Human Capital: Page 156

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    Health-care Forecast: 8 Percent Hike

    Finally, there’s some good news on the health-care front. On average, employers need to budget for a cost increase of just 8 percent in 2005, according to a new survey from Towers Perrin.That would mark the first single-digit bump after four years of increases in the double digits. Employers are ...

    By Stephen Taub • Oct. 7, 2004
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    IBM Pays Out in Cash-Balance Case

    IBM will pay out $320 million to settle part of a class-action lawsuit relating to its pension plan. The settlement does not, however, address the critical issue of whether the company’s controversial cash-balance pension fund discriminates against older workers. The U.S Seventh Circuit Court of ...

    By Stephen Taub • Oct. 1, 2004
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    CFOs on the Move

    • Two of Citigroup Inc.’s top executives are trading jobs. Todd Thomson, currently CFO and head of strategy, will be appointed chairman and chief executive officer of Smith Barney, Citi’s private-client wealth management and equity research unit. Meanwhile Sallie Krawcheck, current chair and CEO ...

    By Lisa Yoon • Oct. 1, 2004
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    The CFO and the Sea

    Joe Harris, CFO of New Boston Fund Inc., a Boston-based real estate investment company, isn’t your average weekend sailor. Last spring, Harris finished second in the 50-foot monohull class of the Transat, a solo transatlantic sailing race from Plymouth, England, to Boston. Setting out in the teet...

    By Kate O'Sullivan • Oct. 1, 2004
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    Changing Fortunes: The 2004 Compensation Survey

    See the 2004 Compensation Survey TablesThe endgame in the decade-long debate over stock options is finally playing out. The Financial Accounting Standards Board has an expensing requirement ready to go, although it may delay implementation. The International Accounting Standards Board’s standard ...

    By Tim Reason • Oct. 1, 2004
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    Airlines Wage Pay-Cut War

    Airlines are famous for cutting and raising fares immediately after their competitors take such actions. Now, it seems, they’re applying the same strategy to cost reductions. On Tuesday, Delta Air Lines Inc. instituted an across-the-board pay reduction of 10 percent for executives, supervisory an...

    By Stephen Taub • Sept. 30, 2004
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    Citigroup Moves Krawcheck to CFO

    Citigroup stunned observers Monday when it named Sallie Krawcheck CFO and head of strategy. As of November 5, she will replace Todd Thomson, who will step into Krawcheck’s current slot as head of Smith Barney.Krawcheck’s promotion makes her “the highest-ranking female executive on Wall Street,” ...

    By Stephen Taub • Sept. 29, 2004
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    Revenge of the Nerds’ Bosses

    According to sources, God never intended for Java programmers to pull down six-figure incomes. But in the late 1990s, that’s just what happened. Panicked by a shortage of skilled IT workers — a shortage mostly caused by the dot-com boom — employers practically gave away the house in pursuit of te...

    By Karen Bannan • Sept. 29, 2004
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    GE Settles with SEC over Welch’s Perks

    Remember all of the exotic benefits former General Electric chairman and CEO Jack Welch was to receive when he retired? Well, the Securities and Exchange Commission wasn’t too happy to learn about them for the first time from sources other than securities filings.As a result, the regulator swung ...

    By Stephen Taub • Sept. 27, 2004
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    CFOs on the Move

    • JPMorgan Chase & Co.’s Dina Dublon is stepping down as CFO of the financial-services giant. Michael Cavanagh, currently head of middle-market banking, will succeed Dublon as finance chief. Cavanagh’s experience in financial services spans 16 years, including seven years at Citigroup. His as...

    By Lisa Yoon • Sept. 24, 2004
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    The Bigger Picture at Smaller Companies

    At many larger companies, senior finance executives aspire to “get a seat at the strategy table” and help plan the future direction of the business. Many smaller companies face quite a different problem — when they map out business strategy, they must do so without a fully developed finance organ...

    By Lisa Yoon • Sept. 24, 2004
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    Lucent Deepens Retiree-Benefit Cuts

    Lucent Technologies Inc. has cut the benefits of its retirees for the second time in a year, according to published reports. The embattled telecom company informed employees by letter that it would no longer provide free health insurance for dependents of management workers earning salaries of $...

    By Stephen Taub • Sept. 23, 2004
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    Does Scandal Pay?

