Human Capital: Page 122

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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
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    Just Rewards

    When Xcel Energy wanted to reward its rank-and-file for taking the initiative, it created Xpress Ideas, a rewards scheme that pays bonuses on the spot for useful suggestions. The program has been a hit among the company’s 11,000 workers; last year they offered 6,133 ideas, most of which were impl...

    By Roy Harris • Feb. 1, 2007
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    Parting Shots

    Want the inside story on your finance department? Ask the people who are quitting. Vince Cook, CFO of home health-care provider AccentCare, does exactly that by reading the transcript of every exit interview conducted with a finance employee. “People are our greatest asset,” he says, “and we can ...

    By Laura DeMars • Feb. 1, 2007
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    The Hartford’s David Johnson

    Examine the career of David Johnson and you begin to think that timing may not be his strong suit. In 1998, the former Merrill Lynch investment banker signed on at Cendant Corp., a company he had helped take public years earlier. Within months, Cendant was engulfed in a massive financial scandal ...

    By John Goff • Feb. 1, 2007
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    Pin the Tail on the Doctor

    Consumer-driven health plans may not be the worst way to moderate escalating health-care costs, since they bring a strong measure of free-market principles to an arena largely removed from market forces.It works like this: employees receive coverage for catastrophic events (after paying a high de...

    By Karen M. Kroll • Feb. 1, 2007
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    Songs in the Key of Sarbox

    If audits, merger negotiations, or FASB rulings don’t put a song in your heart, maybe Steven Zelin can. Calling himself “The Singing CPA,” the 31-year-old internal auditor at French investment bank Société Générale in New York is putting a new twist on accounting with his toe-tapping tunes about ...

    By Laura DeMars • Feb. 1, 2007
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    The Enemy Within

    Emily Grothe was floored when she heard that a former partner at her energy consulting firm was suing her and the company for, among other things, violation of the Family and Medical Leave Act and the Americans with Disabilities Act. The partner had left Natural Resource Group Inc. (NRG) under wh...

    By Kris Frieswick • Feb. 1, 2007
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    Michael Dell Returns as CEO

    Michael Dell will return as chief executive officer of the company he founded, while retaining the position of chairman, the company announced on Wednesday. He succeeds Kevin Rollins, who took the helm three years ago and whose resignation from the CEO post is “effective immediately,” according t...

    By Sarah Johnson • Jan. 31, 2007
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    KLA-Tencor Takes $370M Options Charge

    KLA-Tencor announced in a regulatory filing that it has recorded $370 million in charges to correct its past accounting for stock options.The supplier of tools for making microchips took a $348 million pre-tax, non-cash expense for the period from July 1, 1994, to June 30, 2005, and $22 million f...

    By Stephen Taub • Jan. 30, 2007
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    HPs Wayman Earned $18 Million in 2006

    The proxy season kicks off with an announcement that former Hewlett-Packard Chief Financial Officer Robert Wayman took home more than $17.7 million in 2006. About $8.6 million of the total was the result of Wayman exercising stock options.Wayman, who officially retired on December 31, also receiv...

    By Stephen Taub • Jan. 29, 2007
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    Schwab CFO, 47, to Retire

    Christopher Dodds, 47, who has served as chief financial officer of Charles Schwab & Co. for the past eight years, announced Thursday that he will retire on May 18.In January 2000, CFO magazine highlighted Dodds in an article featuring the finance chiefs who will make a difference in the nex...

    By Helen Shaw • Jan. 26, 2007
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    KB Home Faces Formal SEC Probe

    The Securities and Exchange Commission has reclassified its probe of the stock option granting practices at KB Home to a formal investigation. In August, officials at the home builder said the company had received an informal inquiry from the regulator.In an SEC filing on Friday, the company assu...

    By Stephen Taub • Jan. 26, 2007
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    Company Misused Cash-Balance Plan: DoL

    The U.S. Department of Labor has sued a Connecticut company and its president for allegedly misusing more than $1.8 million in assets of the company’s cash-balance pension plan.Filed in U.S. District Court for the District of Connecticut, the lawsuit claims that Macristy Industries and its presid...

    By Stephen Taub • Jan. 25, 2007