Human Capital: Page 115

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    Shattered Glass (Lewis)?

    Glass, Lewis & Co. confirmed reports that former Securities and Exchange Commission official Lynn E. Turner had resigned on Friday as managing director of research. It was the second high-level resignation in a week at the investment-research and proxy-advisory company, which has encountered ...

    By Roy Harris • May 21, 2007
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    Study: CFO Pay Higher at Public Cos.

    Public or private? For CFOs, public companies come with demanding investors, quarterly reporting, and, of course, Sarbanes-Oxley compliance. But, according to a study by Financial Executives International released Monday, a job with a public company also comes with a bigger paycheck.The study loo...

    By Laura DeMars • May 21, 2007
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    Pfizer CFO Resigns

    Pfizer announced that Chief Financial Officer Alan Levin has resigned to pursue career opportunities outside the company. The stunning news came at the same time the embattled drug maker announced that John LaMattina, president of Pfizer Global Research and Development, will retire by the end of ...

    By Stephen Taub • May 21, 2007
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    Helping Employees Understand Fees

    Expect to see plenty of news come out of Washington, D.C., during the next few months as all three branches of government zero in on the fees that 401(k)-plan participants pay, often unknowingly.The judicial branch is the most active thus far, with at least 14 lawsuits pending against such compan...

    By Karen M. Kroll • May 21, 2007
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    Pay Proposals Pass at Penney, Verizon

    At Friday’s annual meeting, J.C. Penney shareholders voted to require their approval of executive severance packages, reported the Associated Press.The AP noted that last year, the retailer hired Catherine G. West as chief operating officer, then fired her after six months. West reportedly receiv...

    By Stephen Taub • May 18, 2007
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    Daimler on Hook if Chrysler Pensions Close

    In yet another sign of how hard it has been for DaimlerChrysler AG to extricate itself from its ill-fated ownership of Chrysler, the German carmaker has promised to pay $1 billion into the Chrysler pension plans if the plans terminate within five years, according to the Pension Benefit Guaranty C...

    By Stephen Taub and Roy Harris • May 18, 2007
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    CFOs on the Move: Week Ending May 18

    • Blake Jorgensen will fill Yahoo’s finance-chief slot left empty by Susan Decker. Last December, Yahoo named Decker head of its advertiser and publisher sector. Jorgensen co-founded investment bank Thomas Weisel Partners Group, where he has served in various capacities, including chief operating...

    By Sarah Johnson • May 17, 2007
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    Yahoo Search Results: New CFO

    After months of searching, Yahoo has finally chosen a replacement for former CFO Susan Decker. The company announced Tuesday that investment banker Blake Jorgensen would fill the slot next month. Jorgensen is the co-founder of investment bank Thomas Weisel Partners Group, which he helped start in...

    By Laura DeMars • May 15, 2007
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    CFO Turnover Slows, But Remains High

    The musical chairs game among CFOs has slowed down, according to a new study by Russell Reynolds Associates. Turnover among Fortune 500 CFOs decreased by 32 percent in 2006, compared to a 19 percent increase in 2005. The slow down is largely due to a 68 percent decline in the rate of promotions i...

    By Laura DeMars • May 14, 2007
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    SEC Clears Dean Foods of Backdating

    The Securities and Exchange Commission has dropped its informal investigation of Dean Foods’ option-granting process, the food and beverage company announced on Thursday. The SEC notified the Dallas-based company on May 7 that the regulator had ended its informal inquiry without any enforcement a...

    By Sarah Johnson • May 11, 2007
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    CFOs on the Move: Week Ending May 11

    • Hugh Scott-Barrett will resign as CFO and board member of ABN Amro on August 1. He will be succeeded by Huibert Boumeester, who is also a member of the managing board. ABN Amro is in the middle of a takeover battle between Barclays plc and a consortium headed by the Royal Bank of Scotland. “Giv...

    By Sarah Johnson • May 10, 2007
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    Ex-Dow CFO Ousted from Board

    J. Pedro Reinhard’s last official connection to Dow Chemical was severed Thursday when Reinhard, a former CFO-turned-board member, was excluded from the slate of board members re-elected to a new term during the company’s annual meeting.Reinhard retired as CFO of Dow in 2005 after 10 years, but s...

