Human Capital: Page 113

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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
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    CFOs on the Move: Week Ending June 15

    • Royal Ahold has appointed Kimberly Ross as deputy CFO, effective July 1. She will report to CFO John Rishton, who will soon take over responsibilities as acting president and CEO in addition to his finance chief duties. The Dutch food conglomerate recently announced that Anders Moberg, who join...

    By Sarah Johnson • June 14, 2007
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    Finance Turnover Spells Trouble for Sapient

    Sapient said Wednesday that disarray in its finance department, which was run by three different CFOs during 2006, resulted in lack of accounting expertise that constituted a material weakness under the reporting requirements of Sarbanes-Oxley.In addition to high CFO turnover, the company said it...

    By Stephen Taub • June 13, 2007
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    New CFO Steering “Grand Theft Auto”

    Take-Two Interactive Software moved interim CFO Lainie Goldstein up to a new level, naming her the company’s permanent CFO.The circumstances of Goldstein’s appointment seem fitting for a company whose flagship product features a character who takes the wheel of a car after yanking out the existin...

    By Stephen Taub • June 12, 2007
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    Marsh Names New CFO

    Marsh Inc. named Mark C. McGivney its new chief financial officer.McGivney joins the insurance broker from the Hanover Insurance Group, where he was senior vice president of finance, corporate treasurer and CFO for the company’s property/casualty business.“In addition to his strong financial back...

    By Stephen Taub • June 11, 2007
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    Exit Strategy

    Here’s a novel employee benefit:death. Well, not death per se, buthelp with what might be called deathrelatedissues, from writing a will toplanning funeral services to bereavementsupport.A small number of insurancecompanies and funeral-services firms now offer “end-of-life preparation”services. E...

    By Laura DeMars • June 11, 2007
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    Sirva CFO Relocates

    The CFO of Sirva, a relocation services provider, has apparently decided to relocate himself.The company announced Friday that J. Michael Kirksey, its CFO and senior vice president, has left to “pursue other interests.” The company did not return a phone call to elaborate.Kirksey, who was appoint...

    By Alan Rappeport • June 8, 2007
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    Contradiction? Q2 Earnings Up, CFO Out

    As the intimate guardians of their companies’ financial standing, CFOs tend to jump ship when their organization isn’t doing well and shows little chance of improvement. The news about Dan Halvorson’s abrupt departure from Novatel Wireless appears to be an exception to that rule. On Friday mornin...

    By Sarah Johnson • June 8, 2007
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    CFO Pay Picks up Pace in U.K.

    Total-pay growth for CFOs in the United Kingdom raced ahead last year, far outpacing that of chief executive officers, according to a new compensation survey by KPMG. KPMG found that CFO median total compensation (including long-term incentives like stock options; performance share plans; co-inve...

    By Laura DeMars • June 8, 2007
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    CFOs on the Move: Week Ending June 8

    • Monster Worldwide CFO Lanny Banker has resigned to pursue other career opportunities and business interests, according to a company press release. The parent company of career services site Monster.com made the announcement on June 6 along with several other management changes. Timothy Yates, f...

    By Sarah Johnson • June 7, 2007
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    SEC Probes Activision’s Stock-Option Practices

    The Securities and Exchange Commission has launched a formal probe into Activision’s stock-option grant practices, the company reported in a 10-Q amendment on Wednesday. The investigation permits the SEC to subpoena witnesses and require the production of documents. The SEC began an informal inqu...

    By Stephen Taub • June 7, 2007
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    Citigroup Settles on “Misleading” Retirement Advice

    Citigroup Global Markets agreed to pay more than $15 million to settle charges that some of its brokers used misleading information in retirement seminars. The information caused over 200 BellSouth employees to lose about $12 million of their retirement money, according to the NASD.Citigroup was...

    By Stephen Taub • June 6, 2007
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    New Corporate Finance Hires Steady in Q3

    Financial executives’ plans for hiring this year have remained steady and fairly flat. They will be hiring finance and accounting professionals at a slightly more moderate rate in the third quarter compared to the second quarter, according to a recent survey. To be sure, most CFOs don’t plan to m...

    By Sarah Johnson • June 6, 2007
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    Aon: Health-Care Costs Will Climb 11 Percent

    Health care costs will increase by an average of 11 percent in the next 12 months, Aon Consulting estimates.Breaking down the costs by types of health plan, the benefits-consulting firm projected to jump by 10.9 percent for health-maintenance organizations, 10.8 percent for point-of-service plans...

    By Stephen Taub • June 6, 2007