Human Capital: Page 132

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    Intuit: No Sign of Backdating Fraud

    Wednesday was a good day for Intuit Inc. On a day in which software companies McAfee and Amkor Technology, Inc. both announced that the backdating of stock options would require them to restate past financial results, Intuit announced that a special committee investigating its past options granti...

    By Stephen Taub • Aug. 17, 2006
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    Limited’s CFO Retires after Two Months

    Ken Stevens, the CFO of Limited Brands, announced his retirement just two months after assuming the post.The finance executive had spent five years overall with the retailing giant, known for its Victoria’s Secret and Bath & Body Works chains. Stevens, who officially became CFO on June 12, s...

    By Stephen Taub • Aug. 16, 2006
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    Options Scandal Claims Ex-CEO of Rambus

    The former chief executive officer of Rambus Inc. has resigned from the chip maker’s board because of his past role in the company’s issuance of apparently misdated stock option grants, according to the company.The ex-CEO, Geoff Tate, headed Rambus from 1990 through 2005. On July 19, the company’...

    By Stephen Taub • Aug. 16, 2006
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    Small Company Touched by Options Scandal

    The options-pricing scandal has spread to even the most diminutive public companies. Boston Communications Group, a $39 million market cap company which sells billing systems to mobile phone companies, reported that it may need to restate previous results after an internal review found that it’s ...

    By Stephen Taub • Aug. 15, 2006
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    Going Once . . . Going Twice

    What would you bid for a piece of scandalous corporate history? Or rather, for many pieces?In July, auctioneers in Lubbock, Tex., brought down the gavel on a range of assets belonging to the estate of Jonathan “Jody” Nelson, former CFO of Patterson-UTI Energy. In April, Nelson pleaded guilty to e...

    By Joseph McCafferty • Aug. 15, 2006
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    Two Tech Firms Cite Options Problems

    Add Sanmina-SCI and PMC-Sierra to the rapidly growing list of companies that have discovered irregularities with their options granting practices.Sanmina-SCI said a special committee looking into its stock administration practices dating back to January 1, 1997, discovered potential discrepancies...

    By Stephen Taub • Aug. 14, 2006
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    PepsiCo Taps Nooyi as CEO

    PepsiCo announced that current chief financial officer Indra Nooyi will take over as chief executive officer, effective October 1, making her one of the most prominent women in Corporate America.She replaces Steve Reinemund, who said he will retire as chairman and CEO next May after 22 years with...

    By Stephen Taub • Aug. 14, 2006
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    SEC Issues Final Executive Pay Rules

    The Securities and Exchange Commission issued its final rules on compensation disclosures for financial statements on Friday. The rules require a tabular presentation of information related to stock option grants, a narrative about compensation issues, and more discussion about disclosing compens...

    By Marie Leone • Aug. 14, 2006
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    Options Take a Bite Out of Apple

    Apple Computer is the latest among a rapidly growing list of companies that won’t file its June results on time because it plans to restate its financials stemming from the options-granting scandal. The maker of Ipod added it will likely need to restate prior results to record noncash charges for...

    By Stephen Taub • Aug. 11, 2006
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    Report: Stock Option Probes Top 100

    The number of companies that have disclosed internal or federal probes of their stock option grants has reportedly hit triple digits. At least 102 companies are now under some sort of scrutiny, according to Bloomberg.The latest to report investigations are HCC Insurance Holdings Inc., ViaSat Inc....

    By Stephen Taub • Aug. 10, 2006
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    CFOs on the Move

    • Automatic Data Processing has appointed Christopher Reidy chief financial officer. He will assume his new role no later than October 2. Most recently, Reidy was the controller and chief accounting officer of AT&T. He also has been CFO of AT&T’s two largest operating groups, Business Ser...

    By Marie Leone • Aug. 10, 2006
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    Sins of Commission

    Talk about nightmares that won’t end. In late April, $3.5 billion software firm CA — ostensibly in the midst of a postscandal turnaround — shocked investors with the news it would miss GAAP EPS estimates by at least 75 percent. CA’s original turnaround artist and former CFO Jeff Clarke left for a...

    By Alix Stuart • Aug. 10, 2006
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    CFO, More Execs Charged Over Backdating

    Federal prosecutors have charged the former chief financial officer and two other former top executives at Comverse Technology Inc. with fraud in connection with an investigation into alleged backdating of stock options. The Comverse executives are the second group to be charged in the options ba...

