Human Capital: Page 111

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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
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    The Real Deal

    This is the first in a series of articles on CFOs in particular industries.Financial skills are, as executive recruiters like to say, fungible. In fact, more than 50 percent of new CFO hires come from outside their industry. But sometimes, says Scott Simmons, vice president of executive recruitin...

    By Laura DeMars • Aug. 1, 2007
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    Views to a Layoff: J&J, Monster Reorganize

    Johnson & Johnson said it could eliminate nearly 5,000 jobs as part of a sweeping reorganization designed to save $1.3 billion to $1.6 billion annually in 2008.Specifically, the manufacturer of health-care products said it would cut its worldwide workforce by 3 percent to 4 percent. It curren...

    By Stephen Taub • July 31, 2007
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    Defaults, But No Wrongdoing, at Landry’s

    Officials at Landry’s Restaurants Inc. said a special board committee completed its investigation into the company’s historical stock option practices and found no intentional misconduct by current or former senior management or members of the compensation or stock option committees. However, the...

    By Stephen Taub • July 31, 2007
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    GE Names CFO as Vice Chairman

    GE has promoted CFO Keith Sherin to vice chairman.In his new position, the 26-year veteran of the conglomerate will be responsible for finance, tax, treasury, controllership, and risk. He also will act as an adviser to the GE board of directors. “Keith is one of the most talented and respected CF...

    By Stephen Taub • July 30, 2007
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    CFOs on the Move: Week Ending July 27

    • The CFO of McDonald’s will retire from the fast-food chain at the end of the year to pursue a teaching career. Matthew Paull served as CFO for six years and is credited with the company’s turnaround and resurgence during the past four years. Paull plans to teach undergraduate economics, finance...

    By Kate Plourd • July 26, 2007
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    Why McDonald’s CFO Is Heading for Academia

    After six years of overseeing the books of the largest fast-food chain in the world, McDonald’s CFO Matthew Paull announced that he will retire this year to pursue a college-teaching career.Paull, 55, who is credited for a good part of the company’s success in the last four years, told CFO.com no...

    By Kate Plourd • July 25, 2007
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    Breaks and Ladders

    The Big Four look embarrassingly male at their most senior levels. Although around half of their intake is female, that proportion shrinks rapidly as people climb the career ladder. KPMG wants women to account for a quarter of partners by 2010; Deloitte is aiming for a figure of 31 percent for it...

    By Economist Staff • July 25, 2007
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    Pensions Not Freezing Over

    Good news for employees with pension plans. Fewer companies are freezing defined benefit plans, signaling that management is committed to keeping pensions intact, according to a new survey from consultancy Watson Wyatt. That’s better news than expected, considering that companies are coming off o...

    By Marie Leone • July 23, 2007
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    Serial Changes at Kellogg’s

    In an effort to broaden the experience of its leaders, Kellogg Company is playing musical chairs with two executive vice presidents. The largest U.S. cereal and convenience food producer announced Monday that Chief Financial Officer John Bryant, who formerly headed the company’s international div...

    By Kate Plourd • July 23, 2007
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    The Six Week Itch: CFO Heels It

    Pacific Ethanol said Chief Financial Officer Douglas Jeffries has resigned just six weeks after accepting the position. The company, which calls itself the largest West Coast-based marketer and producer of ethanol, said Jeffries, who assumed the post on June 4, expressed a desire to return to wor...

    By Stephen Taub • July 20, 2007
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    CFOs on the Move: Week Ending July 20

    • MRV Communications has appointed Guy Avidan CFO of the network equipment and services-provider company, to succeed Kevin Rubin. Rubin said he is resigning to become CFO of another company.• Spartech CFO Randy Martin will serve as CEO of the thermoplastic- building-material maker while the compa...

    By Kate Plourd • July 19, 2007
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    Missing in New York: Pension Documents

    New York Comptroller Thomas DiNapoli said his staff discovered that records were missing from the desk of David Loglisci, the deputy comptroller for Pension Investment and Cash Management, who resigned from his slot in May. DiNapoli said the Albany County District Attorney’s Office and the Office...

    By Stephen Taub • July 17, 2007
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    Small Co. Safety Net: PBGC Saves Four Plans

    The Pension Benefit Guaranty Corporation (PBGC) has taken over the underfunded pension plan of four companies in just the past week alone. The federal corporation that guarantees payment of private-sector defined benefit pension plans, said on Monday that it will assume responsibility for nearly ...

    By Stephen Taub • July 17, 2007