Human Capital: Page 123

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    The Market Rate

    The Wall Street Journal was in no doubt. Under the headline “Option Opulence”, it reported how the “bull market is bringing huge ‘paper’ profits to executives” of companies granting options. The New York Times was able to disclose that several inquiries were under way into the “untimely bounteous...

    By Edward Carr • Jan. 19, 2007
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    Are Your Workers Engaged?

    Labor statistics indicate that U.S. workers are more productive than ever. What they aren’t is inspired.According to Sibson Consulting’s 2006 Rewards of Work Study, only 52 percent of employees are fully “engaged,” defined as knowing what to do and wanting to do it. One-third of them are actually...

    By CFO Editorial Staff • Jan. 19, 2007
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    CFOs on the Move: Week Ending January 19

    • Altera Corp. has tapped a 15-year veteran of General Electric for its new chief financial officer. Also holding the title of senior vice president, Timothy Morse joins the software company after serving as CFO and general manager of business development for GE Plastics. He has held a variety of...

    By Sarah Johnson • Jan. 18, 2007
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    In the Money

    Right and left, Americans and Europeans, stockmarket investors and anti-globalisation campaigners all share one belief: top managers pay themselves too much. The evidence seems to bear them out. For almost half a century the ratio of top executives’ pay to median earnings was as smooth as a board...

    By Edward Carr • Jan. 18, 2007
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    Appeals Court Upholds Wal-Mart Ruling

    A three-judge panel of the U.S. Court of Appeals for the Fourth Circuit has upheld a lower-court decision to strike down a Maryland law that targeted Wal-Mart’s health-care spending.Under the Maryland Fair Share Health Care Fund Act, a company that employed more than 10,000 workers in the state w...

    By Stephen Taub • Jan. 18, 2007
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    Senate Committee Targets Deferred Comp

    A popular compensation perk enjoyed by top executives is in the cross-hairs of the Senate Finance Committee.When the legislators meet on Wednesday, they will consider a $1 million annual cap on the amount that executives and other highly paid employees can place tax-free into a deferred compensat...

    By Stephen Taub • Jan. 17, 2007
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    IBM Pension Ruling Stands

    The Supreme Court has refused to hear a case involving IBM’s conversion of its defined-benefit pension plan to a cash-balance plan.By letting stand a lower-court ruling that the conversion did not discriminate against older workers, the high court has spared IBM the expense of a payout that could...

    By Stephen Taub • Jan. 16, 2007
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    Altera Taps GE Veteran as CFO

    Altera has gone to General Electric’s deep bench to hire its new chief financial officer.The maker of programmable microchips named Timothy R. Morse senior vice president and CFO. Morse, a 15-year GE veteran, was most recently the finance chief and general manager of business development for its ...

    By Stephen Taub • Jan. 16, 2007
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    Quest Restates after Options Probe

    Quest Software revealed on Monday that after an internal investigation, it has determined that accounting measurement dates for most stock option grants to employees from July 1998 to May 2002 differed from recorded grant dates.The developer of database management software also announced that wil...

    By Stephen Taub • Jan. 15, 2007
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    Feds Eye Falsely Dated Apple Options

    Steve Jobs is back in the crosshairs. Federal authorities are scrutinizing a grant to Apple’s CEO of 7.5 million stock options that carried a false October 2001 date, reported The Wall Street Journal, citing people familiar with the matter.The grant was finalized in December 2001, added the Journ...

    By Stephen Taub • Jan. 12, 2007
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    CFOs on the Move: Week Ending January 12

    • Wal-Mart Stores has promoted Charles Holley to executive vice president of finance and treasurer. He was previously senior vice president of finance. Jay Fitzsimmons, currently senior vice president and treasurer, will retire January 31. Holley joined Wal-Mart from the Tandy Corp. in 1994 and s...

    By Sarah Johnson • Jan. 11, 2007
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    Ex-Comverse Counsel Settles with SEC

    The Securities and Exchange Commission has settled civil fraud charges against William F. Sorin, former general counsel of Comverse Technology, stemming from his role in the company’s stock options backdating scandal. Under the deal with the commission, Sorin will pay more than $3 million in civi...

    By Stephen Taub • Jan. 10, 2007
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    Applied Micro Files Delayed Financials

    Applied Micro Circuits has wrapped up its internal investigation of past options-granting practices and has completed its overdue regulatory filings.The maker of microprocessors, storage products, and other network equipment announced last September that it would restate its financials back to 19...