    By Stephen Taub • Aug. 9, 2006
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    GM Cuts Benefit, Pension Cost Estimates

    As a result of workforce reductions, General Motors has lowered its estimated costs for retiree health care spending by $19.3 billion and re-gauged its future pension obligations downward by $3.9 billion.For both health benefits and pensions, GM increased the discount rate used to calculate its f...

    By Stephen Taub • Aug. 8, 2006
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    Study: Director Pay Hikes Slowing Down

    Median total direct compensation for directors of large U.S. companies in 2005 rose by less than one-third the percentage it did in 2004, according to a new study by Mercer Human Resource Consulting.The increase in median total direct compensation—which included pay for board and committee servic...

    By Stephen Taub • Aug. 8, 2006
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    Court: IBM Pension Plan Not Discriminatory

    In a court decision that could have wide implications for the millions of Americans who are enrolled in traditional pension plans, a federal appeals court ruled that IBM Corp. did not commit age discrimination when it converted its pension plan to a “cash-balance” plan, according to the Associate...

    By Stephen Taub • Aug. 7, 2006
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    Computer Firm CFO Exits One Month After CEO

    The Acting Chief Financial Officer and Corporate Secretary resigned from struggling Evans and Sutherland Computer Corp. one month after its chief executive officer decided to leave. Lance Sessions said he resigned from his two positions for personal reasons.“The Board believes, and has been assur...

    By Stephen Taub • Aug. 7, 2006
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    The Post Office Gets a New CFO

    The U.S. Postal Service named Harold Glen Walker as CFO on Friday. Walker, a certified public accountant, was previously CFO of Invensys Control, a provider of controls to the appliance industry. But he is probably best known for the work he did in his previous job as vice president and CFO of a ...

    By Tim Reason and Stephen Taub • Aug. 4, 2006
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    Senate Passes Pension Bill

    By an overwhelming 95 to 5 majority vote, the U.S. Senate passed a major piece of pension legislation on Thursday night. The legislation strengthens pension-funding rules by mandating that companies fully honor pension obligations within seven years, without shifting the financial burden to U.S. ...

    By Marie Leone • Aug. 4, 2006
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    Have CPA, Will Travel?

    There’s a new raw-material shortage plaguing global business — only this one is in the finance department.While the Sarbanes-Oxley Act has sent U.S. companies and accounting firms scurrying for financial talent, the problem is not limited to these shores. “There’s a shortage of accountants throug...

    By Kate O'Sullivan • Aug. 4, 2006
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    CFOs on the Move

    • RadioShack has named James Gooch executive vice president and chief financial officer, effective August 16. Most recently, Gooch was executive vice president and chief financial officer of Entertainment Publications. He also served in various corporate finance positions at Kmart and subsequentl...

    By Marie Leone • Aug. 3, 2006
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    Mercury Settles With Former CEO

    As part of a settlement of charges involving his role in stock-options manipulation, former Mercury Interactive Corp. chief executive officer Amnon Landan has agreed not to exercise a large number of options he received three years ago, according to the company.In an 8-K filing, the business soft...

    By Stephen Taub • Aug. 2, 2006
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    State’s Rights: Many Lift Minimum Wage

    More than one dozen states have either hiked the minimum wage above the current federal level of $5.15 per hour, or have ballot initiatives calling for raises in the November elections, according to Reuters. “The minimum wage needs to go up,” Denver Williams, director of operations for Labor Conn...

    By Stephen Taub • Aug. 1, 2006
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    July Job Cuts Decline Sharply

    Planned job cutbacks for the month of July dropped to a six-year low, putting this year on track to be the first year since 2000 with fewer than 1 million job cuts.Employers announced 37,178 job reductions for July, a decline from 67,176 in June, according to a report issued by the outplacement f...

    By Helen Shaw • Aug. 1, 2006
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    Borrowing to Backdate?

    In a twist to the stock option backdating scandal, Brooks Automation Inc. said in a regulatory filing that its former chief executive officer and two directors falsified loan documents so that the former CEO could exercise options three months after they had expired. The company said that former ...

    By Stephen Taub • Aug. 1, 2006