Human Capital: Page

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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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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    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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    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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    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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    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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    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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    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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    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