Human Capital: Page 162

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    Viacom CFO Receives $5.5 Million Bonus

    Viacom senior executive vice president and chief financial officer Richard Bressler received a $5.5 million bonus last year.This was certainly no surprise to the executive or to other followers of the media giant. Bressler, who joined the company in March 2001 and became CFO two months later, has...

    By Stephen Taub • April 19, 2004
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    CFOs on the Move

    Toys “R” Us has named Raymond Arthur as chief financial officer. Arthur, who joined the company in 1999 as vice president and corporate controller, became senior vice president and CFO for Toysrus.com in 2000, and was named president in 2002. In November, the Wayne, New Jersey-based retailer anno...

    By Dave Cook • April 16, 2004
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    One Giant Leap for Pension Returns

    A survey of 100 of the nation’s largest defined-benefit pension plans revealed an average return on assets of nearly 20 percent in 2003.But watch your back, Alan Greenspan. The annual survey, by consultancy Milliman, also determined that the funded status of those plans improved only slightly bec...

    By Craig Schneider • April 16, 2004
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    Acquired Tastes

    If you’re the CFO of a company being acquired, chances are your salary—and the salaries of your staff—are among the savings promised to shareholders in the wake of the deal.But that doesn’t mean you can put your feet up on the desk and wait for a pink slip. Far from it. In many cases, the target-...

    By Kris Frieswick • April 16, 2004
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    Short-Term Payoff for HR Outsourcing

    Outsourcing human-resources processes can save dollars in the short term, but HR’s long-term goals seem more elusive.A recent survey by Towers Perrin was combined with face-to-face interviews to elicit responses from 32 companies — 26 of them Fortune 500 members — that outsource five or more HR p...

    By Craig Schneider • April 15, 2004
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    Board Cash Compensation Rising

    This can be a stressful time to be a member of a board of directors. This can be a very lucrative time, too.Of course, director compensation reflects market realities. Directorships have become more demanding in the wake of Sarbanes-Oxley; the supply may be reduced as many people are unwilling or...

    By Craig Schneider • April 14, 2004
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    DuPont Cost Cuts Include 3,500 Jobs

    DuPont Co., second only to Dow Chemical Co. among U.S. chemical manufacturers, announced Monday that it would cut 3,500 jobs, or 6 percent of its workforce, according to wire service reports.The job reductions are expected to contribute $325 million in annual savings, reported the BBC News web si...

    By Dave Cook • April 13, 2004
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    CFOs on the Move

    The Student Loan Corp. named Daniel P. McHugh as its chief financial officer. He had been CFO of Citigroup Central Europe in its corporate and consumer businesses in the Czech Republic, Slovakia, Hungary, Romania, and Bulgaria as well as in its consumer business in Poland.TV-station owner Paxson ...

    By Stephen Taub • April 9, 2004
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    First Call Sheds Its Public Persona

    Chuck Hill’s insights on the impact of restructurings on corporate earnings were sought by everyone from Congress to CFO magazine. The veteran director of research for Thomson Financial First Call just never expected to experience it firsthand.That changed on March 2, when the struggling unit of ...

    By Lori Calabro • April 9, 2004
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    Bouncing Back

    Is this a jobless recovery or what? As economists debate the matter, finance executives are learning firsthand that for them, anyway, opportunities aren’t what they used to be.While there are no figures on how many CFOs are unemployed at any given time, Financial executives International Executiv...

    By Kate O'Sullivan • April 9, 2004
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    Malfeasance Insurance

    The mutual-fund industry contends that the fast-spreading allegations of improper trading at fund companies should not worry the approximately 400,000 corporate sponsors of 401(k) plans. But worry they do.That, at least, is the conclusion of a new survey by CFO magazine, in which a full 86 percen...

    By Roy Harris • April 8, 2004
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    Slipping Through the ‘Net

    Despite the millions of dollars companies have poured into online investment tools, a new study by consulting firm Greenwich Associates reveals that only 35 percent of employees are using them to manage their 401(k) plans.Many employees shun online resources in large part because retirement plann...

    By Kate O'Sullivan • April 7, 2004
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    DaimlerChrysler First to ”Opt Out”

    DaimlerChrysler AG became the first company to announce that it will no longer reward its executives with options since the Financial Accounting Standards Board proposed last week that companies expense this form of compensation.A company spokesman told Reuters that Juergen Schrempp, DaimlerChrys...

