Human Capital: Page 134

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    Pensions: FASB Looks to the Future

    Overriding the objections of employers and actuaries, the Financial Accounting Standards Board unanimously agreed on Wednesday to require companies to include estimates of their future pension liabilities on their balance sheets.Hewing closely to the views of investors, the board members okayed ...

    By David Katz • July 12, 2006
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    Monster Suits Follow Subpoena

    Three shareholder lawsuits were filed against Monster Worldwide on Wednesday, all related to the backdating of stock option grants. Two of the suits were filed in New York State Supreme Court, while the third was filed in the U.S. District Court, Southern District of New York. The company says it...

    By Marie Leone • July 12, 2006
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    An Oil Company Digs Itself out of a Hole

    Tesoro Petroleum was set to grow through acquisitions. In 1997 management decided to divest assets related to exploration and production, and focus exclusively on downstream businesses—moving oil through refineries to produce jet fuel, diesel, and gasoline, and operating retail gas stations.One y...

    By Marie Leone • July 12, 2006
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    R.I. Law Eyes Benefit-Cost Cuts

    Following on the heels of Massachusetts, Rhode Island last week enacted a wide-ranging health-benefits law aimed at making medical coverage more affordable for small businesses and individuals. Among the features of the new law of particular interest to employers: a plan to develop cheaper insur...

    By David Katz • July 10, 2006
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    CFOs on the Move

    • Yahoo! has named Mike Weetman to head operations finance for the Internet company’s media group. Most recently, Weetman led the finance and business development department at DreamWorks Worldwide Home Entertainment. Prior to that, he served as senior vice president of finance and credit for 20t...

    By Marie Leone • July 6, 2006
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    Marvell, Quest Face Options Probes

    At least two additional companies have become embroiled in the options granting scandal.Marvell Technology Group Ltd. Wednesday said it has received a letter of informal inquiry from the SEC requesting certain documents relating to the company’s stock option grants and practices.The company has a...

    By Stephen Taub • July 5, 2006
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    SEC May Sue Mercury Directors, Ex-CFO

    Mercury Interactive Corp. reported that the Securities and Exchange Commission may bring civil charges apparently involving possible option backdating practices against three current directors and its former finance chief.The board members, Igal Kohavi, Yair Shamir, and Giora Yaron each received ...

    By Stephen Taub • July 5, 2006
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    Heavy Vetting

    With no fewer than six prior CFO positions on his résumé, not to mention experience as an investment banker and as a CPA-wielding auditor at KPMG, Kenneth Goldman looked to be a shoo-in for the CFO position at Salary.com. But after a couple of weeks of interviews with everyone from the CEO to the...

    By Laura DeMars • July 1, 2006
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    Station Casinos’s Glenn Christenson

    What happens in Vegas stays in Vegas, or so the slogan goes. But what’s happening there in terms of development, says Glenn C. Christenson, CFO of Station Casinos Inc., is hard to keep secret. According to the U.S. Census Bureau, Nevada is expected to grow faster than any other state over the nex...

    By Lori Calabro • July 1, 2006
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    Climbing Vine

    Hitting the books: B.A., UCLA (1980); M.B.A, The Wharton School, University of Pennsylvania (1982)First job in a suit: Assistant director of admissions at The Wharton School (2 years)Big break: Landing a job in the planning department at PepsiCo (12 years, 7 jobs, 5 states)In the CFO office: Alli...

    By CFO Editorial Staff • July 1, 2006
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    In Europe’s C-Suites, a Five-Year Itch?

    It seems as if five years is the magic number for executive tenure in Europe, according to a study by Cantos, a London-based online financial broadcaster.At FTSE 100 companies, chief executive officers average 4.7 years in office; finance directors, 4.8 years; and chairmen, 4.5 years. Cantos also...

    By Stephen Taub • June 30, 2006
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    Most Companies to Trim Retiree Health Benefits

    A vast majority of employers are planning to curtail their retiree medical plans for current and future retirees in the next five years, according to a new study by Watson Wyatt Worldwide.In a survey of 163 companies, the consulting firm found that only 5 percent of employers do not expect to pla...

