Human Capital: Page 152

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    Attention Shoppers

    Employees are leery of them. Physicians deride them. And critics say they pull cash out of a cash-starved system. None of this, however, is keeping employers from offering consumer-driven health plans (CDHPs) to workers. According to a survey conducted by Mercer Human Resource Consulting, 14 perc...

    By Joseph McCafferty • Feb. 22, 2005
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    Adventures in Babysitting

    It’s every working parent’s scheduling nightmare: a child-care arrangement evaporates during a busy workweek. Cathryn Mehrtens, U.S. director of business development at Latham & Watkins LLP, was stranded when her nanny’s father died suddenly and the caregiver needed to return to Jamaica. “She...

    By Melissa Hennessy • Feb. 22, 2005
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    CFOs on the Move

    • David J. FitzPatrick is retiring as chief financial officer of Tyco International Ltd. at year-end to pursue other interests. FitzPatrick has been finance chief of the Pembroke, Bermuda-based conglomerate since 2002. Effective March 7, Christopher J. Coughlin will assume the roles of executive ...

    By Lisa Yoon • Feb. 18, 2005
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    Continental Cuts Comp for Execs, Board

    Continental Airlines Inc. announced that it will cut its base retainer fee and meeting fees for its board members by 30 percent, effective February 28. The airline will not decrease the compensation for members of the audit committee, however, recognizing their increased responsibilities stemming...

    By Stephen Taub • Feb. 16, 2005
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    Northwest May Terminate DB Plans

    Northwest Airlines Corp. may become the next company to terminate one or more of its defined-benefit pension plans.The Air Line Pilots Association sent an e-mail message to Northwest pilots that it will discuss freezing their pension plan, according to several published reports, since the union i...

    By Stephen Taub • Feb. 15, 2005
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    Health Care CFO Recalled by Marines

    Triad Hospitals Inc. announced that chief financial officer and executive vice president Burke W. Whitman, a lieutenant colonel in the United States Marine Corps Reserves, will be recalled to temporary active military duty in March and will probably serve in Iraq. He is expected to return to the ...

    By Stephen Taub • Feb. 11, 2005
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    Shortcut to CFO

    In recent weeks, former finance employees of Dell Inc. seem to have been busy conquering the world. Robert Davis, who was vice president of corporate finance and chief accounting officer at the computer maker, was named chief financial officer of Computer Associates. Former Dell finance chief Tom...

    By Lisa Yoon • Feb. 11, 2005
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    CFOs on the Move

    • Chief financial officer Robert Wayman takes over as interim chief executive officer of Hewlett-Packard Co. following the departure of Carly Fiorina as chairman and CEO. Wayman, a 36-year veteran of the Palo Alto, California-based technology company, will also retain his CFO responsibilities. Pa...

    By Lisa Yoon • Feb. 11, 2005
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    A Tale of Two Compensation Deals

    Carly Fiorina, who was ousted as chairman and chief executive officer by the Hewlett-Packard Co.’s board of directors, stands to walk away with a severance package worth at least $21.1 million, according to press reports. Since joining HP as its first outside CEO in 1999, Fiorina is credited with...

    By Stephen Taub • Feb. 10, 2005
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    Risks and Benefits: Altruism Meets Self-Interest

    Employers have been struggling for years with the ever-rising cost of their traditional health-benefit plans. As a result, they’ve had to ponder whether to boost employees’ out-of-pocket payouts or, in a less common scenario, to cut back on benefits. In either case, employee relations — not to me...

    By David Katz • Feb. 10, 2005
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    Nortel Wants Those Bonuses Back

    Nortel Networks Corp. is suing three former top executives, seeking repayment of more than $10 million in bonuses stemming from results that were subsequently deemed incorrect, according to the Toronto Star.The embattled telecom-equipment giant accused former chief executive officer Frank Dunn, f...

    By Stephen Taub • Feb. 4, 2005
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    PBGC Takes Over US Airways Pensions

    As expected, the Pension Benefit Guaranty Corp. has taken over the pension plans for more than 51,000 flight attendants, machinists and other employees of bankrupt US Airways. The move will cost the pension insurance program $2.3 billion, in addition to the $726 million claim from the US Airways’...

    By Stephen Taub • Feb. 4, 2005
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    CFOs on the Move

    • Viacom Inc. announced that Richard J. Bressler, senior executive vice president and chief financial officer, has notified the company that he will not renew his contract, which expires in March 2006. Bressler joined the New York-based entertainment holding company in his current role in March 2...

