Human Capital: Page 116

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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
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    Donut Chain CFO Has Had His Fill

    Michael Phalen has resigned as chief financial officer of Krispy Kreme Doughnuts amid a number of changes to the company’s executive ranks and board of directors.The donut chain — which was “kremed” several years ago by a series of events, from the advent of the Atkins diet, to franchisee allegat...

    By Stephen Taub • April 24, 2007
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    Made in India: Bargain Finance Execs

    Global companies looking to cut costs by basing more finance, marketing, and HR directors overseas may gain some support from a new survey from Mercer Human Resource Consulting. The 15-country Mercer survey, not surprisingly, shows U.S.-based executives in those fields earning the highest salarie...

    By Roy Harris • April 23, 2007
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    Nix Degrees Of Separation

    Tuition-assistance programs(TAP) are an often overlookedemployee benefit — overlooked byemployers, that is. Employees understandthe value of such programs alltoo well, often using them to underwritea degree that will lead to a newjob or even a new career.The problem, according to E. Faith Ivery, ...

    By Laura DeMars • April 21, 2007
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    House Votes Yea to “Say on Pay”

    In a 269-134 decision, the House of Representatives voted to give shareholders a nonbinding, advisory vote on senior executives’ pay packages. The bill was passed on Friday despite opposition from business advocates and lack of widespread support for similar shareholder proposals at companies thi...

    By Sarah Johnson • April 20, 2007
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    Management Advice: Vive la Différence!

    No matter what the dilemma, the advice is always the same: Think differently.Confronted with a strategy problem you can’t resolve? You know the advice: Think differently!A staffing issue that’s impossible to untangle: Think differently!You need to reconcile directives from above that are simply n...

    By Paul B. Brown • April 20, 2007
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    Early Departure at JetBlue

    JetBlue Airways announced that senior vice president, chief accounting officer, and controller Holly Nelson has resigned, effective April 24.Nelson has been with the airline since 2001. The company did not offer a reason for her departure.She will be succeeded by Edward Barnes, who was named vice...

    By Stephen Taub • April 19, 2007
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    Traditional Pension Funds: Healthy but Dying?

    Sometimes dying branches must be culled for the good of the tree. America’s traditional corporate pension funds have showed renewed vitality this year, offering steady returns and fewer liabilities. But their current well-being may stem in part from the shakeout of liabilities from the most volat...

    By Alan Rappeport • April 19, 2007
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    CFOs on the Move: Week Ending April 20

    • Saks Inc. has promoted Kevin Wills to executive vice president and CFO, effective May 4, the same day Michael Archbold had been slated to take on the role. Archbold resigned last week as executive vice president and chief financial and administrative officer of Saks Fifth Avenue to take on the ...

    By Sarah Johnson • April 19, 2007
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    CFOs Eye New Companies, New Jobs

    Fully 29 percent of chief financial officers and senior controllers plan to retire or to leave their company within the next three years, according to a survey of 135 U.S.-based finance executives by Grant Thornton.Their feelings toward the boss may have something to do with their decision. Some ...

    By Stephen Taub and Dave Cook • April 17, 2007
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    User’s Guide to SEC Pay-disclosure Rules

    As CFOs tussle this proxy season with the complexities of the Securities and Exchange Commission’s new disclosure rules for executive pay, Moody’s Investors Service is coming out with a user’s guide to help shareholders benefit from the disclosures.By calling for more information from companies, ...

    By Roy Harris • April 17, 2007
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    Apple CFO Downloaded $71M

    Peter Oppenheimer, senior vice president and chief financial officer of Apple Inc., earned more than $71 million last year, making him one of the highest-paid finance executives.Oppenheimer received a salary of $615,000 and a bonus of $450,000, which was actually $100,000 less than his bonus in 2...

    By Stephen Taub • April 17, 2007
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    PBGC Settlement for Auto-parts Maker

    In a court filing, Collins & Aikman disclosed that it has agreed to a $96 million settlement with the Pension Benefit Guaranty Corp., according to the Associated Press.The auto-parts maker has been operating under Chapter 11 protection since May 2005. According to the AP, Collins & Aikman...

    By Stephen Taub • April 17, 2007
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    Making Less with More

    The good news about America’s economy is that jobs are plentiful despite slower growth and the housing blues. Some 180,000 new jobs were created in March and the unemployment rate fell to 4.4 percent, three-tenths of a percentage point lower than a year ago. With employment and wage growth strong...

    By Economist Staff • April 16, 2007