Human Capital: Page 137

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    Tipping Point for Cash-Balance Plans?

    Some call them the last, best hope for saving defined-benefit pensions. This year, however, cash-balance plans are at a legal and legislative crossroads that could determine the future of employer-provided retirement benefits, say plan advisers.The case in favor of cash-balance plans is, in part,...

    By David Katz • April 18, 2006
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    Tyson Names P&G’s Miquelon as CFO

    After 21 months without, Tyson Foods has finally named a permanent finance chief.The food processor announced that Wade D. Miquelon will become executive vice president and chief financial officer, effective in June.He takes the reins from Dennis Leatherby, who stepped up from the treasurer seat ...

    By Stephen Taub • April 17, 2006
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    FASB Pension Rule Could Spur Loan Woes

    The heavy hit to balance-sheet assets that some companies could absorb if the Financial Accounting Standards Board’s proposed pension rules go into effect might force them to renegotiate loan covenants and hurt their access to capital markets, a pension actuary thinks. By the end of this year, th...

    By David Katz • April 13, 2006
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    CFOs on the Move

    • Collapsed commodities and futures broker Refco announced that it has fired chief financial officer Gerald Sherer. Last October, Refco filed for Chapter 11 bankruptcy protection after alleging that former chief executive officer Phillip Bennett hid $430 million of bad debt; Bennett has pleaded i...

    By Marie Leone • April 13, 2006
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    Making the Short List for CEO

    John Chidsey was Burger King’s chief financial officer and president until last week. That’s when he moved into the CEO suite, joining the growing club of chief executives that have held the CFO title on their way to the top.Although not all finance heads aspire to the number one position in a co...

    By Helen Shaw • April 12, 2006
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    Burger King Hands Crown to CFO

    Burger King Corp. — whose parent company, Burger King Holdings Inc., is preparing for an initial public offering — has announced that chairman and chief executive officer Greg Brenneman is leaving the company and will be replaced immediately by the company’s current chief financial officer. Brenn...

    By Stephen Taub • April 7, 2006
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    CFOs on the Move

    • TechTeam Global chief financial officer David Morgan resigned amid an internal investigation into possible misconduct at the technology outsourcing provider. Chief accounting officer Marc Lichtman will oversee the company’s finance function on an interim basis. TechTeam emphasized that the alle...

    By Marie Leone • April 6, 2006
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    Coke Ties Board Pay to Performance

    The Coca-Cola Co. is launching a new compensation plan in the hopes of holding its board more accountable for the company’s performance. Starting this year, the soft-drink giant will pay its directors in units of stock and pay them only when the company meets defined performance targets. Under t...

    By Stephen Taub • April 5, 2006
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    Q&A: Pensions on the Brink

    Late last month, Bradley Belt, the executive director of the Pension Benefit Guaranty Corporation and a point man for the Bush Administration on retirement policy, picked an extremely inopportune time to announce that he would step down from the PBGC at the end of May.The House and the Senate, af...

    By David Katz • April 4, 2006
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    Stock-Based Awards Fuel CFO Earnings

    Stock-related compensation once again played a major role in the total earnings of several finance executives, according to proxies recently filed with the Securities and Exchange Commission.Oscar Munoz, executive vice president and chief financial officer of railroad giant CSX, earned about $8.5...

    By Stephen Taub • April 3, 2006
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    Peabody Energy’s Rick Navarre

    For decades, pundits have been predicting the end of King Coal’s reign. The pundits have come and gone, but coal is still on its throne. In the past three years, coal usage worldwide has increased some 25 percent, with the economies of China and India fueling much of the demand. One of the bigges...

    By Lori Calabro • April 1, 2006
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    The People Who Count

    It was a classic career path, but with a twist: after spending six years at a midsize CPA firm, John Doherty left to become the controller of a regional bank. From there, he moved on to a division of John Hancock, where he was director of financial reporting. That positioned him to advance in cor...

    By Alix Stuart • April 1, 2006
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    Calming the Waters

    In the autumn of 2004, Theo Epstein was the toast of Boston. The Boston Red Sox had just won the World Series for the first time in 86 years, and it was Epstein, the team’s 30-year-old general manager — handsome, humble, and homegrown — who had assembled the championship roster. In 2005, the Red ...

