Human Capital: Page 114

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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
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    CFO Gives Up Drugs for Wall Street

    Drug-maker AstraZeneca announced Wednesday that its CFO has resigned to join Goldman, Sachs as a managing director. The company said Jon Symonds will stay until the end of July; he will begin working at the investment bank in mid-September.Symonds was a well respected CFO. The former chairman of ...

    By Stephen Taub • June 6, 2007
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    Sycamore Blames Ex-CFO for Misdated Options

    A Sycamore Networks audit-committee probe that found that a former CFO and other ex-finance officials deliberately altered the measurement dates of stock option grants will result in a restatement that will add a non-cash expense of about $215.6 million covering fiscal years 2000 through 2007, th...

    By Stephen Taub and David Katz • June 6, 2007
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    Judge: Bankrupt Co. Can Hike Pay to Keep Talent

    Asarco LLC received U.S. Bankruptcy Court approval to pay as much as $11.3 million in extra wages and bonuses to retain employees, according to the Associated Press. Under the new bankruptcy law that went into effect more than a year ago, the copper-mining corporation had to prove to the court th...

    By Stephen Taub • June 5, 2007
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    Judge Cites “The Sting” in Backdating Ruling

    Employing an analogy from the 1973 movie “The Sting,” a federal judge ruled that shareholders can sue UnitedHealth Group concerning the company’s alleged backdating of stock options, according to the Associated Press.The suit, led by the California Public Employees Retirement System (CalPERS), th...

    By Stephen Taub • June 5, 2007
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    Pacific Capital CFO: No Place like Home

    After just 16 months on the job, the CFO of Pacific Capital Bancorp has resigned for lifestyle reasons.Joyce M. Clinton has commuted weekly between her home in Arizona and the company’s headquarters in Santa Barbara, Calif. since she joined the company in March 2006, according to a press release....

    By Stephen Taub • June 5, 2007
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    Red Robin ex-CEO Settles over $1.2M T&E

    The former CEO of Red Robin Gourmet Burgers, Inc. settled civil fraud charges with the Securities and Exchange Commission stemming from allegations that he misrepresented more than $1.2 million of travel and entertainment expenses.Under the deal, Michael J. Snyder consented to the entry of a fina...

    By Stephen Taub • June 5, 2007
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    InPhonic CFO Resigns after Restatement

    Lawrence S. Winkler has resigned as InPhonic’s CFO for personal reasons, according to a regulatory filing the company submitted on Friday. In the same short announcement, the online reseller of wireless services and devices also noted that it has restated its unaudited financials for all four qua...

    By Stephen Taub • June 4, 2007
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    Onetime CFO Takes over as AT&T Chief

    Randall Stephenson (left) is replacing Edward Whitacre, Jr. as chief of AT&T.Randall Stephenson, once CFO and most recently the company’s chief operating officer, is now the chairman and chief executive officer of telecom giant AT&T. Stephenson took over at the helm on Sunday after Edward...

    By Laura DeMars • June 4, 2007
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    Black Box Receives SEC Subpoena

    Black Box Corp. has received a subpoena from the Securities and Exchange Commission related to its stock-option practices. The announcement on Friday comes a week after the provider of data and voice-networking products revealed the regulator had opened a formal investigation into the matter.Blac...

    By Stephen Taub • June 1, 2007
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    I Can See Clearly Now

    Great minds think alike. And therein lies the problem.If everyone thinks the same way, then everyone is going to come to the same conclusions, and creating something different than the other guy is going to be extremely difficult. The problem is compounded, argues Erich Joachimsthaler in Hidden i...

    By Paul B. Brown • June 1, 2007
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    CFO to Hedge-Fund Activist: F–k You!

    Editor’s note: For more on hedge-fund activists, see CFO magazine’s June 2007 feature, “Hedge-Fund Bullies.”Welcome to the world of Robert Chapman, a hedge-fund activist known for his killer instinct and way with words. In one case last year, he bought up 7 percent of Vitesse Semiconductor’s shar...

    By David Katz • June 1, 2007
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    Gap Analysis

    To see the results of our 2007 Diversity Survey, click here.Having finished a big presentation to the management of a Mexican resort, Oscar Munoz, the 47-year-old CFO of transportation giant CSX Corp., was passing through the pool area when he was interrupted by a white-American couple on vacatio...

    By Alix Stuart • June 1, 2007