    Former Freddie Mac chief executive Leland Brendsel is getting his money, after all.The mortgage giant said last Friday that, as a result of a recently issued order from the federal District Court of the District of Columbia, Freddie Mac has begun the process of unfreezing compensation and paying ...

    By Stephen Taub • Sept. 22, 2004
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    Getting Wireless Costs under Control

    After several years of extensive investment in enterprise applications and fiber networks, many companies say they just don’t have the budget for widescale wireless network implementations. That may be true, analysts say, but with so many wireless devices, cell phones, Wi-Fi routers and gateways,...

    By John McPartlin • Sept. 22, 2004
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    Is Your Finance Staff Inadequate?

    It’s getting much harder for public companies to keep skeletons in their closets. As they ready internal controls for the harsh light of Section 404-compliance testing, the pressure to disclose problems uncovered in the process has become palpable.“Problems” can mean poor procedures or IT weaknes...

    By Alix Stuart • Sept. 20, 2004
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    CFOs on the Move

    • Kenneth A. Vecchione has been named chief financial officer of Wilmington, Delaware-based MBNA Corp., the world’s largest independent credit-card lender. Vecchione will continue in his current role as finance chief of MBNA America Bank, the corporation’s principal operating subsidiary. He succe...

    By Lisa Yoon • Sept. 17, 2004
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    Fertile Ground in Executive Education

    At the University of Virginia, the Darden Graduate School of Business Administration has developed a rare hybrid: an executive-education program on sustainability, combining corporate concerns with environmental interests. But at first, this program seemed much like a delicate flower that might d...

    By Lisa Yoon • Sept. 17, 2004
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    FASB Hears New Options Approach

    Senior finance executives at three technology companies on Wednesday presented the Financial Accounting Standards Board (FASB) with a proposal for a new employee stock-option-valuation model.The model, to be sure, uses the familiar Black-Scholes method. But the finance executives’ plan proposes, ...

    By Craig Schneider • Sept. 16, 2004
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    PBGC Could Go Broke by 2020: Report

    The agency that insures 43 million pensions could run out of money by 2020 if there is no taxpayer-funded government bailout, according to an independent study. The 29-page report by the Center on Federal Financial Institutions said the Pension Benefit Guaranty Corp. (PBGC) “is insolvent on the b...

    By Stephen Taub • Sept. 16, 2004
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    Health-Benefit Premiums Rise 11 Percent

    Employer-sponsored health insurance premiums have increased an average of 11.2 percent this year, according to the 2004 Annual Employer Health Benefits Survey released by the Kaiser Family Foundation and Health Research and Educational Trust (HRET).To be sure, that’s less than last year’s 13.9 p...

    By Stephen Taub • Sept. 10, 2004
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    CFOs on the Move

    • Birmingham, Alabama-based HealthSouth Corp. appointed John Workman to the position of executive vice president and chief financial officer effective September 20. Most recently, Workman served as CEO and CFO of U.S. Can Co., an $837 million (in revenues) manufacturer of aerosol and general-line...

    By Lisa Yoon • Sept. 10, 2004
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    Going with the (Free-cash) Flow

    More companies are tying incentive pay to performance in an up-and-coming metric: free-cash flow (FCF). Bausch & Lomb, Motorola, Kraft Foods, and American Standard are among those that are linking pay to cash available after operating activities.Proponents say it is a better indicator of over...

    By Joseph McCafferty • Sept. 10, 2004
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    New CFOs: the First 100 Days

    A new survey by executive search firm Korn/Ferry International carries a message for CFOs new on the job: Put away the spreadsheet and get out of the office. The survey, which collected responses from 183 recruiters worldwide about a new executive’s first 100 days at a company, found that a strat...

    By Lisa Yoon • Sept. 8, 2004
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    A Baseball Odyssey

    The end of the Athens Games also marked the end of a peculiar six-year-long Olympic dream for former CFO and now restaurateur Bill Galatis: to play for the Greek baseball team. But another dream lives on. “I want to make sure the game stays alive in Greece after the Games,” says the 51-year-old o...

    By Roy Harris • Sept. 3, 2004
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    Judge Unfreezes Ex-CEO’s $50 Million

    A federal court ruling in Washington may prove to be a windfall for former Freddie Mac chief executive officer Leland Brendsel, who led the federal mortgage packager for 18 years before leaving the company in June 2003.U.S. District Court Judge Richard Leon ruled that Freddie Mac’s regulator, the...

    By Ed Zwirn • Sept. 2, 2004