Human Capital: Page 113

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    It’s about “Team”

    The life of any business manager would be so much more pleasant if one of the classic American myths—that of the lone inventor—were true.If so, management could tell the people who work for them to go to their offices (or cubicles) and stay there until they came up with something that was both tr...

    By Paul B. Brown • July 5, 2007
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    Early Line: 2008 HMO Prices to Rise 14 Percent

    Containing corporate health-care cost may prove challenging over the next year. According to a preliminary report from Hewitt Associates, health maintenance organization (HMO) premium rates are poised to increase by 14.1 percent in 2008—the highest rate increase in four years.The forecast is base...

    By Stephen Taub • July 5, 2007
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    CFOs on the Move: Week Ending July 6

    • Merck & Co. has named Peter Kellogg executive vice president and CFO, effective August 14. Currently executive vice president and CFO of Biogen Idec, Kellogg replaces Judy Lewent, who is retiring from Merck after 27 years with the company. She was once considered a strong candidate for chie...

    By Sarah Johnson • July 5, 2007
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    Apollo: SEC Won’t Take Action

    Apollo Group announced that the Securities and Exchange Commission has completed its investigation of the company’s stock option granting practices. The for-profit education company best known as the operator of the University of Phoenix said the regulator does not intend to recommend any enforce...

    By Stephen Taub • July 5, 2007
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    Never-ending Story: Enron Botches Payout

    Talk about adding insult to injury. More than 20,000 former Enron employees who received a partial payment for retirement funds they lost due to the scandal were told that they were either overpaid or underpaid because of a software snafu, according to the Associated Press. As a result, some of t...

    By Stephen Taub • July 5, 2007
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    EFI Demotes Former CFO

    Officials at Electronics For Imaging Inc. (EFI) said the company demoted its chief operating officer and one-time chief financial officer Joseph Cutts in response to the findings and recommendations of an internal investigation. The probe, carried out by a special board committee was investigatin...

    By Stephen Taub • July 3, 2007
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    M&I Spinoff Names New CFO

    Timothy C. Oliver has been named senior executive vice president and chief financial officer of Metavante Corp., effective July 23. Metavante is the financial technology subsidiary of Marshall & Ilsley, a financial services company that is being split into separate, independent publicly-trade...

    By Stephen Taub • July 3, 2007
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    SEC Clears Crown Castle

    Officials at Crown Castle International said the Securities and Exchange Commission has completed a probe into various accounting matters without taking any enforcement action. The cell phone tower operator said last summer that the regulator’s investigation included whether grants of stock optio...

    By Stephen Taub • July 3, 2007
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    Sempra Energy’s Mark Snell

    It looks like the smartest guys in the room were not at Enron but at Sempra Energy. The San Diego–based energy services holding company does what the cowboys from Houston could not do: generate an honest profit. In fact, says CFO Mark Snell, who joined Sempra in 2001, net income from the company’...

    By Marie Leone • July 1, 2007
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    Slow Justice

    After four years of battling charges that he manipulated earnings, former Gateway CFO John Todd may be off the hook — for now.The Securities and Exchange Commission accused Todd, along with former CEO Jeffrey Weitzen and ex-controller Robert Manza, of boosting the computer maker’s earnings in 200...

    By Laura DeMars • July 1, 2007
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    GAO: Consultant Conflicts May Slash Pension Returns

    Conflicts of interest between consultants and the pension plans they assist can be costly to employees saving for retirement, according to a new report from the Government Accountability Office.The report comes two years after the Securities and Exchange Commission performed a review of 24 pensio...

    By Alan Rappeport • June 29, 2007
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    Kellogg to Replace Lewent as Merck CFO

    Merck & Co. has named Peter N. Kellogg executive vice president and chief financial officer, effective August 14, 2007. He is currently serving as executive vice president and chief financial officer of Biogen Idec.Kellogg replaces Judy C. Lewent, who is retiring after spending 27 years with ...

    By Stephen Taub • June 29, 2007
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    Discovery Uncovers a Need for Four New CFOs

    Discovery Communications has created four new CFO positions to head up the corporate finance function at the company’s U.S. Networks brand businesses. The move is aimed at “increasing shareholder value by providing more robust financial planning and management for Discovery’s U.S. networks,” says...

