Human Capital: Page 136

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    CFOs on the Move

    • ITT Industries has named Janice Klettner chief accounting officer. Klettner joins the technology manufacturer from Avon Products, where she was corporate controller and vice president of enterprise risk management; she began her career at Coopers and Lybrand.• Monarch Casino and Resort, owner o...

    By Marie Leone • May 25, 2006
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    Pension Funds Sue UnitedHealth

    Two Ohio state pension funds are suing UnitedHealth Group, Inc., charging that the health care insurer allowed chairman and CEO William McGuire to “dictate his own compensation through the secret manipulation of the company’s stock option plans” for nearly a decade.The suit, brought as both a der...

    By Stephen Taub • May 24, 2006
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    Hard-drive Maker Frees Up Desk Space

    Seagate Technology, the largest manufacturer of computer hard-disk drives, announced that it will lay off about half the employees of recently acquired rival Maxtor.According to Reuters, about 6,000 jobs will be cut, mostly in Europe and the United States. In a press release, Seagate stated that ...

    By Stephen Taub • May 23, 2006
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    CFOs on the Move

    • General Motors announced the departures of company controller Paul Schmidt and chief accounting officer Peter Bible. Schmidt will step down later this year after 37 years with the company; Bible has resigned “to pursue other career options,” effective June 1. GM plans to combine the two positio...

    By Marie Leone • May 18, 2006
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    GM Shakes Up Finance Department

    General Motors said two key finance executives are leaving the company as part of a sweeping restructuring of the corporate controller’s office.The auto giant, whose accounting practices are currently being investigated by regulators, said controller Paul W. Schmidt will retire later this year at...

    By Stephen Taub • May 18, 2006
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    Managing the Distributed Workforce

    While ATMs and the Internet have enabled banks and other financial institutions to pare down the size of their staff, employee expenses remain a significant bottom-line burden. Just ask Steve Schreiner, a business analyst at the New Mexico Educators Federal Credit Union in Albuquerque.For Schrein...

    By John Edwards • May 18, 2006
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    Options Timing May Waylay UnitedHealth

    UnitedHealth has disclosed that it may need to restate earnings by as much as $286 million over the past three years.The health insurer also announced that the Securities and Exchange Commission is conducting an informal inquiry into its stock-option practices. In addition, the company’s board ha...

    By Stephen Taub • May 11, 2006
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    CFOs on the Move

    • Goodrich Petroleum has named David Looney executive vice president and chief financial officer. He succeeds D. Hughes Watler, who resigned to pursue other interests. Looney has twenty-five years of experience in the energy finance business, most recently as CFO of Energy Partners. Previously, h...

    By Marie Leone • May 11, 2006
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    Fresh Start

    They are the once-and-future CFOs, finance executives who may have thought they’d left the position behind but find themselves back in the saddle — and loving it. Some gave up their CFO posts to assume senior (nonfinance) jobs, others to run their own businesses, and others to take time off, only...

    By Scott Leibs • May 8, 2006
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    Selling Finance

    Geac Computer Corp.’s annual sales meeting is always a fun event, full of braggadocio and bonhomie, as salespeople gather each spring at a sunny resort. Last year, in addition to the usual pep rally, something new was on the agenda in Orlando: a class in finance. Specifically, it was a two-hour p...

    By P.B. Gray • May 8, 2006
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    Sun Microsystems’s Mike Lehman

    Nearly four years ago, Mike Lehman, then CFO of Sun Microsystems, made the career move only a fortunate few can afford: he retired at age 51.After 15 years at Sun, 10 of them as CFO, he walked away from the constant tumult of Silicon Valley to a presumable life of leisure. Sun, meanwhile, fell on...

    By Scott Leibs • May 8, 2006
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    The Magic Numbers Bus

    You’ve read the book. You’ve seen the movie. You’ve followed the real-life trial. Now take the tour.A Houston tour operator is cashing in on the fascination with all things Enron by offering a ride through the infamous sites related to the company’s spectacular collapse. For $30, riders can see w...

    By Matt Lynch • May 8, 2006
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    Drawing a Bead on Cost

    A small but growing band of employers is fueling a rebellion against long-opaque cost structures in the 401(k) plan market. Working with pension consultants to ferret out esoteric expenses, these plan sponsors are dissecting fee arrangements. Where the assets at stake are big enough to provide ne...

