Human Capital: Page 157

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    School Days

    It’s been years since most senior executives earned their last diploma, but for many finance professionals, education is an ongoing commitment. Whether they are required to log hours of continuing education every year to maintain a public accounting certification or simply feel the need to keep u...

    By Kate O'Sullivan • Sept. 1, 2004
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    Raising Red Flags

    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.In the first six months of the year, more than 10...

    By Alix Stuart • Sept. 1, 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 CFO Editorial Staff • Sept. 1, 2004
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    CFOs on the Move

    • Viacom chief financial officer Bruce Taub has been named executive vice president of operations, a newly created position at the company. Taub will be involved in setting development and financial objectives and helping to identify key operational and strategic issues for the Viacom divisions, ...

    By Lisa Yoon • Aug. 27, 2004
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    DPL Sues Former CFO, Other Execs

    Ohio-based utility DPL Inc. sued three ex-executives, including a former interim chief financial officer, in an effort to recover more than $33 million in deferred compensation payouts, according to court documents. DPL, the parent of Dayton Power & Light Co., accused the trio of amending the...

    By Marie Leone • Aug. 27, 2004
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    How 51 Gorillas Can Make You Seriously Rich

    If you want to profit from your pen, first write a bestselling business book. In few other literary genres are the spin-offs so lucrative. If you speak well enough to make a conference of dozing middle managers sit up, your fortune is made. You can, says Mark French of Leading Authorities, a top ...

    By Economist Staff • Aug. 27, 2004
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    Blue-Light Special on 18 Kmart Stores

    Discount retailer Kmart Holding Corp. announced that it finalized a transaction to sell 18 stores to The Home Depot for $271 million in cash, the Associated Press reported.Earlier this month the two companies reported signing an agreement that provided for the sale of at least 13 stores for $173 ...

    By Ed Zwirn • Aug. 26, 2004
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    UAL Gets Bankruptcy Plan Extension

    UAL Corp.’s United Airlines has more time to prepare for bankruptcy.The company on Friday said it has agreed with its creditors committee to a 30-day extension on the period in which it can file its own bankruptcy reorganization plan, shorter than UAL’s recent request for a four-month extension, ...

    By Ed Zwirn • Aug. 23, 2004
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    CFOs on the Move

    •GlaxoSmithKline CFO John Coombe will retire next March when he turns 60. The company has “a succession plan in place,” a representative of the pharmaceutical giant told Reuters. The spokesman would not confirm a press report that the company has already hired headhunters to find a new CFO, acc...

    By Ed Zwirn • Aug. 20, 2004
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    Health Benefits and the ‘Jobless Recovery’

    An article in yesterday’s New York Times seems likely to provide fodder for the debate over the so-called “jobless recovery” being experienced by the U.S. economy.Despite nearly three years of uninterrupted economic growth, the economy has been adding a relatively small number of jobs each month....

    By Ed Zwirn • Aug. 20, 2004
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    Fault Lines

    In March, after a brisk investigation, the law firm probing the massive false reporting of oil reserves at $160 billion (€130 billion) Royal Dutch/Shell Group concluded that a key problem was that CFOs of the four business units reported directly to the local managing directors, and not to the gr...

    By Alain Fourchi • Aug. 20, 2004
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    News Briefs

    •Hurricane Charley will prove to be the cause of the third-largest payout ever by the property/casualty insurance industry, trailing only 9/11 and 1992’s Hurricane Andrew, CBS Marketwatch reports. In Florida, insurers were expecting claims exceeding $15 billion, according to a revised estimate la...

    By Ed Zwirn • Aug. 18, 2004
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    Pensions Short Despite Market Rebound

    While the stock market may have had a strong showing in 2003, many companies are still under-funded when it comes to their pension obligations and are likely to remain so through the end of 2004, according to a report recently released by Standard & Poor’s.The report notes that the overall po...

