Human Capital: Page 131

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    Required Summer Reading: Last Chance

    It’s back-to-school time, kids. But have you done your summer reading?Will you arrive at work after Labor Day up-to-date on the world of finance? Did you keep up with the latest on backdating, pensions, FASB, and good old-fashioned water cooler gossip?For your convenience, here’s what you might h...

    By CFO Editorial Staff • Sept. 1, 2006
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    Private Club

    Private equity is hot, in more ways than one. As deals proliferate, the sector is booming with employment opportunities for CFOs. Walt Williams, an executive recruiter with Battalia Winston International, says that finding finance chiefs for the portfolio companies of private-equity clients has b...

    By Kate O'Sullivan • Sept. 1, 2006
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    U.S. Deputy Attorney General Paul McNulty

    Editor’s Note: This is an extended version of the interview that appears in print in the September issue of CFO magazine.After securing guilty verdicts against Enron’s top officials, U.S. Deputy Attorney General Paul J. McNulty told reporters: “It encourages us to continue to combat corruption wh...

    By Lori Calabro • Sept. 1, 2006
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    The Real Economies of Electric

    CFO welcomes your letters. Send them to: The Editor, CFO, 253 Summer St., Boston, MA 02210E-mail us at [email protected], or contact a specific author by clicking on his or her byline. You can also post a comment directly on CFO.com by clicking on the appropriate link at the end of any article.P...

    By CFO Editorial Staff • Sept. 1, 2006
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    City under a Cloud

    San Diego calls itself “America’s Finest City,” but a financial scandal that has been unraveling since 2004 has earned it a new nickname: “Enron by the Sea.”The city is accused of hiding massive underfunded pension liabilities and issuing false financial disclosures. The Securities and Exchange C...

    By CFO Editorial Staff • Sept. 1, 2006
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    Health Plan Costs Out of Control?

    The cost of health insurance plans is on the rise again, but the price increases for 2007 are forecast to be less than those of the last few years.According to a survey by benefits consultancy Segal Company, medical and prescription drug plan costs are expected to increase between 11 percent and ...

    By Helen Shaw • Aug. 31, 2006
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    CFOs on the Move

    • Dow Jones & Co. has named William Plummer executive vice president and chief financial officer, effective September 5. Plummer will succeed Chris Vieth, who has been Dow Jones’ vice president and CFO since July 2002. Vieth is leaving Dow Jones to pursue other career opportunities, the compa...

    By Sarah Johnson • Aug. 31, 2006
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    Study: Talent Will Cost More

    Good workers are getting harder to find for companies unwilling to pay. A survey released this week hints that CFOs could hear more pleading from hiring mangers to raise compensation packages to acquire highly skilled workers.Fifty-five percent of hiring managers find it difficult to recruit skil...

    By Sarah Johnson • Aug. 30, 2006
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    FEI’s Cunningham to Step Down

    Colleen Cunningham, the president and CEO of Financial Executives International, has announced that she is stepping down from her post as soon as a successor is named. Cunningham told CFO.com that she was leaving FEI to spend more time with her family. She was appointed CEO in March of 2003.The n...

    By Marie Leone • Aug. 29, 2006
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    DOJ Subpoenas Barnes & Noble

    Officials at bookseller Barnes & Noble announced that the company received a subpoena from the U.S. Attorney for the Southern District of New York asking for documents related to its stock option practices. Barnes & Noble intends to cooperate fully in responding to the subpoena, noted a r...

    By Marie Leone • Aug. 29, 2006
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    DuPont Plans Pension Cuts

    DuPont, the Wilmington, Delaware-based chemical company, will begin reducing benefits on its defined-benefit pension program in 2008, and will close the plan to new employees as of January 2007.The changes are part of DuPont’s strategy of shifting retirement benefits away from the defined-benefit...

    By Helen Shaw • Aug. 29, 2006
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    SEC Probing KB Home

    KB Home says the Securities and Exchange Commission has launched an informal inquiry into the company’s stock-option grants. The homebuilder also says it has informed the SEC staff of the status of its own internal review, which is being conducted by members of its audit and compliance committee,...

    By Stephen Taub • Aug. 25, 2006
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    CFO Turnover Up 50 Percent

    Finance chiefs are changing jobs at a much more rapid pace than they did last year at this time.This year through July, there have been 1,444 changes in the top finance slot, according to Richard Jacovitz, SVP Director of Research at Liberum Research. This compares with just 963 through the first...

