Human Capital: Page 119

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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
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    Check Engine: GM Controls “Ineffective”

    General Motors disclosed that its internal controls over financial reporting are currently “ineffective.”In its annual report, the struggling automaker warned that its financial condition and ability to carry out its strategic business plan could be adversely affected.GM elaborated that its manag...

    By Stephen Taub • March 15, 2007
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    CFOs on the Move: Week Ending March 16

    • Goodyear Tire & Rubber has appointed executive vice president and CFO Richard Kramer as president of the company’s North American Tire unit. Kramer will continue to fulfill his finance-chief duties until his successor is named. Treasurer Darren Wells was promoted to senior vice president of...

    By Sarah Johnson • March 15, 2007
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    Citigroup’s Krawcheck Earned Nearly $12M

    As chief financial officer of Citigroup last year, Sallie Krawcheck earned $11.66 million, according to the bank’s recently filed proxy statement.As required under new Securities and Exchange Commission disclosure rules, Citigroup detailed the compensation of Krawcheck and its other four highest-...

    By Stephen Taub • March 15, 2007
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    Against the Flow

    When Margaret Ewing, the CFO who steered BAA through one of last year’s high-profile European takeovers, announced her departure from the British airports operator in September, it was widely assumed that she would do what many of her peers do and turn up as the finance chief, or perhaps even chi...

    By Eila Rana • March 15, 2007
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    Juniper CFO Resigns

    Juniper Networks, which recently became up-to-date with its financial filings, announced that executive vice president and chief financial officer Robert Dykes has resigned.The maker of computer network equipment praised Dykes, who had led the company’s finance, legal, IT, investor relations, and...

    By Stephen Taub • March 14, 2007
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    Logistics CFO Flies On

    EGL, a global freight forwarder and logistics provider that operates under the name EGL Eagle Global Logistics, announced that chief financial officer Charles H. Leonard has resigned.The company gave no reason for Leonard’s departure, which came less that a year after he joined EGL.Previously, Le...

    By Stephen Taub • March 13, 2007
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    Cott Taps Wal-Mart Exec as CFO

    Cott Corp. has named Juan R. Figuereo chief financial officer. He succeeds Tina Dell’Aquila, who had served as interim CFO.Figuereo joins the Toronto-based soft drink maker from Wal-Mart International, where since 2003 he served as vice president for mergers and acquisitions, leading its internat...

    By Stephen Taub • March 13, 2007
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    Lawsuits Zoom In on Photo Company

    Getty Images disclosed on Friday that it has been named in two shareholder derivative lawsuits in connection with backdated stock option grants.The stock-photo company stated that on January 29, a derivative suit was filed in a Washington state court alleging that current and former executives an...

    By Stephen Taub • March 12, 2007
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    Good Employees Don’t Grow on Trees

    “If life were fair, employees would be perfect. They would do exactly what we asked them to do—except, of course, for the fantastic ideas they would cook up on their own… .They would be cheerful-brave-reverent-thrifty; they would evolve smoothly from entry-level to VP with no bumps along the way....

    By Paul B. Brown • March 12, 2007
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    Activision Will Fine-tune Option Dates

    Video-game publisher Activision disclosed that a special subcommittee has found inaccurately reported measurement dates for certain stock options granted from 1994 through 2006. The company has not yet determined the additional expense it must take for prior periods.Activision stated that four in...

    By Stephen Taub • March 9, 2007
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    Short-term CFOs Equal Short-term Planning

    Job pressure is driving finance chiefs out of their positions sooner these days. And that, along with shorter CEO tenures, is affecting corporate investment decisions, a new survey says.The March 2007 survey, conducted by Duke University and CFO magazine, found that CFOs blame their own increasin...

    By Helen Shaw • March 9, 2007
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    Critics: “Say on Pay” Spurs Brain Drain

    Critics of a House of Representatives bill that would give shareholders an advisory vote on executives’ pay packages say the legislation could encourage public company finance chiefs and their bosses to take jobs at private equity–owned firms.In privately held firms, CFOs and chief executives cou...

    By Sarah Johnson • March 9, 2007