Lowe’s to Close Stores In Restructuring Push

Lowe’s, the home-improvement retailer, announced it was closing 20 underperforming stores across the United States as part of a restructuring program under new Chief Executive Officer Marvin Ellison.The company is also closing 31 stores in Canada.Lowe’s said the closures would reduce earnings by ...

By William Sprouse • Nov. 5, 2018

CFOs on the Move: Week Ending Nov. 2

J.C. Penney has appointed Michael Fung interim CFO. He takes over for Jerry Murray, who will return to his post as senior vice president of finance. Fung formerly was interim CFO at 99 Cents Only Stores and at Neiman Marcus Group, following his retirement as CFO of Walmart Stores U.S.Guitar manuf...

By Joan Urdang • Nov. 2, 2018

Explore the 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

‘The Federal Government Does Not Need Revenue’

It’s difficult to have a valid opinion on macroeconomics if, like me, you’re not an economist. That’s especially so considering that the world’s leading economists regularly disagree with one another regarding important macroeconomic principles.A case in point is illustrated by Modern Monetary Th...

By David McCann • Nov. 2, 2018

Icahn Seeks Records on Dell, VMware Stock Deal

Activist investor Carl Icahn has stepped up his campaign against Dell Technologies’ plan to go public by buying back its tracking stock ahead of a Dec. 11 shareholder vote on the deal.Under the plan announced in July, Dell would exchange each share of the Class V stock that tracks its VMware subs...

By Matthew Heller • Nov. 1, 2018

Yum Brands Beats Earnings; Pizza Hut Sales Flat

Yum! Brands reported earnings of $1.04 per share for the three months ended September 30, as strong sales at KFC and Taco Bell compensated for weaker performance at Pizza Hut.Analysts’ average expectations were 83 cents per share, according to Refinitiv.The company reported revenue of $1.39 billi...

By William Sprouse • Nov. 1, 2018

Prioritize Trust or Risk Your Bottom Line

In the not too distant past, trust was considered a “soft” issue for corporations. Business leaders certainly recognized the importance of maintaining a strong external image and cultivating trust with stakeholders. But its connection to a company’s value and financial performance was always diff...

By Bill Theofilou • Oct. 31, 2018

Strategic Supply Chain Platforms Aid Risk, Compliance Functions

Improving a company’s performance and its risk management position are vital in today’s competitive business environment. Savvy CFOs are continually on the lookout for new strategies and, quite often, technology tools.As such, it’s fairly common for finance chiefs to receive requests for new stra...

By Conway MacKenzie, Director, and Adam Schabel • Oct. 31, 2018

GE Posts $22B Loss as Legal Problems Mount

General Electric’s new CEO outlined his priorities on Tuesday, singling out the GE Power division as the embattled conglomerate posted a $22.8 billion quarterly loss and faced mounting legal problems.Larry Culp said his first few weeks on the job since he replaced John Flattery on Oct. 1 had made...

By Matthew Heller • Oct. 30, 2018

Coca-Cola Earnings Top Estimates

Coca-Cola reported adjusted earnings of 58 cents per share on net income of $1.8 billion for the third quarter, up from $1.45 billion of net income for the same period last year.Analysts had forecast earnings per share of 55 cents per share and revenue of $8.17 billion. Reported revenue was $8.25...

By William Sprouse • Oct. 30, 2018

The Economic Case for Diversity

It is a sad fact that the United States, the United Kingdom, and the European Union, supposed beacons of enlightenment and modern liberal values, are increasingly targeting migrants with blame for the challenges their societies face.And, as politicians now begin to turn that anti-diversity sentim...

By Vijay Eswaran • Oct. 30, 2018

How to Make Time For Strategic Thinking

Executives know that in order to best leverage your effectiveness, you need to be working on your business, not working in your business.Time is our most valuable and most scarce resource. Making the most of our available time, regardless of the endeavor, is always smart. For example, we all try ...

By Jason Worley and Asset Drone • Oct. 30, 2018

Can U.S. Consumers Continue Their Pace of Spending?

Consumer spending rose 0.4% in September according to the latest figures from the Commerce Department, the seventh consecutive month of gains and just about in line with economists’ consensus prediction. Adjusted for inflation, consumer spending rose 0.3%.Categories that saw higher spending inclu...

By William Sprouse • Oct. 29, 2018

IBM Agrees to Buy Linux Stalwart Red Hat

IBM has reached a deal to acquire Red Hat, the maker of open-source software and technology, in a deal valued around $34 billion, the companies announced on Sunday.IBM agreed to pay $190 per share in cash for Red Hat, making it the largest acquisition ever for IBM and one of the largest ever in t...

