Human Capital: Page 101

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    CFOs on the Move: Week Ending February 8

    • The CFO of Leiner Health Products was fired from his position a year after one of the drug maker’s plants became the center of a Food and Drug Administration investigation into its manufacturing practices. The company did not give a reason for the firing of CFO Kevin McDonnell, who will receive...

    By Eila Rana and Kate Plourd • Feb. 7, 2008
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    Can’t Get It Right: Ex-Enron Workers Still $9M Short

    The Department of Labor is seeking a civil contempt order against Hewitt Associates LLC for failing to properly distribute more than $9 million in court-supervised settlement funds to Enron employees at the end of 2006. DoL is claiming that Hewitt, which served as the administrator for the settle...

    By Stephen Taub • Feb. 7, 2008
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    Go Carefully

    Nippon Sheet Glass (NSG), a Japanese glass maker, surprised the markets just before the new year when it appointed Briton Mike Powell as group finance director. Not only is it highly unusual for Japanese companies to appoint a non-Japanese executive, it is also rare for acquirers to promote manag...

    By Eila Rana • Feb. 4, 2008
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    Top Ten Concerns of European CFOs

    Politicians and policymakers across Europe are thinking hard about how to make their countries more attractive to migrants with sought-after skills. They’ve got their priorities right, according to our latest poll of senior finance executives conducted in conjunction with Tilburg University in th...

    By Janet Kersnar • Feb. 4, 2008
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    HeidelbergCement’s Lorenz Näger

    Cement alone isn’t enough to make a building. Aggregates such as sand, natural gravel and crushed stone are also needed to bulk out and strengthen the concrete. Likewise for HeidelbergCement, a German building-materials group, which invested heavily during the past year to ensure that it has the ...

    By Tim Burke • Feb. 4, 2008
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    Get Well Soon

    The new year always prompts resolutions to get fit and healthy. CFOs should give this serious thought, for both personal and professional reasons. Last year, finance chiefs at technology companies nCipher and Servocell resigned due to ill health. Health problems also forced Andreas Bezold, CFO of...

    By Eila Rana • Feb. 4, 2008
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    Above & Beyond

    Like other members of Axa’s executive crew, CFO Denis Duverne reckons he spends half of his time on human resources. That includes using a raft of surveys, seminars and financial incentive schemes to ensure every staff member at the €79 billion French financial services firm is “engaged,” that is...

    By Eila Rana • Feb. 4, 2008
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    Citing Apparent Backdating, Hain Restates

    Hain Celestial Group, which will file an earnings release Monday, has restated results for the four years ended 2006 to correct errors linked to accounting for stock-based compensation costs. The company said that it appeared that some backdating of stock options had occurred.In a release issued ...

    By Stephen Taub • Feb. 4, 2008
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    What’s Wrong with the Kids?

    WANTED: Candidate with undergraduate degree in finance/accounting. Long hours not required — come and go as you please. Spend as much time Web-surfing as you want. Work on the projects you like and refuse the rest. If you don’t feel like finishing a project, your manager will gladly take it. Exce...

    By David Katz • Feb. 1, 2008
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    Job Growth in 2007: It Was a Very Bad Year

    Press reports homed in on the U.S. Labor Department’s revelation on Friday that jobs declined in January for the first time in four years. But Keith Hall, commissioner of the DoL’s Bureau of Labor Statistics, also reported what may be an even grimmer statistic: month-over-month job growth plummet...

    By Stephen Taub • Feb. 1, 2008
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    Hot Jobs in ’08

    According to Robert Half International, these finance specialties will be in particular demand this year.INTERNAL AUDITOR:Average salaries are expected to climb 6.7%, to $81,500–$109,500 (at companies with more than $250 million in revenue). Candidates who possess the certified internal-auditor d...

    By CFO Editorial Staff • Feb. 1, 2008
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    Exit Strategies

    Over the next dozen years, baby boomers, those trend-setting, iconoclastic, and often sharp-elbowed children of the Greatest Generation, will leave the workforce in droves. Unlike their parents, many won’t get a regular pension check. Enrolled predominantly in defined-contribution plans, they’ll ...

    By Russ Banham • Feb. 1, 2008
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    WorldCom Whistle-blower Cynthia Cooper

    Think of her as the mother of 404. Not that that’s a goal she ever imagined or one she has embraced. But the odyssey that began when Cynthia Cooper, the then–vice president of internal audit at WorldCom, decided to investigate anomalies in the company’s accounting entries ended by inspiring criti...

