Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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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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    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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    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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    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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    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