Human Capital: Page

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    The New Belt Tightening

    Companies have promoted healthy lifestyles for years, but now they’re going a step further to get workers to slim down. Some employers, concerned about the link between rising health costs and bulging waistlines, are offering cash incentives to employees who meet fitness targets or participate in...

    By Joseph McCafferty • June 7, 2004
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    CFOs on the Move

    Cablevision Systems Corp. has promoted two finance executives in advance of the company’s planned spin-off of its satellite, national programming, and theatre businesses.Senior vice president John Bier has been named to the additional role of treasurer, and vice president Elizabeth Dolce has been...

    By Stephen Taub • June 4, 2004
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    New Rules for Overtime Pay

    Overtime pay is getting an overhaul. In April, the Department of Labor released the first significant revision of the federal Fair Labor Standards Act in more than 50 years.The new rules are intended to reduce confusion — and litigation — over overtime exemptions, but instead they have fueled mor...

    By Kate O'Sullivan • June 4, 2004
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    New Carrots, Old Yardsticks?

    With stock options increasingly out of favor, cash bonuses are making a comeback. A recent survey of 350 companies by Mercer Human Resource Consulting found that the percentage of overall CEO pay coming from bonuses grew from 13 percent in 2001 to 19 percent last year. At the same time, the contr...

    By Ronald Fink • June 4, 2004
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    Health Insurance Premiums Easing Off

    Health insurance premiums are expected to grow by 10 percent this year — and that’s good news.In each of the past few years, the average company has been shelling out an additional 14 to 18 percent for health-care premiums, according to The New York Times.The paper pointed out that three major in...

    By Stephen Taub • June 1, 2004
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    Duty Calls

    With an estimated 100,000 executives active in the National Guard and Reserve, many companies are facing the departures of their top executives for long stints in Iraq and Afghanistan. Some of them are CFOs. What happens to their jobs?Legally, employers must keep an employee’s position open for u...

    By CFO Editorial Staff • June 1, 2004
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    CFOs on the Move

    The New York Stock Exchange appointed Michael Ferraro as senior vice president and controller, corporate finance. He will report to Amy Butte, chief financial officer and executive vice president, corporate finance. Ferraro, who was most recently vice president and controller for Lehman Brothers ...

    By Stephen Taub • May 27, 2004
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    Raiding the Returns

    Although fallout from the mutual-fund trading scandals still dominates the headlines, some companies with 401(k) plans reserve their greatest ire for another issue: fees.Complaints focus mainly on the steep fund expenses that are passed on to plan participants — an average of 156 basis points for...

    By Roy Harris • May 27, 2004
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    Spitzer Sues Grasso, NYSE, and Former Director

    New York Attorney General Eliot Spitzer sued former New York Stock Exchange chairman and chief executive officer Richard Grasso, a former NYSE director, and the exchange. By awarding Grasso an excessive compensation package, the parties violated the state’s not-for-profit corporate law, Spitzer c...

    By Stephen Taub • May 25, 2004
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    Sarbanes-Oxley Forces Options Exercise

    A number executives at Dominion Resources Inc. have exercised stock options so they can repay bank loans that can’t be extended because of a Sarbanes-Oxley provision.Under Section 402 of the act, corporations are barred from making personal loans to officers or directors. The Richmond, Virginia-b...

    By Stephen Taub • May 24, 2004
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    Microsoft Cuts Health Benefits

    Even Microsoft Corp. is cutting costs. The software giant, which has more than $65 billion in cash and short-term investments, is hoping to save $80 million per year by reducing prescription-drug benefits and employee stock discounts, according to the Associated Press.The cuts will “better align ...

    By Stephen Taub • May 24, 2004
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    Cisco and FASB: Options Showdown

    On March 31, the Financial Accounting Standards Board issued a proposed rule that would require companies to expense the value of employee stock options. As of last week, FASB had received 2,600 comment letters — more than two-thirds of them from employees of Cisco Systems.About 1,800 Cisco emplo...

    By Craig Schneider • May 24, 2004
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    But Can You Teach It?

