Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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
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    CFOs on the Move

    • BearingPoint Inc. chief financial officer Joseph Corbett stepped down by mutual agreement, according to a company statement. “Harry [chief executive officer Harry You] and I together decided that the challenges facing BearingPoint require that Harry have a CFO of his own choosing,” said Corbett...

    By Lisa Yoon • May 27, 2005
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    Employers Seek Benefit Cost-Sharing

    A number of prominent companies are requiring their rank and file to pony up more money for health insurance, either in the form of high co-payments or a larger share of the premiums.Indeed, the average family of four covers about 17 percent of its total health care costs, according to a new repo...

    By Stephen Taub • May 27, 2005
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    Survey Finds Shift from Stock Options

    In preparation for mandatory stock option expensing, nearly three-quarters of large companies are revising or planning to revise their long-term incentive program designs, according to a survey of 115 companies by Hewitt Associates.More and more companies are shifting from issuing stock options ...

    By Stephen Taub • May 24, 2005
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    Marsh to Reprice Options

    In a move that evokes memories of the late 1990s, shareholders of Marsh & McLennan Cos. approved a management plan that will offer them new options for old.The world’s largest insurance broker and its Putnam Investments subsidiary have been under the shadow of investigations by New York Attor...

    By Stephen Taub • May 23, 2005
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    CFOs on the Move

    • Linda S. Huber joined Moody’s Corp., the New York-based parent of Moody’s Investors Service, as executive vice president and chief financial officer, succeeding Jeanne M. Dering. Before joining Moody’s, Huber worked at PepsiCo as vice president of corporate strategy and development, and as vice...

    By Lisa Yoon • May 20, 2005
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    Finance-Team Overhaul at Fannie Mae

    Mortgage-finance giant Fannie Mae announced sweeping changes to its finance department by naming nine new executives, including eight in the controller’s office.The controller’s office, led by senior vice president and controller David Hisey, who joined the company back in January, includes four ...

    By Stephen Taub • May 20, 2005
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    Gillette Awards Options to Top Execs

    Gillette disclosed in a Securities and Exchange Commission filing that it has awarded large numbers of options to top executives in advance of its planned $57 billion acquisition by Procter & Gamble Co.The Boston-based consumer products company made its filing on the same day it announced tha...

    By Stephen Taub • May 20, 2005
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    Judge Nixes Settlement on Excess Pay

    So much for the proposed legal settlement between shareholders of Fairchild Corp. and two of the company’s top executives. Vice Chancellor Leo Strine of the Delaware Court of Chancery rejected the proposed agreement as inadequate, according to The Washington Post.“Cosmetic whimper” he called it, ...

    By Stephen Taub • May 20, 2005
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    Qualcomm Endorses Options Derivative

    Cisco Systems Inc. is galvanizing support for its revolutionary proposal to create a market value for its employee stock options, which could reduce the impact on earnings when those options must be expensed.The San Diego Union-Tribune reported that Qualcomm Inc. chief financial officer William ...

    By Stephen Taub • May 19, 2005