Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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
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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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    Rambus Says CFO, CEO Are in the Clear

    Rambus said Thursday afternoon that a probe by its audit committee found that “a significant number” of stock option grants were not correctly dated or accounted for, forcing it to take pre-tax, non-cash stock-based compensation charges in excess of $200 million. The chip-maker also reaffirmed a ...

    By Stephen Taub • Oct. 20, 2006
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    U.S. Pension Funding Seen on the Upswing

    The funded status of defined-benefit pension plans throughout the world stayed flat in the second quarter, with U.S. plans showing a slight increase, according to Towers Perrin.During that three-month period, negative returns in the equity markets were offset by higher long-bond yields, the emplo...

    By Stephen Taub • Oct. 19, 2006
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    Snow Named Chair of Private-Equity Firm

    Former Treasury Secretary John Snow has been named chairman of Cerberus Capital Management, L.P.The firm manages $16.5 billion in private equity funds and other, related accounts. Its portfolio companies currently generate roughly $45 billion in annual revenues.Snow has extensive experience in pr...

    By Stephen Taub • Oct. 19, 2006
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    World Wrestling Entertainment’s Mike Sileck

    Since joining World Wrestling Entertainment, Inc. in June 2005, chief financial officer Mike Sileck has been busier than a referee at a Friday night smackdown.The WWE was founded by Vincent and Linda McMahon in Stamford, Connecticut, but Sileck has spearheaded several financial reporting initiati...

    By Stephen Taub • Oct. 19, 2006
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    CFOs on the Move

    • Freddie Mac has named Anthony Piszel executive vice president and chief financial officer, effective November 13. Piszel has served as executive vice president and CFO of Health Net Inc. since August 2004. He has also held senior financial positions at Prudential Financial, including corporate ...

    By Sarah Johnson • Oct. 19, 2006
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    No Hard Feelings: SafeNet CFO, CEO Quit

    While the executive exodus over the stock option scandal is proceeding apace, sometimes the divorces seem amicable. On Wednesday, SafeNet, Inc. announced that its acting CFO and its chairman and chief executive officer were stepping down as a result of an ongoing review of the company’s stock-opt...

    By Stephen Taub • Oct. 18, 2006
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    More Execs Toppled by Backdating

    Backdating and misdating of options continues to exact a heavy toll on the executive suite. On Tuesday alone, both Sapient and KLA-Tencor lost executives or directors in actions that appeared related to internal investigations at both companies.Sapient announced that Jerry A. Greenberg resigned a...

    By Stephen Taub • Oct. 17, 2006
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    Freddie Mac Picks New Finance Chief

    Freddie Mac named Anthony Piszel finance chief and executive vice president. On Nov. 13, he will take over the duties held by president and chief operating officer Eugene McQuade, who has been serving as interim CFO since Martin Baumann left in March. At the time, Freddie Mac gave no reason for B...

    By Stephen Taub • Oct. 16, 2006
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    Altera CFO Retires; Options Probe Ended

    Nathan Sarkisian has retired a few months earlier than expected as finance chief of Altera Corp. In a separate announcement, the company said on Monday that it had completed a review of its past stock option practices and related accounting matters that found seven mismatches between recorded an...

    By Stephen Taub • Oct. 16, 2006