Human Capital: Page 102

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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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    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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    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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    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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    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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    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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    Companies in Denial on Pay-Disclosure Rules?

    Many companies have no plans this year to disclose performance goals that determine the compensation of top executives, despite increasing pressure from the Securities and Exchange Commission to do so.In survey results released Thursday by Watson Wyatt, a corporate compensation and human resourc...

    By • Jan. 24, 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
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    CFOs on the Move: Week Ending January 25

    • Gap promoted its interim CFO Sabrina Simmonsto the finance chief position permanently. Simmons was formerly vice president and treasurer of the clothing retailer. She replaces the position left empty last August when CFO Byron Pollitt stepped down. • As part of a management shake-up, Sprint N...

    By Kate Plourd • Jan. 24, 2008
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    Did the CFO Find No Balm in Gilead?

    Gilead Sciences Inc. said that Caroline Dorsa has resigned as Chief Financial Officer after just two months on the job.The biopharmaceutical company said she is leaving “to pursue another opportunity,” and gave no further details. Last week, the company announced that it plans to release its four...

    By Stephen Taub • Jan. 21, 2008
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    What You Don’t Know about Headhunters: 10 Tips

    At long last, you have made the tough decision: it’s time for a new job. Or maybe someone else decided that for you. Whatever the motivation — new owner, new boss, company going bankrupt, getting fired after a restatement — the first thing to do is find some executive recruiters. Right?At this po...

    By • Jan. 18, 2008
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    Gap Fills CFO Spot

    International clothing retailer Gap Inc. has announced its current executive vice president of corporate finance and acting chief financial officer will take over the CFO spot permanently. Sabrina Simmons, 44, will assume the position vacated by former CFO Byron Pollitt who left Gap late last sum...

    By Kate Plourd • Jan. 17, 2008
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    MBA “Games” Lead to Real-World Investing Success

    In the 1960s, as a professor at Queen’s University in Kingston, Ontario, Dave Wilson made his students create hypothetical portfolios, buying and selling stocks — without money — to develop their institutional investing skills. These days, Wilson is eagerly encouraging a popular movement in busin...

    By Alan Rappeport • Jan. 17, 2008
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    CFOs on the Move: Week Ending January 18

    • Anthony Noto, who previously led Goldman Sachs’ communications, media, and entertainment research group, is joining the NFL as its new finance chief. Noto was an academic all-American linebacker at the U.S. Military Academy and later an Army Ranger. He will report to the league’s commissioner R...

    By Kate Plourd • Jan. 17, 2008
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    Five Years of Paychecks, Not One Day of Work

    An Illinois man was arrested Wednesday for allegedly receiving $469,000 from a New Jersey company he never worked for.According to press reports, Anthony Armatys of Palatine, Illinois was charged with theft for allegedly receiving electronic payroll bank deposits from Avaya Inc.The telecommunicat...

    By Stephen Taub • Jan. 17, 2008
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    NFL Taps Goldman Partner as CFO

    A Goldman Sachs analyst and partner has been tapped as the new CFO of the National Football League. Anthony Noto, who runs the communications, media and entertainment team at the investment banking firm, will fill a role that has been vacant for five years, Bloomberg reported. Starting Feb. 24 he...

    By Stephen Taub • Jan. 16, 2008
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    New Job Cuts Heighten Recession Fears

    By now it’s not much of a surprise when banking organizations, still reeling from the subprime mortgage fiasco, announce layoffs, as Citigroup did Tuesday. But while that company’s latest round of job cuts was a big one — 4,200 employees, on top of the 17,000 made last spring — players in a vari...

    By Stephen Taub • Jan. 15, 2008
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    Companies Sharpen the Ax for Workers

    As several economic indicators weakened last year, one critical measure mostly held firm: employment. But now even that is faltering.The Labor Department has reported that the unemployment rate surged to 5 percent in December from 4.7 percent the previous month, and that government and private em...

    By Stephen Taub • Jan. 11, 2008