Human Capital: Page 191

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    Good Chemistry

    There seems to be some positive chemistry between Erich Hunziker and Swiss drugs and diagnostics group Roche Holding AG. Hunziker was selected to be the company’s new chief financial officer, replacing Anton Affentranger who was canned in May, just a day after archrival Novartis AG acquired a 20-...

    By Jennifer Caplan • Aug. 10, 2001
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    Beyond Recognition

    Q: I have two companies within the same division. One does petrochemical projects for lump sums, and the other is a construction outfit involved in long-term projects.I believe that the first business can recognize revenue along the project based on progressive cost spending, and other group can ...

    By CFO Editorial Staff • Aug. 10, 2001
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    Flying Colors

    Larry Pitorak, CFO and treasurer at Cleveland-based paint maker Sherwin-Williams Co., has decided to jump ship after twenty-eight years with the company. Sean Hennessy, the former vice president and controller of the consumer group, will succeed him. Pitorak’s departure comes only weeks after com...

    By Jennifer Caplan • Aug. 9, 2001
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    When Deductions Are Additions

    As Americans start receiving their government rebate checks this month, thanks to President Bush’s $1.3 trillion tax cut, corporate retirement plan sponsors find themselves sifting through a slew of new pension provisions that are also part of the bill, and that could completely reshape plan desi...

    By Stephen Barr • Aug. 9, 2001
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    Checking In

    Checkers Drive-In Restaurants Inc., a Clearwater, Fla.- based fast food restaurant chain with stores in the Southeast and Midwest, checked David Koehler in as its new chief financial officer. Koehler, who was formerly vice president of finance at Pinnacle Towers, a wireless telecommunications spa...

    By Jennifer Caplan • Aug. 8, 2001
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    Bridging the Gap

    P. Andrew Bilbao graduated from an MBA program and went to work at a large New York investment bank ten years ago. One day, a vice president of the bank walked into the office shouting: “Who here is an MBA? I have a job for an MBA!” Bilbao was ready to step forward, but another recent graduate vo...

    By Joseph McCafferty • Aug. 8, 2001
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    Clicking On Up

    Bruce Dalziel is clicking through the finance chain at Internet marketing and advertising company DoubleClick Inc. Managers at the company — which has been hit hard by a nasty decrease in online ad spending — announced that CFO Stephen Collins will be stepping down on August 10. Dalziel, currentl...

    By Jennifer Caplan • Aug. 7, 2001
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    Ready To Play

    Brent Willman apparently came up with the right answers. Game Show Network, a Culver City, Calif.-based programming service, which is jointly owned and operated by Sony Pictures Entertainment and Liberty Digital Inc., appointed Willman to the newly created position of SVP and CFO. Willman, who wi...

    By Jennifer Caplan • Aug. 6, 2001
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    Covad’s Perry Goes Offline

    Covad Communications Group Inc. said CFO Mark Perry is leaving to pursue other interests. The announcement comes a month after the Santa Clara, Calif.-based Internet access provider’s delisting from the Nasdaq stock market. Perry’s duties will be split among four finance executives.It’s a Dun dea...

    By CFO Editorial Staff • Aug. 3, 2001
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    Chinese Takeout

    Q: What is the resulting tax of combining legal entities? Our U.S.-based business currently has three legal entities in China and is investigating merging the three to one. Is there a tax impact of going to one entity?M.C.Charlotte, N.C.The U.S. tax consequences of the restructuring and reorganiz...

    By CFO Editorial Staff • Aug. 3, 2001
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    Sure Thing

    Gladwyne Software Surety named Richard Hinckley to the CFO post. Hinckley joins the King of Prussia, Pa.-based IT-risk- management firm from Kemper Insurance Cos., where he was an SVP responsible for starting the companies Risk Finance operations. Before joining Kemper, Hinckley was with Cigna Pr...

    By CFO Editorial Staff • Aug. 2, 2001
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    Rev It Up

    TRW, the Cleveland-based auto parts and aerospace technology company, named Robert H. Swan, the former chief executive officer of online grocer Webvan Group Inc., as its new CFO and executive vice president. Swan joined Webvan in October 1999 as VP of finance and later served as CFO and chief ope...

    By Jennifer Caplan • Aug. 1, 2001
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    What’s The Buzz?

    Searching for clues to predict your company’s near-term stock price movement? Consider tracking the stock option exercises of lower-level employees. A new study suggests that in the aggregate, low-rung employees foretell accurate stock price movement through these decisions. It takes six months f...

