Human Capital: Page 105

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    Health-Benefit Cost Hikes Hold Steady

    New evidence suggests that health-benefit costs may be stabilizing. A new report from Mercer Human Resource Consulting finds that cost increases have held steady this year and could actually slow in 2008.A Mercer survey of 3,000 employers revealed that health-benefit costs rose by 6.1 percent, or...

    By Alan Rappeport • Nov. 19, 2007
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    CFOs on the Move: Week ending November 16

    • John Rishton, the CFO of Dutch supermarkets group Ahold, has been confirmed as the company’s president and CEO. Rishton has been acting president and CEO since July 2007. Kimberly Ross, Ahold’s deputy CFO, has been appointed CFO. Both promotions are with immediate effect. • Giancarlo Guenzi has...

    By Eila Rana • Nov. 19, 2007
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    Pension Annuity Fund Hit for Setting Its Own Fees

    Union Labor Life Insurance Co. has agreed to pay $20 million in a settlement with the U.S. Department of Labor for allegedly setting its own compensation for managing a pension-fund account in violation of the Employee Retirement Income Security Act.At issue in the case was “Separate Account J” (...

    By Stephen Taub and David McCann • Nov. 16, 2007
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    CFO Takes Ahold of Food Giant

    Ahold CFO John Rishton, who has been acting chief executive since July, has been named officially to the top spot. Deputy chief financial officer Kimberly Ross has been promoted to fill his vacated slot and selected for the company’s corporate executive board.Rishton, a British national, has made...

    By Stephen Taub • Nov. 16, 2007
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    CFOs on the Move: Week Ending November 16

    • McDonald’s has promoted Peter Bensen from corporate controller to CFO, effective January 1. The 11-year company veteran will succeed Matthew Paull, who announced this summer that he would retire to teach undergraduates at a San Diego university. Paull had been with the fast-food chain for 14 y...

    By Sarah Johnson • Nov. 15, 2007
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    GMAC Shuffles Execs, Hires New CFO

    GMAC Financial Services has hired Bank of America executive Robert Hull as its new CFO, Sanjiv Khattri, who is moving to the newly created position of executive vice president of corporate development and strategy, effective Dec. 3.In addition to his new responsibility for strategic planning and...

    By Stephen Taub • Nov. 14, 2007
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    McDonald’s Controller Moving Up to CFO

    McDonald’s has promoted Peter Bensen to executive vice president and CFO, effective January 1. The 11-year company veteran, currently senior vice president and corporate controller, will succeed Matthew Paull, who this summer announced he would retire to pursue a college-teaching career. Paull i...

    By Stephen Taub • Nov. 13, 2007
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    TeleTech to Restate over Option Grants

    TeleTech said it will restate financials for 1999 through 2007, and possibly 2008, after reviewing its historical practices for granting stock options and other equity-based compensation. The company, which provides business process outsourcing services, said the restatement will delay the filing...

    By Stephen Taub • Nov. 12, 2007
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    JetBlue Hits Air Pocket after CFO Quits

    JetBlue Airways investors apparently were spooked when John Harvey resigned as CFO on Thursday. The next day, the airline’s stock price dropped 9 percent to an all-time-low $7.04, down about 80 percent from its high several years ago. Harvey left to pursue other professional interests, the compa...

    By Stephen Taub • Nov. 12, 2007
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    Lubrizol Restates over Messed-up Benefits Accounting

    Lubrizol Corp. has completed a restatement of financials for 2004 through 2006 to correct accounting errors for five post-employment benefit plans in three non-U.S. countries. The errors resulted in a $66 million understatement of benefit-plan liabilities for 2005 and 2006. The restatement decr...

    By Stephen Taub • Nov. 12, 2007
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    CFOs on the Move: Week ending November 9

    • Jean-Pascal Beaufret, CFO of Franco-American telecoms-equipment maker Alcatel-Lucent, is to leave the company as part of a major management reorganisation. He will be replaced by Hubert de Pesquidoux, head of the company’s Enterprise Group. Patricia Russo, CEO of Alcatel-Lucent, said Beaufret “...

    By Eila Rana • Nov. 12, 2007
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    The World Bank’s Vincenzo La Via

    “We are not a bank in the common sense,” reads the corporate brochure. That’s putting it mildly. The World Bank, established in 1944, is a sprawling lending institution, made up of two separate organisations and owned by 185 national governments. Under the World Bank umbrella, the International B...

