Human Capital: Page 126

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    CFOs on the Move: Week Ending November 24

    • PMC-Sierra has announced that vice president and chief financial officer Alan Krock will take on the role of vice president of corporate affairs. The date of his transition depends on when a permanent or interim CFO is hired. If the hiring does not happen by March 15, 2007, Krock will step dow...

    By Sarah Johnson • Nov. 21, 2006
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    PMC-Sierra Demotes CFO

    PMC-Sierra has demoted its chief financial officer.The semiconductor maker, one of at least 100 companies under investigation for options backdating, said Alan Krock will no longer serve as CFO. He will “transition into the role” of vice president of corporate affairs, according to a regulatory f...

    By Stephen Taub • Nov. 21, 2006
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    Cyberonics Restates; CFO, CEO Out

    Cyberonics, Inc., a maker of medical devices, announced the resignations of Robert Cummins as chairman, chief executive officer, and president, and Pamela Westbrook as CFO and vice president of finance and administration.No reason was given for the departures. They were announced at the same time...

    By David Katz and Stephen Taub • Nov. 21, 2006
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    Cheesecake Restates and Mulls Changes

    Following an audit committee review of its stock-option-granting practices, The Cheesecake Factory announced plans to restate previous financial statements and record a non-cash, after-tax compensation expense totaling $5.5 million. The audit committee’s review, which covered all periods starting...

    By Stephen Taub • Nov. 20, 2006
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    CFOs on the Move: Week Ending Nov. 17

    • General Motors has appointed Nick Cyprus controller and chief accounting officer, effective December 1. Cyprus previously served as the controller and CAO at The Interpublic Group of Cos.; vice president, controller, and CAO at AT&T Corp.; senior financial analyst for Amerada Hess Corp.; s...

    By Sarah Johnson • Nov. 16, 2006
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    PBGC Reports Big Deficit Reduction

    The Pension Benefit Guaranty Corp. reported a big improvement in its financial position on Wednesday. The federal corporation created to guarantee payment of pension benefits said its deficit shrunk to $18.1 billion in fiscal year 2006, which ended in September, compared with the $22.8 billion sh...

    By Stephen Taub • Nov. 16, 2006
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    Change Freaks: How Media CFOs Cope

    Kenneth West, executive vice president and CFO of Marvel Entertainment, thrives on the unexpected. “I plan for my day to be 60 percent unplanned,” he says.That percentage sounds just about right at Marvel, where the changes have come thick and fast over the past decade. In 1996, the company filed...

    By Sarah Johnson • Nov. 16, 2006
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    You’re Fired! But Why?

    Donald Trump may begood at firing his apprentices,but most companiesdo a poor job of terminating employees.A recent survey by The Five O’clock Club,a New York–based job-outplacement firm,found that in many cases, employees don’tunderstand why they are being let go. While 94percent of human-resour...

    By Gareth Goh • Nov. 16, 2006
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    Room at the Top

    As recent high-profile CFO-to-CEO promotions show, the move from finance chief to the top job is becoming a more regular feature of the corporate world. However, a new McKinsey study warns that there’s still some resistance. The management consultancy polled investors, board members and managers—...

    By Jason Sumner • Nov. 16, 2006
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    Healthcare Tax Subsidies Soar

    When the leaders of the three major U.S. automakers met with President Bush on Tuesday, one of the main topics of conversation was the spiraling cost of providing health care benefits to their employees. Indeed, the Associated Press pointed out that the Big Three spend more per vehicle on health ...

    By Stephen Taub • Nov. 15, 2006
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    Emcore Execs Give Back Options Gains

    Two top executives of semiconductor products maker Emcore Corp. said they will return gains from exercising stock options after an internal review of the company’s previous grants revealed several improper practices.Emcore said that company Chief Executive Officer Reuben Richards voluntarily retu...

    By Stephen Taub • Nov. 15, 2006
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    Jabil, Fossil Get Caught in Options Mess

    Jabil Circuit said it will need to restate its 2005 financials and related disclosures as a result of a special review of its historical stock option grants. The maker of electronic components for mobile phones and computers had previously disclosed shareholder lawsuits related to the grants.In a...

    By Stephen Taub • Nov. 15, 2006
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    Bank Reports Client Backdating Risks

    A leading lender to venture capital-backed technology companies has warned investors that it is vulnerable to the risk that some of its client-borrowers might become ensnared in the backdating scandal. In a regulatory filing last week, Santa Clara, Calif.-based SVB Financial Group, which operates...