    By Marie Leone • Aug. 1, 2001
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    The Out Door

    You’ve been named VP of strategic planning: Is it a promotion or your last hurrah? It depends on what your last job was. When a CFO gets “promoted” to VP of strategy, or a similar role, it’s often a thinly veiled segue to retirement.“It’s generally a step out,” says E. Peter McLean, who heads The...

    By CFO Editorial Staff • Aug. 1, 2001
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    For the Record

    Roxio Inc., a Milipitas, Calif.-based maker of CD-burning software, promoted Elliot Carpenter to the top finance post. Carpenter was the company’s VP of finance and played a major role in Roxio’s spin-off from Adaptec Inc.Celestry Design Technologies Inc. named Charles O. Thompson III CFO. Thomps...

    By CFO Editorial Staff • July 31, 2001
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    Squeezed HMOs Asking Employers for 20 Percent Premium Hikes

    If you haven’t yet negotiated rate renewals on your insured health maintenance organization plans, you may be in for an unpleasant surprise. Employers who have already dipped their toes in the water have, in fact, gotten the bad news: In a time of low inflation, HMO premiums are heading straight ...

    By David Katz • July 30, 2001
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    Telecom CFO Jumps Ship After Deal Falls Through

    Teligent CFO Norman Klugman didn’t take too long to react to the news.A Washington Post article late last week reported that IDT Corp. was backing out of a deal to buy the cash-strapped telecommunications firm and that CEO Yoav Krill would be leaving as a resultNow comes the official word not onl...

    By Ed Zwirn • July 30, 2001
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    Cashless Severance

    American Express Co. is laying off another 4,000 to 5,000 people. JDS Uniphase is laying off another 7,000 people. Hewlett-Packard is canning 6,000. Lucent is cutting another 20,000 or so. The steady drumbeat of layoffs continues week after week, with few signs of a letup.And wherever layoffs tak...

    By Lisa Yoon • July 30, 2001
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    American Express Exec. Out Over Junk Bond Fiasco (updated)

    Early retirement may not be all it’s cranked up to be, at least not for Stuart Sedlacek, the 43-year-old CFO of American Express Co.‘s Minneapolis-based financial advisors arm.Reports indicate that the move in Sedlacek’s case is less than voluntary.The company, in a story broken by The Wall Stree...

    By Ed Zwirn • July 27, 2001
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    Parental Duty

    Q: How does the tax treaty between the U.K. and the U.S. work with regard to a U.K. subsidiary wholly owned by a U.S. entity? Does the U.S. entity get to use the U.K. taxes paid as a credit on its tax return?Name WithheldChicagoYes, in general, U.K. taxes can be claimed as a credit on the U.S. pa...

    By CFO Editorial Staff • July 27, 2001
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    Energy Firm Changes CFOs Following STRONG Earnings

    In a reverse of the usual “CFO change after earnings dissapointment” scenario, Halliburton Co., the Dallas, Tex.-based oilfield service headed by Vice President Richard Cheney until last year, has named a new CFO just ahead of what analysts are counting as a strong earnings report.Douglas L. Fosh...

    By Ed Zwirn • July 26, 2001
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    Calif. Firm Names New CFO After Bookkeeping Scandal

    Still reeling from accusations of bookkeeping irregularities, California Amplifier, a Camarillo, Calif.-based firm, has named Richard Vitelle as CFO, replacing Michael Ferron, who resigned last month, shortly after the firm resumed trading on the Nasdaq Stock Market after a nine-week hold.On Marc...

    By Ed Zwirn • July 25, 2001
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    Policyholders Approve Principal Group Changeover to Stock Company

    Principal Financial Group, one of the biggest 401(k) services providers, and a life insurer, reported today that 92 percent of the Principal Mutual Holding Company’s eligible policyholders who voted approved its plan to convert into a stock company.See how Principal’s CFO is preparing for the dem...

    By CFO Editorial Staff • July 25, 2001
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    Despite Medical Inflation, Most Employers Offer Health-Promotion Programs, Study Finds

    Despite big health-care cost hikes and the economic downturn, and new legislative regulations,92 percent of U.S. companies offer some kind of health promotion program, increasing from 88 percent in 1995, a new study finds.The study of 1,020 companies, which was done by Hewitt Associates, the Linc...

    By CFO Editorial Staff • July 24, 2001
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    Former Merrill CFO Now COO, President (Updated)

    Merrill Lynch has promoted Stanley O’Neal, who had been president of its private client group, to president and COO.The move puts O’Neal, who was CFO of the brokerage from 1998 to 2000, in line to succeed CEO David Komansky when he retires in 2004.As president and COO, the 49-year-old O’Neal move...

    By Ed Zwirn • July 24, 2001