Human Capital: Page

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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
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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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    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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    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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    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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    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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    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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    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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    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