Human Capital: Page 121

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    Survey: CFO Turnover Will Soar in 2007

    Turnover among finance chiefs will reach a record high in 2007, according to a report by executive services firm Tatum.A January 2007 survey of 163 Tatum consultants, each with at least a dozen years of C-suite level experience, found that 93 percent expect even more finance chiefs to step down t...

    By Helen Shaw • Feb. 26, 2007
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    Citi Names Amex’s Crittenden CFO

    Citigroup named Gary Crittenden Chief Financial Officer, effective March 12, 2007. He was formerly executive vice president and CFO and head of Global Network Services at the American Express Co.American Express, which said it was informed by Crittenden on Friday of his decision to leave, quickly...

    By Stephen Taub • Feb. 26, 2007
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    “How’m I Doing?”

    What you think about performance reviews may depend on which side of the desk you sit. When Salary.com surveyed 2,000 employees and 330 human-resources professionals, it found that while two-thirds of companies believe their performance reviews are effective, only 39 percent of employees agree.On...

    By Laura DeMars • Feb. 23, 2007
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    Back Home, Ex-Troops in Benefits Battle

    The shoddy treatment of soldiers at a Walter Reed outpatient facility was detailed in a series of articles published this week by the Washington Post. The revelations, while disturbing, were hardly surprising to longtime watchers of the military health-care system. Indeed, veterans service organi...

    By John Goff • Feb. 22, 2007
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    Board: No Fraud Brewing at Peet’s

    An internal review of options granting practices at Peet’s Coffee and Tea Inc. may leave executives with a bitter after taste, but nothing more. A special board committee charged with examining the coffeehouse chain’s granting practices said on Thursday that while errors were made, no intentional...

    By Marie Leone • Feb. 22, 2007
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    CFOs on the Move: Week Ending February 23

    • Judy Lewent will retire as executive vice president and chief financial officer of Merck & Co. in July. She has spent 17 of her 27 years with the pharmaceutical company as the finance chief. She was once considered a strong candidate for becoming CEO. Lewent joined Merck in 1980 after servi...

    By Sarah Johnson • Feb. 22, 2007
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    The Incredible Bouncing Boss

    Company bosses are being fired in record numbers nowadays. In some ways this is not the disaster for them that being axed is for the rest of humanity, as the chances are they have been paid well enough to have saved plenty of money. Indeed, many of them will collect a large “golden parachute” pay...

    By Economist Staff • Feb. 22, 2007
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    Making Accounting Cool

    When it comes to names, India has no qualms about being different. Take, for example, the recent decision by the council of the Institute of Chartered Accountancy of India (ICAI) to up the profile of its accountants by adding the prefix CA to the names of all licensed CPAs, following the example ...

    By Jennifer Lee • Feb. 22, 2007
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    Declaration of Dependence

    Managing finance in a global organization has never been easy. Time zones, distance, and technology all make it hard for a CFO in Houston to keep tabs on happenings in far-off Hyderabad. Often, overseas finance departments have to fend for themselves. That may be changing. A new study by the Econ...

    By M. Mahanama • Feb. 22, 2007
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    Tiger, Lance, and You

    Tiger Woods has one. So does Roger Federer. And Lance Armstrong. People in virtually all walks of life, from sports to the performing arts to education, now have private coaches to guide them toward their full potential. Lately CFOs have joined the party as they, or their companies, realize that...

    By Theresa Sullivan Barger • Feb. 21, 2007
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    Is There a Doctor in the Company?

    U.S. health care spending is expected to double to $4.1 trillion over the next decade, up from $2.1 trillion in 2006, according to a government report released on Wednesday. That means by 2016, nearly 20 cents of every dollar spent will go toward hospital stays, prescription drugs, and other heal...

    By Marie Leone • Feb. 21, 2007
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    A ”Frank” Look at Executive Pay?

    Rep. Barney Frank (D-Mass.) plans to introduce legislation as early as next week that would give shareholders the right to cast a non-binding vote on executive pay packages.Frank previously has said that executive compensation is one of his top priorities this year, his first as chairman of the H...

    By Sarah Johnson • Feb. 21, 2007
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    Bonus Payouts Nixed by Fannie Board

    Fannie Mae is withholding at least 36 bonuses from current and former officials, which in the aggregate are worth $44.4 million. According to a February 20 regulatory filing, the board of directors announced that Fannie Mae will not make bonus payouts under the mortgage lender’s long-term incenti...

