Human Capital: Page

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    Juniper Takes $900 Million Option Charge

    Juniper Networks said it will take a $900 million non-cash charge for stock-based compensation expenses stemming from erroneously dated options grants. The networking company said the write-offs relate to options granted between June 9, 1999 and December 31, 2003.This is one of the largest charge...

    By Stephen Taub • Dec. 21, 2006
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    Options Probe Claims Forrester’s CFO

    Forrester Research said its Chief Financial Officer and Treasurer Warren Hadley has resigned, effective immediately. The market research firm said the departure is a result of initial findings of an internal investigation that uncovered irregularities with respect to an option grant for 5,000 sha...

    By Stephen Taub • Dec. 20, 2006
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    Dell Names Carty CFO

    Dell has named Donald J. Carty vice chairman and chief financial officer, effective January 1. He replaces James M. Schneider, who recently agreed to become executive chairman of Frontier Bancshares Inc. Schneider, who had been with Dell since September 1996, agreed to remain with the company thr...

    By Stephen Taub • Dec. 20, 2006
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    Good Economy Sparks Employee Revenge

    What a difference a strong economy makes. After several years of economic growth and a declining unemployment rate, workers are once again feeling confident about leaving jobs they don’t like. More than 75 percent of employees are currently looking for new jobs, according to an annual survey by t...

    By Stephen Taub • Dec. 19, 2006
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    Broadcom Cancels Backdaters’ Options

    Broadcom Corp. has discovered that a number of executives and employees deliberately backdated stock option grants over a period of four and a half years, the company announced Monday.The company also said it will cancel some $37 million worth of outstanding unexercised options held by three of t...

    By Stephen Taub • Dec. 18, 2006
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    Apollo Cites Misconduct by Ex-Officers

    Apollo Group has announced that a seven-month probe by a special committee of outside directors found that certain former officers took steps that may have been intended to mask failures in the stock-option-grant approval process. Further, the potential cover-up involves the company’s financial r...

    By Stephen Taub • Dec. 15, 2006
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    Et tu, Brute?

    In the world of corporate intrigue, senior executives often make use of sharp elbows and are known occasionally to resort to backstabbing. Playing politics is an inevitable fact of business life. With this in mind, the Saïd Business School at Britain’s Oxford University recently kicked off an exe...

    By Jason Karaian • Dec. 14, 2006
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    Survey: Pension Plans Equal Risk

    Findings from a new study suggest that the growing trend among companies to freeze or close down their traditional pension funds will not abate.According to a survey conducted by Mercer Human Resource Consulting, 56 percent of companies worldwide reported that their pension plans represent at lea...

    By Stephen Taub • Dec. 14, 2006
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    CFOs on the Move: Week Ending December 15

    • Hewlett-Packard’s chief financial officer, Robert Wayman, said he will retire, effective December 31. He will be succeeded by the company’s treasurer and senior vice president, Cathie Lesjak. Wayman will retain his board seat and continue to be an HP employee until March. In January 2006, Wayma...

    By Sarah Johnson • Dec. 14, 2006
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    Coherent Faces Informal SEC Probe

    Another company’s options granting practices are being investigated by the Securities and Exchange Commission. Coherent Inc., which makes lasers for commercial and scientific uses, said it received an informal inquiry from the San Francisco office of the SEC relating to the company’s past grantin...

    By Stephen Taub • Dec. 14, 2006
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    Corporate Finance Hiring Flat in Q1 2007

    Chief financial officers expect hiring in the corporate finance department to be flat during the first quarter of the new year, with 90 percent of the finance chiefs indicating that their hiring plans will remain the same as the last quarter of 2006. However, of the 1,400 CFOs surveyed in the Rob...

    By Stephen Taub • Dec. 13, 2006
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    Monster Bitten by Backdating

    Monster Worldwide announced on Wednesday a charge of $339.6 million for stock options granted between 1997 and March 31, 2003 after a special committee determined that a “substantial number of stock option grants” had an incorrect exercise price as a result of incorrectly dated grants.“In a signi...

    By Stephen Taub • Dec. 13, 2006
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    Report: Delphi Pensions Short $10.6 billion

    The Pension Benefit Guaranty Corp. said Friday that Delphi is now at least $1.25 billion behind in its required pension funding payments, and that its pension account is underfunded by as much as $10.6 billion, according to the Detroit News.Since the embattled auto parts maker filed for bankruptc...

    By Stephen Taub • Dec. 11, 2006
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    It’s Take Four for Take-Two

    Video game software maker Take-Two Interactive, best-known for its blockbuster “Grand Theft Auto” series, has become the latest among a long list of companies that will revise prior results after discovering that stock option grants had been assigned dates that differed from the actual date of th...

    By Stephen Taub • Dec. 11, 2006
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    HP CFO Wayman to Retire

    Hewlett-Packard’s chief financial officer, Robert Wayman, said he will retire effective Dec. 31.He will be succeeded by the company’s treasurer and senior vice president, Cathie Lesjak. Wayman, 61, will retain his board seat until the company’s 2007 annual meeting in March, but will not stand for...

    By Stephen Taub • Dec. 11, 2006
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    KB Home to Restate over Options Reporting

    KB Home said it will restate its financials going back to its 2003 fiscal (November) year after a board subcommittee concluded it used incorrect measurement dates for financial reporting purposes for annual stock option grants for the fiscal years 1999 to 2005. The homebuilder added that it estim...

    By Stephen Taub • Dec. 11, 2006
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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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    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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    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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    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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    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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    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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    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