Human Capital: Page 111

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    Mini-Meds Offer Some Relief

    Six years ago, only 13 percent of employeesat Ratner Cos., an operator of 1,000 salons undersuch names as Hair Cuttery and Salon Cielo, tookadvantage of the company’s medical plan. Today,78 percent have coverage, under a limited benefitplan from Century Healthcare.Driving that nearly eightfold in...

    By Karen M. Kroll • Aug. 17, 2007
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    CFOs on the Move: Week Ending August 17

    • Lockheed Martin has named Bruce Tanner chief financial officer, replacing former CFO and executive vice president Christopher Kubasik, who will now head one of the defense contractor’s four businesses. Tanner was previously vice president of finance and business operations for the company’s $...

    By Kate Plourd • Aug. 16, 2007
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    Juniper Networks Fills CFO Post

    Juniper Networks has named Robyn Denholm as its new finance chief, five months after her predecessor left. She fills the spot left vacant by former CFO and executive vice president Robert Dykes, who stepped down in March when the company caught up with its financial filings and took a $900 milli...

    By Kate Plourd • Aug. 15, 2007
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    Making Less Money, and Loving It

    CFOs at nonprofit organizations generally make less money, work more hours, and have fewer resources than their counterparts who work in the profit-making sector. But they’re not complaining. Many finance chiefs who have made the leap to tax-exempt companies say they are involved in an avocation,...

    By Theresa Sullivan Barger • Aug. 15, 2007
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    After Nearly Two Years, Company Names CFO

    Insituform Technologies Inc. has found a chief financial officer after the position remained vacant for 19 months.The provider of sewer services and technologies promoted vice president and controller David Martin to vice president and CFO. A 14-year veteran of the company, he became the principa...

    By Stephen Taub • Aug. 14, 2007
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    Gannett Revises Comp Buyout Triggers

    Gannett Co. has revised the employment contracts of its CEO and CFO, essentially putting in place provisions that would accelerate payments of the duo’s deferred compensation and retirement plans if the company is sold. Gannett said the changes were made to comply with tax rules, and to clarify t...

    By Stephen Taub • Aug. 10, 2007
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    Lockheed CFOs Fly High to New Spots

    Bruce Tanner will take over CFO duties at Lockheed Martin, replacing Christopher Kubasik, who has held the finance chief role for more than six years. Tanner, currently a finance executive in one of Lockheed’s four divisions, will now be responsible for the entire company’s financial strategies, ...

    By Sarah Johnson • Aug. 10, 2007
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    Pension Penalty: Tell Employees to Diversify, or Else

    It’s official: beginning October 9, the Department of Labor can hand out civil penalties — albeit small ones — to corporations that fail to tell employees they can diversify holdings in company-sponsored retirement plans. That includes notifying workers they can divest the company’s own stock.The...

    By Sarah Johnson • Aug. 10, 2007
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    Chrysler Names Kolka CFO

    As part of a series of finance-department promotions, the new privately held Chrysler has named Ronald E. Kolka senior vice president and chief financial officer. Kolka, formerly vice president–corporate finance, will take on expanded responsibilities, including oversight of the treasury and tax ...

    By Stephen Taub • Aug. 10, 2007
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    CFOs on the Move: Week Ending August 10

    • Goodyear Rubber and Tire has named W. Mark Schmitz as its CFO and executive vice president, replacing Richard Kramer, who was named president of Goodyear’s North American Tire unit in March. Schmitz has held an array of financial positions at large public companies, including Tyco Internationa...

    By Kate Plourd • Aug. 9, 2007
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    A CFO’s Bad Movie: At Least It Was Short

    Infineon Technologies, Europe’s second-largest semiconductor maker, fired its finance chief after just three months on the job. The company said it “released” Rudiger A. Gunther, its CFO and labor director, citing “irreconcilable differences.” He had been appointed to its board in April, and bec...

    By Stephen Taub • Aug. 7, 2007
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    Maxim Taps Broadcom’s Kiddoo

    Maxim Integrated Products named Bruce Kiddoo vice president of finance. He will assume the chief financial officer title following the completion of the Maxim’s restatement.The manufacturer of analog and mixed-signal integrated circuits, which has a market capitalization of $10 billion, disclosed...

    By Stephen Taub • Aug. 7, 2007
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    CFOs Nab the COO Spot

    As part of a high-profile shake-up of its management ranks, The Bear Stearns Cos. announced that Samuel L. Molinaro Jr. will take on COO duties along with his current responsibilities as CFO. The investment bank made the announcement on Sunday following the resignation of Warren Spector as presi...

