Human Capital: Page 196

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    How to Avoid an Accounting Scandal

    Lernout & Hauspie. Lucent Technologies. Xerox. Sunbeam. Critical Path. It seems like every week, another company is being investigated for accounting irregularities.In fact, accounting-fraud cases accounted for about 20 percent of the SEC’s roughly 500 enforcement cases last year.Charges were...

    By Jennifer Caplan • May 14, 2001
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    Plane and Simple

    Are You Gonna Go My Way: London-based airline British Airways Plc announced that John Rishton will replace Derek Stevens as CFO, effective September 1. Stevens, who joined the airline as CFO in 1989, is retiring. Until then, Rishton will act as CFO designate.Life Is Beautiful: Elizabeth Arden Inc...

    By Michelle Gabrielle • May 14, 2001
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    Screen Star

    What a Show: Imax Corp., an Ontario, Canada-based maker of projection and sound systems for giant-screen theaters, named Frank Joyce as its new CFO. Joyce joins Imax from New York-based Theglobe.com.Checking In: John Q. Hammons Hotels Inc. promoted VP and corporate controller Paul Muellner to the...

    By Michelle Gabrielle • May 11, 2001
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    2000 CFO Pay: Staples’ Mahoney Earned More Than $1.2 Million

    Staples, Inc.’s EVP, CFO, and chief administration officer John J. Mahoney took home more than $1.2 million in total compensation in 2000, according to the company’s recently released proxy. Mahoney received $482,050 in salary, $121,278 in bonus, and $19,187 in other compensation. He was also awa...

    By Michelle Gabrielle • May 11, 2001
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    Mandatory Fun

    Q: Companies that are mandating that employees take vacation days seem to be doing so in order to take short-term measures to improve profitability. I don’t get it. It’s obvious how mandating unpaid time off would save expenses and therefore pump up earnings — but how does mandating the use of va...

    By CFO Editorial Staff • May 11, 2001
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    Chubb’s New Risk Taker

    Lose a CFO, Gain a CFO: Chubb Corp., the Warren, N.J.-based car, home, and business insurer, named Weston Hicks, a former sell-side insurance analyst, as CFO. Hicks replaces David Kelso who resigned to pursue other opportunities. Hicks joined Chubb at the beginning of March as financial assistant...

    By Michelle Gabrielle • May 10, 2001
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    2000 CFO Pay: Weyerhaeuser’s Stivers Enjoyed a 26 Percent Pay Hike

    Weyerhaeuser Co.’s EVP and CFO William C. Stivers hauled home over $1 million in 2000, or 26 percent more than he earned in the prior year. He received $453,677 in salary, a $595,012 bonus, and $9,770 in other compensation from the Tahoma, Wash.-based forest products company. Total Compensation: ...

    By Michelle Gabrielle • May 9, 2001
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    Roche Holding CFO Quits After Five Months

    A Small Dose Was All It Took: Roche Holding AG, a Basel, Switzerland-based pharmaceutical company, announced that CFO Anton Affentranger will step down at the end of May, just five months after he assumed the post. According to the company, Affentranger is leaving because of personality conflicts...

    By Michelle Gabrielle • May 9, 2001
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    AFLAC Changes its Guard

    Rest Assured: Supplemental health insurer AFLAC Inc., announced that co-founder and chairman Paul Amos retired, to be replaced by his son, Daniel Amos. The Columbus, Ga.-based company also named CFO Kriss Cloninger as president. Cloninger, who will remain CFO, will also become a member of the boa...

    By Michelle Gabrielle • May 8, 2001
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    Four Ways CFOs Lose Their Jobs

    Why do CFOs fail?That thorny question was tackled by headhunters at a recent panel discussion of what chief executive officers are looking for in their CFOs.Walt Williams, managing partner at Clarity Partners and panelist at the recent CFO Rising conference in Atlanta, offered the following reaso...

    By Craig Schneider • May 8, 2001
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    Answers Beyond Jeeves

    Former Ask Jeeves CFO Thomas Low has the financial know-how for Oakland, Calif.-based Project Arena. The web-based professional services automation company named him CFO. Low had served as interim CFO of Project Arena since November 2000, after he left Ask Jeeves.Thomas F. Gilman made a deal with...

    By CFO Editorial Staff • May 7, 2001
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    Lucent Replaces Deborah Hopkins as CFO

    CFO Deborah Hopkins is leaving troubled Lucent Technologies barely a year after she took the job. Lucent, which has also been looking for a new chief executive officer since October, replaced Hopkins with Frank D’Amelio, 43, president of the company’s switching-solutions business. Under Hopkins, ...

    By Michelle Gabrielle • May 7, 2001
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    Was CFO Switch at Walmart.com a Sign of Turmoil?

