Human Capital: Page 104

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    CFO Moves Up at Halliburton

    Halliburton CFO Christopher Gaut has been named president of the company’s drilling and evaluation division as part of a management shake-up. Chief accounting officer Mark McCollum was promoted to Gaut’s old post. Tim Probert was promoted from senior vice president of the drilling and evaluati...

    By Stephen Taub • Dec. 7, 2007
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    SEC Clears Rambus, but Damage Is Done

    Rambus Inc. is the latest company to announce that the Securities and Exchange Commission has terminated an informal investigation into its stock-option practices without recommending any enforcement action. The announcement, however, did not come until a lot of damage was already done. In July ...

    By Stephen Taub • Dec. 6, 2007
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    CFOs on the Move: Week Ending December 7

    • Merrill Lynch has named Nelson Chai executive vice president and chief financial officer to replace Jeffrey Edwards, who has been the finance chief for two years. Chai has been executive vice president and CFO of NYSE Euronext and its predecessor company, NYSE Group Inc., for nearly a year and...

    By Sarah Johnson • Dec. 6, 2007
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    House Committee Probes Executive-Pay Consultants

    Highly paid executives may have hoped that many of the issues concerning the scrutiny of their compensation packages were settled when the Securities and Exchange Commission implemented new disclosure rules last year. But even in the waning days of its first session, the 110th Congress keeps revi...

    By Sarah Johnson • Dec. 5, 2007
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    Trigger Happy: The Bar Rises for Change-in-Control Benefits

    Companies are responding to shareholder concerns about executives earning undue benefits that take effect after mergers and acquisitions, according to Mercer, the consultancy. Many are now raising the criteria executives must meet to qualify for the controversial “change-in-control” benefits.Such...

    By Alan Rappeport • Dec. 3, 2007
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    CFOs on the Move: Week ending November 30

    • Rob Frohn, CFO of Dutch chemicals company Akzo Nobel, will step down from his role after the £8 billion acquisition of UK rival ICI is completed early next year. In May 2008 he will become head of Akzo Nobel’s chemicals units—a move that will allow him to “fulfil his ambition of returning to a...

    By Eila Rana • Dec. 3, 2007
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    Countrywide Suit in a NY State of Mind

    New York State Comptroller Thomas DiNapoli and New York City Comptroller William Thompson were named the lead plaintiffs in a class-action lawsuit against Countrywide Financial, the largest U.S. mortgage lender. The comptrollers have chosen the law firm Labaton Sucharow LLP to represent the plai...

    By Stephen Taub • Dec. 3, 2007
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    Wharton’s CFO Course Evolves with the Times

    When the University of Pennsylvania’s Wharton School wanted to design the first class specifically targeting the CFO role five years ago, it turned to its own executive-education students for ideas. The result was “The CFO: Becoming a Strategic Partner,” now a twice-a-year staple on Wharton’s ope...

    By Roy Harris • Dec. 3, 2007
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    The New Mix

    Mark Anderson is in the middle of overhauling his company’s 401(k) plan. Anderson is the finance chief of Granite City Electric Supply Co., a Quincy, Massachusetts-based distributor with about 180 employees. The project began because he and the company’s investment committee wanted better service...

    By Kate O'Sullivan • Dec. 1, 2007
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    Hitting the Books, with Some Help

    Tuition reimbursement has been a common corporate perk for years, but IBM is proposing a new twist: a 401(k)-type program in which employees could contribute to an interest-bearing education account supplemented by company-paid matches. Unlike standard tuition-reimbursement plans, the funds in su...

    By • Dec. 1, 2007
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    VEBA la Différence?

    Voluntary employee beneficiary associations, or VEBAs, have existed in some form since 1928, but only recently have companies begun to shift not just a portion of their health-benefits expense but the entire obligation to trusts administered by unions. The appeal for a company is clear: It negoti...

    By Avital Louria Hahn • Dec. 1, 2007
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    Thank You, and Good Night!

    When Sandra Wijnberg decided to resign as chief financial officer at Marsh & McLennan Cos. in 2005, she had one overriding objective: “I wanted to make sure I didn’t create another crisis,” she remembers.At the time, the venerable New York insurance brokerage firm was particularly battle-scar...

    By Kate Plourd • Dec. 1, 2007
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    Homeland Security’s Tom Ridge

    As the first secretary of Homeland Security, Tom Ridge instituted tough new border controls and airport-security measures, and executed the famous color-coded alert system. Now the former governor of Pennsylvania has formed his own consulting firm, Ridge Global LLC, specializing in security and e...

