Human Capital: Page 117

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    Take-Two Details Ex-CFO’s Severance

    Take-Two Interactive Software has detailed the severance payment for Karl Winters, who resigned last week as chief financial officer.Winters will serve as a consultant to the company, best-known for the “Grand Theft Auto” series of video games, for three months at $25,000 per month. In addition, ...

    By Stephen Taub • April 16, 2007
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    Nardelli Took Home $134M Last Year

    Robert Nardelli, who resigned as chairman, president, and chief executive officer of The Home Depot in January, earned $134.5 million last year. His total severance package has been valued at $210 million.According to the company’s 2006 proxy, filed Friday, last year Nardelli received a $2.3 mill...

    By Stephen Taub • April 16, 2007
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    Delta Pilots Take Cash, Not Shares

    As embattled Delta Air Lines prepares to lift off from bankruptcy later this month, the pilots union announced it had raised $1.16 billion by selling 92 percent of its $2.1 billion unsecured claim against the airline, reported Bloomberg.This works out to 60 cents on the dollar. Bloomberg noted th...

    By Stephen Taub • April 13, 2007
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    Former SEC Commissioner Needham Dies

    James J. Needham, the first SEC commissioner to have been a practicing public accountant and the first full-time, salaried chairman of the New York Stock Exchange, has died. He was 80.Needham, whose three years at the Securities and Exchange Commission began in July 1969, was credited with speaki...

    By Stephen Taub • April 12, 2007
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    CFOs on the Move: Week Ending April 13

    • Karl Winters has resigned as CFO of Take-Two Interactive Software, which created the “Grand Theft Auto” videogame. Lainie Goldstein, senior vice president of finance, was named interim CFO. The company is searching for a permanent finance chief. Goldstein joined Take-Two in 2003 after seven yea...

    By Sarah Johnson • April 12, 2007
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    Monster’s CEO May Be a Customer, Too

    William M. Pastore has resigned as president and chief executive officer of Monster Worldwide, effective immediately. In a press release, the careers and recruitment company stressed that the change was made by agreement with the board of directors.Pastore was tapped as CEO only six months ago af...

    By Dave Cook and Stephen Taub • April 12, 2007
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    Pension Plans: Only the Strong Survive

    The funded status of the 100 largest defined-benefit pension plans has improved to nearly 100 percent, thanks in large part to strong investment returns in 2006, according to a new study from actuarial consultancy Milliman. In addition, rising interest rates moderated pension obligations slightly...

    By Stephen Taub • April 12, 2007
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    Warning-track Power for “Say on Pay”

    In this year’s first votes to determine whether shareholders can have a “say on pay,” shareholders at Morgan Stanley and Bank of New York fell a little short.Had the measures passed, at future meetings investors would have been entitled to cast a nonbinding, advisory vote on executive compensatio...

    By Stephen Taub • April 11, 2007
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    CFO Quits Troubled Amgen

    Amgen announced that Richard Nanula has resigned as executive vice president and chief financial officer, saying he is leaving “to pursue other opportunities.” Nanula is being replaced by Robert Bradway, who will be responsible for Amgen’s finance, strategy, and investor relations operations.Amge...

    By Stephen Taub • April 11, 2007
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    Big Shoes to Fill?

    Not so long ago, when Thomas Henne was an up-and-coming divisional controller at ZF Friedrichshafen and was taking part in a management development course with 25 “high potentials” from other parts of the company, a thought suddenly occurred to him: “There’s no other job better than the one I hav...

    By Janet Kersnar • April 11, 2007
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    KB Home Faces ERISA Suit over Options

    KB Home disclosed Monday that it is the target of a lawsuit alleging violations of the Employee Retirement Income Security Act, stemming from backdated stock options.In a regulatory filing, the homebuilder stated that the complaint was filed last month in U.S. District Court for the Central Distr...

    By Stephen Taub • April 10, 2007
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    “Say on Pay” Kicks Off Tuesday

    This year’s first votes to determine whether shareholders can have a “say on pay” will take place Tuesday at the annual meetings of Bank of New York and Morgan Stanley. Should the measures pass, at future meetings investors will be entitled to cast a nonbinding, advisory vote on executive compens...

    By Stephen Taub • April 6, 2007
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    Silverman Could Receive Golden Severance

    Henry R. Silverman, former chairman and chief executive officer of the Cendant conglomerate, may wind up with $110 million in severance once he has cut all ties with the company’s various spin-offs, reports the Associated Press. Last August Cendant broke into four separate companies: Realogy, Avi...