    By Jason Karaian • Nov. 9, 2007
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    Intuit Hires Ex-CFO of Visa

    The company behind TurboTax has hired the former CFO of Visa USA as its new finance chief.R. Neil Williams will join Intuit, a software company, in January. He replaces Kiran Patel, who became general manager and senior vice president for the company’s consumer-tax business in June. Patel had bee...

    By Sarah Johnson • Nov. 9, 2007
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    CFOs on the Move: Week Ending November 9

    • Time Warner has named John Martin its new executive vice president and chief financial officer, effective January 1. He will move over from the company’s cable TV subsidiary, where he holds the same titles. Martin will succeed Wayne Pace, who is scheduled to retire by the end of the year. Mart...

    By Sarah Johnson • Nov. 8, 2007
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    You’re Out of a Job, Now What?

    Five years ago, Peter Iannone watched his chief financial officer job at Envenergy, a small Santa Barbara-area technology company, disappear in a merger. Knowing that the top finance spot would be offered to the CFO of the other company, Colorado-based Encorp, he began to plan for a new future.Bu...

    By Marie Leone • Nov. 7, 2007
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    Today’s Accounting Crop: The Kids Are Alright

    The generation gap between many CFOs and new accounting and finance pros often seems unbridgeable. On one side are executives in their late 30s to their 50s raised on notions of company loyalty. Many also have a deeply rooted sense of hierarchy dictating that underlings must keep a respectful dis...

    By David Katz • Nov. 6, 2007
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    Ex-Citi CFO Thomson Eyes Starting PE Fund

    Todd Thomson, the former Citigroup Inc. CFO and one-time chairman and CEO of its Global Wealth Management Division, says he may raise $1 billion to $2 billion in a new private equity fund geared to financial-services investing.According to a Reuters report, Thomson, whose current Headwaters Capit...

    By Stephen Taub • Nov. 6, 2007
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    Citigroup Slapped with 401(k) Suit

    Participants in Citigroup’s 401(k) plans are suing the company and others for sinking a large chunk of their money into the company’s stock and allegedly causing them to lose more than $1 billion.The complaint charges the company, former CEO Charles Prince, the plans’ administrative committee, a...

    By Stephen Taub • Nov. 6, 2007
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    MasterCard Woos Away Tyco Treasurer

    MasterCard has selected Tyco executive Martina Hund-Mejean as its new chief financial officer. She replaces Chris McWilton, who was named president of global accounts. Both moves are part of a management shake-up that began with COO Alan Heuer being appointed to the Office of the CEO, where he w...

    By Stephen Taub • Nov. 6, 2007
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    Time Warner Plugs in Martin as CFO

    Time Warner has named John Martin as its executive vice president and chief financial officer, effective January 1. He will move over from the company’s cable TV subsidiary, where he holds the same titles. Martin will succeed Wayne Pace, who is scheduled to retire at year-end.The change in finan...

    By Stephen Taub • Nov. 6, 2007
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    Exec Pay Blunder Trips up Outdoor Channel

    Outdoor Channel Holdings said it will restate its financials for the first two quarters of this year to correct the amortization period for some executive compensation costs. While the adjustments will materially impact those two financial statements, the full-year compensation expense is expecte...

    By Stephen Taub • Nov. 6, 2007
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    Placing a Premium on Talent

    Aviva, a UK’s largest insurer, surprised the markets earlier this year when Richard Harvey, its deal-making CEO for the past ten years, announced plans to leave the firm to work on development projects in Africa. Despite the turmoil this created, it was good news for finance director Andrew Moss...

    By Janet Kersnar • Nov. 5, 2007
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    H&R Block’s CFO Steps Down

    H&R Block CFO William Trubeck has relinquished his role after three years, effective immediately, the company announced. Treasurer Becky Shulman was named acting CFO. In a company press release, Trubeck said he’s proud of what his team accomplished during a “challenging period of time.” The c...

    By Sarah Johnson • Nov. 5, 2007
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    McDonald’s Linda Buckley

    McDonald’s European restaurants are changing. Out go the bright lights and the plastic yellow and red interiors synonymous with the $22 billion (€16 billion) US fast food chain. In come soft lighting, easy chairs, leather stools and art deco walls, all in earthy shades of chocolate brown, camel, ...

    By Eila Rana • Nov. 5, 2007
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    Doublespeak

    Hiring a CFO is a lot like looking for a place to live. A house described as “cozy” is often small, and a place with “character” is just rundown. By the same token, the reasons that executives leave their companies usually belie the “spend more time with family” or “personal reasons” boilerplate....

    By Laura Cameron • Nov. 5, 2007