce, at a press conference held on February 23 in Beijing. Gao was responding to the worldwide backlash against the risi...

By Economist Staff • March 3, 2016

Survey Sees Role for Google in Insurance

Technology may be paving the way for non-traditional providers such as Google to enter the insurance industry, according to a new survey.Consulting company Capgemini said 40% of the insurers it surveyed for its World Insurance Report see Google as the biggest new entrant threat because of its str...

By Matthew Heller • March 1, 2016

Is the U.S. Manufacturing Slump Easing?

The manufacturing slump may be easing, as new orders for goods expanded in February.The Institute for Supply Management’s index rose to 49.5, the highest since September, from 48.2 in January. The reading, which beat analysts’ consensus estimate of 48.5, was just shy of 50, the dividing line betw...

By Katie Kuehner-Hebert • March 1, 2016

Qualcomm Tried to Influence Chinese Officials: SEC

Qualcomm has agreed to pay the Securities and Exchange Commission $7.5 million to settle charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials who were deciding whether to select the company’s mobile technology products, the agency said Tue...

By Katie Kuehner-Hebert • March 1, 2016

How Do You Know IT Costs Too Much?

For years, enterprise information technology organizations have been measured by a few simple metrics to give business executives and CFOs high-level insights into IT spending. The most widely used metric is the well-known IT Spend as a Percentage of Revenue or its corollary, IT Spend per Employe...

By Steven Hall • Feb. 29, 2016

Hilton to Spin off Most of Its Real Estate Assets

Hilton Worldwide Holdings announced Friday it will spin off real estate assets into a real estate investment trust to maximize shareholder returns, becoming the latest corporate to make the tax-efficient move.The McLean, Va., company said it had received permission from the Internal Revenue Servi...

By Katie Kuehner-Hebert • Feb. 26, 2016

SeaWorld Admits Employees Spied on Critics

Theme park operator SeaWorld has admitted its employees posed as animal-welfare activists to spy on its critics, confirming allegations by People for the Ethical Treatment of Animals.PETA last year accused SeaWorld employee Paul McComb of spying on its protests against the company by posing as an...

By Matthew Heller • Feb. 26, 2016

CFOs on the Move: Week Ending Feb. 26

Christopher Miller has been chosen to lead the finance function at Core-Mark Holding, effective May 1. He will take over for Stacy Loretz-Congdon, who will retire from the firm at year-end. Miller is currently chief accounting officer, a post he has held since 2007.Terry Lillis Terry Lillis will ...

By Joan Urdang • Feb. 26, 2016