    By Stephen Taub • April 6, 2007
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    Your Boss’s Shiny New Paycheck

    Annual bonuses awarded to chief executive officers climbed by 13 percent last year, to a median $2.2 million, according to a new study by Watson Wyatt Worldwide. In addition, their equity-based compensation holdings grew nearly 50 percent last year, according to the analysis of proxy statements.T...

    By Stephen Taub • April 6, 2007
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    Oxley: I’m Not Happy with Sarbox

    Michael Oxley has been guaranteed immortality — and perhaps a degree of infamy — since his name was affixed to the Sarbanes-Oxley Act of 2002, the most comprehensive set of corporate rule changes since the 1930s.Earlier this year, Oxley retired from Congress after serving 25 years. However, the 6...

    By Stephen Taub • April 6, 2007
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    H-1B Petitions Reach Cap for Fiscal 2008

    Companies hoping to hire certain foreign workers now will have to wait a year. The government’s fiscal 2008 quota has already been met.The U.S. Citizenship and Immigration Services (USCIS) said it had received enough H-1B visa petitions from foreigners seeking work to meet the congressionally man...

    By Stephen Taub • April 5, 2007
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    Circuit City Sued by Three Fired Workers

    Circuit City’s announcement last week that it will replace 3,400 highly paid employees with lower-paid individuals stunned even the most hardened free-marketers. And now, the lawsuits have begun.Three of the workers who were terminated allege that the move, designed to save money for the struggli...

    By Stephen Taub • April 5, 2007
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    Take-Two Faces Formal SEC Probe

    Take-Two Interactive Software, the video game maker best known for its “Grand Theft Auto” video game, said in a regulatory filing that the Securities and Exchange Commission has upgraded its probe of its stock options practices to a formal investigation.A formal investigation means that the SEC h...

    By Stephen Taub • April 5, 2007
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    CFO’s Resignation Spooks Investors

    The sudden departure of Rockwell Automation CFO James V. Gelly sent Rockwell stock sliding more than 5 percent in Thursday morning trading. He resigned as senior vice president and CFO “to pursue new challenges and opportunities,” the company said.The Milwaukee-based maker of factory-automation s...

    By Stephen Taub • April 5, 2007
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    CFOs on the Move: Week Ending April 6

    • Patricia Hutton-Glassford is the new CFO of GE Industrial. She previously worked as executive vice president and finance chief of NBC Universal Film and Parks; senior vice president and CFO of NBC TV Stations and NBC West Coast; and manager of finance for GE Plastics Commercial and Manufacturin...

    By Sarah Johnson • April 5, 2007
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    States of Health

    While President Bush devoted a portion of hisState of the Union address to the issue of health care, manyBeltway observers expect federal gridlock for the next 20months. “It’s difficult to have dramatic change when theWhite House and Congress are controlled by different parties,”says Edgar “Jed” ...

    By Karen M. Kroll • April 5, 2007
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    SafeNet, Execs Agree to Options Escrow

    Security software and hardware company SafeNet announced that it has reached a settlement with two former top executives regarding previously granted stock options.Former chairman and chief executive officer Anthony A. Caputo and former president, chief operating officer, and acting chief financi...

    By Stephen Taub • April 4, 2007
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    Say Cheese: Pack Names First Female VP

    The Green Bay Packers have named Vicki Vannieuwenhoven vice president of finance. She is the first female vice president in the team’s 89-year history.More important to the Packers, however, are her Wisconsin roots. In a statement on Vannieuwenhoven and on Jason Wied, who was named vice president...

    By Dave Cook and Stephen Taub • April 3, 2007
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    CFO.TV

    Arcelor Mittal TV is a new web-based video offering that aims to give an inside view of the merger integration process of steel companies Arcelor and Mittal, using the full “Web 2.0” toolkit.It’s not the only company venturing out on to the trendier parts of the web and, as many are finding out, ...

    By Jason Karaian • April 2, 2007
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    CFO Cashes Out at Station Casinos

    Station Casinos and its CFO, Glenn C. Christenson, will go their separate ways.Little more than a month after agreeing to an $8.4 billion management-led buyout, the company announced that Christenson agreed to step down, effective March 30. He had served as executive vice president, chief financi...

    By Dave Cook and Stephen Taub • April 2, 2007