Human Capital: Page 130

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    Sharper Image to Restate Results

    Officials at specialty retailer Sharper Image said the company will restate its financials for its three fiscal years ended January 31, 2006 and the fiscal quarters ended April 30, 2006 and 2005. The adjustment will reflect a pre-tax non-cash compensation charge stemming from earlier options gran...

    By Stephen Taub • Sept. 18, 2006
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    Test Your Finance Knowledge

    Editor’s Note: Here are the answers to the corporate finance quiz given at our recent CFO Rising West conference.1) What’s the average tenure for a Fortune 1000 CFO?a. 4.3 yearsb. 9.5 yearsc. 15 yearsd. 2.2 years2) What percent of Fortune 1000 CFOs are women?a. 1.5 percentb. 22.0 percentc. 7.7...

    By CFO Editorial Staff • Sept. 18, 2006
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    Options to Spur Applied Micro Revision

    Applied Micro Circuits Corp. has reported that it will restate financials dating back to 1998 in order to recognize up to $200 million in noncash, stock-based compensation expense.The restatement stems from a “substantially completed” internal review of the company’s stock-option-grant practices ...

    By Stephen Taub • Sept. 15, 2006
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    Can 401(k)s Replace Pensions?

    Even though he’s one of the staunchest advocates of 401(k)s around, David Wray’s contention still seems startling: over time, defined-contribution plans can match the income that traditional defined-benefit plans dole out to retirees.To be sure, many benefits experts say that 401(k)s can form a n...

    By David Katz • Sept. 15, 2006
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    Another Bad Dating Experience

    Sanmina-SCI Corp. said it will probably restate its results for the past four fiscal years as a result of a review of its stock option policies and practices dating back to January 1, 1997. The company added that an investigation being conducted by a special committee of its board is nearly compl...

    By Stephen Taub • Sept. 14, 2006
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    NY Times Execs Forego Stock-Based Comp

    The chairman and vice chairman of The New York Times Co. have decided to skip their stock-based compensation for 2006 and 2007.Arthur Sulzberger Jr., the chairman of the venerable media giant, and the publisher of The New York Times, and Michael Golden, the company’s vice chairman and the publish...

    By Stephen Taub • Sept. 14, 2006
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    CFOs on the Move

    • Virgin Mobile has appointed John Feehan chief financial officer of its Financial Operations Group. He was vice president of financial operations for Virgin Mobile for almost five years. Previously, he served as CFO of SAGE BioPharma. • Mark Wabschall will resign from WebMethods as chief financi...

    By Sarah Johnson • Sept. 14, 2006
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    What’s Your Financial Style?

    There are almost as many initiatives to make executives better leaders as there are executives. Some theories focus on personality, others on skill. A recent entry into the mix proposes a connection between how executives inherently view money and the way they make management decisions.E. Ted Pri...

    By Joseph McCafferty • Sept. 14, 2006
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    PCAOB Taps Former Freddie Mac CFO

    Martin Baumann, who served as the finance chief of Freddie Mac as the mortgage lender was trying to recover from an accounting scandal, has been named deputy director of the Public Company Accounting Oversight Board’s Office of Research.After joining Freddie Mac as executive vice president for f...

    By Stephen Taub • Sept. 13, 2006
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    Continuing Gains for Domestic Partners

    More than half of Fortune 500 companies now provide benefits that cover domestic partners of employees. According to a survey by the Human Rights Campaign, as of June 1 of this year, 253 of those companies provide such benefits, up from 246 in 2005. 3M, ADP, and Clear Channel added the benefit in...

    By CFO Editorial Staff • Sept. 13, 2006
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    SEC Probes Valeant Suit against ex-CEO

    The Securities and Exchange Commission is seeking information about Valeant Pharmaceuticals’ attempt in Delaware Chancery Court to get Milan Panic, the company’s former chairman and chief executive officer and others to return bonuses it paid in connection with an initial public offering, acco...

    By David Katz and Stephen Taub • Sept. 11, 2006
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    ERISA Plan Audits Under Review

    The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is soliciting help to update its guidance on the independence of accountants who audit employee benefit plans. The request for information (RFI) will be published September 11 in The Federal Register.The DoL is seekin...

    By Stephen Taub • Sept. 8, 2006
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    Family Dollar Execs Sued over Backdating

    Ten Family Dollar officials and directors, including its chief financial officer, have been sued by a shareholder, accusing them of improperly earning millions of dollars from exercising backdated stock options over six years, according to The Charlotte Observer.The suit, filed in North Carolina’...

