Human Capital: Page 129

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    “Spring-Loading” Raises Doubts at SEC

    The Securities and Exchange Commission’s deputy chief accountant, Scott Taub, said Tuesday that the government may have little basis for bringing accounting-based enforcement actions over “spring-loading” of stock options, reported Reuters. Spring-loading is a cousin to stock option backdating, a...

    By Stephen Taub • Oct. 4, 2006
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    Puny Company Gets Big-Time DOL Notice

    The Department of Labor delivered a loud message to very small, single-proprietor businesses: No matter the size, no company will escape scrutiny if it violates the nation’s pension rules.The government agency, which enforces the Employee Retirement Income Security Act (ERISA), announced that a M...

    By Stephen Taub • Oct. 3, 2006
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    Kodak Hires ConAgra Food’s CFO

    Eastman Kodak has hired Frank Sklarsky, 49, as chief financial officer to replace Robert Brust, who is retiring in February. Sklarsky ended his two-year stint as ConAgra Foods’ CFO on Tuesday.Sklarsky will report to work at Kodak on October 30 as executive vice president and assume the CFO title ...

    By Sarah Johnson • Oct. 3, 2006
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    Marvell to Restate Over Options Probe

    Marvell Technology Group announced it will need to restate prior financial statements to record additional non-cash charges for stock-based compensation expense related to certain past option grants.The chipmaker also said that at this point, it is still unable to determine the amount of the char...

    By Stephen Taub • Oct. 3, 2006
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    A CFO in Bloggerspace

    While it seems like nearly every 15-year-old with a computer has her own blog, the cultural phenomenon hasn’t been conspicuous among finance folk. But now they may finally be joining the conversation.In August, Tom Berquist, CFO of open-source database firm Ingres Corp., launched “On the Line,” a...

    By Joseph McCafferty • Oct. 1, 2006
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    Pay Dirt

    As Pfizer Inc. shareholders assembled in Lincoln, Nebraska, last April for the company’s annual meeting, there was a buzz in the air — literally. A small plane circled overhead, pulling a banner that read, “Give It Back Hank!”The sign captured the mood of investors who had raised angry questions ...

    By Don Durfee • Oct. 1, 2006
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    Follow the Leaders

    When Russell Lavoie walked into the accounting office of Epsco Inc. as an MBA student in 1984, the 24-year-old had no idea that another recent hire, CFO Chuck Dockendorff, was about to give him a real education.“He took me aside one day and said, ‘It’s great that you’re getting your MBA, but here...

    By Laura DeMars • Oct. 1, 2006
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    Lee Ainslie: Not Hedging a Bit

    Editor’s Note: This is an extended version of the interview that appears in print in the October 2006 issue of CFO magazine.Hedge-fund managers have always been a shy breed. They like to guard their strategies — and their identities — closely. But lately, government regulators have been trying to...

    By Lori Calabro • Oct. 1, 2006
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    Pain-and-a-Half

    File it under “No good deed goes unpunished.” Two years ago, when the Department of Labor revised the Fair Labor Standards Act (FLSA), the intent was to clear up confusion regarding overtime pay. Instead, the always-thorny matter of who qualifies for overtime pay was made worse, not better, and a...

    By John Goff • Oct. 1, 2006
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    FASB Rule Puts Pensions on Balance Sheet

    The clock for putting the funded status of pension and retiree-benefit plans on corporate balance sheets started ticking on Friday, when the Financial Accounting Standards Board issued a standard marking out the guidelines for the first phase of its project for revamping retiree-benefit accountin...

    By David Katz • Sept. 29, 2006
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    Mercury Proposes Settlement with SEC

    Mercury Interactive Corp. says it has proposed paying a $35 million civil penalty as part of a settlement with the Securities and Exchange Commission stemming from an investigation into its stock-option practices.Under its proposal, the software company — which in July agreed to be acquired by He...

    By Stephen Taub • Sept. 29, 2006
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    CFOs on the Move

    • Zale Corp. has announced that Rodney Carter will serve as group senior vice president and chief financial officer, effective October 16. He is currently senior vice president and CFO of PETCO Animal Supplies. Carter’s predecessor, Mark Lenz, went on administrative leave in May. The jewelry comp...

    By Sarah Johnson • Sept. 28, 2006
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    On the Run, Ex-CEO of Comverse Arrested

    The fugitive former chief executive officer of Comverse Technology Inc. was indicted on a number of counts stemming from the stock options backdating scandal, was arrested Wednesday in Namibia, according to government officials.Jacob “Kobi” Alexander, was arrested under a provisional warrant issu...

