Human Capital: Page 107

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    State to Probe Non-Profit Pay Package

    Hefty compensation packages are not just irking the usual cast of shareholder activists. The Maryland Insurance Commissioner said he will hold a hearing to investigate the proposed payout for the former CEO of a not-for-profit insurance company.Ralph Tyler, who was appointed insurance commissione...

    By Stephen Taub • Oct. 25, 2007
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    Accountants Suing PwC for Overtime

    Former accounting employees are suing PricewaterhouseCoopers, alleging they were improperly denied overtime pay and other benefits when they worked for the firm.On Wednesday, two former unlicensed accounting associates of PwC filed a motion that seeks to certify a class of all associates and seni...

    By Stephen Taub • Oct. 24, 2007
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    Market-Based Option Valuation Gets OK

    Now that the Securities and Exchange Commission has decided that employee stock options can be valued with a market-based system, will there be a market for such a method? Despite the approval, some skeptics remain.Earlier this week the SEC gave final clearance for Zions Bancorp, a banking group,...

    By Alan Rappeport • Oct. 24, 2007
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    Rules Finalized for Automatic 401(k)s

    The Labor Department announced its final rules designed to make it easier for employers to automatically enroll workers in 401(k) and other defined-contribution plans. The rules, a result of last year’s Pension Protection Act, seek to clarify the kinds of default investments in which employers c...

    By Stephen Taub • Oct. 24, 2007
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    Top Execs Out at Recent High-Flier

    The CFO and CEO of Isilon Systems, whose stock was a Wall Street darling earlier this year, have left the company, which has had several disappointing quarters recently and seen its stock price plummet. Taking over for the former CFO, Stu Fuhlendorf, is controller Bill Richter, who will head up ...

    By Stephen Taub • Oct. 24, 2007
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    Job Cuts Spread Beyond Financial Services

    Conjuring up memories of late 2000, when a sudden wave of job cuts turned out to be an early warning shot of the long recession that began early the next year, the past week has brought news of widespread layoffs cutting across numerous industries. Companies trimming their work forces include t...

    By Stephen Taub • Oct. 23, 2007
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    Finance Starting Pay Is Due for a Jump

    Thank you, Sarbanes-Oxley.Starting salaries for accounting and finance professionals are expected to jump 4.3 percent next year, according to the annual Salary Guide survey by Robert Half International. Last year, the survey projected salaries climbing 3.8 percent — an increase that Half says was...

    By Stephen Taub • Oct. 22, 2007
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    Wellness May Get Better

    Although the concept may be amorphous, “wellness” programs may get avery tangible boost from Congress. Senators Tom Harkin (D–Iowa) andGordon Smith (R–Oreg.)are cosponsoring a bill that would provide tax credits of up to $200 peremployee for companies that establish programs to help employees sto...

    By Laura DeMars • Oct. 19, 2007
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    Torre’s Pay Offer Is a Hit with CFOs

    The New York Yankees struck out with Joe Torre, the manager who led the baseball club for the past 12 years until Thursday, when he nixed a new contract offer. There is a raging debate about Torre’s fate in New York, but whichever side fans and critics come down on, one thing is clear: the pay pa...

    By Marie Leone • Oct. 19, 2007
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    Nestle CFO Coming to the Americas

    Global food giant Nestle SA announced on Thursday that its chief financial officer, Paul Polman, will head the company’s Zone Americas business unit beginning in February 2008. Polman will replace Paul Bulcke, who was appointed chief executive of the Switzerland-based company last month.Polman wi...

    By Marie Leone • Oct. 19, 2007
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    CFOs on the Move: Week Ending October 19

    • UPS has promoted five-year CFO veteran Scott Davis as its new CEO. He will succeed Mike Eskew as chairman and chief executive when Eskew steps down at the end of this year. Kurt Kuehn, senior vice president of global sales and marketing, will fill Davis’ spot. He has been with the company for...

    By Sarah Johnson • Oct. 18, 2007
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    Intel CFO Promoted to Operations Chief

    Longtime Intel finance chief Andy Bryant is moving up to a newly created position, chief administrative officer. His replacement is Stacy Smith, who had been assistant CFO. Smith will continue to report to Bryant. A 19-year company veteran, Smith played a key role in managing the company’s financ...

    By • Oct. 17, 2007
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    Succession Planning: When Rotations Fail

    CFOs often cite rotations, in which top employees are moved into challenging new jobs, as a key part of their succession planning. Designed to let possible successors test their abilities while learning about a different part of the organization and acquiring new skills, rotations can give manage...

