Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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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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    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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    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