    By Stephen Taub • Nov. 13, 2006
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    KB Home CEO Resigns Over Backdating

    The ever-widening options backdating scandal has claimed the career of another top executive. Bruce Karatz has “retired” as chairman, chief executive officer and director of KB Home after an internal investigation found that he and Gary A. Ray, the head of human resources, “selected grant dates u...

    By Stephen Taub • Nov. 13, 2006
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    SEC Probes Getty Images over Options

    Getty Images announced on Thursday that the Securities and Exchange Commission is in the midst of an informal inquiry into the company’s stock-option-granting practices. In addition, Getty’s board announced that a special committee has been established to conduct an internal investigation related...

    By Marie Leone • Nov. 10, 2006
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    Adobe CFO Leaves after Six Months

    Randy Furr has resigned as executive vice president and chief financial officer of Adobe Systems, effective immediately. The company, best known for its Acrobat Reader software, said he will remain an employee through the end of the year to assist with the transition.Adobe made it clear in a pres...

    By Stephen Taub • Nov. 10, 2006
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    Wendy’s Promotes CFO to CEO

    Wendy’s International has promoted former chief financial officer Kerrii Anderson to chief executive officer and president, posts she had held on an interim basis since April. “Following a national search over the past six months, we have decided that Kerrii is our best choice for CEO,” said chai...

    By Stephen Taub • Nov. 10, 2006
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    CFOs on the Move

    • Viacom has announced that Executive Vice President and Chief Financial Officer Michael Dolan will leave the media giant at the end of 2006. Thomas Dooley, senior executive vice president and chief administrative officer, will assume the CFO duties. Before joining Viacom, Dooley was co-chairman...

    By Sarah Johnson • Nov. 9, 2006
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    Viacom CFO Resigns

    Viacom Inc. announced late Wednesday that Executive Vice President and Chief Financial Officer Michael J. Dolan will leave the media giant at the end of 2006. Thomas Dooley, senior executive vice president and chief administrative officer, will assume the CFO duties. The programming and entertain...

    By Stephen Taub • Nov. 9, 2006
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    Financial Donations

    Curling up in bed with your laptop is surely one sign that you need a long holiday. But in Graham Howe’s case, he had an excuse. He was on a ten-day trek to the North Pole, and needed to keep the laptop screen from freezing so he could post morning progress reports via satellite phone to his webs...

    By Jason Sumner • Nov. 9, 2006
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    Kozlowski Sells $10 Million Mansion

    Currently a denizen of Mid-State Correctional Facility, a medium-security state prison in Marcy, N.Y., Dennis Kozlowski is putting his Colorado mountain retreat up for sale for $10 million, according to Bloomberg. The former chief executive officer of Tyco International Ltd., who is serving an 8 ...

    By Stephen Taub • Nov. 8, 2006
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    UnitedHealth CFO Resigns Amid Overhaul

    Patrick Erlandson has resigned as CFO of UnitedHealth Group as part of sweeping compensation and governance changes announced by one of the largest companies to be caught up in the options backdating scandal. The company said Erlandson, who has served as CFO since, 2001, will assume operational d...

    By Stephen Taub • Nov. 8, 2006
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    In Stable Condition?

    First, the good news: In 2007, employerscould enjoy the smallest health-care cost increase since2000. Now the bad news: that increase is still likely to be much higher than the rate of inflation.Health-care premiums rose just 7.7 percent in 2006, compared to 9.2 percent in 2005 and13.9 percent in...

    By Laura DeMars • Nov. 8, 2006
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    A Farewell to Perks?

    Few things enrage shareholder activists—especially those who fly coach—as much as executive perks.In the scandals of recent years there have been some doozies exposed, like the $2 million party for Dennis Koslowski’s wife. And plenty of exemplary companies, like General Electric Co., have suffere...

    By Don Durfee • Nov. 7, 2006
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    Citigroup to Freeze Pension Plan

    Citigroup is the latest among a growing number of very large, old-line companies to alter its pension plans. The financial services giant plans to stop contributing to its main U.S. pension plan beginning in 2008, according to Reuters, which claims to have seen an internal memo. About 150,000 emp...

    By Stephen Taub • Nov. 6, 2006