Human Capital: Page 116

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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
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    Q&A: Tatum’s Jamison on CFO Tug-of-war

    Finance executives have always been pulled in different directions by boards, CEOs, shareholders, and regulators — all of whom want constant reassurance about the corporation’s financial health. But over the past few years, those groups have tightened their grips, putting the CFO role at a near ...

    By Sarah Johnson • May 1, 2007
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    Finance Exec Goes Through the Mill (Updated)

    Clarification:This story has been updated to reflect the fact that the departing executives were brought to The Mills Corp. to help correct previous problems.With the restatements completed at The Mills Corp., and a buyer having been found, another finance executive is leaving Mills.The real esta...

    By Stephen Taub • May 1, 2007
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    Morgan Stanley CFO to Retire

    Morgan Stanley announced that executive vice president and chief financial officer David Sidwell will retire at the end of the year.He will be succeeded by Colm Kelleher, currently head of global capital markets. Kelleher will join the management committee and report to chairman and chief executi...

    By Stephen Taub • May 1, 2007
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    Soft Landing, 5% Raise for Northwest CFO

    Northwest Airlines said in a regulatory filing that Chief Financial Officer Neal Cohen received a 5 percent raise in his base pay, to $401,625 from $382,500. The bankrupt airline pointed out that on December 1, 2004, all officers took a 15 percent reduction in annual base salary, and on December ...

    By Stephen Taub • May 1, 2007
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    To Rollover, or Not?

    See this year’s 401(k) Buyer’s GuideSome 16.7 million baby boomers will retire by 2010. As they dial up their hearing aids to groove to their old Beatles CDs, many will be drawing income from a combination of Social Security, traditional pensions, and one or more 401(k) savings plans. As they jug...

    By Russ Banham • May 1, 2007
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    The Departed

    At a time when Ford needs all the help it can get, its finance executives seem to be taking off faster than a Shelby Cobra. In March, two more resigned from the beleaguered company.Anne Marie Petach, former vice president and treasurer, and James Gouin, former vice president of finance, strategy,...

    By Laura DeMars • May 1, 2007
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    Merrill Lynch’s Jeffrey Edwards

    Volatility in the capital markets might roil some executives, but not Jeff Edwards. In his 20 years with Wall Street giant Merrill Lynch, Edwards has seen plenty of market corrections, but he remains a firm believer in the value of long-term investing and diversification. Coming off a year in whi...

    By Lori Calabro • May 1, 2007
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    The Replacements

    If ever a move was guaranteed to fan the flames of worker cynicism, this was it. In March, embattled retailer Circuit City announced it was laying off about 3,400 employees. The company’s management went on to note that it planned to immediately refill most of the vacancies — at reduced salaries....

    By Laura DeMars • May 1, 2007
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    Exodus for CFO of Genesis Microchip

    Genesis Microchip announced on Friday that chief financial officer Michael Healy will leave the company “to pursue another opportunity.”The announcement by Genesis, a $330 million market-cap designer of integrated circuits used in flat-panel displays, at first glance seemed unremarkable. In a sta...

    By Dave Cook and Stephen Taub • April 30, 2007
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    CFO Martin to Part Ways with Wyeth

    Wyeth has announced that chief financial officer and vice chairman Kenneth Martin will leave the company at the end of June “to pursue personal interests.” Martin joined Wyeth in 1984 and has been CFO since 2000.The pharmaceutical giant — perhaps best known for over-the-counter products including...

    By Stephen Taub • April 27, 2007
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    CFO Gets Ahold of Top Job

    Royal Ahold has announced that president and chief executive officer Anders Moberg will leave the company, effective July 1, to pursue other interests. Upon Moberg’s departure, chief financial officer John Rishton will serve as acting president and CEO while retaining his CFO duties.Moberg joined...

    By Dave Cook and Stephen Taub • April 27, 2007
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    CFOs on the Move: Week Ending April 27

    • Michael Phalen has resigned as CFO of Krispy Kreme Doughnuts. He plans to return to investment banking after spending two years with the doughnut chain, which announced several changes to its executive ranks this week. Chief accounting officer Douglas Muir will take his place. • Pacific Gas and...

    By Sarah Johnson • April 26, 2007