Human Capital: Page 140

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    Thomas May, Boston Symphony Orchestra

    The Boston Symphony Orchestra is making headlines these days. The Boston Globe recently reported that, since arriving in October 2004, music director James Levine has been “creating a new model for orchestral programming.” But having Levine at the artistic helm comes at a price.As a result of Lev...

    By CFO Editorial Staff • Feb. 8, 2006
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    GM Halves Dividend, Cuts Exec Pay

    General Motors Corp. has announced that it will halve its dividend, slash the pay of top executives, and drastically cut some retiree benefits in another round of sweeping cuts designed to reduce costs and help turn around the slumping auto giant.“These are difficult decisions that involve sacrif...

    By Stephen Taub • Feb. 7, 2006
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    Steelmaker Sued to Protect Pensions

    The Pension Benefit Guaranty Corporation has sued the underfunded pension plan of WCI Steel Inc. of Warren, Ohio, in an attempt to hold its parent, The Renco Group Inc., responsible for the plan’s obligations.The WCI pension plan, which pays for the benefits of about 2,000 retirees and current em...

    By Stephen Taub • Feb. 6, 2006
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    Favorite Questions of Finance Recruiters

    In most academic settings, it’s unethical if not forbidden to “study” by obtaining exam questions in advance, but sample questions are fair game.So it is in the world of the job interview. To help you prepare for your next opportunity, we caught up with three CFO recruiters and asked them, “What’...

    By Lisa Yoon • Feb. 3, 2006
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    CFOs on the Move

    • Former Wachovia Corp. chief financial officer Robert P. Kelly has left the Charlotte, North Carolina-based bank to become chairman, president, and chief executive officer of Mellon Financial Corp. To succeed Kelly, Wachovia tapped treasurer Thomas J. Wurtz, who joined the company in 1994. • Rob...

    By Lisa Yoon • Feb. 3, 2006
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    The Super Bowl ”Spread” for Companies

    The hype surrounding Super Bowl XL will cost U.S.-based businesses $780 million in lost productivity this week, going by a back-of-the-envelope calculation by outplacement consultancy Challenger, Gray & Christmas Inc.Challenger’s calculation begins with the 90 million Americans who are expect...

    By Marie Leone • Feb. 3, 2006
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    The NFL’s Kim Williams

    The National Football League has scored several financial touchdowns this year. For starters, the league has signed some $24 billion in new long-term TV contracts and completed the successful launch of its own cable-channel, the NFL Network. But future success, says 37-year-old CFO Kimberly Willi...

    By Lori Calabro • Feb. 3, 2006
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    Group Dynamics

    Typically, the words think tank conjure an image of tweed-clad philosophers formulating a unified theory of life, the universe, and everything else. But sometimes they are more down to earth.At the University of Massachusetts Boston, there is actually a Chief Financial Officer Think Tank sponsore...

    By CFO Editorial Staff • Feb. 1, 2006
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    HP’s Wayman to Retire Soon

    Robert Wayman, vice president and chief financial officer of Hewlett-Packard Co., is planning to retire after 21 years on the job, according to the Wall Street Journal, which cites people familiar with the matter.Reportedly, the company has launched a search for his replacement but has not specif...

    By Stephen Taub • Jan. 31, 2006
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    Mellon Taps Wachovia CFO as CEO

    Mellon Financial Corp. named Wachovia finance chief Robert Kelly as its new chairman, president and chief Executive Officer, effective Feb. 13. He succeeds Martin McGuinn, who will retire on the same day. Shortly after Mellon made its announcement, Wachovia reported that treasurer Thomas Wurtz wi...

    By Stephen Taub • Jan. 31, 2006
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    CFOs on the Move

    • Broadband communications company Charter Communications Inc. tapped a former Delta Airlines executive as its chief financial officer. Jeffrey T. Fisher was named executive vice president and CFO of the St. Louis-based company, effective February 6. Fisher has held a number of executive position...

    By Lisa Yoon • Jan. 27, 2006
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    IBM Workers Sue for OT

    A class-action lawsuit has been filed against IBM, alleging that the company has denied overtime pay to tens of thousands of workers who install and maintain computers, according to published reports.The complaint, filed in federal court in San Francisco, asserts that the company falsely classifi...

    By Stephen Taub • Jan. 25, 2006
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    Executive Pensions: Special No Longer?