    By Randy Myers • May 8, 2006
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    SEC Targets Jabil in Options Probe

    Reacting to a story in The Wall Street Journal, the Securities and Exchange Commission has launched an informal inquiry into the stock options practices at Jabil Circuit, Inc., the company said in a press release.Jabil, which makes electronic devices for computer companies and cell-phone makers, ...

    By Stephen Taub • May 4, 2006
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    CFOs on the Move

    • General Mills Chief Financial Officer Jim Lawrence has been elected vice chairman of the company, and will continue as CFO. Lawrence joined General Mills in 1998 as executive vice president and CFO, and also held responsibility since 2000 for international operations. • The National Basketball...

    By Marie Leone • May 4, 2006
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    UnitedHealth Survives Shareholder Revolt

    UnitedHealth Group Inc. seems to have survived a shareholder revolt. Although they were opposed by shareholders and proxy-research firms, four UnitedHealth directors were re-elected today at the company’s annual meeting, according to published reports.UnitedHealth had been targeted by disgruntled...

    By Stephen Taub • May 2, 2006
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    Big Options Gains for Mid-Tier CFOs

    Finance executives at mid-size companies made substantial gains by cashing out some of their options holdings.For example, Joseph Macnow, executive vice president, finance and administration, and chief financial officer for Vornado Realty Trust, netted nearly $7.6 million from options exercises. ...

    By Stephen Taub • May 2, 2006
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    Comverse CFO, Two Others Resign

    Officials at Comverse Technology Inc. announced that the company’s finance chief and two other top executives have resigned in the wake of an internal investigation into the timing of certain stock option grants.The three executives are David Kreinberg, who had served as CFO; Kobi Alexander, the ...

    By Stephen Taub • May 1, 2006
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    Aloha Says Goodbye to Pensions

    The Pension Benefit Guaranty Corporation (PBGC) has taken over the pensions of nearly 4,000 employees and retirees in three pension plans of Aloha Airlines Inc., making it the latest airline to ditch its defined-benefit plans as part of a bankruptcy reorganization. The agency said it expects to b...

    By Stephen Taub • April 28, 2006
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    Stock-trading Plans Catch On

    Stock-trading plans that allow executives to sell their companies’ stock without fear of violating insider-trading rules — also known as Rule 10b5-1 plans — are finally catching on.According to a new study by compensation specialist Equilar, the number of executives who executed 10b5-1 transactio...

    By Stephen Taub • April 28, 2006
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    CFOs on the Move

    •Aetna has announced that Alan Bennett, its CFO, will retire in the first quarter of 2007. Bennett has held various positions since he joined Aetna in 1995, including director of internal audit, corporate controller, CFO of Aetna Business Resources, and interim financial chief.•AutoZone has hired...

    By Helen Shaw • April 27, 2006
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    Employer Health Plans Leaking Dollars

    Health-claims processors routinely cost employers thousands of dollars by letting overpayments slip by, asserts a recent report by a benefits consulting firm.In one case, a programming glitch on a claim vendor’s computer automatically lowered the co-payment for employees of a large self-insured c...

    By David Katz • April 25, 2006
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    Toward a Leaner Finance Department

    Waste never sleeps in the finance department — that bastion of efficiency and cost effectiveness. Consider the reams of finance reports that go unread and the unused forecasts, not to mention duplicate computations of similar data, the endless consolidation of existing reports, and mundane activi...

    By The McKinsey Quarterly • April 20, 2006
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    CFOs on the Move

    • Fifth Third Bancorp hired Christopher Marshall as chief financial officer, effective in late May. Marshall, currently a senior executive for Bank of America’s Global Consumer and Small Business division, previously was the finance chief for two other BofA units. Earlier in his career, he served...

    By Marie Leone • April 20, 2006
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    CFOs Cash In on Stock-based Awards

    Yahoo chief financial officer Susan Decker took home nearly $41 million in 2005, roughly $31 million of it from exercising stock options and selling the underlying shares. She was also awarded more than $7 million in restricted stock, four times as much as in 2004.Decker also received a salary of...

    By Stephen Taub • April 18, 2006