Human Capital: Page 143

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    SEC Loses Another Key Accountant

    Deputy Chief Accountant Andrew D. Bailey Jr. announced that he will leave the Securities and Exchange Commission in December.He’ll be following on the heels of his former boss, Donald Nicolaisen. The former chief accountant’s last official day was this past Saturday, according to an SEC spokesman...

    By Stephen Taub • Nov. 7, 2005
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    Finance Salaries Seen Surging in 2006

    Accounting and finance professionals are currently sitting in a sweet spot when it comes to employment. While many fields are downsizing and many employees are happy to eke out 2 percent to 3 percent raises, heavy competition among prospective employers is sending salaries for a wide variety of f...

    By Stephen Taub • Nov. 4, 2005
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    Maffei Leaves Oracle for Parts Unknown

    Co-president and chief financial officer Greg Maffei is leaving Oracle Corp. a little more than four months after joining the software company, culminating a bizarre day in which a Goldman Sachs report speculated about the executive’s whereabouts.“Greg has told us he’s looking at a terrific profe...

    By Stephen Taub • Nov. 4, 2005
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    CFOs on the Move

    • Rite Aid Corp. promoted Kevin Twomey to executive vice president and chief financial officer. Twomey, who joined the company in 2000, had been senior vice president, chief accounting officer, and acting CFO. In addition, Doug Donley was named senior vice president and chief accounting officer. ...

    By Lisa Yoon • Nov. 4, 2005
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    Striking a Balance

    In the decade-long marathon known as “finance transformation,” CFOs have been chasing two goals. One is efficiency: the routine work of finance — from paying vendors to making reconciliations — should be done centrally and cheaply. The other is business analysis: the finance professionals who wor...

    By Don Durfee • Nov. 4, 2005
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    Profile of the CFO

    Who runs finance at the biggest U.S. companies? According to new numbers from Spencer Stuart, an executive recruiting firm, three-quarters of Fortune 1,000 CFOs are first-time finance chiefs. Not surprisingly, the vast majority have risen through the finance function, with the exception of a few ...

    By Don Durfee • Nov. 4, 2005
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    Defined-benefit Plans Face $218B Deficit

    Large-company pension plans will weaken this year due to mediocre returns that have not kept pace with growing pension obligations, according to a report by Credit Suisse First Boston.The investment firm estimated that the defined-benefit plans of the S&P 500 may be underfunded by $218 billio...

    By Stephen Taub • Nov. 3, 2005
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    Stock-option Manipulation at Mercury

    Mercury Interactive Corp. announced that three top executives have resigned after an internal investigation found a long history of manipulation of the company’s stock-option grants.Chief executive officer Amnon Landan; executive vice president and chief financial officer Douglas Smith; and vice ...

    By Stephen Taub • Nov. 2, 2005
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    Intel’s Andy Bryant

    For much of its 37-year history, Intel has served as a bellwether of the technology sector. So it’s fitting that the role Andy Bryant, 55, has carved out at the semiconductor giant since becoming CFO in 1994 hints at the many changes under way for finance executives. He has taken on a broad array...

    By Don Durfee • Nov. 1, 2005
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    Market Magic

    “Man is an animal that makes bargains,” observed the great 18th-century economist Adam Smith. Today, this instinct is given free rein in markets around the globe. Most Americans — and certainly most public-company CFOs — take it as an article of faith that markets eventually lead to the fairest p...

    By Alix Stuart • Nov. 1, 2005
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    Easy Rider

    After retiring as CFO of Detroit-based Pulte Homes Inc. in 2001, Mike Gaber, 49, faced a difficult decision — play golf or get his business engine revving again. He chose the latter, and, while the move returned him to the corporate world as CFO, he now mixes balance sheets with biker rallies.Wit...

    By Kate O'Sullivan • Nov. 1, 2005
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    Containing Drug Costs a Priority: Survey

    At one in five companies last year, employees paid as much as 30 percent of the cost of prescription drugs in their health plans, according to a new survey by Mercer Health and Benefits. That’s “about as high as most employers are willing to go,” says Debbie Martin, a member of Mercer’s pharmacy ...

    By Craig Schneider • Oct. 31, 2005
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    CFOs on the Move

    • Verizon Communications Inc. announced that senior vice president and treasurer Tom Bartlett was named controller, succeeding Dave Benson, who last month announced his intention to retire. Senior vice president of investor relations Cathie Webster was named treasurer, replacing Bartlett. Ron Lat...

