Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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
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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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    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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    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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    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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    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