Human Capital: Page 125

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    Top Exec Quitting after Options Probe

    Witness Systems is the latest company to announce that a top executive is leaving in the wake of an internal investigation into its past option-grants practices. The provider of workforce-management software said David Gould has resigned as chairman and chief executive officer.In a press release ...

    By Stephen Taub • Dec. 8, 2006
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    CFOs on the Move: Week Ending December 8

    • As part of a sweeping shake-up of Yahoo management, the Internet company has announced that chief financial officer Susan Decker will head its Advertiser & Publisher Group, effective January 1, a role that could possibly lead to the top spot by 2007. Yahoo is looking for a new CFO. Before j...

    By Sarah Johnson • Dec. 7, 2006
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    Home Depot Finds 26 Years of Backdating

    Home Depot said it had an unrecorded expense of $200 million as a result of errors in its stock options practices going back 26 years. The embattled home improvement retailer asserted that it does not expect the errors to have a material impact on its financial statements, said a report from a bo...

    By Stephen Taub • Dec. 7, 2006
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    SEC Ends Equinix Options Query

    Equinix Inc. has announced that the Securities and Exchange Commission has ended its investigation into the telecommunications company’s stock-option-granting practices. The SEC told Equinix that the the commission will not take enforcement action against it.In June, Equinix announced that the SE...

    By Sarah Johnson • Dec. 6, 2006
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    Will CFO Decker Take the Reins at Yahoo?

    Yahoo announced a sweeping shake-up that places chief financial officer Susan Decker in a position to possibly head up the Internet company by the spring of 2007.The company said chief operating officer Dan Rosensweig will leave at the end of March.The company has reorganized into three groups, w...

    By Stephen Taub • Dec. 6, 2006
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    PBGC Lifts Pension Benefit Ceiling

    The Pension Benefit Guaranty Corporation (PBGC) announced that the maximum insurance benefit for participants in underfunded pension plans terminating in 2007 is $49,500 per year for those who retire at age 65. That’s benefit is up by about 4 percent from $47,659 for participants from 2006.The am...

    By Stephen Taub • Dec. 5, 2006
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    BEA Systems Sees “Material” Charges

    BEA Systems said it will restate previously issued financial statements after its audit committee determined that the actual measurement dates for certain stock options differed from the recorded measurement dates. The company said the difference in these measurement dates will result in material...

    By Stephen Taub • Dec. 5, 2006
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    Delta, PBGC Strike Pension Deal

    Delta Air Lines has reached an agreement with the Pension Benefit Guaranty Corp. over the termination of the airline’s retirement plan for pilots. Under the deal, the PBGC will become the plan’s trustee and wind up with an unsecured claim against Delta of $2.2 billion. The proposed reorganization...

    By Stephen Taub • Dec. 4, 2006
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    Former CFO to Head BONY-Mellon

    A former Wachovia Corp. CFO with an eye for acquisitions figures to play a prominent role when Mellon Financial and Bank of New York complete their $16.5 billion merger sometime next year.After the move, which was announced early Monday, Robert P. Kelly, currently president, chairman and chief ex...

    By Stephen Taub • Dec. 4, 2006
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    Bank of America CFO Resigns

    In a stunning announcement, Bank of America Chief Financial Officer Alvaro G. de Molina said he will resign after just 18 months on the job. He will be succeeded by Joe Price, who is the risk management executive for Global Corporate and Investment Banking.Bank of America, the nation’s second lar...

    By Stephen Taub • Dec. 4, 2006
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    Most Workers Shun High Deductible Plans

    Most workers are not sold on consumer-directed health plans (CDHPs), also known as high-deductible plans. According to a new study from the Center for Studying Health System Change (HSC), just 19 percent of employees who had a choice of plans selected CDHPs when offered another type of health-car...

    By Stephen Taub • Dec. 1, 2006
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    Pay Daze

    Throughout the 1990s, stock options were widely seen as a panaceafor all compensation woes — they linked executive behavior with shareholdervalue and offered a “cost-free” way to compensate employees fortaking risks on start-ups. In retrospect, of course, options bear a morestriking resemblance t...

    By Don Durfee • Dec. 1, 2006
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    Gut Check

    “When it comes tohiring,” one CFO recently said, “I have toadmit that I feel more lucky than good” anytime a new finance staffer works out well. “Ifthere are any best practices in this area,” headds, “I sure don’t know about them.”Many finance chiefs can relate. Hiring isa black art even in the b...

