Human Capital: Page

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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
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    Nortel Puts CFO, Controller on Leave

    Nortel Networks Corp. put its chief financial officer, Douglas Beatty, and its controller, Michael Gollogly, on paid leaves of absence. The suspensions are part of an investigation into the circumstances leading up to the company’s restatement announced in October.Last week the company said it wi...

    By Stephen Taub • March 16, 2004
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    More CFOs Get Rich on Options

    Exercised stock options continue to play a big role in the compensation gains of top finance executives, as detailed in proxy filings with the Securities and Exchange Commission.For example, last year W. Thomas Forrester, vice president and CFO at insurance company Progressive Corp., earned $5.5 ...

    By Stephen Taub • March 15, 2004
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    Fly out of That Pigeonhole

    Once there was a finance manager who worked hard and consistently met expectations. Eventually he ascended to become a divisional head of financial planning and analysis. As he steadfastly pursued excellence in fulfilling the requirements of his job, the manager became the go-to person whom senio...

    By Lisa Yoon • March 12, 2004
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    CFOs on the Move

    Waste Management Inc. named former CFO David Steiner as its new chief executive officer. Steiner succeeds Maurice Myers, who will remain Waste Management’s chairman until November 2004. Prior to serving as finance chief, Steiner was senior vice president and general counsel.Robert Simpson, Waste ...

    By Stephen Taub • March 12, 2004
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    Big Paydays for Three CFOs

    Last year seems to be stacking up as an excellent one in terms of the compensation of finance chiefs at big-name companies. Merrill Lynch CFO Ahmass Fakahany, for instance, earned about $10 million last year — including roughly $5.3 million bonus and $4.4 million in restricted stock — he is far f...

    By Stephen Taub • March 11, 2004
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    Banks Paying Top Compensation Dollars

    It’s becoming increasingly clear that brokerage firms and banks were among the best places to be a top executive in 2003, at least from a compensation standpoint.According to the proxies flying off the printing presses in anticipation of the heavy annual-meeting season, finance and other top exec...

    By Stephen Taub • March 9, 2004
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    NYSE Directors Probed on Grasso’s Pay

    The Securities and Exchange Commission has issued subpoenas to every New York Stock Exchange director who served during Richard Grasso’s eight years as chairman and chief executive officer, according to The Washington Post.The SEC is investigating how the directors wound up approving three contra...

    By Stephen Taub • March 9, 2004
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    Four Resign over Putnam 401(k) Error

    Putnam Investments, the embattled money-management giant, asked four employees, including one senior executive, to resign for not correcting an accounting error that cost a company’s retirement plan $1.5 million, according to USA Today.Putnam failed to immediately invest the entire $1 billion in ...

    By Stephen Taub • March 9, 2004
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    The Mint Is Extra

    Business travel may be picking up, but some hotels still boost revenues by tacking unexpected and sometimes ludicrous charges onto bills, according to ongoing research by PricewaterhouseCoopers LLP.Among the charges likely to make travelers flip out at checkout are resort fees ($15-$20), fax char...

    By Tim Reason • March 5, 2004
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    CFOs on the Move

    Philip Ryan has resigned as chief financial officer of Credit Suisse Group, effective sometime this summer. He has held the position for 5 of his nearly 20 years with the financial services giant, which credited Ryan for completing its three-year transition to U.S. GAAP as its primary accounting ...

    By Stephen Taub • March 5, 2004
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    Take-Two Chairman Earnings Top $4.6 Million

    The chairman of video-game publisher Take-Two Interactive Software Inc., which is facing possible civil charges for its accounting practices, earned more than $4.6 million in 2003.In 2003 Ryan Brant received a salary of $752,884 and a bonus of more than $2.9 million, and he netted more than $1 mi...

    By Stephen Taub • March 4, 2004
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    Alien Nation

    With an estimated 8 million to 10 million undocumented workers in the United States, many businesses are hailing President Bush’s recently proposed “temporary-worker program” as a much-needed step in the right direction. The measure would grant temproary legal status for illegal immigrants alread...

