Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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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