Coca-Cola to Cut Workforce in Global Reorganization

Coca-Cola is offering voluntary layoff packages to about 4,000 workers in the U.S. and Canada as part of strategic a reorganization.The severance program will be initially offered to workers in the U.S., Canada, and Puerto Rico who were hired on or before September 1, 2017.The company also announ...

By Lauren Muskett • Aug. 28, 2020

CFOs On the Move: Week Ending August 28

Jamere Jackson Jamere Jackson will become the new finance chief at AutoZone after recently saying he was stepping down as CFO at Hertz, effective September 11. Bill Giles, the company’s current CFO, will retire at the end of December 2020 after 14 years in the role. Before joining Hertz, Jackson ...

By Lauren Muskett • Aug. 28, 2020

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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

Postal Service’s $522M in Overtime Costs Questioned

The USPS Office of Inspector General said the Postal Service exceeded planned and penalty overtime by nearly 14 million hours during the 2019 fiscal year and incurred $521.6 million in “questioned costs” as a result.Forty-two percent of the Postal Service’s 633,108 employees had unauthorized over...

By Lauren Muskett • Aug. 27, 2020

BorgWarner Fined Over Asbestos Claim Reporting

BorgWarner has been charged with failing to report more than $700 million in future asbestos liabilities, resulting in misstatements of its financial results from 2012 to 2016.Th disclosed that losses from future asbestos claims were probable but concluded that it could not reasonably estimate it...

By Matthew Heller • Aug. 27, 2020

Consumer Confidence Drops to Six-Year Low

U.S. consumer confidence fell in August to its lowest level since 2014, according to the Conference Board.The consultancy said its Consumer Confidence Index was 84.8 in August, down from 91.7 in July. Its Present Situation Index, which is based on consumers’ assessments of current business and la...

By Lauren Muskett • Aug. 26, 2020

Super Micro Fined $17M for Improper Accounting

Super Micro has agreed to pay $17.5 million to settle charges that the computer server maker and its former CFO engaged in improper accounting practices to accelerate the recognition of revenue.According to the U.S. Securities and Exchange Commission, former CFO Howard Hideshima pressured employe...

By Matthew Heller • Aug. 26, 2020

Aveva to Buy OSIsoft for $5B

The U.K.-based tech company Aveva has reached an agreement to buy the industrial software maker OSIsoft in a deal with an enterprise value at $5 billion.Aviva said it plans to finance the deal with cash, debt, and a proposed $3.5 billion rights issue. The rights issue would be the largest announc...

By Lauren Muskett • Aug. 25, 2020

Another Weak Quarter for U.S. Banks

While federal regulators are comfortable with the capital levels of U.S. banks, there’s no hiding the fact that financial institutions are starting to feel the economic backlash of the COVID-19 pandemic, as their profits fall and loan and lease losses creep upward.For the 5,066 commercial banks a...

By Vincent Ryan • Aug. 25, 2020

Why Tesla Puts The S&P Selection Committee ‘In a Real Bind’

One of the most common explanations for the frenzy of buying in Tesla  in 2020 has been the stock’s eligibility for the S&P 500, which bulls say would force a tremendous amount of buying volume in the stock.DataTrek Research co-founder Nicholas Colas on Monday said the case to include Tesla i...

By Vincent Ryan • Aug. 25, 2020

Snowflake Files for Big Tech Initial Offering

Data warehouse startup Snowflake has filed for a much-anticipated initial public offering, revealing robust sales and gross profit growth but steep losses.Snowflake’s software allows businesses to store and manage data in the cloud rather than on legacy databases, making it easier for customers t...

By Matthew Heller • Aug. 25, 2020

Xpeng Motors Files To Raise $1.1B With IPO

Chinese electric automaker Xpeng Motors is seeking to raise up to $1.1 billion through an initial public offering. The company has filed to sell 85 million American Depositary Shares, with each representing two ordinary shares in the company.  In a regulatory filing, the company said it is pricin...

By Vincent Ryan • Aug. 24, 2020

Zoom Outage Disrupts Monday Morning Meetings and Classes

Think video conferencing systems are now robust enough to handle the surge in learning and working from home? Unconcerned that your team’s communications are heavily reliant on some very young tech vendors whose systems have yet to be proven robust? You may want to reconsider.Monday morning was s...

By Vincent Ryan • Aug. 24, 2020

Former Fed Officials Urge Senate to Reject Fed Nominee

Thirty-eight former Federal Reserve officials have called for the Senate to reject Judy Shelton’s nomination to the board of governors of the central bank, saying her policy positions were extreme and she posed a threat to the Fed’s independence.“Ms. Shelton has a decades-long record of writings ...

