Human Capital: Page 150

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    Wilder Scores $55 Million at TXU

    Back in February 2004, C. John Wilder left Entergy Corp., where he served as executive vice president and CFO. Wilder’s destination: TXU Corp, where Wilder would take over as president and CEO. It turns out Wilder’s switch was a very prudent move. In his first year at TXU (ten months, actually), ...

    By Stephen Taub • April 4, 2005
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    Sears Plans Headquarters Layoffs

    Sears Holding Corp., the company that resulted from the union of Sears, Roebuck and Kmart Holding, is planning “mass layoffs,” according to the Associated Press.Actually, the layoffs, while painful, won’t be all that sizeable. “Mass layoffs” is an official term in Illinois, which defines a mass l...

    By Stephen Taub • April 4, 2005
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    CFOs Edge Cautiously into Startup Posts

    In a way, being chief financial officer of a young technology startup during the late-1990s, early-2000s boom was like dating someone much too young. Often, the company was overly focused on image and at on hiring “charismatic” executives, who could play fast and loose with cash and lose track of...

    By Lisa Yoon • April 1, 2005
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    CFOs on the Move

    • Tyco International Ltd. announced that David J. Fitzpatrick resigned on March 24 as executive vice president and chief financial officer. The conglomerate noted in a regulatory filing that FitzPatrick’s “voluntary” termination was effective March 7, but that he would remain with the company unt...

    By Lisa Yoon • April 1, 2005
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    Devil in the Details

    After mortgage lender Fannie Mae found itself embroiled in an accounting scandal last year, former CEO Franklin Raines walked out the door with a $1 million­plus annual pension payment. Retiring CFO Timothy Howard was right behind him with a tidy package of his own: $400,000 plus medical benefit...

    By Kate O'Sullivan • April 1, 2005
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    Gaining Currency?

    Want to be like Warren Buffett? Don’t pitch softball in Omaha; bet against the dollar in the global currency markets. The chairman of Berkshire Hathaway, who says he is hard pressed to find something better to do with the money, has almost half of Berkshire’s cash hoard of $43 billion in 12 other...

    By Marie Leone • April 1, 2005
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    Take This Job

    The fate of David Welch, the first CFO to file for Sarbanes-Oxley whistle-blower protection, is one step closer to being decided. In February, administrative law judge Stephen Purcell upheld his 2004 decision that Welch, the former finance chief of Cardinal Bankshares Corp., should be reinstated ...

    By CFO Editorial Staff • April 1, 2005
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    Make It Automatic

    Rule No. 1: Inertia dominates human actions. Rule No. 2: People fear loss more than they value gain.As two tenets of behavioral finance, these principles are still largely confined to being studied in the world’s business schools. But the twin theories already serve as the underpinning of a 401(k...

    By Roy Harris • April 1, 2005
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    Executives Delaying Sunset Years

    While advocates for retirees and seniors rail at the suggestion that Congress ought to raise the eligibility age for Social Security, here’s a group that seems willing to keep working well into their golden years.According to a recently released survey of nearly 2,000 global executives, nearly 44...

    By John Goff • March 31, 2005
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    Tyco CFO Resigns

    Tyco International Ltd. announced that David J. FitzPatrick resigned on March 24 as executive vice president and CFO.The conglomerate’s management noted in a securities filing that FitzPatrick’s voluntary termination was effective March 7, but that he would remain with the company through the end...

    By Stephen Taub • March 30, 2005
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    Financial-Services CFOs Cash In

    While much attention has been paid to the big compensation packages enjoyed by executives at large investment banks, CFOs at non-Wall Street financial services firms didn’t fare too shabbily either in 2004. Some senior finance executives at banks, insurance companies, and the like, in fact, haule...

    By Stephen Taub • March 28, 2005
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    Motorola’s Two-Tier Benefits

    Motorola is the latest company not to offer retirement benefits to new employees.The electronics and cell-phone maker announced in its annual report that effective January 1, 2005, new hires are not eligible to participate in Motorola’s pension plan, in the company’s supplemental retirement benef...

