Human Capital: Page 147

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    CFOs on the Move

    • After just one year on the job, Robert Thompson is departing as chief financial officer of The Interpublic Group. It was the latest bit of negative news for the big advertising and marketing company, which has delayed its annual report and continues to be the subject of a Securities and Exchang...

    By Lisa Yoon • July 1, 2005
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    A New Balance

    When Martin Welch left Kmart in May 2001 after the company’s chief executive decided to bring in a new CFO with more retail experience, Welch expected to land a new position soon. But with the economy in the doldrums, few opportunities presented themselves. Welch realized he would have to come up...

    By Kate O'Sullivan • July 1, 2005
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    Bittersweet Victory

    The U.S. Supreme Court’s unanimous overturning of Arthur Andersen LLP’s conviction on obstruction-of-justice charges has been greeted with a muted cheer by members of the firm’s far-flung alumni network. “You can’t go back and put the pieces together,” says Warren Turner, a former Andersen audito...

    By Kate O'Sullivan • July 1, 2005
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    AIG Execs Cash In on LTIPs

    A large number of current and former executives at American International Group Inc. earned big bucks in 2004 from a long-term incentive plan (LTIP), according to the embattled insurer’s recently filed proxy.The filing also stated that the company would replace the long-standing plan — which had ...

    By Stephen Taub • June 30, 2005
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    Interpublic CFO Leaving after a Year

    Following just one year on the job, Robert Thompson is departing as CFO of The Interpublic Group. It was the latest bit of negative news for the big advertising and marketing company, which has had to delay its annual report and continues to be the subject of a Securities and Exchange Commission ...

    By Stephen Taub • June 29, 2005
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    Companies Launch New Wave of Layoffs

    Given the number of companies that announced sizable job cuts last week alone, it seems that a new surge of worker layoffs might be afoot. On Thursday, for example, Alcoa said it would cut about 6,500 jobs as part of a global restructuring plan.The company estimates that the cuts will save it abo...

    By Stephen Taub • June 27, 2005
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    Business Groups Seek FMLA Changes

    The U.S. Chamber of Commerce and the National Association of Manufacturers are pressing legislators to change the Family and Medical Leave Act, which allows workers to take time off to deal with medical concerns, according to Bloomberg.The two business groups assert that the law’s provisions freq...

    By Stephen Taub • June 24, 2005
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    CFOs on the Move

    • American International Group Inc. named two key members to its finance department. The embattled insurance giant announced that David L. Herzog will serve as comptroller and has also been elected a senior vice president. Herzog had served as chief financial officer for AIG’s Worldwide Life Insu...

    By Lisa Yoon • June 24, 2005
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    Dammerman to Retire, GE to Reorganize

    General Electric Co. has announced that it will reorganize its 11 businesses into six industry-focused divisions and has named a new management team in the conglomerate’s first major overhaul since Jeff Immelt took over as chairman and chief executive officer in 2001.The six businesses are GE Inf...

    By Stephen Taub • June 23, 2005
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    Prescription for Malaise?

    Blame Uncle Sam for the latest anxiety overwhelming the health-care sector. For the better part of a year, health insurers and pharmacy benefit managers have been preparing bids to provide prescription drugs to the nation’s 43 million seniors. If their bids hit the mark, these providers stand to ...

    By Russ Banham • June 23, 2005
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    AIG Promotes Two Finance Execs

    American International Group Inc. named two key members to its finance department.The embattled insurance giant announced that David L. Herzog will serve as comptroller and has also been elected a senior vice president. Herzog had served as chief financial officer for AIG’s Worldwide Life Insuran...

    By Stephen Taub • June 22, 2005
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    CFOs on the Move

    • JDS Uniphase Corp. named David Vellequette senior vice president and chief financial officer. Vellequette has been acting finance chief of the San Jose, California-based optics technology provider since February; he joined the company last year as vice president and operations controller. Previ...

    By Lisa Yoon • June 17, 2005
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    CFO Resigns After Five Days

    Journal Register Co. chief financial officer Joseph W. Pooler has resigned just five days after beginning his new job.The owner of 27 daily newspapers and more than 300 other publications announced that Pooler resigned as senior vice president and CFO “by mutual agreement.” In a terse press relea...

