Human Capital: Page 146

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    CFOs on the Move

    • Charlotte, North Carolina-based Goodrich Corp. promoted Scott Kuechle to senior vice president and chief financial officer. During his 22 years with the aerospace company, Kuechle has held positions including director of finance and banking, treasurer, and, since last year, vice president and c...

    By Lisa Yoon • Aug. 12, 2005
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    CFOs on the Move

    • Radio and television market research giant Arbitron Inc. named Sean Creamer executive vice president and chief financial officer. Creamer will assume his new position in September, replacing current CFO Bill Walsh, who is expected to retire from the New York City-based company by the end of the...

    By Marie Leone • Aug. 5, 2005
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    Mixed Signals on the Job Front

    Is the job picture brightening? The answer depends on the data you consult. The Labor Department, for example, reported Thursday that the number of new claims for unemployment benefits fell last week by 1,000, to 312,000. That was the second decline in three weeks, Bloomberg reported, noting that...

    By Stephen Taub • Aug. 4, 2005
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    Employer Compensation Costs Flatten Out

    For the year ended June 2005, increases in total compensation costs for private-industry workers slowed compared with year-over-year increases for the period that ended June 2004, according to the U.S. Department of Labor’s Bureau of Labor Statistics. Such costs rose by 3.2 percent, compared with...

    By Stephen Taub • Aug. 2, 2005
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    The Ties That Bind

    Jerry Straub’s passion for the sea was long in coming. Not until this year, his 28th with Viking Yacht Co., did he buy his first boat (christened SeaFO).Indeed, Straub first interviewed at the yacht maker in response to a blind ad for a CFO. When he learned what Viking’s business was, he told the...

    By Lori Calabro • Aug. 1, 2005
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    End of an Era

    After 38 years with General Electric Co., Dennis Dammerman, vice chairman and former CFO of the Fairfield, Connecticut-based conglomerate, will retire at the end of the year.“Now is as good a time as any,” says Dammerman, 59, who served as GE’s finance chief from 1984 to 1998. Dammerman’s retirem...

    By CFO Editorial Staff • Aug. 1, 2005
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    Background Checks

    After her interview with a large accounting firm, Lila Beckford got a verbal offer for a job as a senior financial consultant. Told to expect a written offer pending a background check, she signed the required authorizations allowing her potential employer to search her credit reports, criminal b...

    By Kris Frieswick • Aug. 1, 2005
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    Are You Ready for Retirement?

    When Guy Alton, CFO of St. Bernard Hospital in Chicago, thinks about retirement, he doesn’t envision long strolls on the beach or leisurely tours of the Italian Riviera. Instead, the 53-year-old Alton wonders whether he can cover the basic expenses of life after work.That concern is understandabl...

    By Don Durfee • Aug. 1, 2005
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    CFOs on the Move

    • Toronto-based soft drink giant Cott Corp. appointed Clyde Preslar executive vice president and chief financial officer, effective August 29. Preslar, who had been the CFO of U.S. snack-food maker Lance Inc. for the past nine years, previously worked at Black & Decker, where he held roles in...

    By Lisa Yoon • July 29, 2005
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    Unions Reportedly Abandoning AFL-CIO

    The AFL-CIO is reportedly losing two of its largest unions, whose memberships have become frustrated over failures to reform organized labor.The Service Employees International Union (SEIU) — the largest AFL-CIO affiliate, with 1.8 million members — and the Teamsters plan to announce their depart...

    By Craig Schneider • July 25, 2005
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    This Week in Layoffs

    The economy may be showing many signs of improvement. The Federal Reserve Board, in the belief that expansion will continue, has signaled more interest-rate hikes in the near future.But for tens of thousands of workers, the past week was a reminder that economic growth and earnings growth don’t n...

    By Stephen Taub • July 22, 2005
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    FAS 123R Reining in Tech Options

    In response to stock-option expensing rules, technology companies are rapidly diversifying the equity compensation they award to many employees, according to a new study by Towers Perrin.The survey, which included 30 of the nation’s largest technology companies, found that 53 percent have begun u...

    By Stephen Taub • July 21, 2005
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    CFOs on the Move

    • Edward H. Bastian, former senior vice president of finance and controller during his six years with Delta Air Lines, returned to the Atlanta-based company to become executive vice president and chief financial officer. Bastian rejoins Delta from Acuity Brands Inc., where he signed on as CFO onl...