    By Ed Zwirn • Aug. 17, 2004
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    Love Is in the Office Air

    Seventy-six percent of employed adults say they think office romances are more common today than they were 10 years ago, according to an online survey of 1,747 25- to 40-year-olds conducted by Harris Interactive and sponsored by Glamour magazine and Lawyers.com.In fact, 41 percent admitted to hav...

    By Stephen Taub • Aug. 16, 2004
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    Board Pay Surges 13 Percent

    What a difference Sarbanes-Oxley apparently makes.True, the Sarbanes-Oxley Act has increased the accountability and workload of public company directors. But the added responsibilities have come with a pay hike.The average director at the largest 200 U.S. industrial and service companies got a 13...

    By Stephen Taub • Aug. 13, 2004
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    CFOs on the Move

    • Teleflex Inc. named Martin Headley executive vice president and CFO. He was vice president and CFO at Roper Industries since 1996. Roper officials said a search is underway for a new CFO.• Falcon Products Inc. appointed its second CFO in five months. The St. Louis-based maker of commercial furn...

    By Stephen Taub • Aug. 13, 2004
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    Assets Surge in 401(k) Plans

    “Thank you, stock market.” Thats what most participants in 401 (k) plans seem to be saying after looking at their recent statements. The average ongoing 401(k) account balance increased by 29.1 percent last year, according to a recently published study by the Investment Company Institute (ICI) an...

    By Stephen Taub • Aug. 12, 2004
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    Small-Company Health Plans: Gain, Pain

    Small and mid-sized employers were able to hold health-care cost increases to single-digit rates in 2003. However, it came at the expense of their employees, who saw their benefits erode, according to a new study by Marsh Inc.The total cost of health benefits (medical, dental, and any other healt...

    By Stephen Taub • Aug. 11, 2004
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    Few Workers Worry about Offshoring: Survey

    By definition, outsourcing involves using individuals from another company to perform tasks.Yet most workers and managers don’t believe their jobs are in jeopardy if their companies choose to ship tasks overseas, according to a new survey. Just 8 percent of roughly 1,200 U.S. workers surveyed by ...

    By Stephen Taub • Aug. 10, 2004
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    Summer Severance Packages Are Blockbusters

    Over the last month, compensation committees at three large-cap companies have either agreed to or been ordered to pay out multi-million dollar packages to former senior executives. There’s one note of consolation for shareholders: not all the former employees received the full amount they sought...

    By Stephen Taub • Aug. 10, 2004
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    Altria Expects Medicare Boon

    Altria Group expects to receive a $25-million cost reduction for retiree prescription drugs in the second half of 2004 from adopting an accounting rule related to a new Medicare law, according to the Associated Press, citing the tobacco giant’s recent government filing.The parent company of Kraft...

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

    Michael Huseby has resigned as CFO of Charter Communications Inc. to take over as finance chief of Cablevision Systems Corp, according to Charter. For its part, however, Cablevision hasn’t acknowledged the hiring. Charter did not name a successor. R. Stephen Barrett, Jr. plans to resign Sept. 1 a...

    By Stephen Taub • Aug. 6, 2004
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    Amid Default Perils, Pensions Strengthen

    Nothing like a recovering stock market to boost the funding of many pension funds. Indeed, the funding of large-company pension plans improved last year despite significant increases in pension plan liabilities, according to a Watson Wyatt study of defined-benefit pension plans at 622 of the nat...

    By Stephen Taub • Aug. 5, 2004
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    CEOs Enjoyed Double-Digit Pay Gains

    Happy days are apparently here again, at least when it comes to executive compensation. CEOs of companies in the S&P 500 surveyed by The Corporate Library saw their total pay rise by a median of 22.18 percent in 2003. For the 372 respondents, this was double the rise the group enjoyed the pri...

    By Stephen Taub • Aug. 5, 2004
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    Executive Equity Grants Make Comeback

    Equity grants to senior executives of companies going public are rebounding to levels not seen since the 1990s, according to Hewitt Associates, which cited the trend as a sign of economic recovery.In 2003, equity grants to the top executives of the companies with IPOs amounted to 3.5 percent of t...

    By Stephen Taub • Aug. 4, 2004