    By Scott Leibs • Dec. 1, 2006
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    The Office of Management & Budget’s Linda Combs

    In the years since the CFO Act of 1990 became law, Linda M. Combs has had a front-row seat for much of its rocky implementation. The controller in the Office of Management and Budget (OMB), formerly the finance chief at both the Department of Transportation and the Environmental Protection Agency...

    By Lori Calabro • Dec. 1, 2006
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    Promises, Promises

    When Bemis Corp. saw thepension liability of its defined-benefit plansoar in late 2005 as a result of falling interestrates, the consumer-products packagingmanufacturer decided to limit the accrual ofnew benefits to employees who were over 40and had at least 20 years of service with thecompany. O...

    By Ronald Fink • Dec. 1, 2006
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    A CFO for the Sunshine State

    Little noticed amid the upheaval of the November elections was that rarest of things: a race for CFO. The citizens of Florida elected Democrat Adelaide “Alex” Sink, the former president of Bank of America’s Florida operations, as the state’s new finance chief. She edged out departing state Senate...

    By Kate O'Sullivan • Dec. 1, 2006
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    Frankly Speaking

    To: Rep. Barney Frank (D-Mass.)Congratulations on your promotion to chairman of the House Financial Services Committee. I know it doesn’t become official until January, when the Democrats take over the House, but I’ll bet you’re already thinking about the agenda you plan to pursue.No doubt there ...

    By Julia Homer • Dec. 1, 2006
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    SEC Clears Xilinx in Options Probe

    Xilinx, Inc. said the Securities and Exchange Commission’s investigation of the company’s stock option granting practices has ended and there will be no enforcement action.The semiconductor maker disclosed in June 2006 that the regulator had launched an informal inquiry into the company’s option-...

    By Stephen Taub • Nov. 30, 2006
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    CFOs on the Move: Week Ending December 1

    • Comcast Corp. has named Michael Angelakis co-chief financial officer. Angelakis is currently a managing director of Providence Equity Partners, a private equity firm. Last year, Comcast co-CFOs Lawrence Smith and John Alchin announced they would step down in 2007. Smith will leave his role at t...

    By Sarah Johnson • Nov. 30, 2006
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    Ford, Pfizer Cuts: Start of Something?

    ‘Tis the season for massive layoffs — at least for some companies. Ford Motor announced that so far this year about 38,000 of its union-represented hourly workers have accepted voluntary buyout offers. This includes about 30,000 individuals who agreed to this arrangement under the company’s recen...

    By Stephen Taub • Nov. 29, 2006
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    Cablevision Investors Sue Comp Advisor

    The options backdating scandal may be entering a new phase. Shareholders, suing Cablevision over its options practices, have filed an amended complaint alleging that the media company’s outside compensation consultant, Lyons Benenson & Co., knowingly participated in the illegal backdating of ...

    By Stephen Taub • Nov. 28, 2006
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    Study: Pay for Performance Is Working

    A new study from Watson Wyatt concluded that there is a direct link between CEO pay and their company’s performance. The compensation consultant found that executives at what it calls “financially high-performing” companies enjoy greater compensation than their counterparts at underperforming com...

    By Stephen Taub • Nov. 28, 2006
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    Former Quest Software CFO Resigns

    The former chief financial officer of Quest Software resigned because he refused to answer questions about the company’s stock options practices. M. Brinkley Morse, who was most recently senior vice president, corporate development, declined to be interviewed by a special committee investigating ...

    By Stephen Taub • Nov. 27, 2006
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    Monster Fires Top Lawyer over Options Probe

    Monster Worldwide says it fired vice president, general counsel, and secretary Myron Olesnyckyj, for cause. He was suspended on September 19. In a press release, the company said the action was related to a review of its historical stock-option grant practices. Because he was fired for cause, Ole...

    By Stephen Taub • Nov. 22, 2006
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    VeriSign to Restate Due to Options Grants

    VeriSign Inc. says it will restate its financial statements for the five years ending in 2005 and for the first quarter of 2006 as a result of an internal inquiry into previous stock-option grants. The Internet software company elaborates that it will take as much as a $250 million noncash, stock...

    By Stephen Taub • Nov. 22, 2006