Human Capital: Page 153

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    Nearly $4.5 Million for Tyco CFO

    David J. FitzPatrick, executive vice president and chief financial officer of Tyco International Ltd., earned nearly $4.5 million in 2004, according to the conglomerate’s proxy, nearly double the $2.3 million he took home a year earlier.FitzPatrick received a salary of $765,000 in 2004, up slight...

    By Stephen Taub • Jan. 19, 2005
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    Demise of Defined Benefits: New Evidence

    Even as the Bush Administration discusses strengthening the Pension Benefit Guaranty Corp., a growing number of companies are backing away from traditional defined benefit plans.In a study by Hewitt Associates of nearly 200 large companies, 27 percent said they will consider amending their define...

    By Stephen Taub • Jan. 19, 2005
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    CFOs on the Move

    • Brian Anderson has resigned as chief financial officer of OfficeMax Inc. after only two months on the job. The announcement accompanied the news that the office-products retailer would delay its earnings release for the fourth quarter and fiscal 2004 amid an investigation into its accounting pr...

    By Lisa Yoon • Jan. 14, 2005
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    HSAs Still Somewhat Anemic

    Health savings accounts (HSAs), a creation of the Medicare Reform and Drug Benefit bill, allow workers to contribute pre-tax dollars to an account to pay for out-of-pocket medical expenses. The accounts work in conjunction with a high-deductible health plan — at least $1,000 for individuals and $...

    By Stephen Taub • Jan. 13, 2005
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    Filling the Microsoft Void

    The word on Wall Street is that the surprise retirement of Microsoft chief financial officer John Connors will leave the software giant with some big shoes to fill. Tuesday’s announcement that the 45-year-old Connors, a 16-year Microsoft veteran, will step down as finance chief to join venture ca...

    By Marie Leone • Jan. 13, 2005
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    Microsoft CFO Leaves

    Officials at Microsoft Corp. announced the retirement of Chief Financial Officer John Connors, 45, late Tuesday. Connors is leaving the software giant to become a partner at the Seattle-area venture capital firm Ignition Partners LLC.Company executives are considering both internal and external c...

    By Marie Leone • Jan. 12, 2005
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    Nortel: Finance Made Us Do It

    Nortel Networks singled out improper actions of its finance department yesterday when it reported its long-awaited restatement of results from 2001 through 2003 stemming from an accounting scandal.In addition, 12 senior executives agreed to return about $8.6 million in bonuses awarded in 2003.“Wh...

    By Stephen Taub • Jan. 12, 2005
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    Bush’s Plan for the PBGC

    Secretary of Labor Elaine L. Chao, the chairman of the Board of the Pension Benefit Guaranty Corp., yesterday announced the Bush Administration’s plan to strengthen the solvency of the PBGC.New rules call for higher employer premiums, more flexibility in funding by pension plans, and more informa...

    By Stephen Taub • Jan. 11, 2005
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    US Airways to End Several Pension Plans

    Late last week bankruptcy judge approved a proposal by US Airways Group Inc. to terminate its underfunded pension plans for machinists and flight attendants, as well as a frozen pension plan that was still providing benefits to 28,000 retirees, according to the Associated Press. The terminations ...

    By Stephen Taub • Jan. 10, 2005
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    Disney CFO’s Take-Home: $6.4 Million

    Last year was certainly a tumultuous one for The Walt Disney Co., whose corporate governance practices came under fierce attack. But its chief financial officer, for one, was certainly compensated well for managing the changes that Disney eventually made to some of its practices.Finance chief Tho...

    By Stephen Taub • Jan. 10, 2005
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    Recommended Reading: Top Stories of 2004

    “Recommended Reading” is a resource for financial executives, chosen by financial executives. The list below features the articles that were most in demand by our readers in 2004 — original articles from CFO.com, stories drawn from the pages of CFO magazine, and articles from CFO Europe,CFO Asia,...

    By CFO Editorial Staff • Jan. 10, 2005
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    Refunding Bonuses for Restated Earnings

    Now that Fannie Mae is undertaking a $9 billion restatement at the direction of the Securities and Exchange Commission, one legislator wants its former top executives to return bonuses that were based on the bogus profits.In a letter to Armando Falcon Jr. — director of the Office of Federal Housi...

    By Stephen Taub • Jan. 7, 2005
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    CFOs on the Move

    • Insurance giant American International Group Inc. promoted two finance executives. Steven J. Bensinger, who joined AIG as treasurer in 2002, will take on the additional titles of controller and senior vice president. He will continue to report to vice chairman and chief financial officer Howard...

