Human Capital: Page

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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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    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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    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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    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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    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 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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    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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    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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    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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    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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    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
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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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    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