Human Capital: Page 118

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    A New Start

    See this year’s 401(k) Buyer’s GuideSince the launch of the 401(k) in 1982, participants have been required to make most of the major decisions about funding and managing their plans themselves. Twenty years of evidence shows they nearly always do it badly, but until now the law prohibited plan s...

    By Roy Harris • April 1, 2007
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    Google’s George Reyes

    Not since Federal Express burst on the scene in the 1970s has a company had the good fortune to become a verb. Today you’d be hard-pressed to find a sentient being who hasn’t Googled something, probably within the hour. So ubiquitous is the company that if you Google “Google” you get more than 60...

    By Scott Leibs • April 1, 2007
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    Keeping Off-sites on Target

    When Experian Interactive Group’s 12-member executive team jetted off to a Napa Valley, California, resort last May, no one expected to have a miserable time. After all, as CFO Laura Conrad says, “Everyone here likes wine.”But there was far more to the off-site strategy session than a tour of the...

    By Lori Calabro • April 1, 2007
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    The Tenure Track

    These days CFOs seem to exit their jobs even before the ink is dry on their business cards, which is all the more reason to applaud a handful of veterans who are retiring after long tenures. Among them: Robert Wayman, 61, who retired from Hewlett-Packard in January after 37 years with the company...

    By Laura DeMars • April 1, 2007
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    Public To Private

    “Send lots and lots of people, very, very quickly,” David Davies, CFO of €19 billion Austrian oil firm OMV, recalls was the advice he was given as he wrapped up a meeting in Bucharest with some Big Four audit partners. It was summer 2004 and OMV was about six months away from completing the €1.5 ...

    By Eila Rana • April 1, 2007
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    No Bonuses for Big Wheels, Says Carmaker

    General Motors has confirmed published reports that it will not pay bonuses to top executives for 2006, according to the Associated Press.GM spokeswoman Rene Rashid-Merem told Bloomberg that the decision affects about 20 executives. She reportedly added that more details will be provided in the c...

    By Stephen Taub • March 30, 2007
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    Reams Deferred

    As executive-compensation schemes come under increasing scrutiny, nonqualified benefits plans are booming. Two recent studies say more companies are offering nonqualified forms of compensation to top executives, not only to boost those executives’ retirement coffers but also to lure and retain to...

    By Laura DeMars • March 30, 2007
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    CFOs on the Move: Week Ending March 30

    • Solo Cup Co. has appointed Robert D. Koney as executivevice president and chief financial officer, effective April 2. Koney previously worked at Russell Corp., where he was CFO and senior vice president. He also spent 18 years with Goodrich Corp. in a variety of financepositions, most recently ...

    By Sarah Johnson • March 29, 2007
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    “Say on Pay” Bill Passes House Committee

    The House Financial Services Committee passed Chairman Barney Frank’s “say on pay” bill Wednesday. The measure would give shareholders a nonbinding advisory vote on a company’s executive compensation plan.Frank, a Massachusetts Democrat, considers his bill one of his top priorities, pushed it thr...

    By Sarah Johnson • March 29, 2007
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    Semtech Options Restatement Totals $91M

    Semiconductor maker Semtech restated its results for 1996 through 2006 and took a non-cash charge of $91 million ($62 million after tax) following an internal review of its accounting for stock-option grants.Semtech also filed an amended annual report for the fiscal year ended January 29, 2006, a...

    By Stephen Taub • March 29, 2007
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    The Politics of Pay

    Now there is nowhere for the bosses of corporate America to hide their bulging pay packets. In spite of years of defensive lobbying, they are having to reveal all under new Securities and Exchange Commission (SEC) rules that have just begun to take effect. This burst of sunlight could not have co...

    By Economist Staff • March 29, 2007
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    Ex-Monster Counsel Settles with SEC

    Myron F. Olesnyckyj, former general counsel of careers and recruitment company Monster Worldwide, has settled civil charges and pleaded guilty to criminal charges regarding backdated stock options, according to the Securities and Exchange Commission.Olesnyckyj, who neither admitted nor denied the...

    By Stephen Taub • March 28, 2007
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    Ex-CFO at Defense Contractor Indicted

    Gary Gerhardt, former chief financial officer of Engineered Support Systems Inc. (ESSI), was charged with 10 counts of securities fraud in connection with backdated stock options, according to Michael Reap, First Assistant U.S. Attorney for the Eastern District of Missouri.The former finance chie...