    A provision in the pension reform bill reportedly may bar some companies with underfunded plans from offering other special benefits solely to their top executives.“We’ve heard too many stories of top executives of bankrupt companies sticking workers with unfunded pensions while running off with ...

    By Stephen Taub • Jan. 25, 2006
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    Nearly $8 Million for HP’s Wayman in 2005

    Hewlett-Packard Co. chief financial officer Robert P. Wayman took home more than $7.7 million in 2005, according to the company’s latest proxy filing.Wayman, who has served as CFO since 1984 and executive vice president since 1992, received $3 million for two months as interim CEO following last ...

    By Stephen Taub • Jan. 24, 2006
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    CFOs on the Move

    • Gemstar-TV Guide International Inc. announced that it has terminated the employment of chief financial officer Brian D. Urban, effective January 18. Urban’s employment agreement with Gemstar was scheduled to expire on June 30, and the company has been searching for a new CFO; in the meantime, c...

    By Lisa Yoon • Jan. 20, 2006
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    How to Clean Up Your Digital Dirt

    Unflattering personal information drifting around the Internet, known by some as “digital dirt,” can doom a job search before it even gets started. Job hunters should know that recruiters can, and often do, read much of what’s posted about them on the Web.Christine Hirsch, president of Chicago Re...

    By Jared Flesher • Jan. 20, 2006
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    Incentive Pay Spreads Beyond U.S., E.U.

    Pay for performance is spreading globally. Like the more-developed economies of North America and Europe, Asian and Latin American companies are beginning to tie employee compensation to business results, according to a new study from Towers Perrin.Worldwide, performance-based pay as a share of t...

    By Stephen Taub • Jan. 18, 2006
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    Alcoa Halts Pensions for New Hires

    Yet another major company is phasing out its traditional pension plan.Aluminum giant Alcoa announced that it will eliminate its defined benefit pension plan for most new U.S. salaried employees effective March 1. In its place, the company will offer a more generous 401(k) defined contribution pla...

    By Stephen Taub • Jan. 17, 2006
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    SEC Proposing Revamped Pay Disclosure

    At an open meeting of the Securities and Exchange Commission today, the SEC will reportedly propose the first major changes since 1992 in how corporations disclose executive compensation in their proxies. Looming large among the proposed revisions is a requirement to reveal the total annual comp...

    By Helen Shaw • Jan. 17, 2006
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    Silicon Valley Sees Uptick in Jobs

    For the first year since 2001, Silicon Valley has added more jobs than it lost, according to a new report.The annual survey, published by the nonprofit organization Joint Venture Silicon Valley, concluded after the second quarter of 2005. Joint Venture found that the region added 2,000 jobs over ...

    By Stephen Taub • Jan. 16, 2006
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    Distortions and Deceptions in Strategic Decisions

    The chief executive of a large multinational was trying to decide whether to undertake an enormous merger — one that would not only change the direction of his company but also transform its whole industry. He had gathered his top team for a final discussion. The most vocal proponent of the deal ...

    By The McKinsey Quarterly • Jan. 16, 2006
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    Timothy McLaughlin, Eddie Bauer

    On Thursday, Eddie Bauer Holdings Inc. announced the departure of chief financial officer Timothy McLaughlin. The Redmond, Washington-based ”outdoor lifestyle” retailer gave no reason for the exit; nor did it specify whether McLaughlin resigned or was terminated. Calls to the company requesting m...

    By Lisa Yoon • Jan. 13, 2006
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    Maryland Passes “Wal-Mart Health Bill”

    Maryland law now requires Wal-Mart Stores to provide health-insurance benefits to all of its employees.The law — which was approved after the governor’s veto was overridden — could have wide ramifications, as 30 states are mulling similar legislation, according to The Washington Post.Legislators ...

    By Stephen Taub • Jan. 13, 2006
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    CFOs on the Move

    • Interpublic Media, the media operation of advertising giant The Interpublic Group, appointed Terri M. Santisi chief financial officer. Santisi has served as executive vice president and general manager of EMI Music North America and CFO of EMI Music Publishing Worldwide. Most recently, she led ...

    By Lisa Yoon • Jan. 13, 2006
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    CFO Confidential

    At many companies the CFO is a trusted confidant of the CEO, a valuable sounding board for all kinds of issues. But when CFOs themselves need advice, whom do they call?Sometimes the CEO, to be sure. Or perhaps the finance second-in-command. And for certain technical problems, such as accounting o...

    By Kate O'Sullivan • Jan. 13, 2006