Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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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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    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