Human Capital: Page

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    CFOs on the Move

    EchoStar Communications Corp. announced that chief financial officer Michael McDonnell resigned, effective August 13, 2004, to relocate and take a position nearer to his family on the East Coast. McDonnell joined the Englewood, Colorado-based satellite-TV company four years ago after 13 years wit...

    By Stephen Taub • July 23, 2004
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    Gender Gap Endures for Finance Salaries

    The gender gap for finance and accounting managers continues to narrow — but women are still paid less than men, based on more than 1,600 responses to a survey by the Institute of Management Accountants published in Strategic Finance magazine.In 2003, the survey found that the average salary for ...

    By Stephen Taub • July 22, 2004
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    Big Severance Packages Mark Recent Deals

    Sizable severance packages are alive and well, even after the passage of the Sarbanes-Oxley Act and despite a tepid economy.As proof, just look at the payouts that several top executives are poised to receive following a few recent high-profile deals.Wallace R. Barr, the chief executive officer o...

    By Stephen Taub • July 20, 2004
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    Digging Out of the Pension Hole

    At Wharton, the focus of executive education on pensions is shifting from the sell side to the buy side.In the past, faculty at the University of Pennsylvania’s business school dedicated courses to the asset-management side of the pension equation, says Olivia Mitchell, a professor of insurance a...

    By Marie Leone • July 16, 2004
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    CFOs on the Move

    In a surprise announcement, Southwest Airlines announced that vice chairman of the board and chief executive officer James F. Parker retired for personal reasons. The company gave no reason for the change.Gary Kelly, who has served as Southwest’s executive vice president and chief financial offic...

    By Stephen Taub • July 16, 2004
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    Pay Hikes Won’t Top 4 Percent in 2005

    According to Mercer Human Resource Consulting’s 2004/2005 U.S. Compensation Planning Survey, 2005 will be the fourth consecutive year that pay hikes average less than 4 percent.The Mercer study, which analyzed responses from nearly 1,600 employers, found that among companies that plan to increase...

    By Stephen Taub • July 16, 2004
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    Caterpillar Retirees Face Health Expense

    Caterpillar Inc. has informed its retirees that they will be required to pay for their health-care benefits beginning September 1, reported Reuters. A fund set up by the United Auto Workers in 1998 — which until now had covered the cost of health-care premiums for Caterpillar employees who retire...

    By Stephen Taub • July 14, 2004
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    Oracle Lands Accenture Finance Chief

    Oracle Corp. named Harry L. You as executive vice president and chief financial officer, replacing Jeff Henley.When Henley was elected chairman of Oracle’s board in January 2004 — replacing chief executive officer Larry Ellison, who retained the CEO title — he announced that after 13 years Oracle...

    By Stephen Taub • July 14, 2004
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    Farewell, Finance

    To hear it from Lim How Teck, the days of the finance function as we know it may be over. In his utopian vision, a sizable multinational — say with sales of US$5.5 billion — could get by with no more than a staff of 50, including the CFO, at its global headquarters. “Treasury, management accounti...

    By Abe De Ramos • July 14, 2004
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    Morgan Stanley Settles Sex-Bias Suit

    In a surprise announcement, Morgan Stanley agreed to pay $54 million to settle sex-bias charges rather than proceed with a trial, Reuters reported.The lawsuit had been filed nearly three years ago by the U.S. Equal Employment Opportunity Commission on behalf of more than 300 women who have worked...

    By Stephen Taub • July 13, 2004
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    Steady Expansion for Finance Outsourcing

    The global market for outsourced finance and accounting functions will expand at a 9.6 percent compounded annual growth rate and top $47.6 billion in 2008, according to a new report from technology consultancy IDC.IDC doesn’t expect that finance and accounting will become fully outsourced in the ...

    By Stephen Taub • July 13, 2004
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    Campaign Contributions at the Office

    A CFO analysis has found that 58 percent of companies in the S&P 500 have political action committees (PACs). And of the executives surveyed by CFO whose companies already have PACs, 40 percent reported that they give more now, since the passage of the Bipartisan Campaign Reform Act of 2002.“...