    By Lori Calabro • Dec. 1, 2007
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    Most Valuable Promotion

    The “Monster Deal” that Jordan’s Furniture concocted last spring would likely have any CFO biting his nails. The Massachusetts-based furniture retailer promised full rebates on any sofa, dining table, bed, or mattress bought between March 7 and April 16, if the Red Sox won the World Series. Guess...

    By Kate Plourd • Dec. 1, 2007
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    The Downside of Risk

    Last July, Merrill Lynch CFO Jeff Edwards told investors that the investment bank’s exposure to the subprime mess was “limited, contained, and appropriately marked.” But the more than $8 billion in third-quarter subprime write-offs the bank took showed that Edwards was a bit off the mark. The que...

    By Kate Plourd • Dec. 1, 2007
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    CFOs on the Move: Week Ending November 30

    • Delta Air Lines announced that new company president Ed Bastian will retain his duties as chief financial officer, according to the Associated Press. Bastian was the key executive involved in ushering the airline through Chapter 11 bankruptcy. He was appointed president on September 1, when Ri...

    By Sarah Johnson • Nov. 29, 2007
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    Taking Flight: GOL’s Richard Lark

    These are heady times for Richard Lark, CFO of Brazil’s GOL Linhas Aereas Inteligentes S.A., which is shaping up as the airline equivalent of The Little Engine That Could. A former investment banker, Lark, 41, is presiding over the company’s transformation from a local, low-cost carrier into an i...

    By Marie Leone • Nov. 29, 2007
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    Option Cases: Two More Down, One Stays Up

    The Securities and Exchange Commission has closed two more stock-option investigations without taking any action, but it moved closer to bringing charges in another case. Computer Sciences and Sepracor Inc. both announced that they received notices from the SEC that probes into their historical o...

    By Stephen Taub • Nov. 27, 2007
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    RIM Insiders Automate Sales of Company Stock

    Insiders at Research In Motion are the latest to adopt an automatic stock-selling program.Officially known as Rule 10b5-1 plans in the United States, they allow insiders to sell, donate, or transfer shares at pre-set prices, dates, and amounts, regardless of whether they are in possession of mat...

    By Stephen Taub • Nov. 26, 2007
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    CFOs on the Move: Week ending November 23

    • Jesper Ovesen—the finance chief widely credited with helping to turn around Lego, the Danish toy maker—is to become CFO of TDC, the Danish telecoms company, in January. Ovesen, who was at Lego between 2003 and 2006, is currently CEO of Kirkbi, an investment company. He replaces Hans Munk Nielse...

    By Eila Rana • Nov. 23, 2007
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    Will a New CFO Fix Children’s Place?

    Troubled retailer Children’s Place has hired a new finance executive to update its books.The company has appointed former American Standard Cos. executive Richard Paradise as its new senior vice president of finance, promising him the CFO post when its delinquent financial reports are filed with ...

    By Sarah Johnson • Nov. 21, 2007
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    To Tell the Truth

    The shock of the five-year-old Kenneth Lonchar résumé scandal reverberated again a few months ago, when the once-celebrated former Veritas Software CFO and four other ex-executives were charged with filing false financial statements for Veritas — the Latin word, of course, for truth.In that more-...

    By Roy Harris • Nov. 21, 2007
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    CFOs on the Move: Week Ending November 23

    • H&R Block has hired Alan Bennett, the former CFO of Aetna, as its interim CEO. He retired from Aetna earlier this year after six years as CFO and time served as controller and head of internal audit. He is currently the audit committee chairman of Halliburton Co. and a director of The TJX ...

    By Sarah Johnson • Nov. 21, 2007
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    Deutsche Telekom to Shrink Accounting Staff

    Deutsche Telekom plans to eliminate 400 finance jobs, according to reports of a story in the German-language newspaper Financial Times Deutschland.The move, which would reduce the accounting department’s size by a third, reportedly is the result of a major loss of fixed-line customers for the Ger...

    By Stephen Taub • Nov. 20, 2007
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    Ex-Aetna CFO is New CEO on the Block

    The former CFO of Aetna, Alan Bennett, has come out of retirement to head up H&R Block as interim CEO. He retired from Aetna earlier this year. Richard Breeden, a former Securities and Exchange Commission chairman who recently led a successful proxy fight with H&R Block, was elected chai...

    By Stephen Taub • Nov. 20, 2007