Human Capital: Page

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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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    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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    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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    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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    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
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    Goin’ to the Chapel

    Since 1982, when the Village Voice offered domestic-partner benefits to its employees, some 41 percent of the Fortune 500, along with thousands of smaller companies, have followed suit, according to the Human Rights Campaign. But in the wake of a recent Massachusetts Supreme Judicial Court ruling...

    By Kate O'Sullivan • March 26, 2004
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    Paring HR Costs, Preserving Expertise

    Companies looking to reduce their labor costs and older employees looking to reduce their hours seem to have an interest in common. Likewise, companies that hope to preserve the expertise of their most experienced workers share an interest with employees who aren’t ready to stop working altogethe...

    By Stephen Taub • March 25, 2004
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    Bank of America Names Finance Team

    Bank of America, which is preparing to close on its acquisition of FleetBoston Financial Corp., named a new chief financial officer as well as a treasurer.Marc Oken will become CFO, reporting to James Hance, who is relinquishing the CFO title but will continue as vice chairman. Oken, whojoined Ba...

    By Stephen Taub • March 24, 2004
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    Options Figured Big for Many CFOs

    Reebok chief financial officer Kenneth Watchmaker may have received a 2003 bonus that was 37 percent smaller than the year before, but he also made nearly $7.8 million from exercising stock options and selling the underlying shares. Altogether, he earned more than $9.1 for the year.Guidant CFO Ke...

    By Stephen Taub • March 24, 2004
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    New Designs for Options Plans

    As the Financial Accounting Standards Board moves closer to requiring that companies expense the value of stock options, more and more large businesses are moving away from this form of compensation for their top.In a study by compensation consultancy Pearl Meyer & Partners — which examined 5...

    By Stephen Taub • March 23, 2004
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    Applebee’s CFO Establishes Option Plan

    Applebee’s International Inc. announced that chief financial officer Steve Lumpkin has established a plan to manage the exercise and sale of certain non-qualified stock options.Under SEC Rule 10b5-1, employees can adopt written plans to sell shares on a regular basis, regardless of any subsequent...

    By Stephen Taub • March 22, 2004
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    CFOs Pulling in the Big Bucks

    Last year chief financial officers and other top executives at financial services companies may have been the highest earners as a group. But a number of finance execs at old-line, industrial companies made some big bucks as well.Stephen Chazen, CFO of Occidental Petroleum, enjoyed a package wort...

    By Stephen Taub • March 22, 2004
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    CFOs on the Move

    California Pizza Kitchen Inc. named Susan M. Collyns chief financial officer. She joined the company in 2001 as its controller and was named chief accounting officer in January 2004.City National Corp. announced that chief financial officer Frank Pekny will relinquish his day-to-day responsibilit...

    By Stephen Taub • March 19, 2004
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    Dollar General Settles; CFO Departs

    Discount retailer Dollar General announced that it has settled charges by the Securities and Exchange Commission regarding the restatement of its 1998 and 1999 financials and certain unaudited financial information for fiscal year 2000.The company added that chief financial officer James Hagan wi...

    By Stephen Taub • March 17, 2004