    By Julia Homer and David Katz • Feb. 1, 2008
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    Rethinking Health Care

    Heading into this year, $7.3 billion Chesapeake Energy Corp. faced a 10.8 percent increase in the cost of providing health-care benefits — nearly double the expected national average. Higher-trending charges for medicines and hospital care played a part, of course, but in 2007 Chesapeake Energy a...

    By Randy Myers • Feb. 1, 2008
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    What’s in Your Wallet?

    It’s been a year since the Securities and Exchange Commission began to require companies to say more about executive pay — including details about perks, severance packages, stock options, pension gains, and retirement benefits — in the Compensation Discussion and Analysis (CD&A) section of t...

    By Kate Plourd • Feb. 1, 2008
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    Will It Ever End?

    In March 2002, when former Waste Management Inc. CFO James Koenig and five other former executives were sued by the Securities and Exchange Commission for their roles in the then-largest accounting scandal in U.S. history, Koenig called the allegations “baseless” and claimed the facts would clear...

    By Kate Plourd • Feb. 1, 2008
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    Stand By Me

    All eyes in the General Re case may be on the possibility of Warren Buffet testifying. But whether Elizabeth Monrad, the former CFO of the Berkshire Hathaway subsidiary, takes the witness stand is another issue entirely.The accounting-fraud case, which is currently being heard in a U.S. district ...

    By Kate Plourd • Feb. 1, 2008
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    Are We Strategic Yet?

    Talk about an expectations gap: When McKinsey & Co. set out to study what happens in the critical first months of a CFO’s tenure, they found that CFOs spend plenty of time on everything except the things that would seem to matter most. While the 164 CFOs surveyed by McKinsey say that the most...

    By Roy Harris • Feb. 1, 2008
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    CFOs on the Move: Week Ending February 1

    • Three executives at WellCare Health Plans, including CFO Paul Behrens, resigned from their positions three months after federal and state agencies conducted a search of the company’s Tampa, Florida, headquarters. WellCare will consider Behrens a non-executive employee through the end of Marc...

    By Eila Rana and Kate Plourd • Jan. 31, 2008
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    Rocky Markets Hit Pension Funds Hard

    It looks like Christina Wood knew what she was doing. The senior investment officer of the California Public Employees’ Retirement System (Calpers), America’s biggest pension fund, Wood announced this week that she would soon be leaving to become chief executive of a new hedge fund. With equity m...

    By Alan Rappeport • Jan. 30, 2008
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    Ex-SafeNet CFO Gets Six Months

    Carole Argo, the former CFO of SafeNet was sentenced to six months in prison and ordered to pay a $1 million fine in connection with her role in a scheme involving the backdating of employee stock option grants.Argo, who left her most recent post as president and chief operating officer of the Be...

    By Stephen Taub • Jan. 28, 2008
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    Top Execs Quit Un-WellCare

    The CFO and two other top executives of WellCare Health Plans abruptly resigned Friday evening, three months after federal and state agencies conducted a search of the company’s Tampa headquarters.WellCare, which provides managed-care services for Medicaid and Medicare plans, said it is cooperati...

    By Stephen Taub • Jan. 28, 2008
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    Tom Brady and Efficient Capital Markets

    When New England Patriots quarterback Tom Brady was spotted by paparazzi wearing a walking cast on his foot, a shock wave rumbled through Patriots nation. The frightful images also sent bookmakers scurrying to rework betting lines. A potential injury to the seemingly unstoppable New England quart...

    By Marie Leone • Jan. 25, 2008
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    The Road to CFO

    Corporate recruiters know better than anyone what it takes to reach the ultimate prize of a finance career: the CFO slot. But well before that final interview, they say, young finance professionals make a series of crucial career choices. And while taking the road less traveled may make for nice ...

    By Alan Rappeport • Jan. 24, 2008
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    Call Ended: Sprint Nextel CFO Is Out

    Sprint Nextel officials announced that chief financial officer Paul Saleh will be leaving the company as part of a larger shake-up of its senior management ranks. In addition, Tim Kelly, chief marketing officer, and Mark Angelino, president, sales and distribution will depart, effective January 2...

    By Stephen Taub • Jan. 24, 2008