Human Capital: Page 120

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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
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    Manpower’s Michael Van Handel

    Manpower was very much an issue at the World Economic Forum in January, where delegates from around the world pointed to a variety of demographic factors that will challenge businesses to find the skilled workers they need. Among those holding forth on the topic were executives from the company t...

    By Scott Leibs • March 1, 2007
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    For CFOs, Few Gold Watches

    The career-life expectancy of the top finance spot at large public companies continues to decline. In the past few months, several high-profile CFOs left after short stints in top finance positions, including Sallie Krawcheck, who spent just more than two years as CFO of Citigroup, and Alvaro de ...

    By Joseph McCafferty • March 1, 2007
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    Star Search

    It’s 7:30 A.M. on a Saturday and Ananda Baron is juggling a cup of coffee and a bagel, trying to down a quick breakfast before a long day of interviews. One of 25 MBA students invited to PG&E Corp.’s San Francisco headquarters for second-round interviews, Baron has been cruising a crowded con...

    By Alix Stuart • March 1, 2007
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    Being Here

    The pace of work is accelerating. Competitive pressures come from all over the globe; investors grow ever more demanding; cell phones and the Internet keep everyone connected and on alert, 24/7. People are constantly busy and anxious about the future; they have little time to think. No wonder mor...

    By Edward Teach • March 1, 2007
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    Support Our Ex-Troops

    They have an unwritten yet clearly understood commandment in the military. It’s a rule that soldiers in combat live, and sometimes die, by. It is, like love of flag and country, inviolate: Never leave a buddy behind.Understand this concept and you understand Jimmy Norris. The new CFO of the Veter...

    By John Goff • March 1, 2007
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    AOL Taps Kumar as New CFO

    AOL named Nisha Kumar its new Chief Financial Officer. She replaces Stephen Swad, who last week said he would leave to take a job with a private-equity firm, according to an internal memo cited by several news reports.Kumar comes to AOL from its parent, Time Warner Inc., where she held senior pos...

    By Stephen Taub • Feb. 28, 2007
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    Pediatrix Blames Ex-Exec for Options Mess

    Pediatrix Medical Group said on Wednesday that it will restate prior financial statements due to “documented instances of intentional backdating” by a former executive that occurred in the granting of stock options prior to 2001. The company, which provides newborn, maternal-fetal, and pediatric ...

    By Stephen Taub • Feb. 28, 2007
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    Autodesk Restates, Blames Option Grants

    Autodesk Inc. said it will restate its previously-issued financial statements by between $38 million and $45 million to correct errors related to accounting for stock-based compensation expense over the 18-year period ended 2006. About $23 million to $26 million will apply to the income statement...

    By Stephen Taub • Feb. 28, 2007
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    Ex-McAfee Attorney Indicted

    McAfee Inc.’s former general counsel was indicted for fraudulently backdating stock option grants in 2000 and 2002. Kent Roberts was charged in a seven count criminal indictment with devising a scheme to defraud by granting himself and others valuable in-the-money stock options. The charge also a...

    By Stephen Taub • Feb. 28, 2007
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    Operation Match: Richer 401(k) Benefits

    The gold standard for employer matches to employee 401(k) contributions has moved steadily upward toward the 100 percent mark over the last five years, according to a recent study by Mercer Human Resource Consulting. The portion of 401(k) plans with a match rate of 100 percent has risen from 26 p...

    By David Katz • Feb. 27, 2007
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    KB Home Faces DoJ Probe

    KB Home late Friday said that the Department of Justice is looking into its past stock option practices. The homebuilder stressed in a press release that the company itself is not a target of the investigation.In January, KB said the Securities and Exchange Commission upped its probe of the stock...

    By Stephen Taub • Feb. 26, 2007
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    Keane Faces SEC Probe as It Goes Private

    The Securities and Exchange Commission has requested documents from Keane, Inc., related to the company’s stock option granting practices. The business process and IT services company said it intends to cooperate with the regulator’s inquiry.Earlier this month, rival Caritor agreed to acquire Kea...

    By Stephen Taub • Feb. 26, 2007