Human Capital: Page 193

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    Package Deal

    Graphic Packaging International Corp. named Luis E. Leon to the top finance post. Leon joins the Golden, Colo.-based firm, which makes folding cartons for food and beverage consumer- products companies, from metal-products firm GS Industries Inc., where he was EVP and CFO, EVP of mining products,...

    By CFO Editorial Staff • July 2, 2001
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    The Workplace

    Slowdown or no, CFOs may have to factor Starbucks coffee bars into their next budget if they hope to attract and retain experienced IT professionals. Office amenities–including everything from on-site day- care centers to a concierge who picks up dry cleaning for employees working late–will becom...

    By Joan Urdang • July 1, 2001
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    Belt Tightening

    Is it really a vacation if your boss orders you to go? And is it possible that such an order might actually foreshadow a layoff? In a “cost-cutting move” that preceded its disappointing fourth-quarter revenue prediction, Sun Microsystems Inc., in Palo Alto, Calif., told 38,000 employees to stay h...

    By Tim Reason • July 1, 2001
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    CEO Due Diligence

    Having come from Cendant Corp.–which he joined as finance chief in 1998, after fraud was discovered at the conglomerate–David Johnson took special care when he began looking for a new job this year. You want to “join a team of people you can trust, and who do business the same way you do,” he say...

    By Alix Stuart • July 1, 2001
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    Bad Company: Former Sunbeam Execs Getting Buzzed by the ”Chainsaw”

    BAD COMPANYFormer Sunbeam CFO Russell A. Kersh is guilty only of a longtime association with an infamous CEO, says his attorney, Donald Zakarin. Kersh and former Sunbeam CEO “Chainsaw” Al Dunlap, who have worked together at various companies for more than 15 years, were charged in May by the Secu...

    By CFO Editorial Staff • July 1, 2001
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    An Acquired Expense

    Last year, the Financial Accounting Standards Board issued FASB Interpretation No. 44, on accounting for stock options. Intended to clarify the board’s stand on options accounting under previously established rules, FIN 44 has made its biggest mark so far in the area of stock option repricing. It...

    By Hilary Rosenberg • July 1, 2001
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    It’s Not Heaven at Zions Bancorp

    Dale Gibbons announced his resignation as Zions Bancorp CFO. Last week, Gibbons was arrested for drug possession and related charges, after which the company suspended him. According to Reuters, Gibbons said in a statement that he was resigning because he “cannot effectively execute my obligation...

    By CFO Editorial Staff • June 29, 2001
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    The CFO of the Future

    Traditional accounting skills will always be in demand. What’s more, a growing number of corporate boards of directors include CFOs who can make strategic decisions based on thoughtful financial analysis. This said, CFOs will need to supplement their core skills with strong communication and tech...

    By Stephen Taub • June 29, 2001
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    Out With the Old

    Q: How is last-in-first-out reserve on the books handled after the sale of a company? We’re still showing it even after we were sold to another company. We are a U.S. company, sold to a U.K. firm. Should not the LIFO reserve be eliminated and a new basis started?Ric CalmeFairfield, OhioA: If the ...

    By CFO Editorial Staff • June 29, 2001
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    Go Team

    Dow Chemical Co.‘s Fernando Ruiz has great chemistry with CFO J. Pedro Reinhard. The former corporate director of insurance and risk management and assistant treasurer of Midland, Mich.-based chemicals firm has been named VP and treasurer effective August 1, 2001. Ruiz will continue to be respons...

    By CFO Editorial Staff • June 28, 2001
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    2000 CFO Pay: Cashing in Big-time With Options

    Nvidia Corp.’s CFO Christine B. Hoberg exercised nearly $7 million in options in the most recent fiscal year (January 2001), according to the company’s proxy. Altogether, she took home $7.2 million for the year.Hoberg received $200,000 in salary and $102,083 in bonus (that will be partially paid ...

    By Michelle Gabrielle • June 28, 2001
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    Via Satellite

    Here’s the Dish: Roxanne Austin was promoted to president of DirecTV, the satellite television unit of Hughes Electronics Corp. The former CFO of Hughes succeeds Odie Donald who left the El Segundo, Calif.-based company “to pursue other personal and professional interests.” The move comes at a ti...

    By Joseph McCafferty • June 27, 2001
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    Referral Programs Cheapest Way to Find Talent: Survey

    Eighty percent of human resources professionals responding to a new survey say that employee-referral programs are a more cost-effective recruitment tool than job-search firms.Further, 70 percent of the 586 HR professionals responding to the survey say referral plans are the most cost-effective w...

