Human Capital: Page 194

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    An Ivory Tower Gets Culver-ized

    Former Cabot Corp. EVP and CFO Robert Culver was named VP of finance and administration of Yale University in New Haven. Culver had been CFO of Cabot from 1997. He resigned from the carbon-black producer last month. Culver is not new to education administration. He was SVP and treasurer of Boston...

    By CFO Editorial Staff • June 15, 2001
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    Heads and Tails

    Q: Company A issues a memorandum of understanding to Company B to acquire all the assets of B, which B accepts. Since Company B is short funds, Company A agrees to advance Company B money, while negotiating the definitive agreements, on a monthly basis, to cover the salaries and related expenses ...

    By CFO Editorial Staff • June 15, 2001
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    Pizza Party

    U.S. Restaurant Properties Inc. announced new senior management Wednesday. The chain-restaurant holding company, which operates such chains as Burger King, Chili’s, and Pizza Hut, named Robert Stetson to the chief-executive spot. Stetson was previously president of the retail division and CFO of ...

    By CFO Editorial Staff • June 14, 2001
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    Who Wants to be Polaroid’s New CFO?

    William Flaherty sure hasn’t wasted any time. Flaherty, if you recall, last week was named CFO of Polaroid, the ailing, one-time Nifty 50 that has spent the past 20 years or so trying to figure out what it wants to be when it grows up.On Wednesday, the company announced that it would cut about 2,...

    By Jennifer Caplan • June 13, 2001
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    Benefit Plan Must Include Contraceptives for Women

    A federal judge ruled Tuesday that Bartell Drug Co.’s employee health-insurance plan must include contraceptives for women.U.S. District Judge Robert S. Lasnik issued a summary judgment for Jennifer Erickson in her lawsuit against Bartell, the first federal challenge to employers that don’t cover...

    By Stephen Taub • June 13, 2001
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    Level 3 Guilty of Age Discrimination

    A federal jury in Denver issued a $10.3 million verdict against Level 3 Communications Inc. for age discrimination against an employee.After a five-day trial, the eight-member jury awarded John Abuan $5 million in emotional distress damages, $5 million in punitive damages and $300,000 in lost sal...

    By Stephen Taub • June 13, 2001
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    Removed from the Fleet

    According to the Wall Street Journal, the April departures of CEO Robert Emery and CFO Dan Ryan from San Francisco securities firm Robertson Stephens were the result of a dispute over compensation with the firm’s owners, FleetBoston Financial Corp.The newspaper reports that, contrary to FleetBost...

    By CFO Editorial Staff • June 13, 2001
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    The Wrong Prescription

    Drug maker Mylan Laboratories Inc. said president and COO Richard Moldin and CFO John Hanson resigned because of differences in opinion on corporate-culture issues.Both executives joined the company in 2000. Molding joined as president and COO in April and brought in Hanson as finance chief in No...

    By CFO Editorial Staff • June 12, 2001
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    Looking for Better Reception

    Michael Ferron is tuning out of California Amplifier Inc.. The Camarillo, Calif.-based firm, which makes microwave amplification and conversion components that improve reception in satellite TV, said Ferron is resigning from his posts of VP of finance, CFO, and corporate secretary. The company sa...

    By CFO Editorial Staff • June 11, 2001
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    2000 CFO Pay: Tiny Company’s Finance Chief Earned More than $2.2 Million

    Rigel Pharmaceuticals, Inc.’s SVP, COO, CFO, and secretary Brian C. Cunningham exercised nearly $2 million in options in 2000, according to the company’s recently released proxy.He also received $257,500 in salary, bringing his total compensation for the year to $2,227,500.In 1999, the tiny South...

    By Michelle Gabrielle • June 11, 2001
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    Changes in Store

    He’s Electric: Electronics Boutique Holdings Corp., a West Chester, Pa.-based consumer-electronics retailer, announced that it named James Smith CFO, replacing John Panichello who has been promoted to the post of COO. The company also announced that Jeffrey Griffiths was named president and chief...

    By Jennifer Caplan • June 8, 2001
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    What’s the Use?

    Q: My company is headquartered in Texas. We advertise our products in a California-based, nationwide trade magazine. We also advertise our products on the Internet. The Internet company supplying the service is also in California.Is there a use tax liability associated with advertising expenditur...

    By CFO Editorial Staff • June 8, 2001
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    BREAKING NEWS: Accenture to Cut 600 Jobs (Updated)

    So much for the denials. Accenture announced Thursday that it will cut its staff by about 1,400, citing the economic slowdown and the company’s lowest personnel attrition rate in years.Accenture said it will eliminate 600 jobs. In addition, up to 800 of the cuts will come from a special voluntary...