    By Marie Leone • Feb. 21, 2007
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    How to Succeed in Business by Really Trying

    In an extremely good self-help book published ten years ago—and virtually ignored—basketball coach Rick Pitino stressed the importance of setting demanding goals, learning from failure, and being persistent if you want to improve your performance.But the biggest lesson he had to offer was contain...

    By Paul B. Brown • Feb. 21, 2007
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    Wanted: New CFOs for Merck, AOL

    Judy Lewent, 58, executive vice president and chief financial officer of Merck & Co., will retire in July, after spending 27 years with the company, 17 of which she was financial chief. Lewent was once considered a strong candidate for becoming chief executive of the pharmaceutical company. A...

    By Sarah Johnson • Feb. 20, 2007
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    Curing Spring Fever

    As flu season approaches its peak, employers beware: sick days may affect the bottom line more than usual. A survey by CCH found that in 2006 unscheduled absenteeism among employees reached its highest rate since 1999. Large companies are paying up to $850,000 a year in payroll for sick time, not...

    By Laura DeMars • Feb. 20, 2007
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    CFOs on the Move: Week Ending February 16

    • Northrop Grumman has named James Palmer vice president and chief financial officer. He succeeds Wesley Bush, who was promoted to president and chief operating officer. Palmer will start his new job in March after leaving Visteon as executive vice president and CFO. Previously, he was president ...

    By Sarah Johnson • Feb. 15, 2007
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    Bite Size: Hershey Cuts 1,500 Jobs

    Hershey is the latest large company to announce sizable job cuts.The Pennsylvania-based chocolate maker will eliminate 1,500 positions over the next three years as part of “a comprehensive, three-year supply chain transformation program.” In a statement, the company added that “when completed, th...

    By Stephen Taub • Feb. 15, 2007
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    BEA Restates 10 Years over Options

    BEA Systems will restate its financials for the 10-year period through fiscal 2007 and take a pre-tax charge of between $340 million and $390 million to reflect changes in measurement dates for previously granted stock options.The maker of enterprise infrastructure software also announced that it...

    By Stephen Taub • Feb. 15, 2007
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    Game Over for “Grand Theft Auto” Ex-CEO

    Ryan Brant, former chairman and chief executive officer of Take-Two Interactive Software, on Wednesday pleaded guilty to falsifying records, becoming the first CEO convicted for his role a stock-option backdating scheme.Brant, who agreed to pay $1 million to the city and state of New York, had fa...

    By Dave Cook and Stephen Taub • Feb. 14, 2007
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    Finance, HR Share Blame for Forrester Backdating

    Forrester Research issued stock options with incorrect strike prices between 1997 and 2003, the company said on Wednesday. The findings were released after an audit committee investigation determined that exercise prices were different — and usually lower than — the market value of the underlying...

    By Marie Leone • Feb. 14, 2007
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    Taxpayer Group, CalPERS in Pension Flap

    Public employee retirement systems in California are in much less solid financial condition than was the case just a few years ago, according to a recently published report by a taxpayer-activist organization. The report’s findings were strongly disputed by the California Public Employees’ Retire...

    By Stephen Taub • Feb. 13, 2007
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    Sensual Brands: Q&A with Coty’s CFO

    It reads like a Busby Berkeley script: Bright kid from Brooklyn makes good, becomes high-powered executive living among the stars. That’s not how Michael Fishoff might describe his journey, but it did happen that way. Fishoff graduated high school at age 16, and quickly enrolled in New York’s Cit...

    By Marie Leone • Feb. 13, 2007
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    Visteon CFO Changes Heading to Northrop

    Northrop Grumman has named James F. Palmer vice president and chief financial officer.He succeeds Wesley G. Bush, who has handled those responsibilities in the interim since being promoted from CFO to president last May. Bush was also named to the additional post of chief operating officer.They w...

    By Stephen Taub • Feb. 13, 2007
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    How Politics Trumped Finance in New York

    Is this any way to pick a comptroller? Corporate senior finance executives might well have asked that question after a brief glance at the raucous spectacle that ended with the New York Legislature choosing one of its own as the state’s chief fiscal officer on Wednesday.Packed with drama and a he...

    By David Katz • Feb. 9, 2007