Human Capital: Page 108

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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
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    Money Sense Overseas

    In the course of his 26-year finance career, Dean Gardner has lived in Europe, Africa, Asia, and South America, for a total of 9 years abroad. While it may sound surprising, Gardner, a partner with Tatum LLC who is the current CFO of International Garden Products, says he found the posts to be “l...

    By Art Detman • Oct. 1, 2007
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    Second Life’s John Zdanowski

    John Zdanowski, 39, lives in two worlds. He spends up to 15 hours a week working “in-world” as the handsome avatar Zee Linden, who bears a striking resemblance to Brad Pitt. In the real world, he rungs the finances for one of Silicon Valley’s most innovative companies, Linden Lab, creator of the ...

    By Alan Rappeport • Oct. 1, 2007
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    Pointing Fingers

    Already, dozens of subprime-mortgage companies have either filed for bankruptcy or gone out of business altogether thanks to the faltering housing market. Not surprisingly, the ones that remain are quietly hoping the crisis passes soon — very soon.In fact, when CFO tried to reach out to a host of...

    By Kate Plourd • Oct. 1, 2007
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    Board Buddies

    Even the best of us can use some coaching. In the CFO suite, increasingly that coaching 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 Redwood City, California-based Informatica Corp., acts as mentor to his ...

    By Kate Plourd • Oct. 1, 2007
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    New AstraZeneca CFO Fills Big Shoes

    AstraZeneca has named Simon Lowth as CFO, replacing Jonathan Symonds, who abruptly resigned in June to join Goldman, Sachs as a managing director.Lowth, who will be responsible for AstraZeneca’s finance and information services, joins the drug company from Scottish Power PLC, where he was finance...

    By Stephen Taub • Sept. 28, 2007
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    VEBA Is New Buzzword for Retirees

    The landmark settlement between General Motors and its unions on Thursday highlights the need for old-line companies to drastically pare costs to compete with non-unionized competitors. The key element of the deal is that GM can remove from its balance sheet the value of its future retiree health...

    By Stephen Taub • Sept. 27, 2007
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    CFOs on the Move: Week Ending September 28

    • Best Buy has made several changes to its leadership team, including the position of CFO. The retailer moved its seven-year CFO, Darren Jackson, to the new position of executive vice president of customer operating groups. He will lead the company’s entertainment, PC mobility, and home solution...

    By Sarah Johnson • Sept. 27, 2007
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    State Street Freezes Pension Plan

    State Street Corp. is the latest among a growing number of companies to shift its emphasis from traditional pension plans to defined contribution plans.The world’s largest institutional money manager said it is discontinuing contributions to its defined benefit plan for new employees. At the same...

    By Stephen Taub • Sept. 25, 2007
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    Lehman Taps Insider for CFO Post

    Lehman Brothers has shaken up its finance department: the investment bank says chief financial officer Chris O’Meara will assume the role of global head of risk management, and will be replaced by Erin Callan. The changes are effective December 1. As part of the announcement, Lehman also says Mad...

    By Marie Leone • Sept. 21, 2007
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    Bullish on Exec Recruiting, Heidrick Pays Dividend

    Touting bright prospects for executive recruiting in general and for its own growth in particular, Heidrick & Struggles International reported on Thursday that it would begin paying a dividend.The headhunting giant, which has placed its fair share of finance executives, said its board of dire...

    By Stephen Taub • Sept. 20, 2007
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    CFOs on the Move: Week Ending September 21

    • Lawrence White announced he would retire from his position as CFO of Tennessee-based CBRL Group Inc., which operates the Cracker Barrel restaurant chain, in February 2008. White has worked for the company for more than eight years. He will remain in a consulting position for 18 months following...

    By Kate Plourd • Sept. 20, 2007
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    Audit Committees Embracing Accountants

    Accountants are apparently making inroads on corporate board audit committees. Over the past five years, the portion of accountants sitting on audit committees has doubled from six percent to 12 percent, according to a Huron Consulting Group report.What’s more, 23 percent of all committee chairs ...

    By Stephen Taub • Sept. 20, 2007
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    Hello, I Must Be Going

    John J. Leahy resigned as executive vice president and CFO of Hanover Insurance Group Inc. after less than three weeks on the job, citing personal reasons, the company said. Worchester, Mass.-based Hanover didn’t elaborate on the departure of Leahy, although spokesman Michael Buckley told CFO.co...

    By Kate Plourd • Sept. 20, 2007
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    Equity Options

    It is often said that making changes at a large company is like turning around an ocean vessel: a long, slow process. Harry Morley knows this better than most, having spent several years in finance at P&O, a shipping company. After six years at the London-listed firm, Morley grew weary of the...

    By Jason Karaian • Sept. 20, 2007