    By Stephen Taub • June 29, 2006
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    CFOs on the Move

    • Novell has named Dana Russell interim chief financial officer. He replaces Joseph Tibbetts, who the board terminated earlier this month. Russell joined Novell in 1994 and has served as a vice president of finance, corporate controller, and most recently treasurer.• Todd Shipyards has appointed ...

    By Marie Leone • June 29, 2006
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    Three Companies Report Options Probes

    At least three more companies say they are being investigated by federal officials looking into stock option grants doled out to executives. Another says it might need to restate prior results to make adjustments to its accounting for previous stock option grants.There are 54 companies currently ...

    By Stephen Taub • June 28, 2006
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    Pension Plans Disappearing

    A new report suggests that defined benefit pension plans, under pressure on several fronts, are disappearing at an increasing pace.The report, by human resources consulting firm Watson Wyatt, found that the number of Fortune 1000 companies that have frozen or terminated their defined benefit pens...

    By Stephen Taub • June 27, 2006
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    Executive Pay Prognosis: Marginal Change

    Despite the growing outcry from institutional investors about the size of senior management pay packages and the increased scrutiny from regulators worried about cloudy reporting, there won’t be a sea-change in compensation structures any time soon, experts say.Instead, board compensation committ...

    By David Katz • June 27, 2006
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    Home Depot Faces SEC Options Probe

    Home Depot disclosed Friday that the Securities and Exchange Commission has launched an informal inquiry into its stock-option practices.The home-improvement retailer stated that it intends to fully cooperate with the SEC. The company does not expect the inquiry to have a material adverse effect ...

    By Stephen Taub • June 26, 2006
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    CFOs Report Hefty Post-Sarbanes Hiring

    Corporate finance staffing at public companies has increased by 68 percent since Sarbanes-Oxley was implemented in 2002, according to the latest quarterly survey of chief financial officers conducted by Financial Executives International and Baruch College’s Zicklin School of Business.Staffing al...

    By Stephen Taub • June 22, 2006
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    CFOs on the Move

    • Massachusetts Mutual Life Insurance has named Michael Rollings executive vice president and chief financial officer. Formerly the company’s senior vice president and deputy chief financial officer, Rollings had been serving as interim CFO since the retirement of Howard Gunton in April. Rollings...

    By Marie Leone • June 22, 2006
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    The Hundred Group’s Philip Broadley

    There’s something to be said for keeping a low profile. For the past 30 years, The Hundred Group — an informal club of CFOs hailing primarily from the 100 largest listed companies in the U.K. — has been quietly making its mark on national business issues, eschewing the glare of the public limelig...

    By Janet Kersnar • June 22, 2006
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    SEC Widens Options Probe: Report

    The Securities and Exchange Commission has broadened its options-grant investigation to include not only backdating but also “spring-loading,” according to the Los Angeles Times.Spring-loading, the Times elaborated, is the practice of issuing stock-option grants shortly before a company announces...

    By Stephen Taub • June 20, 2006
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    Directors Say Exec Pay Hurts Image

    Board members agree with institutional investors that the current pay model for executives has hurt Corporate America’s image. The two groups differ widely, however, on how the current system contributes to corporate performance and on whether it contributes to excessive executive pay.According t...

    By Stephen Taub • June 20, 2006
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    SteelCloud Exec Felled by Options Probe

    Another top executive has become a casualty of the options-pricing scandal.SteelCloud, a supplier of server appliances, network security, and infrastructure services, announced that founder and chairman Thomas P. Dunne resigned last Friday in response to the results of an investigation by the aud...

    By Stephen Taub • June 20, 2006
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    A Casual Turnaround

    What was Dennis Hernreich thinking? Four years ago, Hernreich, then CFO and chief operating officer of the sputtering Designs Inc., was part of a management team that set out to revitalize a dying retail clothing company by buying another failing clothing company. In 2002, he and the company’s ch...

    By Marie Leone • June 20, 2006
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    Home Depot: Options Clean under Nardelli

    The Home Depot announced Friday that it had found $10 million in unrecorded expense related to its stock-option grant practices and procedures since 1996, but took care to note that those grants predate the tenure of current CEO Robert Nardelli.Nardelli has been under fire from shareholders in re...

    By Stephen Taub • June 16, 2006