Human Capital: Page

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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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    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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    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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    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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    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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    Motivating the Middle

    Executives who need a lesson in the delicate balance between leadership and teamwork should consider a key off-field move made by NFL quarterback Tom Brady.This past spring, the star player, who has won three of the past four Super Bowls for the New England Patriots, agreed to defer nearly half o...

    By Alix Stuart • Oct. 13, 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
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    Banking Time

    After acquiring five companies in the past five years, Monster Worldwide Inc. found itself with a hodgepodge of policies governing vacation, personal, and sick days. “They were a nightmare to administer,” recalls Greg Limoges, vice president of compensation, benefits, and human-resource informati...

    By Joseph McCafferty • Oct. 13, 2005
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    Moderating Health Costs Still Troubling

    This year’s hike in employer health-care costs is the lowest in six years, according to a new study by Hewitt Associates. And although the 9.2 percent increase for 2005 is expected to be followed by a 9.9 percent rise in 2006, that’s still far below the recent high of 15.2 percent in 2002.“Increa...

    By Craig Schneider • Oct. 12, 2005
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    Nasdaq’s David Warren

    The cost of capital depends, at least in part, on the cost of trading. The latter may soon become more competitive, thanks to the introduction of the Securities and Exchange Commission’s Regulation NMS. Effective next June, the rule will require, among other things, that all stock orders be proce...

    By CFO Editorial Staff • Oct. 11, 2005
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    The Top Spot

    This is not an easy time to be running California’s largest investor-owned utility. PG&E Corp. has only recently begun to recover from the biggest calamity of its corporate history: the 2000–2001 California energy crisis. That event, which featured soaring wholesale and retail energy prices, ...

    By Don Durfee • Oct. 7, 2005
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    CFOs on the Move

    • Viacom Inc. appointed Susan C. Gordon senior vice president, corporate controller, and chief accounting officer of CBS Corp., effective upon its separation from Viacom. Gordon, who currently holds the same titles at Viacom, joined the media company in 1981. Since then she’s held roles including...

    By Lisa Yoon • Oct. 7, 2005
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    Pension Bill Now in Doubt

    Who should shoulder the costs of private, traditional defined-benefit pension funds?That question is at the center of a debate that figures to intensify as more old-line companies — such as automakers, airlines, and steel mills — have trouble meeting pension obligations. Indeed, corporate pension...

    By Stephen Taub • Oct. 7, 2005
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    No Time for Strategy?

    When Peter Barker was appointed Asia Pacific CFO for Cisco Systems back in January this year, he knew his first year was going to be a grind. Thanks to the rigors of complying with America’s tough new Sarbanes-Oxley (Sarbox) corporate governance laws, Barker’s first nine months in office have lar...

    By Justin Wood • Oct. 6, 2005
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    Baseball Fever: Companies Catch It

    When St. Louis Cardinal ace Chris Carpenter (21-5; 2.83 ERA) fired his first pitch on Tuesday afternoon, it marked the start of Major League Baseball’s postseason — and an annual slowdown in worker productivity, according to a new study.In fact, if employees spend just 30 minutes tuning in to the...

    By Marie Leone • Oct. 4, 2005