    By Lisa Yoon • Jan. 7, 2005
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    More Than $4.8 Million for Lucent CFO

    It’s still a little early before companies operating on calendar years begin trotting out their proxies — and those interesting pages dealing with executive compensation.However, a few companies that operate on fiscal years recently announced those numbers. The early line is that top executives —...

    By Stephen Taub • Jan. 6, 2005
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    FSAs: No More ”Use It or Lose It”?

    Between 12 million and 18 million workers currently have flexible spending accounts (FSAs), according to The Wall Street Journal, which cited Bonnie B. Whyte, president of the Employers Council on Flexible Compensation. FSAs allow participants to pay their medical bills with pretax dollars — but ...

    By Stephen Taub • Jan. 6, 2005
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    Casting a Wider Net

    When Bill Marion talks about wireless connectivity, he’s not talking about an office suite in a small industrial park. He’s not talking about the Starbucks near the green. He’s talking an entire city.Marion, information-services director for the Silicon Valley enclave of Milpitas, Calif., is the ...

    By John Edwards • Jan. 5, 2005
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    Ten Questions for Barry Minkow

    Barry Minkow says he plans to be remembered for more than the ZZZZ Best Co. fraud. The 38-year-old Minkow served more than seven years in prison for the infamous 1980s scam. But he hopes that his current efforts as head of the Fraud Discovery Institute and as pastor of The Community Bible Church ...

    By CFO Editorial Staff • Jan. 1, 2005
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    Staying Alive

    To a finance chief, the arrival of a new CEO usually means one thing: time to polish the résumé. “It’s almost automatic” that the CFO leaves when a new chief executive enters, says Charles B. Eldridge, head of the CFO practice at executive search firm Korn Ferry International. New CEOs are often ...

    By Kate O'Sullivan • Jan. 1, 2005
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    Blame It on Boca

    If you’ve been thinking about moving to Florida, have we got an opportunity for you in Boca Raton: a 19,000-square-foot house in a gated community, with 10 bedrooms, 12 baths, a library, a screening room, a boathouse, a six-car garage, a gazebo, and much, much more. First listed at $22.5 million,...

    By CFO Editorial Staff • Jan. 1, 2005
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    Find Out What References Are Really Saying about You

    Keith O’Rourke of Reno, Nevada, was concerned about the references he’d get from his last employer, a small start-up in the San Francisco Bay Area, where he did sales and operations management.“I reported to the [vice president] of finance and had a good relationship with her, but I had apersonal...

    By Barbara Mende • Dec. 23, 2004
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    Judge Rules for Halliburton Retirees

    For a change, score this round for retirees.As more and more companies try to cut back on the benefits promised to their former employees, a federal judge ruled that Halliburton Co. cannot trim the medical benefits received by retirees of Dresser Industries Inc., which merged with a Halliburton s...

    By Stephen Taub • Dec. 22, 2004
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    In the Journals: Fading Options

    While increasing numbers companies are moving away from stock options, their departure is just the beginning of a full-scale exodus, according to Harvard Business School professor Brian J. Hall. “There is a revolution coming in stock-based compensation,” says Hall. “By the end of this decade, the...

    By Lisa Yoon • Dec. 22, 2004
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    UAL, Pilots Shoot Down Defined Benefits

    UAL Corp., the parent of United Airlines, is the latest company to retreat from defined-benefit pension plans.Under an agreement with the Air Line Pilots Association, the bankrupt airline giant will terminate the pilots’ defined-benefit plan, according to The Wall Street Journal. In exchange, whe...

    By Stephen Taub • Dec. 20, 2004
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    CFOs on the Move

    • Consumer products maker Playtex Products Inc. appointed Kris Kelley executive vice president and chief financial officer. She replaces Glenn Forbes, who will retire at the end of the year. Kelley joined the Westport, Connecticut-based company in October as senior vice president of finance. • Mc...

    By Lisa Yoon • Dec. 17, 2004
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    Finance under the Big Top

    When he was planning to be a tax accountant, Tom Martin never dreamed that he’d “run away” to join the Big Apple Circus, a New York-based nonprofit dedicated to kids and families, where he’s been chief financial officer since 1997.Martin began his career as chief accountant and then controller at...

    By Lisa Yoon • Dec. 17, 2004