    By Kate O'Sullivan • March 4, 2004
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    Bear Stearns CFO Earned Nearly $11 Million

    Bear, Stearns chief financial officer Samuel Molinaro Jr. took home more than $10.8 million last year.As is the custom at the investment bank, the executive’s salary was just $200,000. However, Molinaro received a bonus of more than $5.3 million, about 25 percent higher than last year. He also re...

    By Stephen Taub • March 2, 2004
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    A Few Good Lawyers

    The Securities and Exchange Commission received $30 million less than it requested from Congress this year, putting its new budget of $811.5 million roughly 15 percent above last year’s. Is Congress starving the securities watchdog? Not quite. The real problem is that the agency can’t spend money...

    By Alix Stuart • March 2, 2004
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    Another Inside Job?

    The New York Stock Exchange continued to shake up its executive suite last month, naming Amy Butte executive vice president and finance chief upon Keith Helsby’s retirement in April. Most recently chief strategist and CFO of Credit Suisse First Boston’s financial-services group, the 36-year-old B...

    By CFO Editorial Staff • March 1, 2004
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    Cashing In on Rising Stocks

    As proxies fly off the printing presses for the spring annual meeting season, it is becoming very apparent that some top executives took advantage of last year’s stock market rally to cash in on stock options.United Technologies CFO Stephen Page made more than $11.1 million from exercising option...

    By Stephen Taub • March 1, 2004
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    Going Public

    No matter the business model, most executives spend their careers striving for revenue growth and profitability. but in the public sector, the definition of success is not so clear. From balancing the needs of varied constituencies to working through the political process, CFOs of public-sector o...

    By Kate O'Sullivan • March 1, 2004
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    A Fine Balance

    Andrew Fastow, the disgraced CFO of Enron, possessed a masters in business administration degree. It was a prestigious one, to boot, from Kellogg Business School at Northwestern University in the US. He never became an accountant. Sherron Watkins, the woman who blew the whistle on the Enron scand...

    By Cesar Bacani • Feb. 27, 2004
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    CFOs on the Move

    Duke Energy’s board of directors elected David Hauser group vice president and chief financial officer, effective immediately. Hauser, who has spent 30 years with Duke, had been serving as acting CFO since November.Abercrombie & Fitch Co. named Susan Riley chief financial officer. Most recent...

    By Stephen Taub • Feb. 27, 2004
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    IBM’s New Underwater Options

    IBM announced a new executive stock option plan that doesn’t guarantee recipients an immediate profit. The strike price for these options will be set at 10 percent above the market price on the day they’re granted, reports the Associated Press.The new plan, which applies to chairman and chief exe...

    By Stephen Taub • Feb. 26, 2004
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    New TXU Chief Is Former Entergy CFO

    TXU Corp. named former Entergy Corp. executive vice president and chief financial officer C. John Wilder as its president and chief executive, effective immediately.He succeeds Erle Nye, who is stepping down as chief executive but will continue as chairman of the board of the Dallas-based utility...

    By Stephen Taub • Feb. 24, 2004
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    Merging Banks Planning Big Paydays

    The planned merger between JPMorgan Chase and Bank One is clearly a combination of equals when it comes to the compensation of the two top executives.According to documents filed last week with the Securities and Exchange Commission, JPMorgan Chase chairman and chief executive William Harrison Jr...

    By Stephen Taub • Feb. 24, 2004
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    Under Pressure

    Grouchy, impatient, no attention span, and a temper that can flare up unexpectedly. No doubt CFOs have seen plenty of the tell-tale symptoms of stressed-out staff, and probably even suffer personally on occasion. Let’s face it, stress levels in finance departments have always been high, especiall...

    By Rhymer Rigby • Feb. 20, 2004
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    CFOs on the Move

    DaimlerChrysler named Bodo Uebber as its new finance chief, replacing Manfred Gentz, who is retiring. Uebber, who will retain his current post as head of DaimlerChrysler Services, had been promoted to the executive board last year as the designated successor to Gentz. The move is part of a plan t...

    By Ed Zwirn • Feb. 20, 2004