Human Capital: Page 142

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    AFSCME Targets Executive Pay

    The pension plan for the American Federation of State, County and Municipal Employees, one of the most activist investor groups, has put what it deems to be excessive executive pay atop its list of shareholder concerns for the 2006 proxy season.The AFSCME plan has suggested that companies adopt ...

    By Stephen Taub • Dec. 7, 2005
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    At GM, Henderson to Replace CFO Devine

    Financially strapped General Motors Corp. is changing finance chiefs.John Devine, whose five-year contract expires this month, is out. He is being replaced by Frederick “Fritz” Henderson, chairman of GM Europe and a group vice president, who will take over as vice chairman and chief financial off...

    By Stephen Taub • Dec. 7, 2005
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    Verizon Cuts Managers’ Pension Plan

    Verizon Communications Inc. is the latest old-line company to phase out its traditional pension plan.The telecom giant announced that beginning July 1, it will no longer offer its defined-benefit plan to management employees. The new policy affects about 50,000 individuals, according to The New Y...

    By Stephen Taub • Dec. 6, 2005
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    SEC General Counsel Resigns

    Another prominent official is leaving the Securities and Exchange Commission. Giovanni Prezioso, general counsel since April 2002, said he plans to return to the private sector, although he does not appear to have a new job yet. He plans to remain at the commission until early 2006 to assist with...

    By Stephen Taub • Dec. 2, 2005
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    SEC Eyes Merrill Pension Consulting Unit

    Merrill Lynch’s pension consulting unit in Florida has been subpoenaed by the Securities and Exchange Commission as part of a wider probe of possible conflicts of interest among pension advisors, The New York Times reported.“It is common knowledge that the SEC has been conducting an industrywide ...

    By Stephen Taub • Dec. 2, 2005
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    CFOs on the Move

    • San Jose-based power company Calpine Corp. announced that chairman, president, and chief executive officer Peter Cartwright and chief financial officer and executive vice president Robert Kelly have stepped down. The company gave no reason for the departures. But it did state in a press release...

    By Lisa Yoon • Dec. 2, 2005
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    Keeping In Touch

    When Dick Bruder founded the Cincinnati Consulting Consortium Ltd. in 1999 after working in finance at Procter & Gamble for 35 years, his earliest marketing efforts targeted his fellow P&G alumni. One of them, Robert S. Morrison, was the chairman, president, and CEO of Quaker Oats Co. at ...

    By Kate O'Sullivan • Dec. 2, 2005
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    Hi & Bye

    Why is Oracle having so much trouble hanging on to CFOs? In just over a year it has seen two of them flee — first Harry You and now Gregory Maffei, a former CFO of Microsoft. Various rumors, mostly centered on personality clashes, are circulating to explain Maffei’s short stint.A more likely expl...

    By CFO Editorial Staff • Dec. 1, 2005
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    Calpine’s CEO and CFO Depart

    Embattled Calpine Corp.’s chairman, president, and chief executive officer, Peter Cartwright, and its CFO and executive vice president, Robert Kelly, have abruptly stepped down.The company gave no reason for the departures. But it did say in a press release that Calpine’s board “believes that the...

    By Stephen Taub • Nov. 29, 2005
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    Avoiding 401(k) Contributions Is Risky Business

    Future retiree, beware. If you don’t contribute to your 401(k) plan, you probably won’t have enough money to maintain your current lifestyle.That’s one of the findings in a new study released by Hewitt Associates. According to the research, employees who do not contribute to their 401(k) plan can...

    By Stephen Taub • Nov. 29, 2005
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    Health-care Costs Continue Slowdown

    For the third consecutive year, the rate of increase in health-care costs has slowed, according to a new survey by Mercer Health & Benefits.In 2005, costs rose just 6.1 percent, compared with 7.5 percent last year and 10.1 percent in 2003, Mercer reported. This year’s increase was just half t...

    By Stephen Taub • Nov. 28, 2005
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    Finance to Go

    Call it a sign of the times. In late 2003, GlaxoSmithKline (GSK), the £20 billion ($35 billion) U.K.-based pharmaceuticals company, began a project to uproot its U.K. financial shared services centre and move it to India. In August this year, it agreed to hand over the running of the offshore ope...

    By Ben McLannahan • Nov. 28, 2005
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    CFOs on the Move

    • Sporting goods retailer Foot Locker Inc. has promoted vice president and chief accounting officer Robert W. McHugh to senior vice president and chief financial officer. He succeeds Bruce L. Hartman, who resigned to take a position at another company. McHugh joined New York-based Foot Locker in ...