    By Kate O'Sullivan • Oct. 16, 2007
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    Losses Mount: Is the CFO the Problem?

    There’s no question that Level 3 Communications Inc. is having a tough time financially. But its answer — dismissing CFO Sunit Patel and hiring a firm to find someone with more “operational and financial management” skills — is causing some skepticism on Wall Street about whether that’s the right...

    By Roy Harris • Oct. 16, 2007
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    What Did Brown Do for Scott Davis? Made Him CEO

    United Parcel Service Inc. chose its long-time CFO, vice chairman Scott Davis, to succeed Mike Eskew as chairman and CEO when Eskew steps down at the end of 2007.Replacing Davis as CFO is Kurt Kuehn, senior vice president of global sales and marketing, and a member of the UPS Management Committee...

    By Roy Harris • Oct. 15, 2007
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    CEOs Don’t Earn Their Pay, Execs Agree

    Criticism of executive pay continues to rise and has begun to emanate from an unexpected place: the C-suite itself. A survey released Monday by the National Association of Corporate Directors finds that even most corporate leaders feel chief executives fail to earn their keep.The NACD polled 791 ...

    By Alan Rappeport • Oct. 15, 2007
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    KV Takes Medicine for Option Goof

    KV Pharmaceutical says it will restate its financials for the fiscal years 1996 through 2006 after determining that it improperly dated stock-option grants. The company says it will record additional noncash, stock-based compensation expense of about $12 million. The restatement also will include...

    By Stephen Taub • Oct. 12, 2007
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    Third Rails for Résumé Writing

    After offering an assortment of positive suggestions for writing résumés — about keeping résumés short, clear, and well designed, and letting them display problem-solving prowess, progression in finance, and candidate well-roundedness — recruiters were eager to follow up with warnings. Some of th...

    By Marie Leone and Roy Harris • Oct. 12, 2007
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    Getting a Résumé Right

    One might think that asking the opinion of a half-dozen executive recruiters on an issue might get you a dozen answers — or more. But in their day-in-day-out experience dealing with résumés and deciding which executives to represent, there’s surprising unanimity. Indeed, they seem to agree that t...

    By Marie Leone and Roy Harris • Oct. 11, 2007
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    CFOs on the Move: Week Ending October 12

    • American Express has tapped Daniel Henry as CFO after serving nearly a year as the acting finance chief. He took on the temporary title after Citigroup hired his predecessor, Gary Crittenden, as its new CFO. Henry will be responsible for leading the company’s finance organization and represent...

    By Sarah Johnson • Oct. 11, 2007
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    Getting “Fit” for Your Next CFO Job

    Boston-based recruiter Walter Williams, a partner with Battalia Winston International, the New York executive search firm, has specialized in financial recruiting for half of his 20-year career in executive search. He has been with Battalia since 2002. He spoke recently with CFO senior writer Kat...

    By Kate O'Sullivan • Oct. 11, 2007
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    So, What if You’re Hit by a Bus?

    With a steady stream of deadlines bearing down on them, CFOs rarely have time to think about the critical question of who should fill their shoes when they leave the job. Succession planning can also raise difficult personal questions that many executives would rather ignore.Indeed, most do ignor...

    By Kate O'Sullivan • Oct. 10, 2007
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    Sprint Names CFO Acting CEO

    Sprint Nextel has tapped chief financial officer Paul Saleh as its acting CEO until a permanent replacement is found for Gary Forsee, who on Monday resigned as chairman, president, and chief executive officer, effective immediately. James Hance, a member of the company’s board of directors, assu...

    By Stephen Taub • Oct. 9, 2007
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    VEBA Helps AK Steel Resolve Retiree Spat

    AK Steel said it will create a Voluntary Employees’ Beneficiary Association as part of a settlement with a group of retirees who protested the company’s 2006 initiatives to reduce its retiree health-care costs. Under the agreement, AK Steel will transfer all of its health-care obligations for the...

    By Stephen Taub • Oct. 9, 2007
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    Henry Takes Full Charge as Amex CFO

    American Express appointed Daniel T. Henry as chief financial officer. He had been serving as acting CFO since February, when Citigroup lured away Gary Crittenden to be its new CFO.Henry will be responsible for leading the company’s finance organization and representing American Express to invest...

    By Stephen Taub • Oct. 9, 2007