Human Capital: Page 151

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    Conseco Settles with Former CFO

    Conseco Inc. has settled its lawsuit against former chief financial officer Rollin M. Dick stemming from loans made to buy company stock before the insurer filed for bankruptcy, according to the Associated Press.The terms of the deal were not disclosed, the wire service noted.During the market bo...

    By Stephen Taub • March 14, 2005
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    First-Time CFOs

    Skip Sorenson is pressed for time. Only a few weeks into his job as chief financial officer of Dallas-based Vought Aircraft Inc., he’s preparing for his first meeting with the board of directors. It’s also his first meeting with any board as a finance chief. In early January, he left his job as a...

    By Lisa Yoon • March 11, 2005
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    CFOs on the Move

    • Boeing Co. appointed chief financial officer James A. Bell interim president and chief executive officer, replacing president and CEO Harry Stonecipher, who was ousted after discovery of an affair with another Boeing executive. The board determined that Stonecipher’s actions were inconsistent w...

    By Lisa Yoon • March 11, 2005
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    Bear Stearns CFO Earned $12M in 2004

    Bear Stearns Cos. Inc. chief financial officer Samuel Molinaro Jr. earned more than $12 million last year, according to the company’s latest proxy. As has been a decades-long custom for top executives at the investment bank, for decades, his salary was just $200,000. However, Molinaro was also aw...

    By Stephen Taub • March 10, 2005
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    Less Stock-Based Comp for McDonald’s

    McDonald ‘s Corp. announced that it will greatly cut back on awarding stock-based compensation to its employees.Acknowledging in its annual report that most companies will soon be required to expense the value of stock-based grants, the fast-food giant stated that it will limit the eligibility of...

    By Stephen Taub • March 9, 2005
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    Boeing CFO Steps In as CEO

    Boeing Co. announced early Monday morning that president and chief executive officer Harry Stonecipher resigned on Sunday. He is also leaving the board of directors.Chief financial officer James A. Bell has been named president and CEO on an interim basis, and non-executive board chairman Lew Pla...

    By Stephen Taub • March 7, 2005
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    IRS Offers Stock-Option Tax Settlement

    The Internal Revenue Service has extended a May 23 deadline to executives and directors at 42 companies, and to the companies themselves, to settle charges that they participated in abusive tax avoidance transactions that resulted in more than $700 million of unreported income.The IRS did not ide...

    By Stephen Taub • March 7, 2005
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    Death to Smoothing

    Like Sisyphus, who was condemned to roll a rock up a hill each day only to watch it roll back down again, pension plan sponsors can’t seem to make any progress. They poured record amounts of cash into their plans — an estimated $40 billion in 2004 on top of contributions of more than $70 billion ...

    By Alix Stuart • March 7, 2005
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    CFOs on the Move

    • David Shedlarz is leaving his position as chief financial officer of Pfizer Inc. to become a vice chairman of the drug maker, a title he will share with Karen Katen and Jeff Kindler, effective March 3. Shedlarz, who joined Pfizer in 1976 as a financial analyst and became CFO in 1995, will now t...

    By Lisa Yoon • March 4, 2005
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    Workers Less Confident than CEOs

    Earlier this week, the Business Roundtable’s monthly CEO Economic Outlook Index reached a record high, based on strong projections by the 118 respondents for capital spending, sales, and employment.“America’s CEOs are confident that the U.S. economy is robust and competitive,” said Hank McKinnell...

    By Stephen Taub • March 3, 2005
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    Where Are They Now?

    The finance department has produced many memorable names over the past 20 years, and before the current rogues’ gallery of Fastow, Sullivan, and Swartz ruled headlines, CFOs made news for their deal-making and turnaround skills. Where are these notable finance execs today?Perhaps no name is bette...

    By Kate O'Sullivan • March 1, 2005
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    Tech Companies Hit Hard by Labor Suits

    Over the past 18 months, small and large companies in Silicon Valley have been hit by an increasing number labor lawsuits in which employees are demanding overtime pay, the Wall Street Journalreports.Those suits, say experts interviewed for the article, suggest that the high-tech job market is ma...

    By Marie Leone • Feb. 25, 2005
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    Advice from Carly Fiorina’s Headhunter

    Shortly after stepping down as chief executive officer of IBM Corp. in 2002, Louis V. Gerstner addressed MBA students at Harvard Business School. “The thing I have learned at IBM,” he said, “is that culture is everything.” That’s no insignificant statement coming from the outsider who joined the ...

