Human Capital: Page 127

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    Apollo CFO Resigns, Company Restates

    Apollo Group says chief financial officer and treasurer Kenda B. Gonzales resigned earlier this week for personal reasons, and that chief accounting officer Dan Bachus is currently on administrative leave. The company did not provide additional information about the two finance executives.In the ...

    By Stephen Taub • Nov. 3, 2006
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    Ford to Flatten Wages, Curb Benefit Spend

    “The Way Forward” — Ford Motor Co.’s plan to streamline its North American operation — apparently will include flatter wages and increased worker responsibility for benefits.The struggling auto giant’s salaried workers learned that next year their wages will stay right where they are and that the...

    By Stephen Taub • Nov. 3, 2006
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    SEC Probes Dean Foods, Silicon Image

    Two companies—Dean Foods and Silicon Image—are apparently the newest targets of informal Securities and Exchange Commission probes into corporate stock option practices. Both companies said they would cooperate fully with the inquiries.Last week, Dean reported that it had appointed a special comm...

    By Stephen Taub • Nov. 2, 2006
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    CFOs on the Move

    • Royal Caribbean Cruises has promoted executive vice president of revenue performance Brian Rice to chief financial officer. Rice will replace Luis Leon, who will retire as CFO after three years with the company. Leon will help with the transition, which is expected to be completed before the e...

    By Sarah Johnson • Nov. 2, 2006
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    Nvidia to Restate to Fix Options Errors

    Nvidia Corp. expects to restate its financial statements for certain periods to correct errors linked to it accounting for stock-based compensation expense. The semiconductor maker said the affected periods are the fiscal years 2004 through 2006, selected financial statements for earlier years, a...

    By Stephen Taub • Nov. 1, 2006
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    A Perfect Fit

    It’s the middle of Augustand former Thomasville Furniture IndustriesCFO Paul Dascoli, 45, is riding a300-foot roller coaster at Cedar PointPark with his two fearless teenagers. Buthis mind is on a roller-coaster journey ofits own, contemplating the ramifications of a corporate reorganization that...

    By Alix Stuart • Nov. 1, 2006
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    Look Before You Sit

    When Howard Atkins, CFO of San Francisco–based Wells Fargo, was asked to join the board of Ingram Micro, a $30 billion technology distribution and sales company, he asked himself many questions and did plenty of homework before accepting the post in 2004. “I had to determine whether the time comm...

    By Laura DeMars • Nov. 1, 2006
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    Toll Brothers’s Joel Rassman

    The recent downturn in housing has potentiallywide-ranging implications for the U.S. economy. To get someperspective on where this bellwether industry is headed, CFO turned toJoel Rassman, CFO of Toll Brothers, a publicly traded builder ofluxury homes in 50 markets around the country. While Rassm...

    By Ronald Fink • Nov. 1, 2006
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    Hire Callings

    This year nearly2,400 public-companyCFOs are expected toleave their current jobs. Most will move on to other finance positions,often at larger companies. A few (think Indra Nooyi atPepsiCo) will move into the coveted corner office. But a growing number of CFOswill wave an emphatic goodbye to corp...

    By CFO Editorial Staff • Nov. 1, 2006
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    Former Apple CFO Bitten by Backdating?

    The silence at Apple Computer about the fate of former director andCFO Fred Anderson was deafening after the company’s October 4 announcementthat it had uncovered 15 instances of possible stock-options backdating between1997 and 2002.The lone release made two points. The first was that two former...

    By Roy Harris and Joseph McCafferty • Nov. 1, 2006
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    Pay Up

    The past few years have been good for Occidental Petroleum CFOStephen Chazen. In 2005, he earned nearly $33 million, includinggains on options he exercised and long-term incentive-planpayouts. That puts him at the top of the latest list of highest-paidfinance executives, compiled for CFO magazine...

    By Don Durfee • Nov. 1, 2006
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    Royal Caribbean Changes CFO

    Talk about smooth sailing. Royal Caribbean Cruises announced on Tuesday that Chief Financial Officer Luis Leon will retire, and that executive vice president Brian Rice will succeed him as finance chief. Rice is only the fourth CFO in Royal Caribbean’s 35-year history, underscoring the inherent s...

