Get Out in Front

In the bull market of the Clinton Administration, the role of the chief financial officer underwent a dramatic change. Long considered numbers-cops, CFOs suddenly found themselves thrust into the corporate limelight: talking to Wall Street analysts, heading up strategy committees, scouting out ac...

By Marie Leone • Aug. 14, 2002

Give Your Headhunter a Hug

According to a recent survey, recruiters are facing greater challenges in filling posts. Increased expectations from hiring companies means a longer executive search process, says a survey of 195 recruiters conducted by ExecuNet.com, an online career services center for executives and recruiters....

By Lisa Yoon • Aug. 14, 2002

What Makes CFOs Tick?

Former CFO Philip Varley still feels the pressure.But now, the tension is less about revenue recognition and more about landing his 1998 Cessna 182 on a 9,000-foot sidewalk known as Telluride Airport. The Telluride strip, which sits amid 14,000-foot mountain peaks in Colorado, offers only 6,000 f...

By Marie Leone • Aug. 13, 2002

Best Finance Chiefs: Skills or Range?

In the current issue of MIT Sloan Management Review, performance of externally hired chief executives from the same industry is compared with that of CEOs who join a business from other industry. On average, CEO performance was the same for either kind of CEO, for up to three years after the appo...

By Lisa Yoon • Aug. 13, 2002

CFOs Wanted for Boards

In the wake of an unprecedented spate of corporate malfeasance cases, prudent companies are revisiting their corporate governance practices. One of the most recent tactics: publicizing the appointment of well-regarded CFOs to boards and audit committees. That’s good news for the majority of CFOs ...

By Lisa Yoon • Aug. 8, 2002

Cisco Kid Riding Off into Sunset

Cisco Systems Inc. CFO Larry Carter is rerouting—permanently… During Tuesday’s earnings announcement, Cisco confirmed rumors of finance chief’s departure, saying Carter plans to retire next May on 60th birthday… “My goal is I would like to keep him well beyond that time period,” CEO John Chambers...

By Lisa Yoon • Aug. 7, 2002

Passing Lane

>> Trucking company Yellow Corp. unloading subsidiary SCS Transportation Inc. in spin-off of holding company of carriers Saia Motor Freight Line Inc. and Jevic Transportation Inc., scheduled for early October. Yellow’s parting gift? Yellow finance exec James J. Bellinghausen, who was named ...

By Lisa Yoon • Aug. 6, 2002

Executive Pay: Not All Pain is the Same

By one accounting, Gary Crittenden, CFO of American Express Co., last year earned more than $4.6 million, including almost $3 million in gains from exercised stock options. Yet the company’s stock price slid from $52 to $35.7 — a 31 percent decline.Likewise, former Amazon.com Inc. CFO Warren Jens...

By Joseph McCafferty • Aug. 5, 2002

2001 Versus 2000 CFO Pay: Where Are They Now?

Based on a sample of 234 CFOs at 350 of the largest public companies with revenues over $1 billion that filed corporate proxy statements between July 30, 2001 and April 5, 2002. Figures do not include “all other compensation” or “other annual compensation.” “Total annual compensation” (TAC) equal...

By CFO Editorial Staff • Aug. 2, 2002

2001 CFO Pay: The Top Ten

Based on a sample of 234 CFOs at 350 of the largest public companies with revenues over $1 billion that filed corporate proxy statements between July 30, 2001 and April 5, 2002. Figures do not include “all other compensation” or “other annual compensation.” “Total annual compensation” (TAC) equal...

By CFO Editorial Staff • Aug. 2, 2002

2001 CFO Compensation at a Selection of Major Companies

Based on a sample of 234 CFOs at 350 of the largest public companies with revenues over $1 billion that filed corporate proxy statements between July 30, 2001 and April 5, 2002. Figures do not include “all other compensation” or “other annual compensation.” “Total annual compensation” (TAC) equal...

By CFO Editorial Staff • Aug. 2, 2002

2001 CFO Pay: CFOs Vs. CEOs

Based on a sample of 234 CFOs and 355 CEOs at 350 of the largest public companies with revenues over $1 billion that filed corporate proxy statements between July 30, 2001 and April 5, 2002. Figures do not include “all other compensation” or “other annual compensation.” “Total annual compensation...