    By Stephen Taub • Sept. 8, 2006
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    DOL Recoups $12 Million from Lay’s Heirs

    The Department of Labor say it has settled with the estate of former Enron chairman Kenneth Lay, granting a $12 million claim against his estate on behalf of participants covered by Enron’s pension plans. The proposed settlement must be approved by the U.S. District Court for the Southern Distric...

    By Stephen Taub • Sept. 7, 2006
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    Backdating Scandal Hits Retailers

    The options backdating scandal has been affecting companies in various ways. Most recently, for instance, three retailers reported troubles in the area. On Wednesday evening Home Depot announced in its quarterly filing that the SEC had launched an informal inquiry into the company’s option practi...

    By Stephen Taub • Sept. 7, 2006
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    CFOs on the Move

    • American Media has named Jack Craven executive vice president and chief financial officer. Craven succeeds Carlos Abaunza, who will serve as a consultant to the publisher of such magazines as Star, Shape, Men’s Fitness, and Natural Health. In addition to forming his own CPA practice, Craven ser...

    By Sarah Johnson • Sept. 7, 2006
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    Grassley Targets Backdating Advisors

    Senator Charles Grassley (R-Iowa) is targeting “all the actors” involved in stock options backdating scandals. That includes accountants, lawyers, and compensation consultants who advised executives to backdate options, and board members who “blessed [backdating] or looked the other way.”The sena...

    By Marie Leone • Sept. 6, 2006
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    Backdating Blamed on 1993 Tax Rule

    Some Senators, along with SEC Chairman Christopher Cox, are placing some of blame for the stock-options-backdating scandal on a tax law more than 10 years old. Congress is considering whether to repeal the law, which limits the tax deductibility of top executives’ cash compensation to $1 million....

    By Sarah Johnson and Marie Leone • Sept. 6, 2006
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    IRS Chief: CFO Pay Should Be Fixed

    The ranking minority member of the Senate Finance Committee thinks that a proposal by the nation’s top tax collector to strip CFOs of their stock options might be ripe for legislation.Testifying before the committee on Wednesday, Internal Revenue Service Commissioner Mark Everson said that the pr...

    By David Katz • Sept. 6, 2006
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    Is Spring-loading Wrong?

    Backdating stock options, as any of more than 100 companies now under scrutiny can now attest, is a bad idea. But what about spring-loading, the forward-looking cousin of backdating?In testimony before a Senate Committee on Banking, Housing, and Urban Affairs on Wednesday, regulators, an academic...

    By Helen Shaw • Sept. 6, 2006
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    Ex-Kraft CEO Still Gets Paid

    Roger K. Deromedi, who was ousted as chief executive officer and a director of Kraft Foods Inc. earlier this year, will receive his bi-weekly salary until February 23, 2007, according to a regulatory filing.He will also receive a lump sum payment equal to the salary that he would have received ha...

    By Stephen Taub • Sept. 6, 2006
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    Survey Says Comp Rules No Big Deal

    A majority of corporate human resources and compensation executives are treating the Securities and Exchange Commission’s new executive pay disclosure rules as much ado about nothing.According to a survey by Watson Wyatt Worldwide, 54 percent said the SEC’s new rules, which apply to 2007 proxy fi...

    By Stephen Taub • Sept. 6, 2006
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    Dana’s Bankruptcy Motion Denied

    Dana Corp.’s bankruptcy court motion to allow the company to award incentive bonuses to six top executives was denied on Tuesday, CFO.com has learned from a McDermott Will and Emery attorney who attended the hearing.Based on the source’s account, Judge Burton Lifland of the U.S. Bankruptcy Court ...

    By Marie Leone and David Katz • Sept. 4, 2006
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    Intel Layoffs Reflect Wider Trend

    Confirming widely-published rumors, Intel said it will cut 10,500 jobs. The payroll reductions are part of a larger restructuring, which calls for roughly $2 billion in cost savings in 2007 and $3 billion in annual savings in 2008. In addition to the workforce reductions, the company expects to c...

    By Stephen Taub • Sept. 4, 2006
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    Microsoft Awards Nearly $1B in Stock

    Microsoft announced Thursday that it awarded 37 million shares of restricted stock, worth $951 million, to about 900 executives and managers. The announcement comes three years after the software giant shocked Silicon Valley by halting employee stock-option awards.The restricted stock was awarded...

    By Stephen Taub • Sept. 1, 2006