Human Capital: Page 112

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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
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    CFO Suffers Serious Accident

    Eagle Rock Energy Partners said its senior vice president and chief financial officer suffered a serious accident while on vacation last week. It added that the extent of the injuries to the executive, Richard W. FitzGerald, was “unknown at this time.” However, officials at the Houston-based natu...

    By Stephen Taub • July 16, 2007
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    Cleaning Up the Government’s Books

    Linda Combs, controller of the Office of Management and Budget, is retiring after two years of overseeing the federal government’s financial-management policy.During her watch as OMB controller — which followed stints as CFO of the Department of Transportation and the Environmental Protection Age...

    By Sarah Johnson • July 13, 2007
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    Fremont Hires New CFO

    Fremont General Corp., a financial-services provider, announced Thursday that Ronald Nicholas Jr. will replace Patrick Lamb as CFO, and will also take on the roles of chief accounting officer, senior vice president, and treasurer. Lamb resigned on Monday, saying he had accepted an offer at anothe...

    By Alan Rappeport • July 13, 2007
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    VeriSign Restates; CFO Resigns

    After more than 10 years as VeriSign’s CFO, Dana Evan resigned earlier this week. Her resignation comes just as the Internet company released restated financials to account for misdated stock-option grants, and several weeks after former CEO Stratton Sclavos resigned.The company took a noncash, s...

    By Sarah Johnson • July 13, 2007
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    Dressed for Success: Jones CFO Named CEO

    Wesley R. Card, who held a dual position as CFO and chief operating officer at Jones Apparel Group, was named president and CEO of the company on Thursday. Card replaces Peter Boneparth, who stepped down the same day.Company officials would not comment on the reason for Boneparth’s departure. How...

    By Marie Leone • July 13, 2007
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    Survey: CFOs Lack Succession Plans

    Despite the high turnover in the CFO profession, most financial executives have no intention of leaving their jobs. Even if they did, their company has no backup plan for filling the position, according to a recent survey from Robert Half Management Resources, a job-search firm.Indeed, 83 percent...

    By Sarah Johnson • July 13, 2007
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    CFOs on the Move: Week Ending July 13

    • Yankee Candle CFO Bruce Besanko will take on the finance chief role at Circuit City Stores at the end of the month. He has been with the candle retailer for two years after leaving the vice president of finance role at Best Buy, where he worked from 2002 to 2005. He has also worked at Sears, Ro...

    By Sarah Johnson • July 12, 2007
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    Presto, Change-O: CFO Calls It Quits

    After several years of defending his company to the Securities and Exchange Commission, Randy Lieble, CFO of National Presto Industries, is calling it quits. Lieble will leave the Eau Claire, Wisconsin-based company as finance chief, vice president, secretary, director, and treasurer to become a ...

    By Sarah Johnson • July 12, 2007
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    Can You Read Me?

    Corporate employees tend to be quantitative types, good with dollars and cents and derivatives. Reading and writing might be another matter, according to a new grammar survey released by the TD Consulting Group.The survey quizzed 130 management and staff-level corporate employees on basic busines...

    By Alan Rappeport • July 11, 2007
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    TiVo Hooks Up with Interim CFO

    TiVo Inc. hired interim CFO Cal Hoagland to replace Steven Sordello, who had resigned in June to join LinkedIn Corp., an online networking tool. Tivo officials report that the company will continue its search for a permanent finance chief.The 50-year-old Hoagland has been a principal of Financial...

    By Marie Leone • July 11, 2007
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    How Benefit Shifts Boost Credit Ratings

    Companies may get an added boost–beyond just a balance-sheet improvement–by transferring retiree heath-care benefits to workers. The move could have a modest brightening effect on company’s corporate credit metrics, says a new report from Moody’s Investors Service.The liabilities, known as “other...

    By Marie Leone • July 11, 2007
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    Dana Swaps Underfunded Plans for Trusts

    Dana Corp. has announced a number of deals that will substantially reduce its operating costs. Most significantly, the bankrupt auto-parts maker said its two largest unions, the United Steel Workers and the United Auto Workers, agreed to replace the company’s health-care and long-term disability ...

    By Stephen Taub • July 6, 2007