    By Lisa Yoon • Nov. 25, 2005
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    PBGC Bails Out Two Pension Funds

    The Pension Benefit Guaranty Corp. announced that it has taken over two pension funds covering nearly 2,300 workers and retirees of furniture maker Falcon Products Inc. and its subsidiary Shelby Williams Industries Inc.Falcon and Shelby, along with seven other subsidiaries of Falcon, filed for ba...

    By Stephen Taub • Nov. 22, 2005
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    CFOs on the Move

    • Roland Caputo, vice president of circulation fulfillment services at The New York Times, was promoted to vice president and CFO of the newspaper effective January 1. Caputo replaces Liam Carlos, who has been named controller for the newspaper. Caputo has been vice president of circulation fulfi...

    By Lisa Yoon • Nov. 18, 2005
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    Finance Is from Mars, HR Is from Venus

    In the classic corporate paradigm, human-resources heads are the “people” people who want to make employees happy, CFOs are the “numbers” folks who just want to cut costs, and the twain never meet. Under the pressure of higher compensation and benefits costs, however, the twain are increasingly c...

    By Alix Stuart • Nov. 18, 2005
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    Most Large Company CEOs Enjoy Gross-ups

    Some executives are apparently more equal than others.A new study reveals that nearly three-quarters of the chief executive officers at large U.S. companies have “gross-up” provisions written into their severance package agreements. Essentially, the gross-up shields executives from tax consequenc...

    By Stephen Taub • Nov. 17, 2005
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    PBGC Reports $23 Billion Deficit

    There’s good and bad news on the pension front. On one hand, the Pension Benefit Guaranty Corp. (PBGC), which backs the payment of basic pension benefits for more than 44 million American workers, says its insurance program for single employers showed a deficit of $22.8 billion at the end of its ...

    By Stephen Taub • Nov. 16, 2005
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    Onetime CFO Resigns as ImClone CEO

    Daniel Lynch has resigned as chief executive officer and director of ImClone Systems, the company made famous in part by Martha Stewart, who was jailed for lying about her investment in the drug maker.Lynch, a former ImClone CFO who had spent most of his career in finance, became the interim CEO ...

    By Stephen Taub • Nov. 14, 2005
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    Former Conseco Head Loses Loan Appeal

    Conseco founder Stephen Hilbert has lost another attempt to keep the roughly $72 million he borrowed (including interest) from the insurance company.The Indiana Court of Appeals upheld a lower court’s decision requiring Hilbert to pay back the money he used to buy Conseco stock during the late 19...

    By Stephen Taub • Nov. 11, 2005
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    CFOs on the Move

    Fannie Mae has named Bob Blakely chief financial officer, where he will assume overall responsibility for the company’s massive restatement. He joins the nation’s largest mortgage lender from MCI Inc., where he served as executive vice president and CFO since April 2003 and oversaw the company’s ...

    By Stephen Taub • Nov. 11, 2005
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    The Long Goodbye

    Last September, Kai-Fu Lee finally went to work, two months after Google hired him to set up a research-and-development office in China. The holdup? Lee had signed a noncompete agreement with Microsoft, his previous employer, and Microsoft had sued Google to restrain his employment. A Washington ...

    By Kate O'Sullivan • Nov. 11, 2005
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    GM, PBGC May Spar over GMAC Proceeds

    If General Motors sells its consumer finance subsidiary, who gets the proceeds? The company? Shareholders? The folks who guarantee pension funds may have something to say about this, observed The Wall Street Journal.If GM were to terminate its $100 billion pension plan, the Pension Benefit Guaran...

    By Stephen Taub • Nov. 9, 2005
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    Liberty Media Names Maffei CEO

    Gregory Maffei has resurfaced.Liberty Media Corp. — a holding company with interests in entertainment, communications, and media businesses — announced that the recently departed president and chief financial officer of Oracle Corp. has been appointed CEO-elect and director.After a brief transiti...

    By Stephen Taub • Nov. 9, 2005
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    Record for CEO Turnover in 2005

    More chief executive officers have left their jobs in 2005 than in any other year, according to a study conducted by outplacement firm Challenger, Gray & Christmas and reported by CNN/Money.So far this year, 1,110 CEOs have left their jobs, surpassing even the dotcom exodus of 2000, according...

    By Stephen Taub • Nov. 8, 2005