Human Capital: Page

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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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    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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    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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    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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    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
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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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    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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    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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    Dantes, Edmond. "Man and Woman Sitting on Chair Using Laptop" [Photograph]. Retrieved from Pexels.
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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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    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