Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    Lonely Planet’s Carolyn Sutton

    Since publishing Across Asia on the Cheap in 1973, Lonely Planet has grown to become the largest independent travel-guidebook publisher in the world, with over 600 titles, 200 authors, and 400 employees globally. Faced with growing competition and free information from the internet, Australia-bas...

    By Abe De Ramos • March 22, 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
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    Managing Your ”Greatest Asset”

    “People are our greatest asset.” That truism is too warm and fuzzy for Paul Murray, chief financial officer of Proxicom, a developer and manager of Internet-based software. The consultants who make up the majority of Proxicom’s workforce are what Murray calls “billable resources” — and they’re no...

    By Lisa Yoon • March 22, 2006
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    Talk about a Sunk Cost

    When it comes to valuing stock options, most people generally think of their potential worth when exercised, or their utility as a substitute for cash compensation. And investors, of course, worry about their potential dilutive effect on the rest of the shares.But Delta Air Lines Inc., which is c...

    By Stephen Taub • March 21, 2006
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    Dell Doubles Up on India Headcount

    Dell Inc. continues to ramp up its commitment to India. Chairman Michael Dell announced in Bangalore on Monday that the company plans to double the number of its employees on the subcontinent, to 20,000, over the next three years.The computer giant now employs 10,000 workers in India at four call...

    By Stephen Taub • March 20, 2006
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    The Case against Health Savings Accounts

    With health-care costs perched high on their list of worries, many CFOs see health savings accounts as a way to stanch the bleeding. But growing corporate interest in HSAs has been met by a growing backlash by critics and researchers.A creation of the 2003 Medicare act, HSAs do offer employers th...

    By David Katz • March 17, 2006
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    Another Step for Small-biz Health Bill

    The Senate Health, Education, Labor, and Pensions Committee voted 11-9 in favor of a bill that would allow business and trade associations to band their members together to offer group health coverage on a national or regional basis.“Today’s vote is the first major step in 15 years toward more af...

    By Stephen Taub • March 16, 2006
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    Remote Control

    It’s hard to know what’s most alarming about a recent global survey on corporate crime from PricewaterhouseCoopers. Is it that the 3,600 respondents found that financial misreporting, money laundering, and other economic crimes have been increasing lately? Or is it that these events don’t seem to...

    By Janet Kersnar • March 16, 2006
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    Hoop Dreams: Everybody in the Pool

    When the Wichita State Shockers tip off against the Seton Hall Pirates at 12:20 p.m. eastern time on Thursday, it will mark the start of “March Madness,” and the beginning of a $3.8-billion loss in worker productivity, says John Challenger, the CEO of Chicago-based outplacement firm Challenger, ...

    By Marie Leone • March 16, 2006
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    CFOs on the Move

    • Karl-Ludwig Kley, chief financial officer of Deutsche Lufthansa AG since 1998, plans to depart the airline on September 1 to become deputy chairman of Merck KGaA. Earlier this week the German drugmaker (no relation to U.S.-based Merck & Co.) made an unsolicited $17.4 billion offer for Scher...

    By Lisa Yoon • March 16, 2006