    By Stephen Taub • April 6, 2004
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    Down to a Trickle

    Four years after the new economy ran out of gas, are companies finally ready to abandon fixed-price stock options? The impact of expensing, underwater options, and shareholder attempts to block companies from issuing new shares appear to be driving many to do so.A new survey conducted by Deloitte...

    By Don Durfee • April 6, 2004
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    Finance Execs Cash In on Options

    John Remondi, executive vice president for corporate finance of SLM, better known as Sallie Mae, earned more than $9.3 million last year from exercising stock options and then selling the underlying shares. He also received a $300,000 salary and a bonus of $600,000, more than double the prior yea...

    By Stephen Taub • April 5, 2004
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    CFOs on the Move

    Computer Associates International, which has let most of its senior managers go in the past few months, named Jeff Clarke executive vice president and CFO.The software giant, currently being investigated for its accounting practices, said Clarke will replace Douglas Robinson. The latter has serve...

    By Stephen Taub • April 2, 2004
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    Building Your ”Kitchen Cabinet”

    Early in the administration of President Andrew Jackson, he began to meet regularly with an unofficial, intimate group of advisors that came to be known as his “Kitchen Cabinet.” Although Jackson continued to rely on department heads to carry out the duties of their offices, he turned to his Kitc...

    By Lisa Yoon • April 2, 2004
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    Mutual Fund Trying to Cap Gap Pay

    An institutional investor is hoping to cap the salary of Gap Inc. CEO Paul Pressler at $1 million. Last year, Pressler received a salary of $1.5 million and a bonus of $3.1 million.The institutional shareholder, a mutual fund dubbed United Association S&P 500 Index Fund (UAIF), has sponsored ...

    By Stephen Taub • April 1, 2004
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    Conseco CFO Earned $8.6 Million

    Conseco’s recent climb out of bankruptcy didn’t stop the $1.5 billion financial-services company from shelling out big bucks to its top finance executives.According to its recently released proxy, Conseco—which emerged from Chapter 11 protection in September 2003—paid CFO Eugene Bullis more than ...

    By Stephen Taub • April 1, 2004
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    DÉjÀ Judy

    If recent allegations against Royal Dutch/Shell Group CFO Judith Boynton are true—that she knew about massive shortfalls in the company’s oil and gas reserves two years before they were made public—then, say some, it wouldn’t be the first time she helped keep potentially material information unde...

    By CFO Editorial Staff • April 1, 2004
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    Three Companies Delay 10-K Filings

    At least three companies that sought 15-day extensions for filing their 2003 annual results said they need more time.For one company, Sonus Networks, the filing delay is likely to have serious consequences. The company expects to be delisted from Nasdaq because it won’t be in compliance with fili...

    By Stephen Taub • March 31, 2004
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    Your Place or Mine?

    As a CFO in these still uncertain economic times, imagine saving $3,000 per employee per year. And lopping $71 million off your real estate bill. Oh, and how about a 4 to 12 percent boost in employee productivity?Sound good? Those are some figures thrown around by advocates of telecommuting, or, ...

    By Doug Bartholomew • March 31, 2004
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    CEOs Enjoy Big Jump in Cash Pay

    A just-released study has revealed that the chief executive officers for S&P 500 companies received median cash compensation last year of slightly more that $2 million, according to Reuters.Equilar, which analyzes compensation data, examined figures for the 223 companies in the Standard &...

    By Stephen Taub • March 30, 2004
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    CFOs on the Move

    Hercules Inc. finally has a chief financial officer. After operating without a CFO since George MacKenzie retired in July 2001, the chemical giant named Allen Spizzo to the position. Spizzo has been with the company for 25 years, most recently serving as vice president for corporate affairs, stra...

    By Stephen Taub • March 26, 2004
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    More Big Paydays for Finance Chiefs

    Comcast Corp.’s co-chief financial officers did very well last year, in large part from two different options programs.Lawrence Smith, co-CFO and executive vice president, earned $561,334 on Comcast options and more than $4.7 million on QVC options. This includes amounts realized with respect to ...

    By Stephen Taub • March 26, 2004