Human Capital: Page 103

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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
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    Not-for-Profit Accounting Goes to School

    The key to success for universities in offering finance courses is to specialize in areas of demand — especially regional demand. In its latest course offerings, New York University’s School of Continuing & Professional Studies has identified not-for-profit accounting and governmental reporti...

    By Roy Harris • Jan. 10, 2008
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    CFOs on the Move: Week Ending January 11

    • Former General Motors CFO John Devine will reportedly become chairman of Dana Corp., which is expected to emerge from bankruptcy this month, two years after filing for Chapter 11. According to the Wall Street Journal, Devine is one of several individuals with automotive company experience slate...

    By Sarah Johnson • Jan. 10, 2008
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    Finance Exec Jumps to Rival Firm as CEO

    Energy Future Holdings has tapped a top finance executive at a rival company to be its first CEO.John Young, executive vice president of finance and markets at Exelon, will head up EFH, the energy holding company formerly known as TXU Corp. before its acquisition last October by Kohlberg Kravis ...

    By Stephen Taub • Jan. 9, 2008
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    Executive Musical Chairs at IDT

    IDT Corp.’s CFO is leaving that role to become chief operating officer. His replacement as finance chief? It’s the COO. Stephen Brown, who was head of operations only since October, is switching roles with Marc Oppenheimer, who will now focus on the telecom company’s expanding activities in the ...

    By Stephen Taub • Jan. 7, 2008
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    Pension Pact Costs UPS Debt Rating

    Moody’s Investors Service recently downgraded the long-term ratings of United Parcel Service Inc. debt, citing the package-delivery company’s recent agreement to withdraw from the Central States multi-employer pension plan (MEPP). The credit-rating company cut UPS’s senior unsecured debt to Aa2 f...

    By Stephen Taub • Jan. 4, 2008
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    A Call for Tougher SEC Action on Comp

    In its initial studies of the compensation-disclosure rules implemented by the Securities and Exchange Commission last year, the CFA Institute’s Centre for Financial Market Integrity was one of many parties that had some tough questions. After analyzing how companies applied the new rules during ...

    By Roy Harris • Jan. 4, 2008
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    CFOs on the Move: Week Ending January 4

    • Salary.com has appointed Chris Power as CFO, succeeding Ken Goldman. Power joins the firm from Monster Worldwide, where he had been the CFO of global operations for two years. He also held other CFO titles at Monster, which he joined in 2002. In addition, he has held finance roles at Nortel Net...

    By Sarah Johnson • Jan. 3, 2008
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    For CFOs, Rocky Beginnings

    Many CFOs, it seems, get off on the wrong foot when they join a company.In a new survey from the consultants at McKinsey, most chief financial officers report spending more time in their first 100 days on nitty gritty financial matters like financial planning, budgeting, and analysis; management ...

    By Stephen Taub • Jan. 2, 2008
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    And Not a Moment Too Soon

    Even as one new survey finds business ethics slipping to pre-Enron levels and another suggests that America’s teens are a little too willing to bend the rules in order to get ahead, a Big Four auditing firm has come forward with a teaching aid that aims to turn today’s college students into tomor...

    By • Jan. 1, 2008
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    Conference Confidential

    All Hollywood may clamor for tickets to the hottest Oscar soirees, but CFOs yearn for entrée into a different sort of party: the broker conference. “Conferences are an efficient way to talk to investors,” says Mark W. Joslin, CFO of Pool Corp., a Covington, Louisiana-based swimming-pool and irrig...

    By Lori Calabro • Jan. 1, 2008
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    Koch Industries’s Steve Feilmeier

    As executive vice president and CFO of Koch Industries Inc., the largest privatecompany in the United States, Steve Feilmeier enjoys certain benefits. “We don’t worry about our earnings,” says the former PepsiCo executive. “We care deeply what our earnings are, but unlike a public company that re...

    By Lori Calabro • Jan. 1, 2008
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    A Loss Worth Reporting

    Feel free to call Mark Ticknor a big loser. He won’t mind.The 54-year-old CFO of Wesley Willows Corp., a Rockford, Illinois-based adult-care community, dropped 12 pounds after joining a companywide weight-loss program nine months ago. More than half of the company’s 260 employees signed on with t...