By William Sprouse • Oct. 29, 2018

U.S. GDP Continues Hot Streak

The gross domestic product of the U.S. economy grew at an annualized rate of 3.5% for the third quarter, according to the Commerce Department‘s advance report released Friday. Economists had forecast 3.3% growth.The third-quarter number followed second-quarter growth of 4.2%. Together, they mark ...

By William Sprouse • Oct. 26, 2018

When Smaller May Be Better: Adopting SRC Status

In September, the Securities and Exchange Commission’s (SEC) amendments to the definition of “smaller reporting company” took effect.Adopted in June 2018, the amendments expanded significantly the number of companies that will qualify as smaller reporting companies (SRCs) and may, as a result, vo...

By Anna Pinedo • Oct. 26, 2018

CFOs on the Move: Week Ending Oct. 26

Christina Spade has been named to the top finance spot at CBS. She had headed finance at subsidiary Showtime Networks since 2013. Adam Townsend, executive vice president of corporate finance and investor relations, has succeeded her as CFO at Showtime.BorgWarner said that Ronald Hundzinski, who h...

By Joan Urdang • Oct. 26, 2018

New York A.G. Sues Exxon Over Misstating Climate Risks

The New York Attorney General has filed a lawsuit in New York Supreme Court, New York County, against Exxon Mobil, the world’s largest oil company, alleging it misled investors about the risks of climate change regulations on its business.A complaint filed in New York’s Supreme Court said Exxon M...

By William Sprouse • Oct. 25, 2018

Companies Must Be Held Accountable for Protecting Customers’ Data: Tim Cook

The chief executive officer of Apple, Tim Cook, warned that the trade in digital data has exploded into a “data industrial complex” and that background data brokers profit from privacy-hostile business models. He said personal information is being weaponized against people and societies.“Our own ...

By William Sprouse • Oct. 24, 2018

CFO Career Choice: The Industry Switch

As much as anyone else, finance chiefs swap companies when unemployment is extremely low, job-hopping is profitable, and exciting opportunities abound. The CFO turnover rate for 2018 is 1.5 percentage points above its long-run average. But what about moving not just to another employer but to ano...

By CFO Editorial Staff • Oct. 24, 2018

How FP&A Software Can Succeed

Perspectives from CFO ResearchCFOs understand the importance of financial planning and analysis (FP&A) solutions that allow their finance teams to develop budgets and forecasts quickly and accurately. They need confidence in their numbers and the decisions they drive. But selecting the right ...

By Gerry Marletta • Oct. 22, 2018

SEC Probing Honeywell Accounting for Liabilities

Honeywell has disclosed that the U.S. Securities and Exchange Commission has opened an investigation into its accounting after it understated asbestos-related liabilities by nearly $1.1 billion.The conglomerate said it had revised its accounting for the liabilities in the third quarter of this ye...

By Matthew Heller • Oct. 22, 2018

CFOs on the Move: HBO, Hyatt, BuzzFeed Tap New Finance Chiefs

Home Box Office (HBO) has named Jessica Holscott to lead the finance function. She takes over from Joe Tarulli, who will retire at the end of the year. Holscott previously was head of investor relations at Time Warner.Hyatt Hotels has promoted Joan Bottarini to the top finance spot, effective Nov...

By Joan Urdang • Oct. 19, 2018

IBM ‘Still Has a Revenue Growth Problem’

IBM reported earnings of $3.42 per share on revenue of $18.76 billion for the third quarter, sending its shares down as much as 7.5% Wednesday afternoon.The company saw year-over-year revenue declines in its technology services, cloud platforms, cognitive solutions, and systems businesses. Its ov...

By William Sprouse • Oct. 17, 2018

Ex-BDO CPAs Suspended Over AmTrust Audit

The U.S. Securities and Exchange Commission has suspended three former BDO USA accountants for misrepresenting that an audit of a client’s annual report had been properly completed after the audit team fell behind schedule.One of the accountants, Lev Nagdimov, was BDO’s senior manager on the audi...

By Matthew Heller • Oct. 15, 2018

CFOs on the Move: Week Ending Oct. 12

Discount retailer Stein Mart said that Gregory Kleffner, who heads finance, plans to retire in the spring. The company has hired an executive search firm to find external candidates to succeed him.Dominion Energy said that finance chief Mark McGettrick will retire from the firm on Jan. 1. Effecti...

By Joan Urdang • Oct. 12, 2018