    Senior management at Walmart.com may have stolen a page from the history books of its parent company, Wal-Mart Stores Inc. In mid-March, the Web subsidiary promoted Greg Penner, its vice president of business development, giving him the new title of CFO, and then reassigned Sam Dunn from CFO to v...

    By Joseph Radigan • May 7, 2001
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    Shop Talk

    Kmart Corp. went shopping for a new CFO, and landed Jeffrey Boyer, CFO of its fierce competitor, Sears, Roebuck and Co., the nation’s second biggest retailer.“Jeff Boyer’s retail and consumer goods financial experience makes him the ideal candidate for Kmart’s CFO post,” Chairman and CEO Chuck Co...

    By Michelle Gabrielle • May 4, 2001
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    Driving Costs Down

    Chief Cost Cutter:DaimlerChrysler AG’s ailing Chrysler unit has named Frank Sklarsky, 44, as its VP of finance and assistant controller for product quality, cost management, and procurement. Sklarsky will oversee cost management related to quality and serviceability, supplier issues, product line...

    By Michelle Gabrielle • May 4, 2001
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    Upfront and Center

    Q: We charge our clients a one-time, nonrefundable fee to sign up to use our service (online distribution of press releases, including assembling distribution lists from our media database). We believe we can recognize that revenue immediately because the membership fee is not tied to any underly...

    By CFO Editorial Staff • May 4, 2001
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    Continental Divide

    Up, Up, and Away: Continental Airlines announced that president and COO Greg Brenneman has resigned his post to return to private equity firm, TurnWorks, which he founded before he arrived at the Houston, Tex.-based airline carrier in 1995. Brenneman joined Continental in November 1994 and became...

    By Michelle Gabrielle • May 3, 2001
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    Market Research Firm Hires a Dealmaker as its CFO

    When Reuters acquired Yankee Group from Primark last summer, the $72.5 million transaction was part of a complicated two-step maneuver that saw Primark itself swallowed up by yet another financial data firm, Thomson Corp. of Toronto. Nearly one year later, Reuters Enterprise, the investment arm o...

    By Joseph Radigan • May 3, 2001
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    Covert Operations

    Get To Work: Silicon Graphics Inc., a maker of computer servers and workstations, said it named CFO Hal Covert to the newly created position of president. Covert will also continue as CFO of the Mountain View, Calif.-based company, a gig he has held since July 2000. Before joining Silicon Graphic...

    By Michelle Gabrielle • May 2, 2001
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    CFO Job Description: No Tech Experience Necessary

    If you’re a CFO, you don’t have to know much about information technology. You just have to know enough to decide, for instance, whether or not a tech project costing hundreds of millions of dollars should be funded.That was the paradox put forward by high-level headhunters speaking at a recent p...

    By David Katz • May 2, 2001
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    2000 CFO Pay: Boeing’s Sears Cut to $6.1 Million

    The Boeing Co.’s SVP and CFO Michael M. Sears took home over $6 million in total compensation last year. However, it was still about $1 million less than the year before, according to the company’s recently released proxy. In 2000, Sears’ total compensation was $6,146,755, compared to total compe...

    By Michelle Gabrielle • May 2, 2001
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    More CFOs than CEOs Left Their Jobs in April

    CFOs really are on the move these days. In April, 71 of them left their jobs, according to a report by Chicago- based outplacement firm Challenger, Gray & Christmas (CGC).This rapid movement came after 76 CFOs left their jobs in March.As a contrast, “only” 63 CEOs left their positions in Apri...

    By Michelle Gabrielle • May 1, 2001
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    Labors of Hercules

    Specialty chemical maker, Hercules, Inc., did some heavy lifting on the executive front, naming its current vice chairman, George MacKenzie, CFO. MacKenzie replaces Van Billet, who left the Wilmington, Del.-based company to pursue other interests. “Van has been a significant contributor to the co...

    By Michelle Gabrielle • May 1, 2001
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    2000 CFO Pay: Trump’s McCarthy Received a Small Raise to $330,000

    Trump Hotels & Casino Resorts, Inc.’s EVP of corporate finance and CFO Francis X. McCarthy, Jr. took home $337,920 in total compensation in 2000, according to the company’s recently released proxy. He received $333,120 in salary and $4,800 in other compensation from the Atlantic City, N.J.-ba...

    By Michelle Gabrielle • May 1, 2001
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    First Days

    Despite the “business casual” dress code he’d seen at SAP America, Nabisco veteran Edward Lyons decided to stick with his customary wardrobe when he took over as CFO at SAP last December. “There was a young team here, and my role was to come in as the senior finance leader, to provide some struct...

    By Alix Stuart • May 1, 2001