    By Lisa Yoon • Feb. 4, 2005
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    Massachusetts Probing Gillette Payouts

    Two things are almost certain to follow a blockbuster merger or acquisition: Thousands of employees will lose their jobs, and top executives at the target company will receive hefty change-in-control payments.Case in point: Proctor & Gamble Co.’s recently announced $57 billion acquisition of ...

    By Stephen Taub • Feb. 3, 2005
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    A Mega-Deal with Job Cuts to Match

    While bullish investment bankers and investors celebrate the renaissance of the mega-deal, the rank and file at the companies in the headlines are quickly discovering a downside to this renewed activity.SBC Communications Inc. announced it will cut about 13,000 jobs after its closes on its $16 bi...

    By Stephen Taub • Feb. 2, 2005
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    ‘Directed Trustee’ Cleared in Stock Drop

    A federal judge Tuesday ruled that WorldCom Inc. employees who pumped a big chunk of their 401(k) assets into their company’s stock during the market’s 1990s bubble, then saw the shares plummet in value, can’t blame the plan’s trustee for that investment decision.Employees of the company now know...

    By Stephen Taub • Feb. 2, 2005
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    United’s DB Plans Safe, for Now

    United Airlines’ pilots and flight attendants will take pay cuts to help the airline emerge from bankruptcy.The pilots agreed to a 12 percent cut in pay, and the flight attendants, to a 9.5 percent reduction, as part of a five-year plan approved by the bankruptcy court late Monday, according to B...

    By Stephen Taub • Feb. 1, 2005
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    Going Home Again

    When Gene S. Godick joined Verticalnet Inc. in the summer of 1998 as CFO, anything seemed possible for the company, at that time an operator of Web-based business communities. But after the roller-coaster ride of going public, watching the stock price skyrocket, seeing the staff grow to a high of...

    By Kate O'Sullivan • Feb. 1, 2005
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    Ten Questions for Charles O. Rossotti

    As commissioner of the Internal Revenue Service from 1997 to 2002, Charles O. Rossotti had a thankless task: modernize a bloated, inefficient organization that employs 100,000 people and collects $2 trillion annually. Now Rossotti, 64, may have an even tougher job: advise President Bush on how to...

    By CFO Editorial Staff • Feb. 1, 2005
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    Howard’s End

    Last December, the Securities and Exchange Commission settled the debate over accounting practices at Fannie Mae, ordering a restatement that could reduce earnings since 2001 by $9 billion. Soon after, Fannie Mae announced the resignation of CFO J. Timothy Howard. Howard, CFO since 1990, oversaw...

    By CFO Editorial Staff • Feb. 1, 2005
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    CFOs on the Move

    • Peter Currie will begin his second stint as chief financial officer of Toronto-based Nortel Networks Corp. on February 14. Currie was the tech company’s finance chief from 1994 to 1997; most recently he was vice chairman and CFO of RBC Financial Group.Currie succeeds William Kerr, who is steppi...

    By Lisa Yoon • Jan. 28, 2005
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    Risks and Benefits: Health on Account

    Enough already, some finance executives seem to be saying to the human-resource directors who report to them.The executives are apparently sick to death of years of double-digit increases in health insurance. Indeed, the irritation seems to have spawned some corporate shakeups: According to a rec...

    By David Katz • Jan. 27, 2005
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    SBC Shifts to Old-Style Defined Benefits

    In a surprising reversal of a long-standing trend, officials at SBC Communications Inc. said the company will move 55,000 salaried managers from its cash-balance pension funds to a more traditional defined-benefit plan.The telecom giant made the decision to reward long-term employees, according t...

    By Stephen Taub • Jan. 27, 2005
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    New Medicare-Reform Rules for Companies

    The Centers for Medicare and Medicaid Services (CMS) finally announced final rules for companies that want to participate in a new, expanded drug plan under the Medicare Reform Act signed into law in December 2003.Under the law, Medicare will begin covering a broad range of prescription medicines...

    By Stephen Taub • Jan. 24, 2005
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    CFOs on the Move

    • Northrop Grumman Corp. named Wesley G. Bush corporate vice president and chief financial officer. He replaces Charles H. Noski, who is leaving to pursue other interests. Bush has been working at the defense giant’s space technology division since 2002, after Northrop Grumman acquired TRW Inc., ...

    By Lisa Yoon • Jan. 21, 2005