    By Stephen Taub • June 7, 2001
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    Say Cheese: Polaroid Names Flaherty CFO

    Polaroid Corp., the troubled camera and film maker based in Cambridge, Mass., today announced that William Flaherty has been appointed CFO effective immediately. Flaherty previously served as CFO at Avid Technology Inc., a digital imaging company. He replaces Carl Lueders, who in January stepped ...

    By Jennifer Caplan • June 7, 2001
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    Winds of Change

    Consult the CFO: Seurat Co., a Boston-based strategy and technology consulting firm announced the appointment of James H. Slamp to the CFO post. Most recently, Slamp served as CFO and EVP for Zefer Corp., an Internet consulting firm.Calm after the Rowe: Sobeys Inc., a Nova Scotia, Canada- based g...

    By Jennifer Caplan • June 6, 2001
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    CORRECTION: A CFO’s Quest for Meaning

    (Editor’s note: The version of this story that initially ran on CFO.com on May 21, 2001, contained several errors. This is an updated, corrected version. We regret any inconvenience or confusion this may have caused.)At 30 years old, Gretchen Nickel was on the fast track.She had quickly moved up ...

    By Michelle Gabrielle • June 6, 2001
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    Left at the Altar

    Growing Pains: Merger partners BHP Ltd. and Billiton Plc announced that Billiton’s executive director of finance Mick Davis is resigning to head up Swiss resource company Xstrata AG. Davis, one of the architects of the $28 billion mining merger to create BHP Billiton, was to become BHP Billiton’s...

    By Jennifer Caplan • June 5, 2001
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    2000 CFO Pay: Options are Alive and Well For at Least One

    Who says options have become passe? Last year, Aether Systems, Inc.’s CFO David C. Reymann received a respectable $150,000 salary and a $30,000 bonus from the Owing Mills, Md.-based provider of wireless systems and services. However, he also exercised more than $2 million in options, according to...

    By Michelle Gabrielle • June 4, 2001
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    Janus Faces the Future

    Mutual Attraction: Stilwell Financial Inc., parent of the Janus mutual fund family, said it named Daniel Connealy a former PricewaterhouseCoopers LLP partner to the new position of CFO. Until now, according to a spokesperson, COO Joseph Monello had handled CFO duties, but he left that position in...

    By Jennifer Caplan • June 4, 2001
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    I Want My Baby Back Ribs

    Today’s Special: Restaurant chain Brinker International Inc., parent company of Chili’s Grill & Bar and Corner Bakery cafes, named Chuck Sonsteby CFO. Sonsteby was SVP of finance and investor relations of the Dallas-based company. He was also serving as acting CFO since Russell Owens resigned...

    By Michelle Gabrielle • June 1, 2001
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    FAS 133? No Problem

    Q: My company has a term loan with a financial institution for $25 million for five years at London Interbank Offered Rate (LIBOR) plus 175 basis points. To protect the company from future increases in interest rate hikes, a swap was entered into, requiring us to pay fixed (9 percent) and receive...

    By CFO Editorial Staff • June 1, 2001
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    Deferred Compensation

    While some of the American workforce is grappling with the possibility of being laid off, the message to the top echelon, say compensation experts, is a bit different: it’s “stay longer and work harder.” For senior-level executives, the invitation to stick around is coming in the form of restrict...

    By Alix Stuart • June 1, 2001
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    Salary Survey

    Total compensation for CFOs at large companies jumped 17 percent on average, to $2.77 million, with base salary increasing by 9 percent, says New York­based Pearl Meyer & Partners. More telling is the sharp rise in stock option awards for CFOs, which increased in value by 25 percent to an imp...

    By Crawford Coates • June 1, 2001
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    Truth and Consequences

    Working as a senior finance executive at Boeing would be a pretty great job, right?Before you answer, consider what would happen during your annual review: CFO Michael Sears would gather all your direct reports in a room, where they would discuss your strengths and weaknesses. Then he would confr...

    By Kris Frieswick • June 1, 2001
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    No Simple Remedies

    Here we go again. After nearly a decade of relatively moderate price increases, health-care costs and insurance premiums are set to skyrocket. And this time, the situation could be worse for employers than it was in the 1980s, says Stuart Altman, professor of health-care economics at Brandeis Uni...

    By Andrew Osterland • June 1, 2001