By Lauren Muskett • Aug. 21, 2020

Johnson & Johnson Borrows $7.5B to Fund Its Purchase Of Momenta

Johnson & Johnson is borrowing $7.5 billion in bonds to help fund its purchase of Momenta Pharmaceuticals,  as a series of companies tap the debt market to finance merger and acquisitions, Bloomberg reported Thursday.What HappenedThe multinational drugmaker sold debt in six parts to fund its ...

By Vincent Ryan • Aug. 21, 2020

CFOs On the Move: Week Ending August 21

Laura Coffey The Vitamin Shoppe appointed Laura Coffey as CFO. Coffey spent 23-years at Pier 1 Imports, where she held a series of positions of increasing responsibility, including executive vice president, interim CFO, and executive vice president of e-commerce and business development. Coffey s...

By Lauren Muskett • Aug. 21, 2020

Don’t Let COVID-19 Kill Your Deal

Time tends to be the enemy of all deals. Particularly in a merger or acquisition, the longer the process drags on, the greater the likelihood a deal falls apart. And those seeking venture financings are finding the longer the deal takes, the lower the valuations and investor interest. So, in the ...

By Vincent Ryan • Aug. 20, 2020

Airbnb Submits Draft Paperwork for Long-Rumored IPO

On Wednesday, the travel site Airbnb announced that it submitted a draft registration statement to the Securities and Exchange Commission proposing an initial public offering of its common stock.What Happened: Airbnb, after earlier reports this month that it would go forward with an IPO, filed pa...

By Lauren Muskett • Aug. 20, 2020

Johnson & Johnson to Buy Momenta for $6.5B

Johnson & Johnson has reached a deal to buy Momenta Pharmaceuticals for $52.50 per share or $6.5 billion in an all cash deal, the companies said.The valuation represents a 70% premium to Momenta’s closing price on August 18, 2020. The company’s stock price jumped more than 69% in premarket tr...

By Lauren Muskett • Aug. 19, 2020

Recovery Through Resilience: Considerations of Top CFOs

As the pandemic continues to cause global economic disparity, experts scramble to forecast economic recovery. While no one can predict with precision what lies ahead for the economy, CFOs’ expectations and actions can be a helpful barometer. On a recent Resilient Podcast episode, Mike Kearney, De...

By Vincent Ryan • Aug. 19, 2020

Justice Department Charges Five for Alleged $20M Cryptocurrency Mining Fraud

The U.S. Department of Justice on Tuesday said it has unsealed an indictment charging five individuals for international fraud, money laundering, and defrauding individuals through a purported cryptocurrency company.The five individuals — Pablo Renato Rodriguez, Gutemberg Dos Santos, Scott Hughes...

By Lauren Muskett • Aug. 19, 2020

Take-Two Acquires Playdots for $192M

Video game developer Take-Two Interactive has reached an agreement to buy mobile gaming studio Playdots for $192 million.“Our acquisition of Playdots will diversify and strengthen further Take-Two’s mobile game offerings, particularly within the casual, free-to-play segment,” Take-Two executive v...

By Lauren Muskett • Aug. 18, 2020

Building A Finance Full House

When revenue and profitability are on the up and up, the numbers aren’t met with as much scrutiny. Their accuracy and timeliness aren’t (overly) investigated, since the “whys” behind growth never seem as essential as the “whys” behind contraction and loss. And, even when a company is thriving, CF...

By Pamela Stern • Aug. 18, 2020

Chaparral Energy Files for Bankruptcy

Chaparral Energy has filed for Chapter 11 protection in U.S. Bankruptcy Court in Delaware, three months after warning that a drop in commodity prices threatened its ability to remain in business.“While we have taken carefully measured and decisive action to address the challenges of 2020, the ove...

By Lauren Muskett • Aug. 17, 2020

Sexual Harassment Foreshadows Weak Stock Performance: Study

The news last week that McDonald’s is suing its former CEO Steve Easterbrook to recover severance pay he received when fired last fall is the latest reminder, if any is needed, of the pain companies undergo when top executives are exposed for alleged sexual misbehavior.Announcement of the firing ...

By Vincent Ryan • Aug. 17, 2020

Former Hertz CEO Settles SEC Charges

The former chief executive officer of Hertz, Mark Frissora, has agreed to pay $2.18 million to settle charges from the U.S. Securities and Exchange Commission that he aided and abetted the company’s filing of inaccurate financial statements and disclosures.Mark Frissora In a statement, the SEC sa...

By Lauren Muskett • Aug. 14, 2020