Google Parent Moves to Boost Accountability

Google parent Alphabet Inc. is imposing a new financial accountability system on its startup-like subsidiaries, apparently reflecting the efforts of new CFO Ruth Porat to curb spending.The Wall Street Journal, citing people familiar with the matter, said units such as Google X, Google Fiber, and ...

By Matthew Heller • Nov. 24, 2015

Nestlé Finds Some Suppliers Abusing Workers

Some of Nestlé’s suppliers in Thailand are abusing workers, according to a report that the company commissioned from Verite, a U.S.-based fair labor advocacy group.Verité found indications of forced labor, trafficking, and child labor to be present among sea-based and land-based workers engaged b...

By Katie Kuehner-Hebert • Nov. 24, 2015

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Top 5 stories from CFO.com

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

By CFO.com staff

Stockbroker Accused of Stealing $1.1M

A Pennsylvania stockbroker has been accused of misappropriating more than $1.1 million in investor funds to pay for renovations on his house and other personal expenses.The U.S. Securities and Exchange Commission said Monday that Bernard M. Parker, 54, conducted a fraudulent securities offering f...

By Matthew Heller • Nov. 24, 2015

Q3 GDP Better Than First Estimated

The U.S. gross domestic product in the third quarter grew better than initially thought, which could bolster the case for the Federal Reserve to finally start raising interest rates next month.GDP grew at a 2.1% percent annual pace, instead of the 1.5% rate initially reported, the Commerce Depart...

By Katie Kuehner-Hebert • Nov. 24, 2015

Minding the Net

Six years ago, Jim Benson was ready for a change. At the time he was working at Hewlett-Packard, where he had moved up over the years to become CFO of HP’s Americas Technology Solutions Group, a $14 billion unit. But California was not the place where he ultimately wanted to be.Jim Benson (Courte...

By Edward Teach • Nov. 24, 2015

From Finance to Fintech

By the time Laurence Tosi left Blackstone Group in August to become finance chief of Airbnb, the home-rental startup, there had been ample chatter about the growing trend of CFOs and investment bankers leaving Wall Street for Silicon Valley. Talk usually centered on two other big names who preced...

By David McCann • Nov. 24, 2015

No End to Change

Spurred by a hard-earned understanding of how volatile the marketplace has become, finance executives are determined to imagine and build more integrated and responsive organizations. But the urgency to streamline, standardize, and centralize back-office finance functions coincides with the rise ...

By David W. Owens and Josh Hyatt • Nov. 24, 2015

Existing Home Sales Drop in October

While sales of existing homes in October dropped from a month before, they still occurred at a healthy pace, according to the SellYourHome.com.The industry group on Monday said that existing home sales in October fell 3.4% to a seasonally adjusted annual rate of 5.36 million, from 5.55 million in...

By Katie Kuehner-Hebert • Nov. 23, 2015

Diebold Buys Wincor Nixdorf For $1.8B

On a day of big deals, Diebold on Monday said that it would buy German-based Wincor Nixdorf for $1.8 billion to create the world’s largest maker of automated teller machines.“Our new company will be well positioned for growth in high-value services and software — particularly in the areas of mana...

By Katie Kuehner-Hebert • Nov. 23, 2015

How to Deal with Anti-Slavery Laws

This year has brought an unparalleled spike in state, federal, and international legislative and enforcement efforts specifically focused on ridding the world’s supply chains of products tainted by forced labor, slavery, human trafficking, and child labor, as well as indentured servitude (collect...

By T. Markus Funk • Nov. 23, 2015

How Strategic Is Your Supply Chain?

The supply chain function has come a long way in the last two decades. Managing the growing complexity in sourcing products and services in a global marketplace, dealing with wild swings in the value of currency, and managing the risks associated with overseas shipping have become core supply cha...

By Shawn Casemore • Nov. 23, 2015

Big Data: The Latest Rage in Supply Chain Management

Early uses of big data were concentrated in two areas: customer segmentation/marketing effectiveness, and financial services, particularly in trading. Recently, supply chain has become the “next big thing.”Regenia Sanders Why? A company’s supply chain is rich with data, and it’s also a large cost...

By Jason Meil and Regenia Sanders • Nov. 23, 2015

Jawbone Laying Off 15% of Workforce

Wearable devices maker Jawbone is laying off around 60 employees, or 15% of staff, and closing its New York office to streamline operations.Jawbone has been lagging well behind Fitbit and Apple in the wearables market. With sales of its UP fitness trackers reaching just over half a million in the...

