Human Capital: Page 119

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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
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    CEO Resigns Under Backdating Cloud

    Cirrus Logic, a maker of audio and video chips, announced that David D. French has resigned as president and chief executive officer and as a director after an internal review determined that he was aware of possible backdating of stock option grants.Co-founder and longtime chairman Michael L. Ha...

    By Dave Cook and Stephen Taub • March 8, 2007
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    CFOs on the Move: Week Ending March 9

    • Martha Dustin Boudos is resigning as CFO of Morningstar after 15 years with the investment research firm. The 40-year-old will remain with the company in a role that will give her more time with her family, according to a company press release. The firm did not elaborate on what that role will ...

    By Sarah Johnson • March 8, 2007
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    The Chosen Few

    “I had to make a choice,” recalls Martine Verluyten. “Was I going to remain eternally in the background, or would I fight to become CFO?” She faced this decision shortly before her 50th birthday, after a long and varied business career. Rising through the ranks as an auditor — one of only two wom...

    By Jason Karaian • March 8, 2007
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    Even High Earners Shun 401(k)s

    Many companies routinely have trouble convincing younger and lower-earning employees to sign up for their 401(k) plans. Indeed, consultancy Watson Wyatt found that 52 percent of workers earning between $10,000 and $25,000 annually choose not to participate.Surprisingly, though, that’s also true f...

    By Stephen Taub • March 7, 2007
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    Morningstar CFO Calls It a Day

    Martha Dustin Boudos, chief financial officer of Morningstar since 2001, has resigned from her position but will remain with the company in “a new role.”In a statement, she said she hoped to spend more time with her family.Boudos “has made countless contributions to our success,” said chairman an...

    By Stephen Taub • March 6, 2007
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    FremantleMedia’s Ian Ousey

    Ian Ousey learned much of what he knows about business from Björn Borg. In the late 1980s, shortly after qualifying as a chartered accountant in the U.K., Ousey moved to Monaco to run the finances of the Swedish tennis star’s fledgling fashion and design group. Leveraging its owner’s personal bra...

    By Jason Karaian • March 6, 2007
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    Health Care Can Bankrupt America: Walker

    “If there’s one thing that can bankrupt America, it’s health care,” Comptroller General David Walker said Monday in a speech before the Federation of American Hospitals, according to published accounts.Walker, the nation’s chief accountability officer and head of the Government Accountability Off...

    By Stephen Taub and Dave Cook • March 5, 2007
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    Yahoo’s Decker to Join Berkshire Board

    Yahoo’s acting chief financial officer, Susan Decker, will join the board of Berkshire Hathaway at its annual meeting on May 5.“We are lucky to have her,” proclaimed Berkshire chairman Warren Buffett in his annual letter to investors.Decker, 44, scores very high on Buffett’s four criteria for boa...

    By Stephen Taub • March 5, 2007
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    Big Citi: CFO Crittenden Could Earn $10M

    Gary Crittenden, who was recently named chief financial officer of Citi, will receive a base salary of about $500,000 in his first year on the job. According to a regulatory filing, however, he is eligible for incentive awards of as much as $9.5 million this year and next.Citi has also agreed to ...

    By Stephen Taub • March 2, 2007
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    CFOs on the Move: Week Ending March 2

    • Citigroup has named Gary Crittenden chief financial officer, effective March 12. He was formerly executive vice president and CFO and head of Global Network Services at American Express. Dan Henry will fill in for Crittenden as executive vice president and acting CFO at American Express, which ...

    By Sarah Johnson • March 1, 2007
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    That’s No Valentine, That’s a Pink Slip

    The 84,014 job cuts announced in February were the highest in five months, according to a report from global outplacement consultancy Challenger, Gray & Christmas.February’s total, though it trailed the 100,315 reductions announced last September, was 33 percent higher than the 62,975 announc...

    By Dave Cook and Stephen Taub • March 1, 2007
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    Six Degrees of Irritation

    Carl Taibl is a big believer in the power of personal contacts — even if those contacts don’t know who the heck he is. Taibl, a CPA with San Ramon, California-based accounting firm Armanino McKenna LLP, has for the past five years been a regular user of LinkedIn, a popular social-networking site ...

    By Esther Shein • March 1, 2007
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    Uh, Is This Microphone On?

    When Tom White first began to move up the corporate ladder at a major accounting firm, he often spoke to various internal audiences — without great success. “I didn’t get any high marks,” he notes, “which was a real wake-up call.”White sought the training he needed from communication development ...

    By Laura DeMars • March 1, 2007