Human Capital: Page 122

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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
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    Backdating Spears Trident

    Trident Microsystems said it will restate its financial statements going back to 1994 to correct the accounting for past stock option grants.The maker of digital TV technology also said it will record additional non-cash charges covering its stock-based compensation expense of between $40 million...

    By Stephen Taub • Jan. 25, 2007
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    CFOs on the Move: Week Ending January 26

    • Relinquishing her title as Citigroup’s CFO, Sallie Krawcheck will become chairman and chief executive of the company’s Global Wealth Management Division once her current position is filled. Krawcheck will replace Todd Thomson, who she had replaced as chief financial officer in 2004. He has left...

    By Sarah Johnson • Jan. 25, 2007
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    PBGC, Northwest Agree to $14M Deal

    The Pension Benefit Guaranty Corp. has worked out a deal with Northwest Airlines on the company’s overdue PBGC insurance payments. The bankrupt airline agreed to pay $14 million in premiums due under its pilots’ pension plan, according to the Associated Press,which cited PBGC spokesman Gary Pasto...

    By Stephen Taub • Jan. 25, 2007
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    New at Home Depot: No CEO Severance

    Earlier this month, criticism of Home Depot’s stock performance gave way to criticism of its pay packages when Robert Nardelli resigned as chairman, president, and chief executive officer — and walked away with a severance package valued at some $210 million.Next time will be different.In a regul...

    By Stephen Taub • Jan. 24, 2007
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    Hershey Promotes CFO to COO

    Chocolate maker Hershey has promoted senior vice president and chief financial officer David J. West to executive vice president and chief operating officer, effective immediately.West will be responsible for the company’s day-to-day operations, including the company’s North American and internat...

    By Stephen Taub • Jan. 24, 2007
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    Better Pay for All

    Arguments about executive pay come in two flavours. Economic liberals wary of government intervention reckon that, in spite of some unforgivable transgressions, the system broadly works. Activists seeking a general overhaul of corporate governance have hitched their campaign to pay and tend to sa...

    By Edward Carr • Jan. 24, 2007
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    Ready for Risk Aversion?

    Thanks to the Pension Protection Act (PPA), retirees may soon have to worry about returns, not underfunding. The new law, coupled with FAS 87’s restrictions on smoothing pension earnings over time, encourages fund managers to be more risk averse and to match the duration of a portfolio’s assets w...

    By Alix Stuart • Jan. 24, 2007
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    Tech Company Founders on Options Timing

    Backdated options have claimed another career.Following an internal investigation, Foundry Networks announced that vice president for finance and administration and chief financial officer Timothy D. Heffner has been demoted to vice president of corporate development. His new role will not involv...

    By Stephen Taub • Jan. 23, 2007
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    Power Pay

    Warren Buffett has repeatedly used his “letter” to Berkshire Hathaway’s shareholders to complain about pay. The “boardroom atmosphere almost invariably sedates [directors’] fiduciary genes,” he observed on one occasion. “Collegiality trumps independence.” In 2003, with the scandals of WorldCom an...

    By Edward Carr • Jan. 23, 2007
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    Take-Two Pins Options Woes on Founder

    Take-Two Interactive Software, which last month disclosed that it would restate 10 years of results due to incorrect reported dates for option grants and “improprieties” in the options-granting process, has pinned its troubles on company founder Ryan Brant.According to a regulatory filing, a Take...

    By Stephen Taub • Jan. 22, 2007
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    Pfizer to Cut 10,000 Jobs

    Pfizer, which last November announced that it would cut 2,200 jobs, on Monday made it a round 10,000.The maker of Lipitor, Viagra, and Zoloft will eliminate those 10,000 jobs, equal to about 10 percent of its worldwide workforce, by the end of 2008.The company will also continue to consolidate ma...

    By Marie Leone • Jan. 22, 2007
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    Sears CFO Resigns

    Sears Holdings announced that Craig T. Monaghan, who signed on as executive vice president and chief financial officer on September 1, will leave the company at the end of the month.Monaghan, who has been working out of the retail giant’s Chicago office, will return to Florida where his family st...

    By Stephen Taub • Jan. 22, 2007
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    PBGC Takes On Plans of Three Companies

    On Friday the Pension Benefit Guaranty Corp. announced for the third time this week that it would assume responsibility for a company’s pension plans.In each case, the PBGC — created under the Employee Retirement Income Security Act of 1974 to guarantee payments of basic pension benefits — stress...

    By Stephen Taub • Jan. 19, 2007