Human Capital: Page 118

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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
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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