    By Stephen Taub • Aug. 24, 2006
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    CFOs on the Move

    • Accenture has announced that Pamela J. Craig will take over as chief financial officer, effective October 31. She replaces Michael G. McGrath, who will serve as CFO until that date, when he becomes Accenture’s international chairman. Craig, who has worked at Accenture for 24 years, is currently...

    By Sarah Johnson • Aug. 24, 2006
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    Las Vegas at Work

    Fourteen months ago, employees at Circulation Services Inc. (CSI) were leaving at an alarming pace. To stem the annual turnover rate of nearly 500 percent at the call center, CEO Andrew Orr decided to play games.Specifically, Orr teamed up with Snowfly Incentives to introduce Internet games to mo...

    By Laura DeMars • Aug. 24, 2006
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    Pension Act Tilts to Cash-Balance Plans

    By boosting the volatility of the cash demands that traditional defined-benefit plans place on employers, the new pension reform law makes cash-balance plans all the more alluring, retirement plan experts say.Indeed, some foresee a sizable up-tick in the number of conversions from old-style pensi...

    By David Katz • Aug. 23, 2006
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    Tenneco Freezes Pension Plan

    Tenneco is the latest company to freeze its defined benefit pension plans.The $4.4 billion manufacturing company said it will replace the plans by making additional contributions under defined contribution plans, effective January 1.Tenneco said these changes will save about $11 million in expens...

    By Stephen Taub • Aug. 23, 2006
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    Multi-employer Pensions May Pose Credit Risks

    Moody’s Investors Service has revised how it will evaluate the under-funding of multi-employer defined-benefit pension plans and the liabilities it creates for some debt issuers.The debt rater explained that it will consider a company’s share of plan under-funding to represent a long-term, debt-l...

    By Stephen Taub and Alix Stuart • Aug. 23, 2006
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    Accenture Taps New CFO, Boosts Incumbent

    Accenture named a Pamela Craig, a 24-year veteran of the firm, as CFO.Craig will replace Michael McGrath, who was promoted to international chairman of the $16 billion (in revenue) consulting firm, on Oct. 31. Currently senior vice president of finance, she has been a member of its Accenture’s ex...

    By Stephen Taub • Aug. 22, 2006
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    Family Dollar Boosts CFO to President

    Family Dollar Stores Inc. has promoted finance chief R. James Kelly to president and chief operating officer. He will continue to serve as CFO while the company searches for a replacement. Kelly joined the discount retailer as vice chairman and CFO and chief administrative officer in January 1997...

    By Stephen Taub • Aug. 21, 2006
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    Freddie Mac Settles ERISA Lawsuit

    Freddie Mac agreed to pay $4.65 million to settle a class-action lawsuit brought under the Employee Retirement Income Security Act. The charges stemmed from the company’s restatement for the years 2000 through 2002. The mortgage giant had been accused of fraudulently overstating its earnings, thu...

    By Stephen Taub • Aug. 21, 2006
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    Moody’s Cites Effects of New Pension Law

    Requirements of the new pension bill signed by President Bush on Thursday could have an impact on credit ratings, warns Moody’s Investors Service.In a new report, the credit-rating agency explained that companies with underfunded pension plans will likely borrow to cover the increased contributio...

    By Stephen Taub • Aug. 18, 2006
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    CFO Cancels Retirement after Two Months

    Talk about quick retirements. In June, Salesforce.com CFO Steve Cakebread reportedly said he would retire by the end of the year. But after searching for his replacement, company chief executive officer Marc Benioff said earlier this week that Cakebread has agreed to remain with the business-soft...

    By Stephen Taub • Aug. 18, 2006
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    CFOs on the Move

    • CA has named Nancy Cooper executive vice president and chief financial officer. She replaces CA Controller Robert Cirabisi, who was serving as interim CFO since May, when finance chief Bob Davis was ousted. Davis was hired in February 2005 to help the company recover from a major accounting sc...

    By Marie Leone • Aug. 17, 2006
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    Bush Signs Pension Bill

    President Bush on Thursday signed into law the long-awaited pension bill, designed to shore up the funding of existing defined-benefit plans and further loosen the rules regarding defined-contribution plans.Calling the Pension Protection Act of 2006 “the most sweeping reform of America’s pension ...

    By Stephen Taub • Aug. 17, 2006