    By Stephen Taub • March 25, 2005
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    CFOs on the Move

    • American International Group Inc. fired chief financial officer Howard Smith and vice president for reinsurance Christian Milton. Smith took a leave of absence from AIG last week on the same day that Maurice Greenberg was forced out as chief executive officer. Both Smith and Milton were fired, ...

    By Lisa Yoon • March 25, 2005
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    New Model Year for GM Health Benefits?

    A top General Motors executive said that the auto giant — which for years has cited soaring health-care costs as a major source of its financial woes — must totally revamp its health plans, reported The Wall Street Journal.“We need an across the board, competitive health-care plan for salaried an...

    By Stephen Taub • March 24, 2005
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    Court Upholds Sarbox Escrow Rule

    The Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that the Securities and Exchange Commission had the right to freeze payments to two former executives of Gemstar-TV Guide International Inc. during a fraud investigation, reported the San Francisco Chronicle.In October 2002, Ge...

    By Stephen Taub • March 24, 2005
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    Pension Funding Levels Rise at Year-End

    The year-end stock-market rebound helped to increase the funded status of pension plans in most major retirement markets worldwide, according to a recent report from Towers Perrin.In the United States, assets in defined-benefit plans enjoyed a strong fourth quarter thanks to increased returns fro...

    By Stephen Taub • March 23, 2005
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    Proxies Reveal CFOs’ ”Option Play”

    Gains from exercising previously awarded options played a dominant role in the 2004 compensation for a number of chief financial officers, according to their companies’ recently filed proxy statements.For example, last year Occidental Petroleum senior executive vice president and CFO Stephen I. C...

    By Stephen Taub • March 23, 2005
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    AIG Fires Two Top Executives

    American International Group Inc. fired chief financial officer Howard Smith and vice president for reinsurance Christian Milton late yesterday, according to press reports.Smith took a leave of absence from AIG last week on the same day that Maurice Greenberg was forced out as chief executive off...

    By Stephen Taub • March 22, 2005
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    Finance Job Picture Healthy, Steady

    The job market for accounting and finance positions should hold steady at a pretty healthy level, according to a new survey by Robert Half International.The staffing-services firm garnered responses from 1,400 chief financial officers at companies with 20 or more employees. In the second quarter,...

    By Stephen Taub • March 22, 2005
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    Oracle CFO to Become BearingPoint CEO

    Oracle Corp. chief financial officer Harry You has resigned just eight months after taking the post. He will become the chief executive officer of consultancy and outsourcing firm BearingPoint.The software giant announced that co-president Safra Catz will take on the additional responsibilities o...

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

    • Maurice Greenberg stepped down this week as chief executive officer of American International Group; rumors circulate that he may also surrender the chairmanship. Co-chief operating officer and vice chairman Martin Sullivan will take on the roles of CEO and president. AIG also announced that ch...

    By Lisa Yoon • March 18, 2005
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    Do CFOs Require Babysitting?

    Finance chiefs bristle at being characterized as “bean counters” as if it were a bad college nickname. They’d rather be known as leaders, whether that means being strategists, business partners, or the chief executive’s right hand. But a new study suggests that employers tend to rely less on stoc...

    By Lisa Yoon • March 18, 2005
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    Several CFOs See Big Paydays from LTIPs

    Long-term incentive payments (LTIPs) played a major role in the compensation of a number of chief financial officers last year.Take Steven Shapiro, CFO at Burlington Resources. Last year, he earned a total package of $6.1 million, according to the company’s proxy. Nearly $2.7 million was attribut...

    By Stephen Taub • March 17, 2005
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    Journey Without Maps

    At first glance, one might think that the changes in a CFO’s responsibilities during the past two decades have been radical. After all, the world of finance moves much faster now than it did in 1985, even as rules have tightened and stakes have climbed.But when we asked three CFOs who took compan...

    By Kris Frieswick • March 17, 2005
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    Siebel Says SEC Examining Options

    Business software maker Siebel Systems, already fighting the Securities and Exchange Commission regarding Regulation Fair Disclosure, is the latest company to be probed by the commission concerning the timing of stock option grants.Siebel announced in a regulatory filing that the SEC has issued a...

    By Stephen Taub • March 15, 2005