Corporate Finance: Page 40

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    Three Ways COVID-19 is Accelerating Digital Transformation in Professional Services

    Digital transformation was a line item on many business agendas long before COVID-19 came along. But the pandemic catapulted it to the top of the priority list for virtually every business in the world. Now, as we start to look past the immediate pandemic crisis response and toward a “new normal”...

    By • June 29, 2020
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    Shale Oil Company Chesapeake Energy Files for Bankruptcy

    Chesapeake Energy filed for bankruptcy on Sunday to carry out balance sheet restructuring.According to CEO Doug Lawler, by filing for Chapter 11, Chesapeake will eliminate $7 billion in debt and address its legacy financial weaknesses. It would also be able to take advantage of its operational st...

    By • June 29, 2020
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    Trendline

    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
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    Novartis Settles U.S. Bribery Charges

    Global pharmaceutical giant Novartis has agreed to pay $112 million to settle with the Securities and Exchange Commission over charges it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act.According to the SEC, between 2012 and 2016, th...

    By • June 26, 2020
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    CFOs On the Move: Week Ending June 26

    JLL Names Karen Brennan CFO Jones Lang LaSalle appointed Karen Brennan as chief financial officer, effective July 15. Brennan, who has been with the real estate and investment management company for more than 20 years, is currently the chief executive officer of its operations in Europe. As CEO f...

    By • June 26, 2020
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    Infectious Economy: The Quiz

    The COVID-19 pandemic and the resulting stay-at-home orders threw the U.S. economy into a tailspin late in the first quarter. It wreaked havoc on households and businesses, putting an abrupt end to record-low unemployment and more than five straight years of quarterly GDP growth. Take our quiz to...

    By CFO Editorial Staff • June 26, 2020
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    Chuck E. Cheese Parent Files for Chapter 11

    CEC Entertainment, the parent company of Chuck E. Cheese, has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas citing financial damage caused by COVID-19.The company, which also owns Peter Piper Pizza, said same-store sales fell 21.9% during the firs...

    By • June 25, 2020
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    Regaining Momentum in Cross-Border Operations

    Will nothing derail U.S. companies’ international expansion plans?Apparently not, was the answer provided by January 2020 and April 2020 surveys by CFO Research and Vistra. The CEOs, CFOs, and other senior finance executives surveyed took a long view of their international operations strategies a...

    By • June 25, 2020
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    CFO Editorial Staff
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    In Pursuit of Better Analytics

    COVID-19 has brought about one of the strangest business environments in memory, and more than ever leaders need data to determine how to survive it. It has pushed finance professionals, particularly those engaged in finance analytics, into the limelight. They are being asked to build forecasts a...

    By Rachele Collins and Mercy Harper • June 25, 2020
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    Shining a Light on Earnings Adjustments

    As the financial impact from COVID-19 unfolds, many companies are grappling with sudden and dramatic shifts in business demand. For some, protracted stay-at-home orders mean significantly reduced revenues, higher costs from supply chain disruption and other matters, and suppressed levels of earni...

    By Jonathan Nus and Michael Tamulis • June 24, 2020
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    Mastercard to Buy Finicity

    Mastercard has reached a deal to buy the financial data-provider Finicity for $825 million, the companies said. The deal could result in an additional earn-out of $160 million for Finicity shareholders if certain performance targets are met.  The companies said Finicity’s complementary technology...

    By • June 23, 2020
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    Tuesday Regulatory Briefing: Supreme Court Puts Limits on SEC Penalties

    The U.S. Supreme Court on Monday ruled that the Securities and Exchange Commission can force wrongdoers to give back the profits of their illegal conduct. However, it put a new limit on how much can be recouped.In an 8-1 decision, the justices ruled that the SEC’s disgorgement authority is limite...

    By • June 23, 2020
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    Microsoft to Buy Startup CyberX

    Microsoft announced it is acquiring the security startup CyberX.In a blog post, the tech giant said the deal was part of a wider initiative to accelerate and secure deployment of the internet of things (IoT).Financial terms were not disclosed, but TechCrunch said the Israeli company was valued at...

    By • June 22, 2020
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    Wirecard CEO Resigns Amid Cash Mystery

    Wirecard CEO Markus Braun has resigned a day after the scandal-wracked German payments firm disclosed it was missing $2 billion in cash.Braun’s abrupt departure capped a tumultuous 48 hours during which Wirecard’s shares crashed by more than 80%, wiping nearly 10 billion euros ($11.2 billion) off...