    By Stephen Taub • June 15, 2005
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    The Future of Outsourcing

    There is a buzz at the ground-floor cafeteria of Gecis, the back-office operation of General Electric just outside Delhi. About a dozen people are gathered round a corner, and more are forming a queue. “Have you got your free drink?” a woman in a green sari asks a colleague, lifting a can of Red ...

    By Abe De Ramos • June 15, 2005
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    Early Word on HMO Rates Is Promising

    As U.S. companies begin to negotiate HMO rates for 2006, preliminary analysis by Hewitt Associates indicates that rate increases will come in at their lowest level in more than five years.Hewitt collected HMO rate information for about 160 large companies, representing more than one million emplo...

    By Stephen Taub • June 14, 2005
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    CFOs on the Move

    • Amid accounting woes, Delphi Corp. — which intends to issue restated financials by the end of this month — announced that it has accepted the resignations of treasurer Pam Geller and former vice president of treasury, mergers and acquisitions John Blahnik. The company named vice president of co...

    By Lisa Yoon • June 10, 2005
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    GM to Cut at Least 25,000 Jobs

    General Motors Corp. announced that it will eliminate at least 25,000 manufacturing jobs through 2008. This is the largest such reduction since Kmart’s January 2003 announcement that it would eliminate 37,000 jobs, according to placement firm Challenger, Gray & Christmas Inc.The staff reducti...

    By Stephen Taub • June 8, 2005
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    CFOs to Accounting Grads: ”Think Small”

    Rather than sweating out offers from the Big Four or from large corporations, recent graduates who majored in accounting might do better if they “think small.”In a survey of chief financial officers conducted by staffing company Accountemps, 46 percent of respondents said that entry-level account...

    By Stephen Taub • June 6, 2005
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    CFOs on the Move

    • President Bush has nominated Rep. Christopher Cox (R-Calif.) to succeed William Donaldson as chairman of the Securities and Exchange Commission. Donaldson, the 27th chairman of the commission, announced Wednesday that he would step down on June 30. Cox’s nomination must be approved by the U.S. ...

    By Dave Cook and Lisa Yoon • June 3, 2005
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    GAO Highlights Pension-Fund Risks

    More than half of the 100 largest pension plans were not fully funded as far back as 2002, and about one-fourth were less than 90 percent funded, according to a new report from the Government Accountability Office. The GAO also found that many companies were able to skirt rules for funding pensio...

    By Stephen Taub • June 2, 2005
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    What Dad Did

    Donna de Winter remembers vividly the first dollar that came into her father’s general store. “We held it up and kissed it, and then pinned it to the wall,” recalls the CFO of Canadian software firm Geac.It was an important dollar for the 13-year-old and her five brothers and sisters, who had jus...

    By Tim Reason • June 1, 2005
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    Keeping Secrets

    It could be an episode of “The Sopranos.” As revenues at $2.4 billion HealthSouth Corp. begin to falter, CEO Richard Scrushy in the role of Tony Soprano, browbeats “the family”, a group of top lieutenants including five CFOs, into falsifying a wide range of financial reports. Despite the family’s...

    By Alix Stuart • June 1, 2005
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    Throwing In the Towel

    He’s mad as hell, and he’s not going to take it anymore.While many CFOs are feeling frustrated these days, few have expressed it as publicly as Robert Merritt, CFO of Outback Steakhouse Inc., the $3.3 billion restaurant chain. At the end of the company’s first-quarter earnings call, Merritt annou...

    By CFO Editorial Staff • June 1, 2005
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    The President’s Man

    Ever since N. Gregory Mankiw resigned from the Council of Economic Advisers (CEA) in February, there have been some indications that the U.S. economy is headed for a rocky stretch. First-quarter gross domestic product grew only 3.1 percent — the slowest rate in two years. Congress approved additi...

    By CFO Editorial Staff • June 1, 2005
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    Not by the Numbers

    In May 1998, CFO published “Sometimes a Great Notion,” an article on education for finance executives. When it came to return on investment, wrote Stephen Barr, “a number of companies contacted by CFO have had to rely on mostly anecdotal evidence that the educational investment is worth it.” Lack...

    By Lisa Yoon • May 31, 2005