By Katie Kuehner-Hebert • Nov. 20, 2015

European Central Bank May Expand Stimulus

While the U.S. Federal Reserve appears poised to tighten monetary policy, the European Central Bank may expand its stimulus program as it continues to grapple with the weak recovery in the eurozone.The ECB’s $1 trillion bond buying program runs until at least September 2016, but inflation came in...

By Katie Kuehner-Hebert • Nov. 20, 2015

Why CFOs Need to Pay Attention to Blockchain Technology

Ideally, a C-suite is filled with proactive professionals driving the organization and industry forward, but outdated accounting measures often leave CFOs behind the curve. Think about it: When was the last time you reviewed cash flow in real time across the entire enterprise?Accounting departmen...

By Lamar Wilson • Nov. 20, 2015

CFOs on the Move: Week Ending Nov. 20

The Manitowoc Co. said that John Stewart has been named to lead the finance function at Manitowoc Foodservice. He joins the company from Hostess Brands, where he was CFO and chief administrative officer.Meg Lassarat Louis Berger has appointed Meg Lassarat to fill the top finance spot. She comes t...

By Joan Urdang • Nov. 20, 2015

FTC Suffers Setback in Patient Data Breach Case

In a closely-watched cybersecurity enforcement action, a judge has dismissed Federal Trade Commission allegations that a medical-testing laboratory failed to provide reasonable or appropriate protections for patient data.LabMD is the first company to successfully challenge an FTC action over alle...

By Matthew Heller • Nov. 19, 2015

Barclays Fined $150M Over ‘Last Look’ System

New York’s financial regulator has fined Barclays Bank $150 million for misusing a foreign exchange trading system so that it automatically rejected client orders that would be unprofitable to the bank.The New York State Department of Financial Services said Wednesday that Barclays had agreed to ...

By Matthew Heller • Nov. 19, 2015

Many Cybersecurity Incidents Involve Employees

While companies must always protect against cyberattacks by outsiders, they must also be more diligent about cybersecurity incidents that involve employees, whether accidental or intentional.Nearly three-fourths (73%) of companies have been affected by internal information security breaches, and ...

By Katie Kuehner-Hebert • Nov. 19, 2015

Taking ERP On the Road

While ERP software — the digital central nervous system of a company — already enables businesses to collect and analyze data from every department, CFOs are discovering that mobilizing ERP systems is making their companies even smarter and faster. Essentially, a mobilized ERP enables a company t...

By Joe Dysart • Nov. 19, 2015

China’s Consumption to Hit $6.4T in 2025

The burst of consumer spending in China over the next decade will be uneven, which will prompt a more “demand-centric approach,” according to a new report released Tuesday by The Demand Institute, a think tank jointly operated by The Conference Board and Nielsen.Chinese consumption will rise from...

By Katie Kuehner-Hebert • Nov. 19, 2015

Nine Charged With Jammin’ Java Stock Fraud

The former CEO of Jammin’ Java and eight other individuals have been charged over a “pump-and-dump” scheme that allegedly generated $78 million in illicit profits by manipulating the stock price of the distributor of Marley Coffee.Jammin’ Java is licensed to use the trademarks of the late reggae ...

By Matthew Heller • Nov. 18, 2015

ConAgra Restructures With Lamb Weston Spinoff

ConAgra Foods announced Wednesday it will spin off its Lamb Weston frozen potato products unit, continuing its aggressive restructuring amid mounting challenges in the food industry.Lamb Weston will become a separate public company consisting of ConAgra’s frozen potato, sweet potato, appetizers a...

By Katie Kuehner-Hebert • Nov. 18, 2015

Interim CEOs Are Prone to Inflating Earnings

Interim chief executives have been much in the news lately. Two events in October stood out: first, DuPont CEO Ellen Kullman abruptly retired and was temporarily replaced by board member Edward Breen. A week later, United Airlines chief Oscar Munoz had a heart attack, and general counsel Brett Ha...

By David McCann • Nov. 18, 2015

Feds Clarify New White-Collar Crime Policy

Federal white-collar crime prosecutors will give special weight to whether a company discloses possible individual wrongdoing early in evaluating whether it should get any leniency, according to a top U.S. Department of Justice official.The department has revised its policy manual in response to ...

By Matthew Heller • Nov. 17, 2015