    By Lisa Yoon • Oct. 28, 2005
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    Drug Discount Peddlers

    Earlier this month Express Scripts Inc., one of the top three managers of employer-sponsored prescription-drug benefits, made headlines by announcing that it would erase Lipitor from its list of preferred drugs. The move marked a sea change in relations between the pharmacy benefit managers (PBMs...

    By David Katz • Oct. 28, 2005
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    Now Wal-Mart Memo Proposes Benefit Cuts

    In order to slow the rising cost of employee benefits, Wal-Mart will propose strategies to its board of directors that include setting high health-insurance deductibles, hiring more part-time workers, requiring physical activity for all jobs to discourage unhealthy job applicants, and reducing 40...

    By Stephen Taub • Oct. 27, 2005
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    Wal-Mart: Good Corporate Citizen?

    Is Wal-Mart Stores becoming a better corporate citizen?The world’s largest retailer has been a lightning rod for a number of advocacy groups regarding its policies on pay, benefits, and work conditions. In recent days, however, Wal-Mart has proposed a flurry of new policies that attempt to addres...

    By Stephen Taub • Oct. 25, 2005
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    BearingPoint’s ”Clerical” Problems

    Blame BearingPoint’s accounting troubles on a new finance package, says chief executive officer Harry You.In an interview with The Washington Post, the former chief financial officer of Oracle Corp. and Accenture asserted that his firm’s woes are the result of employees entering wrong data becaus...

    By Stephen Taub • Oct. 24, 2005
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    CFOs on the Move

    • Aluminum products giant Alcan Inc. has named executive vice president and interim chief financial officer Michael Hanley to fill the CFO position on a permanent basis. Hanley joined the Montreal-based company in 1998 as director of finance for the bauxite, alumina, and chemicals group. Since th...

    By Lisa Yoon • Oct. 21, 2005
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    Refco Ex-CFO Received $46M Severance

    Robert Trosten, a former chief financial officer for Refco Inc., received a whopping $46 million severance payment when he left the commodities brokerage last October, according to The New York Post, which cited a person with knowledge of the arrangement.The paper noted that Trosten left Refco — ...

    By Stephen Taub • Oct. 18, 2005
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    Delphi Execs to Take Pay Cut

    In the wake of Delphi Corp.’s Chapter 11 filing a week ago, chief executive officer Steve Miller said on Monday that he is cutting his annual base pay from $1.5 million down to $1, reported Reuters. In addition, president Rodney O’Neal will take a 20 percent pay cut, and a score of other top Delp...

    By Stephen Taub • Oct. 17, 2005
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    GM, UAW Agree to Huge Health-care Cuts

    General Motors Corp. announced that it has reached a tentative settlement with the United Auto Workers that will result in a major reduction in health-care costs.GM also reported a $1.6 billion loss for the for the third quarter and disclosed that it is exploring the possible sale of a controllin...

    By Stephen Taub • Oct. 17, 2005
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    Now for the Reckoning

    You didn’t need an oracle to know that Delphi would end up in America’s bankruptcy courts, which is where it sought protection from its creditors on October 8. The world’s biggest maker of car parts has been crushed not least by the legacy of generous pension and health-care promises made in the ...

    By Economist Staff • Oct. 14, 2005
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    CFOs on the Move

    • Robert J. Corti is retiring as executive vice president and chief financial officer of Avon Products Inc. after 30 years with the company. He will remain with the company through the first quarter of 2006. The New York-based beauty products seller tapped Charles Cramb, formerly senior vice pres...

    By Lisa Yoon • Oct. 14, 2005
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    Guilt by Association

    Looking back, Maria Markham Thompson considers herself lucky.In 1998, Thompson signed on as CFO at Chapman Capital Management, a high-flying, Baltimore-based investment management firm run by Nathan A. Chapman Jr. At the time, founder Chapman was readying an initial public offering for a company ...

    By Lori Calabro • Oct. 14, 2005
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    Lockheed Cuts Benefit Plans, Costs

    Lockheed Martin Corp. will not offer its defined benefit-pension plan or retiree health-care benefits to employees hired after January 1, 2006, the company announced.The Bethesda, Maryland-based defense contractor becomes the latest in a long line of companies — including International Business M...

    By Helen Shaw • Oct. 13, 2005