    By Kate Plourd • Jan. 1, 2008
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    Refusing to Roll Over

    The Securities and Exchange Commission has been gaining ground with its backdating cases, with the December $468 million settlement from UnitedHealth Group Inc. ex-CEO William McGuire setting a new record. But one target — Carl W. Jasper, ex-CFO of semiconductor maker Maxim Integrated Products — ...

    By Alix Stuart • Jan. 1, 2008
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    CFOs on the Move: Week Ending December 28

    • Siemens, the German engineering giant currently under investigation by authorities for numerous bribery scandals, has appointed Ralf Thomas CFO of its Industry sector. Thomas is second choice for the role, which was originally offered to Hannes Apitzsch but later revoked after it emerged that A...

    By Eila Rana • Dec. 28, 2007
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    New Year’s Resolution: Lower Health-Care Costs

    A new federal rule affirms how companies can keep their post-retirement health-care costs down.Employers that provide health benefits to retirees can coordinate those benefits with Medicare without violating the Age Discrimination in Employment Act (ADEA) under a finalized rule from the Equal Emp...

    By Stephen Taub • Dec. 27, 2007
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    CFOs on the Move: Week Ending December 28

    • Coca-Cola Bottling Co. Consolidated has hired one of its directors, James Harris, as senior vice president and CFO, effective January 25. He succeeds Steven Westphal, who has been the CFO since 2005 and will become executive vice president of operations and systems. Harris joins the bottler fro...

    By Sarah Johnson • Dec. 27, 2007
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    Circuit City Grants Pay to Stay

    Circuit City Stores announced sweeping incentive awards for top executives in an effort to stem a tide of departures at the struggling consumer-electronics retailer. Each executive vice president will receive a $1 million cash retention award, while senior vice presidents will get $600,000. The ...

    By Stephen Taub • Dec. 20, 2007
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    CFOs on the Move: Week Ending December 21

    • Time Warner Cable Inc. has promoted Arthur Minson from senior vice president of finance to executive vice president and deputy CFO. He joined the company nearly two years ago from AOL, where he was senior vice president of corporate finance and development. He has also worked at Rainbow Media H...

    By Sarah Johnson • Dec. 20, 2007
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    The Storm over a Corporate Pay Study

    Like a lightning rod during a Maine thunderstorm, The Corporate Library has a way of drawing charges — from critics in whatever industry it is studying at the time. And sometimes, from outsiders as well; CFO.com, for example, raised questions a year ago about flaws in TCL’s report on stock-option...

    By Roy Harris • Dec. 20, 2007
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    HR Exec Nailed for AP Fraud

    Three people were criminally charged for scheming to defraud American International Group with phony invoices from recruiting firms. One of the three, John Falcetta, formerly was vice president of human resources for AIG’s life insurance division from September 2005 to August 2007. The others ar...

    By Stephen Taub • Dec. 19, 2007
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    Best of 2007: Careers

    Managing a finance career, from the entry-level years working for the CFO to success as a finance chief at the company of one’s choice, is much easier to do when you can follow sage advice. And sometimes the best lessons are learned from studying examples of what can go wrong.At CFO.com, examinat...

    By CFO Editorial Staff • Dec. 19, 2007
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    When Turnover Turns Toxic

    When key employees in critical roles begin to leave a company, the consequences can be devastating. And action has to be taken fast to find out why it’s happening and how to stop it. But might there be a way to prevent it in the first place?According to one recent report, prevention starts with i...

    By Roy Harris • Dec. 18, 2007
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    Oxy CFO Chazen Adds President Title

    Stephen Chazen, the CFO of Occidental Petroleum, has taken on an additional title: president.In addition to finance, Chazen already was responsible for the company’s overall strategy, corporate development, oil and gas marketing, and chemicals. Now he will also be in charge of oil and gas explora...

    By Stephen Taub • Dec. 14, 2007
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    How to Lose a Job Without Even Starting

    In a somewhat bizarre turn of events, Siemens says it has revoked the appointment of Hannes Apitzsch as CFO of the company’s industry sector following a corruption investigation.The German electronics giant made the decision after examining investigation records of the Nuremberg public prosecutor...

    By Stephen Taub • Dec. 14, 2007