Human Capital: Page 108

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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
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    Exiting Bear Stearns Whiz to Take $8 Billion

    Star money manager Jim O’Shaughnessy, who recently left Bear Stearns to launch his own firm, is taking with him about $8 billion of the $44 billion managed by the company’s asset management devision, Reuters reported. However, Jeff Lane, the new president of Bear Stearns Asset Management, said i...

    By Stephen Taub • Oct. 4, 2007
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    CFOs on the Move: Week Ending October 5

    • Lear Corp. has appointed its chief accounting officer, Matthew Simoncini, as CFO. As CAO, he was senior vice president of global finance and responsible for the automotive supplier’s worldwide operational finance and accounting. Simoncini previously served as Lear’s CFO for its Europe, Asia, a...

    By Sarah Johnson • Oct. 4, 2007
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    Aon Taps Microsoft Exec for CFO Post

    Aon Corp. named Christa Davies executive vice president, global finance, effective next March. She will replace David Bolger, who announced in May that he is heading to the Chicago Olympic Committee to become its chief operations officer.At Microsoft, Davies was CFO of the Platform and Services ...

    By Stephen Taub • Oct. 3, 2007
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    Quest CFO Hightails It Before Restatement

    Quest Software CFO Michael Lambert has resigned, leaving the company without a finance chief as it works through correcting how it accounted for stock options granted earlier this decade. Lambert told the database software management company about his plans a week after it had released its latest...

    By Sarah Johnson • Oct. 3, 2007
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    After BONY Merger, Mellon Departures

    The $16.5 billion merger that formed Bank of New York Mellon Corp. is resulting in the departure of some high-level Mellon Financial executives, including CFO Michael Bryson.The Pittsburgh Post-Gazette reported that CIO Kevin Shearan and director of corporate sourcing John Obrist have left the co...

    By Roy Harris • Oct. 3, 2007
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    Health Benefit Costs to Rise Again in ’08

    Companies continue to spend more on employee health benefits and can expect the rate of increase to rise slightly next year, according to several new studies, but some will try to shift more of the cost burden onto their workers. Consulting firm Towers Perrin predicts that companies will spend 7 ...

    By Alan Rappeport • Oct. 2, 2007
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    Linear Tech Stock Options Deemed OK

    The Securities and Exchange Commission has cleared Linear Technology of any wrongdoing relating to its historical stock option granting practices. Linear, an integrated circuits maker, said it received an SEC notice that the investigation had been completed and that no enforcement action was rec...

    By Stephen Taub • Oct. 2, 2007
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    For Love or Money

    It is often said that the relationship between the CEO and CFO is more important than any other in the boardroom. However, this is rarely meant in the romantic sense.That’s why, when shareholders of Kier, a £1.8 billion (€2.6 billion) UK construction group, found out this summer that CEO John Dod...

    By Laura Cameron • Oct. 1, 2007
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    It’s Mine, All Mine

    Part of John Melbourne’s job description as European CFO of MPS Group International — a $2 billion (€1.4 billion) US-listed holding company of recruitment firms — is leading acquisition projects, of which there have been a number since he joined the firm in 2001. But when a project to lead the ac...

    By Eila Rana • Oct. 1, 2007
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    ICAP’s Matthew Lester

    “ICAP finds itself right in the middle of the maelstrom,” says 43-year-old Matthew Lester, CFO of London-based ICAP, Europe’s largest money broker with 2006 revenue of about €1.5 billion. That’s exactly where it wants to be.ICAP’s remarkable rise over the past two decades, from one of many “voice...

    By Tony McAuley • Oct. 1, 2007
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    Nortel Calls on Marconi Veteran for CFO Spot

    Nortel Networks has hired Pavi Binning as its new executive vice president and CFO. Starting November 12, Binning will take on the finance-chief reigns following several years of troubles in the Canadian telecom giant’s finance department. Earlier this year, former Nortel CFO Peter Currie resigne...

    By Sarah Johnson • Oct. 1, 2007