Human Capital: Page 121

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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
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    Reductions Cut Deeper at Alcatel-Lucent

    Alcatel-Lucent announced Friday that it will reduce its ranks by 12,500 employees, according to published accounts. After last year’s merger of telecom-equipment rivals, the combined company announced job cuts of 9,000.The new figure represents nearly 16 percent of the Paris-based company’s 80,00...

    By Stephen Taub • Feb. 9, 2007
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    Private Equity Pays Out at Harrah’s

    Gary W. Loveman, chief executive officer of Harrah’s Entertainment, will receive at least $94 million in compensation if two private-equity firms complete their buyout of the casino company, according to a regulatory filing. Chief financial officer and treasurer Jonathan S. Halkyard stands to ear...

    By Stephen Taub • Feb. 9, 2007
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    Adelphia Seeks $5.2M for Finance Team

    Adelphia Communications and its unsecured creditors have asked U.S. Bankruptcy Judge Robert Gerber to approve a $5.2 million package that would help retain key finance employees, according to the Associated Press.The request follows the decision last month by U.S. District Judge Shira Scheindlin ...

    By Stephen Taub • Feb. 8, 2007
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    CFOs on the Move: Week Ending February 9

    • Indra Nooyi, CEO of PepsiCo, will take on the additional title of chairman of the board. In October, Nooyi was promoted from CFO to chief executive. She was elected to the soft drink and snack food company’s board in 2001. She joined the company in 1994 as senior vice president of strategic pla...

    By Sarah Johnson • Feb. 8, 2007
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    If You Go Away

    Everyone knows investors hate surprises. But that’s what Benetton’s investors got in November. Overshadowing the €1.8 billion fashion group’s quarterly results announcement, the company dropped not one, but two, bombshells — both CEO Silvano Cassano and CFO Pier Francesco Facchini had resigned, e...

    By Eila Rana • Feb. 8, 2007
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    SEC Charges Ex-CFO with Backdating

    The Securities and Exchange Commission filed civil lawsuits on Tuesday against Gary C. Gerhardt, the former chief financial officer of Engineered Support Systems Inc., and Steven J. Landmann, the company’s former controller. The SEC is charging that the duo participated in six years of fraudulent...

    By Marie Leone • Feb. 7, 2007
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    Did Bush Set Employee Health-Benefit Ceiling?

    Regardless of the political fate of President Bush’s proposal to revamp the tax code to steer employees away from choosing “expensive, gold-plated” benefit plans, the proposal supplies employers with a benchmark for gauging how much spending on health benefits is too much, experts say.Under the p...

    By David Katz • Feb. 6, 2007
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    Nortel CFO Resigns

    Nortel Networks announced that executive vice president and chief financial officer Peter Currie will step down, effective April 30.The Canadian telecom giant gave no reasons for Currie’s departure and did not indicate whether he would be taking a position elsewhere, but it stated that Currie wou...

    By Stephen Taub and Dave Cook • Feb. 6, 2007
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    Four More Warn of Options Woes

    At least four companies in the tech-telecom arena recently disclosed that they may restate prior results after reexamining their stock-option practices.UTStarcom announced Thursday that it expects to restate its financials by a total of about $50 million for fiscal years prior to 2003 to record a...

    By Stephen Taub • Feb. 2, 2007
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    Director Pay Climbed 12 Percent in 2006

    Average board-member compensation climbed about 12 percent in 2006, to a mean of $160,439, according to a new study from Institutional Shareholder Services. Median pay increased 10.5 percent, to $143,123.The increase was driven by a 16 percent rise in the value of equity-based compensation, accor...

    By Stephen Taub • Feb. 2, 2007
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    Ex-CFO Resigns from Actel Board

    Semiconductor company Actel has announced that former chief financial officer Henry Perret resigned from its board of directors. The board requested Perret’s resignation after a special committee found he had engaged in questionable conduct relating to the company’s historical stock-option-grant ...

    By Stephen Taub • Feb. 2, 2007
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    Children’s Place to Restate Results

    Children’s Place Retail Stores will restate results by as much as $24 million for fiscal years 2003 through 2005 and the first fiscal quarter of 2006 after an internal review determined that it had used incorrect measurement dates for certain stock option grants.“The company did not maintain appr...

    By Stephen Taub • Feb. 1, 2007
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    CFOs on the Move: Week Ending February 2

    • Christopher Dodds will retire as CFO of Charles Schwab in May. Dodds joined Schwab in 1986 and held a variety of titles, including corporate controller and treasurer, before becoming CFO in 1999. A 10-year veteran at Schwab, Joseph Martinetto, senior vice president and treasurer, will replace D...

    By Sarah Johnson • Feb. 1, 2007