    By CFO Editorial Staff • June 26, 2001
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    A Pepsi Challenge

    Pepsi Bottling Group Inc., the largest bottler of PepsiCo Inc. drinks, named Alfred Drewes SVP and CFO. Drewes succeeds Lionel Nowell, who is leaving the Somers, N.Y.- based firm to pursue other opportunities. Drewes most recently served as SVP and CFO of Pepsi-Cola International, one of the two ...

    By CFO Editorial Staff • June 26, 2001
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    Gambling On Company Time.

    Are your employees trying to make an extra buck on company time?According to a study by Websense Inc., a San Diego-based employee Internet management company, the answer is a definite, “Yes.”There are now more than 31,000 gambling sites on the Internet, an 80 percent increase in one year, says th...

    By CFO Editorial Staff • June 26, 2001
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    How Accenture Found Its New CFO

    Make room for a man who’s got friends on Wall Street.That appears to have been the driver behind Accenture’s decision to hire Harry You as its new CFO. The company’s CFO for the past four years, Mike McGrath, is being moved over to the less prominent post of treasurer.The IT consulting firm, whic...

    By Jennifer Caplan • June 25, 2001
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    Commercial Break

    Advertising agency Arnold Worldwide promoted VP of finance Ed Davis to the posts of EVP and CFO of the firm’s Boston headquarters. Davis joined the firm six months ago from failed Internet firm Zentropy Partners Inc.. He succeeds Charles Kiefer, who joined Arnold in 1992 when the agency acquired ...

    By CFO Editorial Staff • June 25, 2001
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    Could Ford’s Wallace Be Hitting the Road?

    Ford Motor Co. CFO Henry Wallace is expected to announce retirement plans as the automaker considers overhauling its executive ranks, the online version of the Wall Street Journal reported on Thursday. Ford said the report was purely “speculation.” The article did not give a specific date for the...

    By Jennifer Caplan • June 22, 2001
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    2000 CFO Compensation: How One Earned Nearly as Much as His Company

    Meade Instruments Corp. VP of finance and CFO Brent W. Christensen took home nearly $1 million in total compensation in fiscal 2000.He received $199,300 in salary, $175,000 in bonus, and $24,850 in other compensation. He also realized $547,430 from exercising options in the Irvine, Calif.-based m...

    By Michelle Gabrielle • June 22, 2001
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    Buy-out Legal Fees and Treasury Stock

    Q: We are a private company, and recently went through the buy- out of one of the partners. As part of the original agreement, one partner could buy out the other at 10 times trailing pre-tax earnings. The shares were repurchased with the use of company funds, bank debt, and a subordinated conver...

    By CFO Editorial Staff • June 22, 2001
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    Buy-out Legal Fees and Treasury Stock

    Q: We are a private company, and recently went through the buy- out of one of the partners. As part of the original agreement, one partner could buy out the other at 10 times trailing pre-tax earnings. The shares were repurchased with the use of company funds, bank debt, and a subordinated conver...

    By CFO Editorial Staff • June 22, 2001
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    The Shotgun Seat

    General Motors Corp. announced several changes in its corporate and North American finance operations. Eric Feldstein was appointed VP of finance and treasurer, effective immediately. Feldstein had been VP and treasurer since December 1997. In his new position, he will retain his current responsi...

    By Jennifer Caplan • June 21, 2001
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    It’s All You

    Accenture named Harry L. You to the CFO position, effective immediately. You was previously a managing director at Morgan Stanley Group Inc., where he ran the information services group. Prior to holding that position, You was SVP at Lehman Brothers Holdings Inc., responsible for several diversif...

    By Jennifer Caplan • June 20, 2001
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    Dog’s Best Friend

    Smart Move: Pet retailer Petsmart Inc. named James Daniel SVP and CFO. He replaces Thomas Liston, who has been the interim CFO since February. Daniel was EVP, CFO, and treasurer for MicroAge Inc., a computer provider for small companies that has ceased operations, from 1993 to 2000. He was CFO an...

    By Jennifer Caplan • June 19, 2001
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    Another Internet Defection

    Listen to This: Internet-based voice service provider iBasis Inc. said that CFO Michael Hughes resigned to assume an executive position at a new company. He was replaced at the Burlington, Mass.-based firm by VP of corporate development D.J. Long on an interim basis.Flying High: UAL Corp., the pa...

    By CFO Editorial Staff • June 18, 2001