Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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
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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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    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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    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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    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