Human Capital: Page 106

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    Making of a Mentor

    Even the best of us can use some coaching. In the CFO suite, that often comes from the finance expert serving on the company’s board of directors.With 17 years’ experience as a CFO, Earl Fry, finance chief of California-based Informatica, acts as mentor to his compatriots at the two companies on ...

    By CFO Editorial Staff • Nov. 5, 2007
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    Formula 401(k) for Education?

    Corporations have long enjoyed tax credits for reimbursing employees’ tuition expenses for education related to their current job. But now, with the skills needed in the workplace changing seemingly by the month, whether that’s sufficient is debatable.And so, for the first time, a corporation is ...

    By • Nov. 2, 2007
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    Verizon Adopts Say on Pay

    On Thursday Verizon Communications became the second company to announce a policy that gives shareholders a nonbinding, advisory vote on executive compensation, a measure widely called Say on Pay.The first to do so, last February, was insurance company Aflac. Both companies will begin the new po...

    By Stephen Taub • Nov. 2, 2007
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    More Signs of Employment Plunge

    Corporate layoffs continued to proliferate this week, but are they enough to make the unemployment rate surge? It depends on what data you look at.The Labor Department reported Thursday that the number of people who filed initial claims for unemployment benefits fell more than expected last week...

    By Stephen Taub • Nov. 1, 2007
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    CFOs on the Move: Week Ending November 2

    • RR Donnelley & Sons Co. has appointed four-year veteran Miles McHugh as executive vice president and CFO. The print services company made the announcement more than seven months after promoting McHugh’s predecessor, Thomas Quinlan, to CEO and president. McHugh has been RR Donnelley’s senio...

    By Sarah Johnson • Nov. 1, 2007
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    Former CFO Now Pilots AirTran

    AirTran Holdings Inc. named one-time company chief financial officer Robert L. Fornaro to be CEO. He succeeds Joe Leonard, who continues as chairman of the parent of AirTran Airways.Fornaro, who most recently was president and chief operating officer, joined the Orlando-based discount-fare airlin...

    By Stephen Taub • Nov. 1, 2007
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    Delta Air Lines’s Edward Bastian

    Delta Air Lines has encountered its fair share of turbulence this year. The nation’s third-largest carrier not only spent the first quarter of 2007 in Chapter 11, it also had to thwart a $9.5 billion hostile-takeover bid from US Airways Group Inc. and convince creditors and shareholders that its ...

    By Lori Calabro • Nov. 1, 2007
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    Managing Pension Liabilities: The Road Ahead

    There was a time when the journey toward a financially secure retirement ran straight and smooth, both for employers and employees. Companies offered generous pensions to nearly all workers, and most workers logged many years of experience with a single company, confident that when it was time to...

    By Russ Banham • Nov. 1, 2007
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    Farewell to a Finance Whiz

    The world of finance lost a legend this past October when former Ford Motor Co. CFO J. Edward Lundy died at the age of 92.Lundy was one of the 10 “Whiz Kids” who were credited with pulling the auto company out of a 15-year profit slump after World War II, according to the Automotive Hall of Fame....

    By Kate Plourd • Nov. 1, 2007
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    What Goes Around

    In his heyday, Bill Lerach was so ruthless a class-action lawyer that in Silicon Valley his name was synonymous with being sued. Now Lerach is being “Lerached” himself — to the great delight of much of the corporate community. That community will be less than thrilled with his sentence.In Septemb...

    By Kate Plourd • Nov. 1, 2007
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    See You at the Office

    Ten years ago, Sue Sachdeva became the first CFO ever quoted in CFO magazine on the subject of telecommuting. She offered a strong endorsement of the concept, in no small part because by telecommuting she was able to continue working for Milwaukee-based Koss Corp. even after she had relocated to ...

    By Karen M. Kroll • Nov. 1, 2007
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    The Essential Skills

    No one becomes a CFO without possessing the commensurate finance skills. No one thrives as a CFO, however, without having much more. As Scott Simmons, vice president of Crist Associates, a Chicago-based recruiter, puts it: “No company wants just a really good finance person anymore; they want som...

    By Alix Stuart • Nov. 1, 2007
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    Who’s Next?

    When Oren Shaffer retired from his post as CFO at Qwest Communications earlier this year, controller John Richardson became the new finance chief. Assistant controller Bill Johnston took Richardson’s old job, internal-audit head Pat Halbach became assistant controller, and director of financial r...