    By Stephen Taub • Oct. 31, 2006
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    Cox: More Backdating Charges to Come

    Securities and Exchange Commission Chairman Christopher Cox sent a chilling warning to executive suites: The regulator is on the verge of charging more companies—and perhaps individuals—for violations in connection with the stock options backdating scandal.“I expect that we’ll be seeing more, as ...

    By Stephen Taub • Oct. 31, 2006
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    Taro CFO Resigns Amid Options Inquiry

    The chief financial officer of an Israeli pharmaceutical company resigned after an investigation into a previous restatement concluded that a member of senior financial management “caused the company to make misleading statements” to the Securities and Exchange Commission. Taro Pharmaceutical Ind...

    By Stephen Taub • Oct. 30, 2006
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    RIM Faces SEC Inquiry Over Options

    In what is quickly becoming the most pervasive corporate scandal since the rash of accounting frauds that rang in the new millennium, Research In Motion became the latest company to face regulatory scrutiny over its prior options-granting practices.The Canadian company, best known for its Blackbe...

    By Stephen Taub • Oct. 30, 2006
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    Congratulations on Your Promotion?

    Call it a stealth promotion. Nearly half (46 percent) of executives who were recently promoted concede that their responsibilities have remained roughly the same despite their new titles, according to a new survey from search firm Korn/Ferry International.Why do companies do this? Apparently as a...

    By Stephen Taub • Oct. 27, 2006
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    Agile to Restate Based on Options

    Agile Software says it will restate its financial statements going back to 2000 to correct measurement dates for certain stock-option grants. Officials also went out of their way to give a vote of confidence to key employees, asserting in a statement that they do not believe any current executive...

    By Stephen Taub • Oct. 27, 2006
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    CFOs on the Move

    • Saks Inc. has announced the planned resignations of Douglas E. Coltharp, executive vice president and chief financial officer, and Kevin G. Wills, executive vice president of finance and chief accounting officer. The executives will leave their posts effective May 4, 2007. The company announced...

    By Marie Leone • Oct. 26, 2006
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    The Mounting Costs of Backdating Options

    Trident Microsystems and F5 Networks are two of the latest companies to announce plans to restate prior results based on the way they accounted for stock options.Trident, which provides digital TV technology, said it will need to revise its financial statements for certain periods to recognize ma...

    By Stephen Taub • Oct. 26, 2006
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    Countrywide Repays CEO for Staying Put

    Angelo R. Mozilo is a team player. The chairman and chief executive officer of Countrywide Financial Corp. said that instead of retiring, he would remain on the job an additional three years.To show their appreciation, the board agreed to give him an extra $10 million to compensate him for the re...

    By Stephen Taub • Oct. 25, 2006
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    Update: Ex-Comverse CFO Pleads Guilty

    This story has been updated to include additional information.David Kreinberg, the former chief financial officer of Comverse Technology pleaded guilty to charges of securities fraud in connection with an alleged options backdating scandal at the company. Kreinberg pled guilty to one criminal cou...

    By Stephen Taub • Oct. 24, 2006
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    Ex-Comverse CFO Expected to Plead Guilty

    David Kreinberg, the former chief financial officer of Comverse Technology is planning to plead guilty for the role he played in the company’s stock option backdating case, according to several wire services.The case docket referencing Kreinberg and a hearing scheduled for Tuesday carried the not...

    By Stephen Taub • Oct. 24, 2006
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    American Tower, Valeant to Restate

    American Tower and Valeant Pharmaceuticals said they will restate prior financial results based on investigations into their stock option granting practices.American Tower, which operates wireless and broadcast communications sites, will revise its financial statements for 2005 and for the first ...

    By Stephen Taub • Oct. 23, 2006
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    CFOs Say Time Is Their Scarcest Resource

    According to a new survey, nearly half (46 percent) of CFOs cited time management as their greatest challenge these days.This was more than double the second most common response — keeping up with technology — cited by 22 percent of the 1,400 CFOs surveyed by Robert Half Management Resources. “In...

    By Stephen Taub • Oct. 20, 2006
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    Costco CFO Declines Bonus

    Costco Wholesale Corp. said its CFO and CEO declined their bonuses for 2006 in an effort to acknowledge their ultimate responsibility for the company’s misdated stock options.The retailer said in a regulatory filing CFO Richard A. Galanti would have been entitled to an $82,000 bonus while CEO Jam...

    By Stephen Taub • Oct. 20, 2006