Human Capital: Page 101

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    Unhappy Trifecta for Office Depot

    In separate communications on Tuesday, Office Depot first announced that CFO Patricia McKay will leave the company on March 1, and then filed its 2007 annual report in which it revealed that the Securities and Exchange Commission is conducting a formal securities-fraud investigation of the compa...

    By Alan Rappeport • Feb. 26, 2008
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    NYC Pensions to Companies: Reveal Political Payouts

    Acting on behalf of New York City’s Pension Funds, William C. Thompson, Jr., the city’s comptroller, is asking ten of America’s biggest companies to disclose their political contributions in a report submitted to their audit committees.Thompson submitted the resolution to: Halliburton Corp.; Duke...

    By David Katz • Feb. 25, 2008
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    Sovereign CFO Agrees to Leave Amid Subprime Woes

    A month after Sovereign Bancorp Inc. took at $1.6 billion pre-tax hit blamed on market instability related to the subprime mortgage mess, the company has announced it is replacing its CFO, Mark McCollom. Sovereign said that McCollom’s departure was “without cause,” but that he and the company wer...

    By Kate Plourd • Feb. 22, 2008
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    CFOs on the Move: Week Ending February 22

    • Bruce Nolop, who served eight years as CFO of Pitney Bowes, has left his position as the company reorganizes it senior management. Nolop will be replaced by Michael Monahan, who recently served as executive vice president and president of PB’s Mailstream Solutions and Services Americas. Nolop ...

    By Kate Plourd and Laura Cameron • Feb. 21, 2008
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    Operations Exec Replaces Pitney Bowes CFO

    Bruce Nolop, who has been finance chief at Pitney Bowes for eight years, will depart on March 1, amid a senior management shake-up at the mail technology company. He is leaving to “pursue a senior executive position outside of the company,” according to a recent announcement from Pitney Bowes. T...

    By Kate Plourd • Feb. 21, 2008
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    Big Company, Big Benefits

    As the Democratic presidential candidates prepare to spar Thursday night over healthcare, the U.S. Chamber of Commerce today released its annual study of employee benefits, showing that once again healthcare is by far the most expensive benefit companies offer. As a percentage of payroll, payment...

    By Tim Reason • Feb. 20, 2008
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    Justices’ ERISA Ruling Puts Firms on Spot

    The U.S. Supreme Court has given an employee the right to sue his former company for not properly administering his 401(k) account.The justices’ unanimous ruling on Wednesday, stoking the fears of many employers, seems sure to broaden the reach of the Employee Retirement Income Security Act (ERIS...

    By Sarah Johnson • Feb. 20, 2008
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    Exec Pay Outpaces Corporate Revenue, Study Says

    The 20.5 percent growth of compensation packages for the highest ranking corporate executive at U.S. public companies sharply exceeded the 2.8-percent rise in corporate revenues, according to research from a salary data provider. The research said that, in contrast, over the past 11 years revenue...

    By Sarah Johnson • Feb. 19, 2008
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    Gone Sailing: FPL Group’s CFO Changes Tack

    Answering the siren call of the sea, Moray Dewhurst will be departing as CFO of FPL Group for an “extended ocean sailing venture” with his family, according to the company.“We are all sorry that Moray has decided to leave but we understand his longstanding personal interest in sailing,” said Lew ...

    By Alan Rappeport • Feb. 19, 2008
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    Amid Restatement, Diebold’s CFO Loses Bonuses

    Kevin Krakora, CFO of Diebold Inc., won’t be collecting the bonus compensation that he once expected. The finance chief, who is currently working on restating company results and revising its revenue recognition policy, did not receive his 2007 cash bonus. He will not earn stock awards under Dieb...

    By Sarah Johnson • Feb. 19, 2008
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    GAO’s Walker Walks

    David Walker, comptroller general of the U.S. Government Accountability Office, is leaving the agency after nearly a decade to work in the private sector.Walker will end his tenure without ever having been able to give an audit opinion on the federal government’s financial results. Last December ...

    By Sarah Johnson • Feb. 15, 2008
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    CFOs on the Move: Week Ending February 15

    • After 11 years with Cisco Systems, CFO and executive vice president Dennis Powell will retire, effective February 15. Powell, who served as CFO of the San Jose, Calif.-based company, will be succeeded by current senior vice president of customer solutions finance Frank Calderoni. • Dollar Thri...

    By Eila Rana and Kate Plourd • Feb. 14, 2008
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    GM’s New Sales Pitch: Buy Our Buyout

    General Motors plans to offer buyouts to all of its 74,000 union employees.The pact was announced on the same day that it reported a $38.7-billion loss for 2007, the largest annual loss ever for an automotive company, according to the Associated Press.The deal hammered out with the United Auto Wo...

    By Stephen Taub • Feb. 12, 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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    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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    TNT’s Henk van Dalen

    Henk van Dalen has been busy on the M&A front. The CFO of TNT, a €10 billion Dutch logistics company, has overseen the acquisitions of ARC India—one of the countries major road express companies—in 2006 as well Brazil’s Mercúrio of Brazil and Hoau of China in 2007. These deals are part of TNT...

    By Eila Rana • Feb. 7, 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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    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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    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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    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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    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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    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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    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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    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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    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