    By Laura DeMars • May 10, 2007
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    CFO Quits Amid the Battle for ABN Amro

    ABN Amro announced that Hugh Scott-Barrett will resign as chief financial officer and member of the managing board on August 1, in yet another twist in the battle over the Dutch banking giant. He will be succeeded by Huibert Boumeester, member of the managing board.ABN Amro is the prize in a fier...

    By Stephen Taub • May 10, 2007
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    Marvell Fires General Counsel

    Matthew Gloss, the general counsel of Marvell Technologies Group Ltd, was fired prior to the company’s report on an internal review of its stock-options practices, according to a statement from the company.Gloss’s termination occurred before Marvell released its report. Peter Hillan, a Marvell sp...

    By Alan Rappeport • May 8, 2007
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    Probe Hits N.Y. Comptroller’s Office

    New York State Attorney General Andrew Cuomo said prosecutors are looking into possible conflicts of interest in the state comptroller’s office that may have affected the state’s pension fund, according to the Associated Press. The probe is said to be focused on whether “gate keepers” in the comp...

    By David Katz • May 8, 2007
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    Delphi Slates $1.3B for Pensions

    Delphi announced that it expects to contribute $1.3 billion to its pension plan when it emerges from bankruptcy after transferring at least $1.5 billion of unfunded liabilities to a plan sponsored by its former parent, General Motors.The funding plan, worked out with the Internal Revenue Service ...

    By Stephen Taub • May 7, 2007
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    Hitting the Silk at Boeing

    Former Amgen chief financial officer Richard Nanula didn’t give Boeing a chance to reject his resignation from the board when it was submitted on Friday, one month after he resigned as executive vice president and CFO of the biotech firm.A Boeing spokesman said that Nanula submitted “a letter of ...

    By Roy Harris • May 7, 2007
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    Marvell CFO Resigns amid Options Probe

    Marvell Technologies Group Ltd. announced the resignation of its CFO and other management changes after completing an internal review of its stock-option practices.The company, which makes microchips for hard-disk drives, announced that George Hervey resigned as CFO and will be replaced on an int...

    By Stephen Taub • May 7, 2007
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    Beazer Discloses ERISA Suit, SEC Probe

    Beazer Homes USA has disclosed that it is the subject of a new class-action lawsuit filed on behalf of present and former participants and beneficiaries of the Beazer Homes 401(k) plan. The lawsuit names as defendants Beazer Homes, certain current and former officers and directors, and the plan’s...

    By Stephen Taub • May 4, 2007
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    CFOs on the Move: Week Ending May 4

    • David Sidwell, executive vice president and CFO of Morgan Stanley, plans to retire by the end of the year. The financial services firm will replace him with Colm Kelleher, a 19-year veteran of Morgan Stanley and current head of global capital markets. Sidwell joined Morgan Stanley in 2004 after...

    By Sarah Johnson • May 3, 2007
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    Report: Finance Workers’ Confidence Dips

    Confidence among accounting and finance workers dipped slightly in the first three months of 2007, according to a new report from Spherion.In the staffing firm’s latest Accounting and Finance Employee Confidence index, sentiment dropped by 1.7 points, to 62.9. The index represents a sample of 11,...

    By Alan Rappeport • May 2, 2007
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    Joined-up Thinking

    The most avid users of social-networking websites may be exhibitionist teenagers, but when it comes to more grown-up use by business people, such sites have a surprisingly long pedigree. LinkedIn, an online network for professionals that signed up its ten-millionth user this week, was launched in...

    By Economist Staff • May 2, 2007
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    Now Arriving: New CFO at Amtrak

    A former CFO of the Department of Veterans Affairs will take the finance controls at Amtrak later this month. William Campbell will start his new job on May 21, five months after the railroad reorganized its management team. Treasurer Dale Stein has held the position on an interim basis since mid...

    By Sarah Johnson • May 2, 2007
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    Best to Leave as Boston Scientific CFO

    Boston Scientific Corp. CFO Larry Best is leaving the company after 15 years as one of the engineers of its growth.Best was seen as a key player in the medical device maker’s $27-billion acquisition of Guidant Corp. last year, and is credited with engineering 37 acquisitions during his tenure, ac...

    By Stephen Taub • May 2, 2007
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    Deportation Order

    Silicon Valley, as the old joke goes, was built on ICs — Indians and Chinese that is, not integrated circuits. As of the last decennial census, in 2000, more than half of all the engineers in the valley were foreign-born, and about half of those were either Indian or Chinese — and since 2000 the ...

    By Economist Staff • May 1, 2007