By CFO Editorial Staff • Aug. 2, 2002

A Sound Choice

>> Yoshiyuki Honda indulging his yen for hi-fi as new CFO of D&M Holdings Inc., joint venture of Japanese audio-video equipment manufacturers Denon Ltd. and Marantz Japan … Honda responsible for finance, administration, legal, information technology, and investor relations …Honda joinin...

By Lisa Yoon • Aug. 1, 2002

Executive Compensation

Last year, Gary Crittenden, CFO of American Express Co., earned more than $4.6 million, including almost $3 million in stock options. Yet the company’s stock price slid from $52 to $35.7–a 31 percent decline. Former Amazon.com Inc. CFO Warren Jenson reaped a cash bonus at the end of 2001 worth mo...

By Joseph McCafferty • Aug. 1, 2002

Interim CFOs: Acting the Part

At 33, Michael Petrullo knew he was still a little too wet behind the ears to take on the permanent CFO role at Kroll Inc., a New York- based security consultancy. The company had just emerged from a messy divorce with an ill-conceived merger partner, and although Petrullo had been instrumental i...

By Joseph McCafferty • Aug. 1, 2002

Pay for Nonperformance?

In the mid-1990s, when the Financial Accounting Standards Board proposed that the cost of employee stock options be reflected on corporate income statements, the accounting standards-setting body nearly had its head handed to it.Business leaders and Washington politicians like Sen. Joseph Lieberm...

By Andrew Osterland • Aug. 1, 2002

Honey, I Shrunk the 401(k)

That rumbling sound you hear in the distance is the growing chorus of very disgruntled employees who now realize that 401(k) account balances can shrink as well as grow — and who have discovered that they’re not very good at managing them, anyway. They’re calling for a return of the old-fashioned...

By Kris Frieswick • Aug. 1, 2002

Model Flyers

CFOs On The Move Rob Doty, CFO of shell-shocked energy trading firm Dynegy Inc., resigns, sending shares down 10 percent on the news…. Jeffrey C. Campbell named SVP of finance and CFO of American Airlines, replacing Thomas W. Horton. Horton takes SVP and CFO spots at AT&T Corp., succeeding Ch...

By CFO Editorial Staff • Aug. 1, 2002

Careful with that Ax

Having survived many layoffs during her years at Wang Laboratories, MetraTech Corp. CFO Christine J. Cox knew plenty about how not to make staff cuts. So she was ready when one became necessary at her current company last June. “I’ve seen far too many small layoffs done over a period of months,” ...

By Alix Stuart • Aug. 1, 2002

Nice Work If You Can Get It

The days of wine and roses — and gold-plated dental floss — may finally be over for high-profile finance chiefs.According to the CFO.Com/Mercer CFO Compensation Survey, compensation growth for upper-echelon finance chiefs leveled off last year. In fact, total median compensation for CFOs in the s...

By David Katz • July 31, 2002

Vocation, Vocation, Vocation

>> Marsha Williams snagged hot property with appointment to EVP and CFO posts at Equity Office Properties Trust, largest U.S. office building owner. Williams’s last job was chief administrative officer for home-furnishings retailer Crate & Barrel… During her tenure, Crate & Barrel n...

By Lisa Yoon • July 31, 2002

Report: Defrocked Also Defrauded

>> In this year of living scandalously, a scandal was bound to emerge involving a CFO of the Catholic church… The diocese of Palm Beach, Fla., disclosed that bishops disgraced in sexual-abuse allegations brushed under carpet the matter of $400,000 embezzlement by finance director… According...

By Lisa Yoon • July 30, 2002

Taking on the World

>> Flailing in a world of hurt, WorldCom Inc. tapped not one but two turnaround artists in hopes of rescue … Bankrupt telco appointed John S. Dubel chief financial officer and Gregory F. Rayburn chief restructuring officer … The duo will head WorldCom’s restructuring, including negotiating ...

By Lisa Yoon • July 29, 2002

Is Your Pension Plan Flush Enough?

Here’s more proof that the bull market is officially over.For years, corporations have sat on overfunded pension funds thanks to stock prices that rose much more than actuaries had predicted. In fact, corporate raiders even tried to get their shark fins on this stash.Alas, now after more than two...

By Stephen Taub • July 26, 2002

I’m OK, Your 401(k)?

With a two-year decline in stock prices — particularly the mass sell-off of the past two weeks — it appears that some workers are starting to have serious doubts about their retirement investments.To wit: on July 23 transaction activity in 401(k) accounts was about three times normal levels. Acco...

By Stephen Taub • July 26, 2002