Human Capital: Page 149

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    Once Burned, Twice Shy

    For many CFOs, joining a technology start-up during the Internet boom was like eloping with a flashy teenager. Such companies were often run by image-conscious executives long on vision but short on operating experience. Metrics like eyeballs and market share were hyped at the expense of cash flo...

    By Lisa Yoon • May 1, 2005
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    Tyco’s Revolving Door

    It’s under investigation by the Securities and Exchange Commission, and its former CEO (Dennis Kozlowski) and CFO (Mark Swartz) are facing retrial on grand-larceny and securities-fraud charges. Yet, Tyco International’s star is on the rise. As Barron’s pointed out in February, the stock is up thr...

    By CFO Editorial Staff • May 1, 2005
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    What Does Your CEO Really Know?

    See how CFOs grade their CEOs’ finance knowledgeHow much does any CEO know about his company’s finances? How much should he know?Those are the central questions in the trials of several chief executives accused of masterminding their companies’ massive accounting scandals. These CEOs claim they k...

    By Kris Frieswick • May 1, 2005
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    Tyson Settles with SEC over Perks

    The Securities and Exchange Commission settled charges against Tyson Foods, Inc. and its former chairman and chief executive officer, Donald Tyson, stemming from $3 million in perquisites and personal benefits paid out to Tyson and other family members. Under the deal, Tyson Foods will pay a $1.5...

    By Stephen Taub • April 29, 2005
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    CFOs on the Move

    • Microsoft Corp. named Chris Liddell as chief financial officer effective, May 9. He replaces John Connors, who announced in January that he would leave the company he joined 16 years ago — he became CFO in 1999 — for Seattle-area venture capital firm Ignition Partners LLC. Connors’s resignation...

    By Lisa Yoon • April 29, 2005
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    UAL Pension Pact Calls for $1 Billion

    Under the terms of a settlement reached with United Airlines regarding the termination of the company’s pension plans, the Pension Benefit Guaranty Corp. (PBGC) has a big stake in the survival and success of UAL.The agreement, which must be approved by the bankruptcy court overseeing the airline’...

    By Stephen Taub • April 28, 2005
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    Microsoft CFO: Tough Act to Follow

    Days ahead of its Thursday announcement of third-quarter earnings, Microsoft Corp. announced that it has hired paper-industry executive Chris Liddell as its new chief financial officer, effective May 9. He’ll have a tough act to follow.Liddell replaces John Connors, who announced in January that ...

    By Dave Cook • April 26, 2005
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    CFOs on the Move

    • Geoffery E. Merszei was appointed executive vice president and chief financial officer-designate of The Dow Chemical Co., rejoining the organization he left in 2001. That year, he departed Dow for his current post as executive vice president and CFO of Montreal-based aluminum manufacturer Alcan...

    By Lisa Yoon • April 22, 2005
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    Starting Salaries Up for Finance Grads

    If you’re hiring new finance staffers straight out of college, be prepared to bump up those starting salaries, judging by the latest quarterly report from the National Association of Colleges and Employers.The NACE, which compiled data from college and university career-services offices across th...

    By Stephen Taub • April 21, 2005
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    Proxies Show More Big CFO Paydays

    Viacom chief financial officer Richard Bressler earned more than $6.8 million last year, according to the company’s latest proxy.Bressler received a salary of $1.25 million and a bonus of $5.5 million, the same bonus he received the prior two years. He also received $96,560 in “other” compensatio...

    By Stephen Taub • April 20, 2005
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    Former AIG Finance Exec Put on Leave

    American International Group Inc. has shown the door to another former finance executive as an investigation of insurance giant’s accounting continues.Michael J. Castelli, who was appointed chief administrative officer and a senior vice president in January, was put on leave, according to The New...

    By Stephen Taub • April 19, 2005
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    Health-Care Costs Rose 7.5 Percent

    Average per-employee health-care costs rose just 7.5 percent in 2004, according to an annual survey by Mercer Human Resource Consulting. That increase, the lowest in five years, is much lower than the 10.1 percent jump in 2003.According to the survey of 3,020 employers, the average total cost of ...