    Applications to business schools are down this year — at least in America, where management education was born and where business schools still award about 85% of the world’s business degrees. Kenneth Dunn, dean of Carnegie Mellon’s Tepper School of Business, says that applications for the full-...

    By Economist Staff • May 21, 2004
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    CFOs on the Move

    As part of a large management shakeup, Delta Air Lines named Mike Palumbo executive vice president and chief financial officer. He will be responsible for financial planning services, financial control, treasury, investor relations, tax, risk, supply chain, corporate real estate, profit improveme...

    By Stephen Taub • May 21, 2004
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    Apparel Maker CFO’s Background Unravels

    The background of Mossimo Inc.’s new chief financial officer is being questioned by his former colleagues as well as investors, according to The Wall Street Journal.When he was hired by the apparel company, Mali Shrinivas was praised by Mossimo for his “broad financial experience, particularly in...

    By Stephen Taub • May 21, 2004
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    Worst Day Ever

    In the fall of 2000, Janice DiPietro was feeling great. After reviewing her start-up company’s numbers with its lead private-equity investor, she was eagerly anticipating a new infusion of capital in two weeks. DiPietro planned to use the funds to help the software company add company expand a ne...

    By Kate O'Sullivan • May 21, 2004
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    Bonuses Not Limited in Massey Vote

    At the recent annual meeting of Massey Energy Co., shareholders officially “opposed” a proposal that would have given them the right to limit bonuses paid to company executives, according to the Associated Press. This was the second straight year that the measure was defeated, the wire service po...

    By Stephen Taub • May 20, 2004
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    Lights Out for Three Energy Executives

    Three top executives of DPL Inc., the parent of Dayton Power and Light Co., will leave the company after investigators hired by its audit committee issued a report criticizing upper management.In a press release, DPL announced the resignations of group vice president and interim chief financial o...

    By Stephen Taub • May 19, 2004
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    Is Finance Strategically Challenged?

    Despite high hopes among top managers that finance departments can buttress corporate decision-making and strategic planning, finance hasn’t been up to snuff.That’s one key takeaway from a just-released study by Accenture that looks at corporate aspirations for their finance departments — and how...

    By David Katz • May 19, 2004
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    House Approves Health-Account Carryovers

    The House of Representatives has passed a bill allowing employees to carry over up to $500 of unused money in flexible spending accounts (FSAs) from year to year.FSAs enable workers to withhold pre-tax funds from their salary, enabling them to immediately save money on their taxes. They can use t...

    By Stephen Taub • May 17, 2004
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    CFOs on the Move

    Caesars Entertainment Inc. said executive vice president and chief financial officer Harry Hagerty submitted his resignation, effective May 12. The company named senior vice president and controller Wesley Allison as interim CFO.Hagerty said he decided to resign as he entered the final year of hi...

    By Stephen Taub • May 14, 2004
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    How to Outsource Yourself to Your Former Employer

    Jon Lieb was working as the communications manager for The Greenberg Group, a real-estate-consulting firm in Long Island, New York, when a few people in quick succession asked if he was available for some freelance work. It made him think the time could be right to go out on his own.Working for h...

    By Eileen Gunn • May 14, 2004
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    More Restricted Stock for More CEOs

    Restricted stock is playing a major role in CEO compensation, two recent studies have found.An analysis by the Corporate Library, a governance group, found that the median total compensation of Standard & Poor’s 500 chief executive officers rose by more than 27 percent last year, to $4.6 mill...

    By Stephen Taub • May 14, 2004
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    Forget Black-Scholes?

    Let the mudslinging begin — again. No, we’re not talking about the Presidential campaign. We’re talking about the latest battle over the Financial Accounting Standards Board’s plan to require companies to treat employee stock options as an expense. Now that the long-awaited proposal is out, corpo...

    By Craig Schneider • May 7, 2004
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    Make Room for Daddy

    Now here’s a different kind of bond issue. In a controversial vote in 2002, the California legislature passed SB 1661, better known as the Paid Family Leave Act. Under the legislation, both male and female employees in California can take up to six weeks of paid leave to spend time with newborn o...

    By John Goff • May 7, 2004