Human Capital: Page 133

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    No Vacation

    If you suspect that business travel is getting worse, you’re right. Recent data from the Department of Transportation indicates that on-time arrivals are declining, mishandled baggage is more common, frequent-flyer miles are more difficult to redeem, and consumer complaints are on the rise. Add t...

    By Laura DeMars • Aug. 1, 2006
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    Robert Schiffner, CFO of Campbell’s Soup

    Hitting the books:B.A., Princeton University; M.B.A., Rutgers UniversityFirst job in a suit:Prudential Insurance in Newark, N.J.Favorite job:Vice president of finance planning and trade marketing at Nabisco Inc. (2 years). “I saw how the business operates from a different perspective. Knowing how...

    By Laura DeMars and Joseph McCafferty • Aug. 1, 2006
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    CBS’s Fred Reynolds

    “I don’t know when I’ve had this much fun,” says Fredric Reynolds about his work as CFO of the newly retooled CBS Corp. Since the company split from Viacom Inc. at the start of the year, Reynolds has sold off the company’s parks business for $1.2 billion, put 38 radio stations on the block, and r...

    By Lori Calabro • Aug. 1, 2006
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    Backdating Trips Up Two More

    Officials at McAfee Inc. said the company will likely restate its financial results in at least one, and potentially several, prior periods, and delay the filing of its June 30 quarterly report. The adjustments and filing delay, made public on Friday, stem from McAfee’s previously announced revie...

    By Stephen Taub • July 28, 2006
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    When Is Backdating a Crime?

    There is no statute that explicitly outlaws backdating stock-option grants, but it seems virtually impossible to backdate options and achieve the ultimate goal of putting grants “in the money” without first deliberately falsifying documents and then covering up the sham. At least that seems to be...

    By Marie Leone • July 28, 2006
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    Cendant CFO Receives $11 Million

    Ronald Nelson, president and chief financial officer of Cendant Corp., earned about $11 million last year, according to a company proxy statement released Wednesday.This included $8 million in restricted stock awards, double what he received the prior year.His salary was $762,500, same as the pri...

    By Stephen Taub • July 27, 2006
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    CFOs on the Move

    • Sears Holdings has named Craig Monaghan chief financial officer, effective September 1. Monaghan is currently CFO of AutoNation. Previously, he served as CFO of iVillage.com, and held senior financial positions at Reader’s Digest Association, Bristol-Myers Squibb, and General Motors.• Martha St...

    By Marie Leone • July 27, 2006
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    Sears Taps Monaghan as CFO

    Sears Holdings Corp. has named Craig T. Monaghan as its new chief financial officer.Monaghan, who has been the CFO for more than six years at AutoNation, Inc., starts at Sears on September 1. He will report to William C. Crowley, Sears’ chief administrative officer. But Monaghan also is no strang...

    By Stephen Taub • July 27, 2006
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    SEC Drops Celebrity Pay Proposal

    Tom Cruise can rest easy. Unless he suddenly assumes a policy-making role at Viacom, the movie star won’t find his salary listed in a proxy statement — even though his work for the company’s Paramount Pictures subsidiary has netted him a pretty penny.That’s because the Securities and Exchange Com...

    By David Katz • July 26, 2006
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    DoL Rule Mandates E-filing

    A new Department of Labor regulation requires companies to file their benefits annual reports electronically, starting in 2009. The new rule, announced last Thursday, affects annul reports dated January 1, 2008, or after. The protracted start will give plan and service providers, “time to adapt t...

    By Marie Leone • July 26, 2006
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    CII Presses Companies on Options Policy

    (Correction: This is an updated and corrected version of the story that initially ran on CFO.com on July 25, 2006. Updates include the information that Harsco does not issue option grants, and that Fortune Brands conducts regular reviews of its options policy.)At least 30 companies have respon...

    By Stephen Taub • July 25, 2006
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    Lawmaker Raps Pension Proposals

    All three of the proposals now being considered by Republican lawmakers to change federal pension laws would actually worsen the pension crisis, according to an analysis provided by the Pension Benefit (PBGC) Guaranty Corp. and released by Rep. George Miller, a California Democrat.Lawmakers on a...