    By Stephen Taub • Aug. 6, 2007
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    Dunn to Leave the SEC

    Martin Dunn, the number two official at the Securities and Exchange Commission unit that watches over initial public offerings and financial statement reporting is leaving the agency to become a partner at an international law firm. The SEC made the announcement on Monday noting that Dunn, the cu...

    By Kate Plourd • Aug. 6, 2007
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    Suit Reversal Clarifies 401(k) “Participant”

    Executives at Conexant Systems accused of breaching their fiduciary duty in guarding the company’s 401(k) plan likely breathed a sigh of relief when the case was thrown out last year. But an appeals court has given it new life by affirming that even if a former employee has cashed out of a plan, ...

    By Sarah Johnson • Aug. 3, 2007
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    CFOs on the Move: Week Ending August 3

    • GE CFO Keith Sherin was promoted to vice chairman. Finance chief for the past decade, Sherin has been with GE for 26 years. Chairman and CEO Jeff Immelt said Sherin is “one of the most talented and respected CFOs in the world.” • International food and consumer producer Unilever bypassed inte...

    By Kate Plourd • Aug. 2, 2007
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    Ex-CNet Officers Receive SEC Subpoenas

    CNet Networks Inc. said the Securities and Exchange Commission has issued a formal order of investigation and served subpoenas on several former officers in connection with its inquiry into the company’s stock option grants. It did not name the executives.The technology-oriented website noted tha...

    By Stephen Taub • Aug. 2, 2007
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    PCAOB’s CIO Departs

    Ray Schmidt, the chief information officer of the Public Company Accounting Oversight Board has resigned from his position to work in the private sector, the PCAOB announced Wednesday.Schmidt worked at the PCAOB since its inception nearly five years ago and has been responsible for developing the...

    By Alan Rappeport • Aug. 2, 2007
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    Investor Sues 20 Eclipsys Execs

    An investor in Eclipsys Corp. is suing 20 of the company’s past and current officers and directors stemming from the company’s admissions of stock options backdating, according to the Daily Business Review..Michael L. Hiers alleges that the scheme defrauded the company and its stockholders of mil...

    By Stephen Taub • Aug. 2, 2007
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    Unilever Snags General Mills CFO

    One of the world’s largest food and consumer goods suppliers, Unilever, has hired the CFO of General Mills to become its finance chief.Unilever, which owns brands such as Dove soap, Slimfast and Wishbone salad dressings, announced Wednesday that James Lawrence, former vice chairman and CFO of Gen...

    By Kate Plourd • Aug. 2, 2007
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    CFO Backdated to Make Up for Salary Cuts

    The Securities and Exchange Commission has settled charges with a semiconductor company and its former chief financial officer alleging that they engaged in a long-running fraudulent scheme to backdate stock option grants. Under the deal, the former finance executive, Gary L. Fischer, agreed to p...

    By Stephen Taub • Aug. 1, 2007
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    Manager Said to Rig Software for Profit

    A former stock options administrator of Wireless Facilities Inc. has been charged with illegally issuing and transferring more than 700,000 company shares and stock options to an account he held jointly with his wife, according to the Securities and Exchange Commission. Vencent A. Donlan, without...

    By Stephen Taub • Aug. 1, 2007
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    The Overfeathered Nest Egg

    First, let’s get one thing straight: critics of conventional retirement savings models do not want employees to simply forget about saving for retirement. “We aren’t promoting undersaving,” says Ty Bernicke, CFP, with Bernicke & Associates Ltd., in Eau Claire, Wisconsin.What Bernicke and seve...

    By Karen M. Kroll • Aug. 1, 2007
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    Coty’s Michael Fishoff

    This article has been updated to correct an error regarding Coty’s status as a privately-held company. In the early 1960s, the publicly-held Pfizer bought Coty. Pfizer sold Coty to the privately-held Joh. A. Benckiser in the early 1990s.What do Jennifer Lopez, Gwen Stefani, Victoria Beckham, and ...

    By Marie Leone • Aug. 1, 2007
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    Foreign Intrigue

    The mystery deepens at International Rectifier Corp. In July, the power management company fired longtime CFO Michael P. McGee several months after launching an investigation into accounting irregularities at a foreign subsidiary. While the company refuses to make any connection, it’s hard not to...

    By Kate Plourd • Aug. 1, 2007