    By Lisa Yoon • July 21, 2005
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    Delta Abruptly Replaces CFO

    Financially shaky Delta Air Lines has named a new CFO as part of sweeping changes to its executive ranks.Edward H. Bastian has been tapped as executive vice president and chief financial officer, effective immediately. Bastian, who had spent six years with Delta, most recently as senior vice pres...

    By Stephen Taub • July 20, 2005
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    Pension Funding Holding Steady

    Defined-benefit pension plans sponsored by Standard & Poor’s 500 companies were, on average, no better or worse off at the end of 2004 than they were a year earlier, according to a new study by S&P.At the end of 2004, the 369 S&P 500 companies that offer defined-benefit plans were und...

    By Stephen Taub • July 18, 2005
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    Carrier Access Settles with Ex-CFO

    Carrier Access Corp. announced that it has settled breach-of-contract charges against former chief financial officer Timothy R. Anderson, who resigned in November to take a similar position at a competitor. The settlement also dismisses his subsequent countersuit, according to a company press rel...

    By Stephen Taub • July 18, 2005
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    CFOs on the Move

    • Abercrombie & Fitch Co. announced that Michael W. Kramer will join the clothing retailer as senior vice president and chief financial officer effective August 8. Kramer joins the New Albany, Ohio-based company from Apple Inc., where he was CFO of Apple Retail. His previous retail experience...

    By Lisa Yoon • July 15, 2005
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    Morgan Stanley CEO Drops Pay Guarantee

    Morgan Stanley’s newly appointed chief executive officer seems to have learned a lesson from the experiences of his ousted predecessor, Philip J. Purcell. John Mack announced late Friday that he would give up a pay guarantee that had been awarded to him, according to The Wall Street Journal.His a...

    By Craig Schneider • July 11, 2005
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    Utility Sued over Pension Conversion

    Two employees of Southern California Gas Co. filed suit against the utility on Friday, alleging the company discriminated against older workers when it changed its traditional pension to a cash-balance plan in 1998, and violated a federal provision that workers be notified in advance of changes t...

    By Craig Schneider • July 11, 2005
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    Morgan Stanley CFO Eyes Big Payday

    Morgan Stanley announced that if chief financial officer David H. Sidwell remains with the company through October 15, he will receive $10.5 million as his annual base salary, annual bonus, and long-term incentive compensation.However, if before that date he is fired without cause or resigns for ...

    By Stephen Taub • July 8, 2005
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    CFOs on the Move

    • BearingPoint Inc. named Judy Ethell executive vice president of finance and chief accounting officer. The first major tasks for Ethell, who most recently served as tax partner in charge of the St. Louis office of PricewaterhouseCoopers, will be completing the McLean, Virginia-based consultancy’...

    By Lisa Yoon • July 8, 2005
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    Ruling Could Boost Underfunded Pensions

    General Motors Corp. won a court case that will enable the automaker to recover as much as $253 million from the U.S. government for one of its underfunded pension plans, according to The Wall Street Journal.The decision by Judge Nancy Firestone of the U.S. Court of Federal Claims is the first of...

    By Stephen Taub • July 6, 2005
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    Mercury, SEC Eye Option Grants

    Mercury Interactive Corp. announced that it has appointed a special committee to look into prior stock options grants.The business software company, which also announced that this matter has been the subject of an informal investigation by the Securities and Exchange Commission since November, ad...

    By Stephen Taub • July 5, 2005
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    MBNA Chief Looking at $125M Payday

    What a difference a few weeks have made for Bruce Hammonds, the chief executive officer of MBNA Corp.On a Friday afternoon last month, he was plucked from the waters off of Manhattan after a helicopter carrying Hammonds and five other senior executives of MBNA crashed into the East River. Now the...

    By Stephen Taub • July 5, 2005
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    Visteon to Slash Retiree Benefits

    Visteon Corp. is the latest among a growing number of companies, especially in the auto industry, to scale back benefits that had been promised to retirees. The embattled auto-parts maker — once a unit of Ford Motor Co. — warned employees that it will cut back on post-retirement health coverage a...

    By Stephen Taub • July 1, 2005