    By Stephen Taub • April 19, 2005
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    The Economics of Sharing

    By now, most people who use computers have heard of the “open source” movement, even if they are not sure what it is. It is a way of making software (and increasingly, other things as well), which relies on the individual contributions of thousands of programmers. The resulting programs are owned...

    By Economist Staff • April 19, 2005
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    CFOs on the Move

    • Office Depot Inc. appointed chief financial officer Charles E. Brown to the position of president, international. In his new role, Brown will have overall responsibility for all operations outside North America, including existing company-owned operations in Europe and Japan and joint venture o...

    By Lisa Yoon • April 15, 2005
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    How to Pick Winning Finance Execs

    How do you spot a rising finance star?The short answer, according to a range of seasoned talent developers in the field, is that they’re like mini-CFOs: they’re smart, they seek experiences beyond the technical finance duties, they show leadership potential, they can strategize, and they can put ...

    By Lisa Yoon • April 15, 2005
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    Stephen Cutler to Leave SEC

    It’s the end of an era for the Securities and Exchange Commission.Stephen Cutler, director of the Division of Enforcement, announced Thursday that he intends to leave the commission next month to return to the private sector. Before joining the SEC as deputy director in January1999, he was a part...

    By Stephen Taub • April 14, 2005
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    Abercrombie CFO Abruptly Resigns

    Abercrombie & Fitch announced that Susan J. Riley has resigned as chief financial officer of the New Albany, Ohio-based apparel company for family reasons and will return to her home in New York. President and chief operating officer Robert Singer will assume Riley’s responsibilities on an in...

    By Stephen Taub • April 14, 2005
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    Retirement Plans and Worker Education

    Finance executives are not optimistic that their employees will have enough money when they retire, according to a new survey conducted by Hewitt Associates.Just 30 percent of financial executives are confident that their workers will retire with sufficient assets, according to a new survey of 20...

    By Stephen Taub • April 14, 2005
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    A Human Inventory

    In the late 1990s, consultants and academics began talking incessantly about the ascent of the “knowledge economy.” This invisible system, they posited, encompassed the collective set of ideas and innovations generated by a global workforce. As the competition for customers grew more intense—fuel...

    By Joseph McCafferty • April 12, 2005
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    Microsoft’s Connors Quietly Departs

    John Connors no longer works for Microsoft Corp.In January, the software giant announced that Connors — who has been with Microsoft for 16 years, the last 5 as its chief financial officer — would be leaving to become a partner at the Bellevue, Washington-based venture capital firm Ignition Partne...

    By Stephen Taub • April 8, 2005
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    401(k) Participation Holds at 73 Percent

    More than one-quarter of employees at companies with a 401(k) plan have chosen not to participate, according to a new survey by Deloitte Consulting.Specifically, plan participation by employees at 426 responding plan sponsors in 2004 was at 73 percent, holding steady for the third year straight. ...

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

    • Cap Rock Energy Corp. of Midland, Texas, announced that senior vice president, chief financial officer, and treasurer Lee D. Atkins is no longer with the company. Atkins had served in those roles since 2001. The company gave no reason for the departure, saying only that his “employment with th...

    By Lisa Yoon • April 8, 2005
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    Maryland Raises the Health-Care Ante

    Maryland state legislators are close to passing a law that would require companies with more than 10,000 employees to spend at least 8 percent of their payroll on health benefits or put the money directly into the state’s Medicaid program, according to the Washington Post.Since the world’s larges...

    By Stephen Taub • April 7, 2005
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    Option Play: CFOs Strike It Big

    In the past couple of days, at least two companies disclosed that their top financial executives netted tens of millions of dollars last year from exercising stock options and selling the underlying shares.Boston Scientific Corp., which develops and manufactures medical devices, announced that La...

    By Stephen Taub • April 6, 2005
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    CFO Resignations Soared in 2004

    How many times have we heard this: the CFO is no longer just a bean counter. The CFO is a business partner and strategist.Yet just when the job was getting fun, many finance chiefs seem to feel the party’s already over and it’s time to call it a day, thanks to ever-increasing earnings pressure an...

    By Lisa Yoon • April 5, 2005