    By Lisa Yoon • Feb. 25, 2005
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    RR Donnelley Hires Sears CFO

    RR Donnelley & Sons Co., the Chicago-based commercial printing outfit, named Glenn Richter, the current CFO of Sears, Roebuck and Co, as its new finance chief and executive vice president and CFO, effective April 1.As a result of the move, Sears may be faced with dealing with new merger talks...

    By Marie Leone • Feb. 25, 2005
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    CFOs on the Move

    • R.R. Donnelley & Sons Co. named Glenn R. Richter as executive VP and chief financial officer effective April 1. Richter is currently CFO of Sears, Roebuck and Co. He will replace Kevin J. Smith. Previously, Richter was CFO of Dade Behring Holdings Inc., and has held various finance jobs at ...

    By Lisa Yoon • Feb. 25, 2005
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    The Domino Effect

    United Air Lines is trying to lighten its load. Last November, the bankrupt carrier proposed terminating up to four of its pension plans that were collectively underfunded by $8.3 billion. But doing so would transfer a payload of up to $6.4 billion to another struggling organization: the Pension ...

    By David Katz • Feb. 24, 2005
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    Options Cutback at Time Warner

    “More and more companies today are no longer offering stock options to all employees.” So began an email to employees from Time Inc. chief executive officer Ann Moore and editor-in-chief Norman Pearlstine, obtained by Bloomberg News and confirmed by spokesman Ed Adler. “As of 2005,” it continued,...

    By Stephen Taub • Feb. 22, 2005
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    Uncertain Benefits: The 2005 CFO Human-Capital Survey

    Few CFOs today can avoid grappling with the rising cost of benefits. Mounting health- and retirement-plan costs present tough choices, but outsourcing and technology often create as many problems as solutions. We asked 295 senior finance executives from a diverse range of companies to share their...

    By Don Durfee • Feb. 22, 2005
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    Promises, Promises

    John Devine is well known on Wall Street for his candor, and during last October’s earnings conference call, the CFO of General Motors Corp. didn’t disappoint. Yes, he acknowledged, retail incentives and rising operating costs continued to erode GM’s bottom line. “But frankly,” Devine added, “the...

    By Alix Stuart • Feb. 22, 2005
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    I Want a New Drug Plan

    When the cost to provide prescription-drug coverage to employees at SRA International increased 8 percent during the company’s fall 2004 insurance renewal, Wayne Grubbs was delighted. An odd response from SRA’s corporate controller and treasurer? Not at all: for other customers of insurer Unicare...

    By Martha E. Mangelsdorf • Feb. 22, 2005
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    Match Game

    Pensions are dying, stock options are dead; bonuses and health-care plans are looking more anemic by the day. Of the portfolio of employee benefits, only the 401(k) remains robust.Companies have long recognized that when it comes to getting employees to participate in a plan, what counts most abo...

    By John P. Mello Jr. • Feb. 22, 2005
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    Taking on the Benefits Burden

    After simmering for more than a decade, concern over the high cost of employee benefits now verges on a crisis. Because the costs associated with human resources threaten to erode corporate profits, now more than ever the finance department must play a direct role in human-capital management. But...

    By Joseph McCafferty • Feb. 22, 2005
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    A Delicate Balance

    Over the years, U.S. corporations have built up the package of benefits they offer their employees. The added compensation represented by health care, retirement plans, and other perks has grown impressively.Today, however, those packages are in danger of falling apart. Soaring health-care costs,...

    By Joseph McCafferty • Feb. 22, 2005
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    Extras! Extras!

    Two years ago, Clark Engineers Inc., a 120-employee firm based in Peoria, Illinois, scrapped its dental plan because the company could no longer afford its $60,000-per-year contribution.In an effort to cut the expense without depriving employees of the plan, Raylana Anderson, head of human resour...

    By Ilan Mochari • Feb. 22, 2005
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    Belt-tightening

    Corporate wellness programs are hardly new. As far back as the 1920s, Japanese workers started their day with a round of calisthenics. But with the cost of health-care plans soaring, and increased recognition of the relationship between lifestyle choices and costly chronic conditions, the plans h...

    By Ilan Mochari • Feb. 22, 2005