Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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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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    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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    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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    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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    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