    By Matthew Heller • June 22, 2020
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    Grocery Retailer Albertsons Plans to Raise $1.3B in IPO

    Albertsons on Thursday said it expected to raise up to $1.3 billion in its initial public offering.IPO PricingThe grocery retailer is hoping to sell 65.8 million shares priced between $18 and $20 per share. Underwriters for the IPO will have an option to purchase an additional 9.87 million shares...

    By • June 19, 2020
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    CFOs On the Move: Week Ending June 19

    Sonia Jain Cars.com has appointed Sonia Jain as finance chief, effective July 6. Jain joins the company from the video rental and streaming company Redbox where she served as CFO. Before Redbox, Sonia was vice president of finance and treasurer with Outerwall. She was previously an investment ban...

    By • June 19, 2020
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    Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
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    KKR to Buy Dutch Vacation Company Roompot

    Private equity giant KKR has reached an agreement to buy the Dutch vacation company Roompot from European private equity firm PAI Partners, the companies said in a statement.Financial terms were not disclosed, but Reuters, citing a source familiar with the transaction, said Roompot was valued at ...

    By • June 18, 2020
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    Capitalizing On the Lease Accounting Deadline Extension

    Traditional lease accounting adoption methodologies involve significant upfront costs, resources and software deployment. The ongoing, sustained compliance with the new lease accounting standards also requires a commitment of internal resources, time, software administration, and training.Due to ...

    By • June 18, 2020
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    Adidas Employees Call for Investigation Into HR Chief

    A group of Adidas employees asked the company to investigate its chief human resources officer, Karen Parkin, over allegations she has not appropriately responded to issues of racism at the shoe and clothing giant.In a letter to executives, 83 employees from five of the company’s offices in Germa...

    By • June 17, 2020
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    Pension Risk Transfer: Plan Terminations, Buyouts, Lift-Outs, and Buy-Ins

    In this second article on pension risk transfer, Legal & General’s Chief Executive Nigel Wilson describes ways that companies can optimize the transfer of pension risk, whether through a buyout or buy-in, plan termination, or lift-out.  In our first article, we talked about the $6.6 trillion ...

    By • June 17, 2020
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    DoorDash Sued for Flouting Gig-Worker Law

    In a complaint filed before a California court, Chesa Boudin, District Attorney for San Francisco, alleged DoorDash was in violation of the state law, which forbids companies from classifying employees as independent contractors.A California law that requires firms to label gig-workers as employe...

    By • June 17, 2020
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    Why Earnings Guidance Matters

    In an entertaining interview with Andrew Ross Sorkin, IAC Chairman Barry Diller made an impassioned argument that financial guidance is a useless waste of time and management resources for public companies.It’s an old argument, usually framed by high-minded concepts on each side: for adherents, g...

    By Jeff Majtyka • June 16, 2020
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    KKR to Buy Borden Dairy Out of Bankruptcy

    Private equity giant KKR and Capitol Peak have won the auction to buy Borden Dairy out of bankruptcy, according to court documents and people familiar with the matter.The deal still needs to be approved by the bankruptcy court in Delaware, where a hearing is scheduled for Thursday. Terms of the d...

    By • June 16, 2020
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    CFOs’ Lower Bonuses Cut Into Compensation Growth

    Growth in chief financial officer’s total pay slowed for the second consecutive year in 2019, according to new data from Compensation Advisory Partners (CAP). The consulting firm said the slower growth was mostly due to decreases in bonus payouts, which were in turn driven by a slowdown in compan...

    By • June 15, 2020
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    CFOs On the Move: Week Ending June 12

    Marco Wirén will become finance chief at Nokia on September 1. Wirén is currently president of Wärtsilä Energy and executive vice president of Wärtsilä Group. Wirén has held several senior financial roles, including CFO roles at Wärtsilä Group, SSAB Group, and Eltel Networks. He also currently se...

    By • June 12, 2020
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    Hertz Seeks Permission to Sell New Shares Amid Bankruptcy

    Hertz Global has asked a bankruptcy judge to approve a deal to sell up to 246.8 million unissued shares, up to $1 billion, to Jefferies even as impending liquidation threatens to wipe out their value.Hertz shares jumped to as high as $5.53 after the filing before falling to under $3 by Friday aft...

    By • June 12, 2020