Human Capital: Page 114

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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
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    Not Cleared for Takeoff

    Doug Duskin understands the importance of thinking outside the container. When he took over as vice president and controller of $1.2 billion pallet and container services company CHEP in 2004, Duskin tacked on some risk-management and treasury tasks to his duties in order to lay the groundwork fo...

    By Laura DeMars • June 1, 2007
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    So Much for Chemistry

    Recent events at Dow Chemical Co. can best be described as toxic. For the past two months, the company and its former longtime CFO, J. Pedro Reinhard, have been embroiled in a fight started by accusations that Reinhard was involved in a “secret takeover” plot against the company. Not surprisingly...

    By Laura DeMars • June 1, 2007
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    Siemens’s Joseph Kaeser

    It’s hard to imagine a CFO in a tougher job right now than Joe Kaeser. Just over a year into his position at $107.4 billion Siemens A.G., the 49-year-old finds himself confronted with a bribery scandal, uncovered last fall, that has shaken the German electronics company—and Germany itself. So far...

    By Lori Calabro • June 1, 2007
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    CFOs on the Move: Week Ending June 1

    • Cardinal Health has made adjustments after its principal finance officer resigned. The company has moved Jim Hinrichs, senior vice president and CFO of its clinical technologies and services division, to executive vice president and controller, effective June 29. He joined the company three yea...

    By Sarah Johnson • May 31, 2007
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    Verisign Taps Finance Pro as CEO

    VeriSign named William A. Roper, Jr., a one-time CFO who has had a relationship with the company for a number of years, as president and chief executive officer. He replaces Stratton Sclavos, who has resigned.Roper, who has served as a director of VeriSign since November 2003, most recently serve...

    By Stephen Taub • May 29, 2007
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    Hilton Dealmaker Gets Key to Corner Suite

    Matthew Hart, who as finance chief of Hilton Hotels played a key role in company’s acquisition of Bally’s Grand and Promus Hotel Co., has been named president and chief executive officer of the Beverly Hills–based chain, effective January 2008. Most recently Hart was president and chief operating...

    By Marie Leone • May 25, 2007
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    Ex-CFO Sues for Defamation

    The former CFO of Quovadx, a small software company, is suing his former employer for defamation, according to The Denver Business Journal.Gary Scherping alleges that Quovadx made “numerous public statements that falsely indicated [he] had engaged in improper and/or fraudulent accounting practice...

    By Dave Cook and Stephen Taub • May 24, 2007
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    CFOs on the Move: Week Ending May 25

    • CFO C.E. Andrews is taking over as vice chairman and chief executive of SLM Corp., which is better known as Sallie Mae. He replaces Thomas Fitzpatrick, who has resigned from the student-loan company. Fitzpatrick will provide advisory services over the next few weeks during the transition. Andre...

    By Sarah Johnson • May 24, 2007
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    Aon CFO Resigns

    Aon, the worlds’s second largest commercial insurance broker, announced that chief financial officer David P. Bolger, who also holds the titles of executive vice president and chief administrative officer, plans to leave the company. However, Bolger will remain CFO until Aon secures his successor...

    By Stephen Taub • May 23, 2007
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    Sallie Mae Taps CFO as CEO

    SLM Corp. announced that Thomas J. Fitzpatrick has resigned as vice chairman and chief executive officer. He will be succeeded as CEO by executive vice president and chief financial officer C.E. Andrews.The student-loan company, better known as Sallie Mae, gave no reason for the abrupt change, bu...

    By Stephen Taub • May 23, 2007
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    Finance Exec Leaves Ligand

    Drug maker Ligand Pharmaceuticals announced this week that on May 15, Tod G. Mertes resigned as vice president and interim chief accounting officer, effective immediately. The disclosure, in a regulatory filing, gave no explanation.The resignation took place about two weeks after the company anno...

    By Stephen Taub and David Katz • May 22, 2007
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    Not Contagious

    By one measure, consumer-driven health plans (CDHPs) are booming; by another, they appear to be nearly DOA. A survey by the National Business Group on Health and Watson Wyatt Worldwide found that 38 percent of the 573 large companies studied now offer CDHPs, up from a minuscule 2 percent just fiv...

    By Laura DeMars • May 22, 2007
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    DPL Settles Deferred-Compensation Suits

    In a case that hinged on the issues of fiduciary liability and deferred compensation, DPL Inc. settled lawsuits with three former top executives.Under the deal, former group vice president and interim CFO Caroline Muhlenkamp, former chairman Peter Forster, and former president and chief executive...

    By Stephen Taub • May 21, 2007