Human Capital: Page 123

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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
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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