    By David Katz and Stephen Taub • July 24, 2006
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    DOJ, SEC Charge Brocade Execs

    Federal prosecutors and regulators filed criminal and civil fraud charges against three Brocade Communications Systems executives on Thursday for participating in an alleged stock options backdating scheme that concealed “millions of dollars in expenses from investors” and significantly overstate...

    By Marie Leone • July 20, 2006
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    401(k) Plans Still Hot

    Participation in 401(k) plans continues to rise, according to a new survey. Plans with more than 70 percent participation by eligible employees rose to 67 percent, up from 63 percent a year ago, according to Deloitte Consulting’s annual 401(k) Benchmarking Survey, conducted jointly with the Inter...

    By Stephen Taub • July 20, 2006
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    CFOs on the Move

    • RadioShack has announced the resignation of the company’s executive vice president and chief financial officer David Barnes. He is leaving RadioShack to join Western Union, a division of First Data.• Leonard Forman, executive vice president and chief financial officer of the The New York Times,...

    By Marie Leone • July 20, 2006
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    Against Acronyms: Allianz Life’s CFO

    When the demanding executives at German financial services giant Allianz AG sit down with the senior managers of their U.S. subsidiary, Allianz Life Insurance Company of North America, they pepper CFO Gabrielle Matzdorff with questions about mortality and actuarial data. Undaunted, the 41-year-ol...

    By James Rubin • July 20, 2006
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    Court Ruling Brings Wal-Mart Relief

    A judge overturned a Maryland law designed only to penalize Wal-Mart Stores.Under the law—Maryland Fair Share Health Care Fund Act—private companies in Maryland with more than 10,000 employees are required to shell out at least 8 percent of their payroll on employee health benefits, or contribute...

    By Stephen Taub • July 19, 2006
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    Two New Options Suits Announced

    On Wednesday, memory-chip designer Rambus announced that it would have to restate prior results because of errors related to its stock-based compensation expensing. Meanwhile, while software game maker Activision is being sued by a shareholder as a result of the ever-widening options pricing scan...

    By Stephen Taub • July 19, 2006
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    Seven-Year Low in Heath-Cost Growth Seen

    By year’s end, health care costs will have recorded their slowest annual rate of growth in seven years, the authors of a widely followed survey predict. According to preliminary results from Milliman’s annual Group Health Insurance Survey, 2007 estimated January renewal increases are poised to co...

    By Stephen Taub • July 19, 2006
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    RadioShack CFO Resigns

    Further shaking up the RadioShack’s top management ranks, CFO and executive vice president David Barnes will leave the struggling electronicsretailer to join Western Union, a division of First Data Corp. Barnes’ resignation—about 15 months after he joined thecompany—comes just several weeks after...

    By Stephen Taub • July 18, 2006
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    Cox: Backdating Charges Imminent

    Securities and Exchange Commission Chairman Christopher Cox told reporters on Monday that the regulator will bring the first civil charges “very soon” in the stock options timing scandal, according to Reuters.Cox acknowledged that there are also criminal investigations being conducted by other fe...

    By Stephen Taub • July 17, 2006
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    Broadcom to Take $750M Backdating Charge

    Broadcom officials said the company will restate financial results for more than six years, and take a $750 million charge to correct improperly recorded stock options. The chip-making giant said the revisions will cover financial results for years ended 2000 through 2005, as well as for the firs...

    By Stephen Taub • July 17, 2006
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    Nonprofit CFOs Travel Similar Roads

    Nonprofit CFOs tend to wear more hats, and rely more on consensus building, than their counterparts in the for-profit world, says a new survey published by Bridgestar, an affiliate of nonprofit consultancy Bridgespan Group.The survey, which polled nonprofit CFOs from organizations of all sizes, n...

    By Marie Leone • July 14, 2006
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    HSAs May Not Deliver Company Savings

    Health savings accounts (HSAs), the employee medical plans created by the Medicare Act of 2003, are under fire again, this time for not delivering on their promise to help companies trim health-care spending.A new study, sponsored by the Commonwealth Fund and published this week in the policy jou...

    By Marie Leone • July 14, 2006
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    CFOs on the Move

    • National Lampoon has named its principal accounting officer, Jeff Gonzalez, interim chief financial officer. He replaces Douglas Bennett as CFO of the entertainment company. Bennett also served as the company’s president. Bennett remains affiliated with the company as a board member, advisor to...

    By Marie Leone • July 13, 2006