    By Dave Cook and Stephen Taub • March 27, 2007
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    Phasing Out Is In

    As the first of the baby boomers approach retirement next year, much has been written about a potential worker shortage (see related story). That has triggered interest in ways to keep workers around longer, including a move toward “phased retirement,” in which potential retirees assume part-time...

    By Kayleigh Karutis • March 27, 2007
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    Going for the Records

    In their efforts to reduce sick time and rein in soaring health-insurance premiums, companies have invested in a range of employee health and wellness programs. Now, several large employers have decided to attack the issue from a different angle: they’ve teamed with an Oregon-based nonprofit to o...

    By Rob Garver • March 26, 2007
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    Retired General Dynamics CFO Earned $11M

    Michael J. Mancuso, who retired as senior vice president and CFO of General Dynamics on May 31, earned about $11.4 million last year. Nearly $10 million was the result of exercising stock options; he earned another $1.7 million or so in salary, bonus, stock awards, options awards, and other sourc...

    By Stephen Taub • March 23, 2007
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    CFOs on the Move: Week Ending March 23

    • David Devonshire is retiring from his CFO post at Motorola. Board member Thomas Meredith was named acting CFO in Devonshire’s place. Meredith is co-founder and general partner of Meritage Capital and CEO of MFI Capital. He also served as senior vice president and CFO of Dell from 1992 to 2000. ...

    By Sarah Johnson • March 22, 2007
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    CFO Devonshire Steps Down at Motorola

    Motorola announced the retirement of chief financial officer David Devonshire amid a shakeup designed to turn around the company’s flagging performance.Devonshire’s departure may have been hastened by demands from billionaire activist investor Carl Icahn that the struggling technology company boo...

    By Stephen Taub • March 22, 2007
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    Corrected: Merrill CFO Earned $14.7M

    (Correction: This article has been revised to reflect information brought to our attention by Merrill Lynch.)The Securities and Exchange Commission’s new rules for disclosing executive compensation unfortunately confused us as well.Earlier we reported that Merrill Lynch chief financial officer Je...

    By Stephen Taub • March 21, 2007
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    Seller’s Market

    To understand the topsy-turvy market for finance talentin Asia these days, consider James Wu, a planning manager for U.S. restaurantchain Burger King in Shanghai. In July 2005, he landed at the U.S. fast-food giantwith a 30 percent pay increase over his previous job at the China operations of Chu...

    By Don Durfee • March 21, 2007
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    Low Ceiling for Delta’s Exec Comp

    Delta Air Lines has announced a compensation plan for executives and employees that greatly limits how much top management will earn as the embattled airline emerges from Chapter 11 bankruptcy protection.Chief executive officer Gerald Grinstein will continue to collect his current base salary of ...

    By Stephen Taub • March 20, 2007
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    Did Ex-CFO Use Options ”Hindsight”?

    Transaction Systems Architects, which makes electronics payments processing software, disclosed that errors related to stock-option grants will require a restatement for fiscal years 1995 to 2002.The company also acknowledged control weaknesses and other deficiencies, elaborating that in a number...

    By Dave Cook and Stephen Taub • March 19, 2007
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    CFOs Wanted: Controllers Need Not Apply

    Controllers couldn’t make all the numbers work out for them this time. New research shows that as of April 2006, the number of Fortune 500 CFOs hired from outside of their new companies total 190. While 58 percent were plucked from the ranks of existing corporate or divisional CFOs, a paltry 4 p...

    By Marie Leone • March 19, 2007
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    Costco Subpoenaed over Options

    Costco Wholesale disclosed that it has received a grand jury subpoena from the U.S. Attorney’s Office for the Western District of Washington seeking documents and information regarding stock-option grants. The company stated that it will cooperate with the inquiry.Last year, Costco conceded that ...

    By Stephen Taub • March 19, 2007
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    Options Probe Doesn’t Connect the Pixels

    The Walt Disney Co. announced that an investigation into stock option practices at Pixar Animation Studios prior to its acquisition has concluded that while options were backdated, no one currently associated with the company “engaged in any intentional or deliberate acts of misconduct.”The state...

    By Stephen Taub • March 19, 2007