    By Tim Reason • July 12, 2004
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    CFOs on the Move

    Bristol-Myers Squibb Co. hired Edward Dwyer as its new treasurer, according to Reuters, citing a person familiar with the matter. He is currently treasurer of AT&T Corp.Dwyer, who joined AT&T in 1983, has been treasurer since 1997 and has previously served as chief financial officer of AT...

    By Stephen Taub • July 9, 2004
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    Fixing Long-term Incentive Compensation

    When stock options first took off in the early 1990s, many investors greeted them as the answer to a long-standing problem: how to make managers act like owners without rewarding them even if they botched the job. Compensation committees embraced options for another reason: granting them incurred...

    By Stephen Taub • July 9, 2004
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    Better Carrots?

    Expecting a revolution in long-term incentive pay? Don’t hold your breath.Change, to be sure, is occurring. And more is inevitable, if the Financial Accounting Standards Board finally succeeds in requiring the expensing of at least some employee stock options, as a rule it has proposed would do b...

    By Don Durfee • July 9, 2004
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    Tech Companies Scaling Back Options

    During debates on expensing the value of options granted to executives and employees, tech companies may be acting tough, but behind the scenes they’re quietly getting with the program.According to two studies by Mellon Financial Corp., the high-technology industry has decreased its use of broad-...

    By Stephen Taub • July 8, 2004
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    KPMG Finance Chief Resigns

    The chief financial officer of KPMG LLP has resigned, becoming the latest top executive to leave the Big Four accounting firms, according to published reports citing company spokesman George Ledwith. Richard Rosenthal, who has held the CFO position since 2002 after two years as vice chairman for ...

    By Stephen Taub • July 8, 2004
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    SEC Eyes Pay-to-Play for 401(k)s

    The Securities and Exchange Commission’s investigation into mutual funds has taken a sharp turn — now it is looking into how corporations choose the firms that manage their retirement accounts.The commission announced that it asked two dozen mutual-fund companies to provide details about possible...

    By Stephen Taub • July 8, 2004
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    Director Compensation Up 19 Percent

    Director compensation at the largest companies climbed 19 percent, to a median $140,350, according to a Towers Perrin analysis published in the consultancy’s newsletter Executive Compensation Resources.Those figures are for the 469 of the Fortune 500 companies that filed their 2003 proxies by May...

    By Stephen Taub • July 7, 2004
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    Take My Car, Please

    Like many companies, Philips Medical Systems tried to sell its used corporate vehicles to employees before resorting to dealer auctions. That proved difficult in 2001: Detroit car makers were offering zero percent financing and “there were literally thousands of rental cars on the market after th...

    By Lori Calabro • July 7, 2004
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    Women, Men Both Have an Eye on Top Jobs

    Senior-level woman executives aspire to the CEO chair just as much as men, a new study has found, and that’s equally true for women who have children and for those who do not.The study was conducted by Catalyst, a consulting firm geared for women, and based on data from surveys completed by 705 s...

    By Stephen Taub • July 6, 2004
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    FASB Might Delay Options Expensing

    The Financial Accounting Standards Board (FASB) seems willing to delay corporate compliance with its new rules for expensing stock options, which are slated to go into effect at the end of the year, according to thedeal.com.“We will certainly take requests for delay into consideration,” FASB memb...

    By Stephen Taub • July 1, 2004
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    You’re On!

    The stammering, the sweating, the laptop that freezes and leaves the speaker stranded at the podium: presentations like this are the stuff of nightmares. Today, finance executives are presenting to everyone from employees to equity analysts, and they’re taking steps to avoid such disastrous trips...

    By Kate O'Sullivan • July 1, 2004
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    Canary Chorus

    Hell hath no fury like a prosecutor scorned. Just ask Jamie Olis. The former vice president of finance at Dynegy Inc., a Houston-based energy company, pleaded not guilty to multiple counts of conspiracy and securities, mail, and wire fraud, and refused to testify against his co-workers. He was se...

    By CFO Editorial Staff • July 1, 2004
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    Casting to Type

    If I’m ever asked to take a handwriting test for a job, I’ll probably say no. That’s because, according to handwriting and document examiner Ruth Holmes, my penmanship reveals that I am, among other things, stubborn, highly analytical, and skeptical of authority. Based on these results, I’m not s...

    By Kris Frieswick • July 1, 2004