    By Stephen Taub • Sept. 27, 2006
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    FBI Probing 52 Companies over Backdating

    The FBI has stepped up its war on backdated stock options. The federal law enforcement agency is investigating 52 companies that may have illegally backdated options and may open more cases, according to Bloomberg. Chip Burrus, an assistant director of the Federal Bureau of Investigation, told th...

    By Stephen Taub • Sept. 26, 2006
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    Marsh Taps its CFO to Head Mercer

    Marsh & McLennan Cos. named CFO M. Michele Burns as the new chairman and chief executive officer of Mercer Human Resource Consulting, an MMC subsidiary. She succeeds Michael Caulfield, who is retiring.To fill the CFO vacancy left by Burns, the company promoted Matthew B. Bartley, who has serv...

    By Stephen Taub • Sept. 26, 2006
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    Wal-Mart Could Spark Wider Drug Saving

    Wal-Mart’s move last week to curb the cost of nearly 300 generic drugs in Tampa Bay, Florida to $4 for a month’s prescription could start a chain reaction that some say could cut employer pharmaceutical expenses across the nation.While Wal-Mart’s initial thrust was limited to 65 Wal-Mart, Neighbo...

    By David Katz • Sept. 25, 2006
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    French Plan: Mandate Option Retention

    The Finance Minister of France, Thierry Breton, trotted out a plan earlier this week to get employees to hold on to a portion of their stock options until they leave their jobs.Breton said in a radio interview that he thinks the plan will better align workers’ interests with those of their compan...

    By Stephen Taub • Sept. 22, 2006
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    Cablevision Receives DOJ Subpoena

    Cablevision Systems said it has received a grand jury subpoena from the U.S. Attorney’s Office for the Eastern District of New York seeking documents related to its stock options issues. The company also said in a regulatory filing that it received a document request from the Securities and Excha...

    By Stephen Taub • Sept. 21, 2006
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    CFOs on the Move

    • Revlon’s chief financial officer, David Kennedy, has been named president and chief executive officer of the company. He succeeds Jack Stahl, who will stay on in an advisory role for about a month. Kennedy has worked at Revlon since 2002, when he joined the company as executive vice president a...

    By Sarah Johnson • Sept. 21, 2006
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    Electronic Arts Facing SEC Inquiry

    Electronic Arts said the Securities and Exchange Commission has requested certain documents and information related to its stock option grant practices dating back to 1997. The video game maker stressed it intends to cooperate with the request. In July, EA said a review of its stock options data ...

    By Stephen Taub • Sept. 21, 2006
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    States Go Their Own Way

    With a minimum-wage hike dead in Congress, individual states are likely to continue raising the pay floor on their own, creating a patchwork of laws and inconsistencies for those who run businesses in multiple states.Maryland, Rhode Island, Michigan, Arkansas, Maine, Delaware, Pennsylvania, and N...

    By Allan Richter • Sept. 21, 2006
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    Broadcom CFO Leaves Amid Options Probe

    William Ruehle, senior vice president and chief financial officer of Broadcom has retired, effective immediately, according to a company announcement issued on Tuesday.The maker of semiconductors for the telecom market said that the 64 year-old decided to accelerate his retirement “as a result of...

    By Stephen Taub • Sept. 20, 2006
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    Monster Suspends Lawyer Over Options

    Monster Worldwide said its board of directors has suspended its senior vice president, general counsel, and secretary Myron Olesnyckyj, effective immediately, pending the results of the ongoing review of the company’s stock option grant practices. The company, which made the announcement in a reg...

    By Stephen Taub • Sept. 20, 2006
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    Test Your Finance Knowledge (Answers)

    1) What’s the average tenure for a Fortune 1000 CFO?a. 4.3 yearsb. 9.5 yearsc. 15 yearsd. 2.2 yearsAnswer: a.2) What percent of Fortune 1000 CFOs are women?a. 1.5 percentb. 22.0 percentc. 7.7 percentd. 9.5 percentAnswer: c. Women, however, have outnumbered men in undergraduate and graduate accoun...

    By CFO Editorial Staff • Sept. 19, 2006
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    Options Spur American Tower to Restate

    American Tower confirmed what it had warned about nearly two months ago—it will restate prior results.Officials at the $15-billion (market capitalization) operator of wireless communications sites, said on Tuesday that the company will revise its financial statements for 2005 and 2004, and select...

    By Stephen Taub • Sept. 19, 2006