    By Stephen Taub • Jan. 10, 2007
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    Exec Comp: The SEC’s Side of the Story

    When the Securities and Exchange Commission issued an amendment to its new executive-compensation disclosure rules late on the Friday before Christmas, a number of politicians and journalists smelled a rat.Indeed, it looked to some as if the SEC was reporting the amendment in the dead of night — ...

    By David Katz • Jan. 10, 2007
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    Cangemi to Head Up FEI

    Michael P. Cangemi has been named president and chief executive officer of Financial Executives International, effective January 15.He succeeds Colleen Cunningham, who held the position since March 2003 and announced last August that she was leaving FEI to spend more time with her family. Cunning...

    By Stephen Taub • Jan. 8, 2007
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    Employees Losing Confidence in Managers

    Only 49 percent of U.S. workers have trust and confidence in the performance of their companies’ senior managers, according to a new report from Watson Wyatt Worldwide.The consultancy surveyed 12,205 full-time U.S. workers across all job levels and major industries. The results represent a dip fr...

    By Stephen Taub • Jan. 4, 2007
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    The SEC Stirs the Pot on Executive Comp

    Before the Securities and Exchange Commission announced an amendment to its new executive compensation rules at 5:15 PM on the Friday before Christmas Eve, it left Barney Frank out of the loop.That might have been a big mistake. Frank, a Massachusetts Democrat who assumed chairmanship of the powe...

    By Cheryl Rosen • Jan. 4, 2007
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    CFOs on the Move: Week Ending January 5

    • Frank Forward, who has served as interim chief financial officer of BJ’s Wholesale Club since December 2005, has agreed to extend his tenure for three more years. Forward, who also holds the title of executive vice president, served in the CFO role from 1997 through May 2005, when he was named ...

    By Sarah Johnson • Jan. 4, 2007
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    Insult to Injury

    Two years ago, Mercury Interactive Corp. was in rapid ascent. Having boosted revenue by more than 30 percent and signed an agreement with SAP that would create hundreds of new sales opportunities, the business-technology-optimization software company nearly tripled its year-over-year earnings for...

    By Alix Stuart • Jan. 4, 2007
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    Beyond the Ivory Tower

    With seven years in public accounting, a Ph.D., and teaching experience at Washington University and Villanova University, associate accounting professor Shelley Rhoades-Catanach would seem somewhat overqualified for an internship. But she eagerly applied to KPMG’s professor-in-residence program ...

    By Kate O'Sullivan and Laura DeMars • Jan. 4, 2007
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    Bank of New York’s Bruce Van Saun

    Editor’s note: Before its merger with Mellon Financial, the Bank of New York pulled off a complex asset swap with J.P. Morgan Chase. To read CFO.com’s exclusive interview with Bruce Van Saun about that deal, click here.From a deals standpoint, last year could not have been any busier for Bruce Va...

    By Edward Teach • Jan. 4, 2007
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    It’s Not Who You Know, It’s How Many

    When David Noymer started the hunt for a new job last fall, he had no trouble finding personal contacts who might lend a helping hand. With a database of more than 2,100 CFOs, accountants, CPAs, lawyers, and other professionals at his disposal, the former CFO of Lehman Millet Inc. knew so many pe...

    By Laura DeMars • Jan. 4, 2007
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    Newspaper Sparks Nabors Review

    Nabors Industries Ltd. said that it will once again review its option granting practices as a result of issues raised in an article published Wednesday in the Wall Street Journal.The oil driller had previously reviewed its option granting practices dating back to 1998, and concluded that there wa...

    By Stephen Taub • Dec. 29, 2006
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    Apple: Jobs Aware of Grant Dates, Not Accounting

    Apple Computer said in a regulatory filing Friday that it had recognized additional noncash stock-based compensation expense of $84 million and restated its financials by a total of $21 million for the three years ending 2006 as a result of improperly dated stock-option grants.Investors have been...

    By Stephen Taub • Dec. 29, 2006
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    Apple’s Backdating Troubles Deepen

    A pair of reports published Wednesday suggest Apple Computer is in deeper legal trouble than previously thought over stock option backdating. The company itself may shed more light on its stock options backdating involvement on Friday, when it is scheduled to file its annual report.According to T...

    By Stephen Taub • Dec. 28, 2006