    By Kate O'Sullivan • April 1, 2006
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    Overexposed

    Late last year, Jim Woodward, CFO of construction-equipment maker JLG Industries Inc., wanted to diversify his company stock holdings — without triggering income tax. So he bought what’s known as a prepaid variable forward sale. The contract gave him cash in exchange for $862,400 worth of shares ...

    By Ronald Fink • April 1, 2006
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    When Talk Is Not Cheap

    In February, CFO George Reyes sent Google investors into a frenzy when he announced that the Internet giant would “have to find other ways to monetize the business.” The stock declined 7 percent in one day, erasing approximately $8 billion in market capitalization.Analysts, surprised at the sell-...

    By CFO Editorial Staff • April 1, 2006
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    Sprucing Up the 401(k)

    Pity the prospective retiree. Social Security is projected to become insolvent in 2041, according to its trustees. Traditional pension plans are terminated, frozen, or underfunded with increasing regularity.That leaves the 401(k) plan to carry the bulk of the retirement load. The trouble is, thou...

    By David Katz • April 1, 2006
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    CFOs on the Move

    •Thomas Horton rejoined AMR, the parent of American Airlines, as chief financial officer. Horton had left the company, where he had worked for 17 years and served as CFO, in June 2002 to take the same position at AT&T. Horton’s successor at AMR, Jeffrey Campbell, left the job in 2004 to join ...

    By Helen Shaw • March 30, 2006
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    Career Swings

    Over the years as a CEO, Göran Gezelius says he’s come across three types of CFOs: accountants, bankers and IT systems specialists. So when Lennart Gustavsson, his CFO at SKr6.8 billion ($857 million) Swedish security equipment firm Gunnebo, announced plans to retire at the end of 2006, Gezelius ...

    By Jason Karaian • March 30, 2006
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    U.S. Finance Chiefs Top Pay List

    U.S. finance chiefs take in an average of nearly $325,000 in total cash compensation a year, or more than five times the amount heir counterparts in India earn, according to new research by Mercer Human Resource Consulting.Finance directors in Canada and the United Kingdom averaged $263,000 and $...

    By David Katz • March 29, 2006
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    No ”Option Play” for Some CFO Pay

    Exercising stock options is a big factor behind many big paydays for finance executives, but lately some have gone without and still done very well for themselves.For example, Ted French, executive vice president and chief financial officer of conglomerate Textron Inc., earned more than $4.4 mill...

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

    • Heinz-Joachim Neubürger is stepping down as chief financial officer of industrial conglomerate Siemens AG, more than a year before the September 2007 expiration of his contract. Neubürger, who has been with Siemens since 1989 and took over as CFO in 1998, will be succeeded by chief strategy off...

    By Lisa Yoon • March 23, 2006
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    System Freeze for Unisys Pensions

    Unisys Corp. has joined a growing number of companies that have cut back on their defined-benefit pension plans.The struggling provider of information technology services announced that beginning next year, it will stop accruing future benefits to its pension plans and will close them to new part...

    By Stephen Taub • March 23, 2006
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    Buyouts in Detroit

    General Motors Corp. and Delphi Corp. have reached an agreement with the United Auto Workers union to offer buyouts and early retirement packages to a large number of their union workers.The program is expected to be offered to up to 100,000 UAW-represented workers at General Motors and 13,000 at...

    By Stephen Taub • March 22, 2006
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    Freddie Mac CFO Resigns

    Freddie Mac announced that executive vice president of finance and chief financial officer Martin F. Baumann has resigned.The embattled mortgage lender, which gave no reason for the abrupt departure, added that president and chief operating officer Eugene McQuade will assume Baumann’s responsibil...

    By Stephen Taub • March 22, 2006
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    Cash Squeeze Means Pension Freeze

    Most companies would probably freeze their defined-benefit pension plans if the costs start eating large chunks out of corporate cash flow, a new survey of 109 senior finance executives finds. Indeed, 60 percent of the respondents said their companies would likely deny pensions to new workers or ...

    By David Katz • March 22, 2006