    By Stephen Taub • June 29, 2007
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    Extreme Networks Digs Up Options Errors

    Following a special internal committee found that shortcomings in the way Extreme Networks processes stock-option grants spawned measurement errors, the company announced that it had restated prior financials.While most of the shortcomings occurred from 1999 through 2001 (fiscal 2000 through 200...

    By Stephen Taub • June 28, 2007
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    CFOs on the Move: Week Ending June 29

    • Former GE Healthcare finance executive Iain Mackay will begin his new job as executive vice president and CFO of HSBC North America in mid-July. He replaces Chris Spooner, who had been the interim CFO after Simon Penney retired last year. Spooner heads the Group Financial Planning and Tax divis...

    By Sarah Johnson • June 28, 2007
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    Subsidiary Rights

    When the IRS’s long-awaited 409A regulations were finally released inApril, they generally clarified the tax rules regarding nonqualified deferred-compensation plans, which recipients now must include in their gross income. The biggest and most pleasant surprise within the 400 pages of text, howe...

    By Cheryl Rosen • June 26, 2007
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    Blockbuster CFO to Resign

    Blockbuster Inc. said Friday that CFO Larry J. Zine will leave at the end of the year, and simultaneously released details of amendments to his employment contract, including a retention bonus and other payments that would guarantee him a $1.4 million payout regardless of whether he stays until D...

    By Stephen Taub and Tim Reason • June 22, 2007
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    CFOs on the Move: Week Ending June 22

    • Liz Claiborne has appointed Andrew Warren as CFO, effective July 9. He previously worked at General Electric for the past 18 years and held the positions of CFO for NBC Universal Television Group and senior operations leader for GE Audit Staff.• Yahoo has named former CFO Susan Decker as presid...

    By Sarah Johnson • June 21, 2007
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    Forrester under Formal SEC Investigation

    The Securities and Exchange Commission has launched a formal investigation of Forrester Research’s stock option granting practices, which grew out of an informal probe launched in December. The company says it is cooperating with the SEC, according to a regulatory filing.In addition, Forrester re...

    By Stephen Taub • June 20, 2007
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    Now at Cerberus, No Sarbox Worries for de Molina

    When former Bank of America CFO Alvaro G. de Molina moves to private equity firm Cerberus Capital Management next week, there will be plenty of financial services businesses for him to help manage.His jump to the private equity world, first reported on Monday, might have been predicted for an ex...

    By Kate Plourd • June 20, 2007
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    Scates Named PCAOB Deputy Chief Auditor

    C. Gregory Scates was promoted to deputy chief auditor of the Public Company Accounting Oversight Board on Tuesday. The 53-year-old was most recently the organization’s associate chief auditor.Scates will replace outgoing deputy chief auditor Laura Phillips, who played a major role in writing — a...

    By Laura DeMars • June 19, 2007
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    Japan: Land of the Rising Sons

    Only 10.1 percent of working women in Japan hold managerial positions according to a new study from Japan’s Gender Equality Bureau of the Cabinet Office. That’s a far cry from the 43 percent of women in the United States that hold managerial positions.Japan lags other industrialized nations, acco...

    By Laura DeMars • June 19, 2007
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    Fund Advocates Take a Shot at Insurers

    Two consumer groups fired off a joint letter to the White House Office of Management and Budget to drum up support for a Department of Labor proposal that would exclude stable value funds and money market funds from being considered qualified default investments in 401(k) plans. Both asset classe...

    By Stephen Taub • June 19, 2007
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    Yahoo Hands CEO Post to Yang, Not Decker

    Yahoo named former CFO Susan Decker as president, but gave the CEO reins to co-founder Jerry Yang in a major management shakeup that moved former chief executive Terry Semel into the job of non-executive chairman and corporate adviser. Yahoo announced Decker’s and Yang’s new jobs on Monday aftern...

    By Sarah Johnson • June 18, 2007
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    SEC Probes Stock Options at Health-Foods Maker

    The Securities and Exchange Commission has launched an informal inquiry into the stock options practices of The Hain Celestial Group, a maker of organic foods and personal-care products, according to the company.While the company said it would cooperate with the SEC probe, it did not provide furt...

    By Stephen Taub • June 18, 2007