    By Kate O'Sullivan • Nov. 1, 2007
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    Stuck in a Rut

    Finance executives have long wanted to play a more strategic role in their companies, to serve as multifaceted business advisers instead of one-dimensional number-crunchers. Companies have invested in technology and offshore operations to handle many routine finance tasks. So why are finance depa...

    By Kate O'Sullivan • Nov. 1, 2007
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    NVIDIA Sheds SEC Options Probe

    The Securities and Exchange Commission has ended its probe into the stock-option practices of NVIDIA Corp. and taken no enforcement actions, the company reported. The Santa Clara, Calif.-based chipmaker was one of more than 200 companies that had disclosed federal, regulatory, or internal investi...

    By Stephen Taub • Oct. 31, 2007
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    Material Weakness: A Pain in the Bonus

    While the pay of chief executive officers may be based on bold metrics like their companies’ bottom lines, CFO compensation requires a more intricate calculus. For finance chiefs, the key factor these days is internal controls.A new study by Udi Hoitash, Rani Hoitash and Karla Johnstone, accounti...

    By Alan Rappeport • Oct. 30, 2007
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    PBGC Hikes Maximum Retiree Payout

    The Pension Benefit Guaranty Corporation has raised the maximum insurance benefit for participants in underfunded pension plans terminating in 2008 by about 4.5 percent. The new cap will be $51,750 per year for those who retire at age 65, up from $49,500 for plans ending in 2007.The amount is low...

    By Stephen Taub • Oct. 30, 2007
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    Merrill CFO Offered to Resign: Report

    As widely expected, Stan O’Neal is out as chairman and chief executive officer of Merrill Lynch & Co. The investment banking giant said O’Neal “decided to retire” from the company that he has served as CEO since December 2002, and joined 21 years ago.As a result, the board elected Alberto Cri...

    By Stephen Taub • Oct. 30, 2007
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    Today’s Accounting Crop: Spoiled Rotten?

    Enter the “millennium generation” of finance and accounting professionals. Born in 1982 and later, they’re high-maintenance types, requiring a great deal of hand-holding, mentoring, and immediate attention. Even after all that parental supervision, they can be incredibly fickle, choosing to stay ...

    By David Katz • Oct. 29, 2007
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    Internal Auditors Changing Gears

    While “Sarbanes-Oxley Act” may conjure negative thoughts about the initial confusion and burden the law wrought on finance departments, it created a positive turnabout for at least one profession. Applying their expertise and knowledge about their organizations during the first few years of Sarbo...

    By Sarah Johnson • Oct. 29, 2007
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    Hertz’s CFO Is Interim No More

    Hertz Global Holdings has removed the “interim” qualifier from Elyse Douglas’ title, 14 months after she temporarily replaced the retiring Paul Siracusa as CFO of the world’s leading car rental company. Douglas, who joined Hertz as staff vice president and treasurer in July 2006, has nearly 25 ...

    By Stephen Taub • Oct. 29, 2007
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    CFOs on the Move: Week ending October 26

    • Hans Vestberg has been appointed CFO of Ericsson, the Swedish telecoms company, following the dramatic departure of his predecessor, Karl-Henrik Sundström. Sundström resigned in the wake of an unexpected slump in third-quarter profits to SKr5.6 billion (€608m) from SKr8.8 billion the previous y...

    By Eila Rana • Oct. 29, 2007
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    California Overtime Suits Hit Two of Big Four

    As California goes, so goes the country. If that adage is accurate, Big Four accounting firms may be looking at a slew of class-action lawsuits questioning in-house overtime policies for white-collar workers. Two similar lawsuits are wending their way through the U.S. district court system in Cal...

    By Marie Leone • Oct. 26, 2007
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    “I Blew It”: Biggest Interview Errors

    The “outside” candidate for the CFO slot didn’t know what had hit him. Walking out of the interview, he could tell from the interviewer’s parting response that he’d blown it. But why? He’d been ever so careful, he said in talking the disaster over with an old friend, Chip Clothier, a managing par...

    By Marie Leone • Oct. 26, 2007
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    CFOs on the Move: Week Ending October 26

    • Kent Kleeberger has resigned as CFO of Dollar Tree Stores after three years to join another retailer, Chico’s. Controller Kathleen Mallas will take his place as principal financial and accounting officer until Dollar Tree finds a permanent CFO. She has been with the company for 10 years. Klee...

    By Sarah Johnson • Oct. 25, 2007