Human Capital: Page 77

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    CFOs on the Move: Week Ending October 30

    Ed Fitzpatrick, a senior vice president at Motorola Inc., has been appointed chief financial officer after having served as acting CFO since February and corporate controller since January. The company credits him with driving significant cost reductions and focusing the company on working capita...

    By • Oct. 29, 2009
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    A Crash Course in Working Capital

    Black & Veatch CFO Karen Daniel got started early in finance. As a high school student, Daniel, now 51, worked for the Internal Revenue Service helping to process tax returns. Maybe that’s why she likes the idea of mentoring employees in the ways of finance, right from the start.Indeed, as pa...

    By Marie Leone • Oct. 28, 2009
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    You Don’t Need a Weatherman to Know Which Way the Wind Blows

    You might not expect to spot a finance chief on Capitol Hill, jawboning senators and representatives. Yet that’s where Susan Nickey of Acciona Energy North America found herself on February 11, just two days before Congress passed the American Recovery and Reinvestment Act, better known as “the s...

    By David Katz • Oct. 28, 2009
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    Doing What Needs Doing: A CFO as Sales Boss

    Amid the constant switching of hats that is a big part of life for most small-company executives, formal titles mean little next to doing whatever has to be done. At TeamQuest Corp., a $25 million vendor of information-technology-optimization software, Terry Wisner is not only CFO but chief opera...

    By • Oct. 27, 2009
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    Credit Suisse Bets Others Will Take Its Cue on Pay

    With its announcement Tuesday of a revamped compensation model for executive managers and director-level employees, Credit Suisse is taking something of gamble that competing banks will move in the same direction.Key elements of the plan are revolutionary in terms of financial-services industry s...

    By • Oct. 22, 2009
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    Executive Comp Rules Will Be Narrow, Pay Czar Suggested

    At a 1:30 press briefing today, Kenneth Feinberg, the Treasury Department “pay czar” charged with setting compensation levels at companies bailed out by the federal government, is expected to lay out the Obama administration’s new pay requirements for those companies. While the orders will report...

    By Marie Leone • Oct. 22, 2009
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    CFOs on the Move: Week Ending October 23

    Color science and technology company X-Rite Inc. has named Rajesh Shah CFO and secretary. He comes to the firm from Cadence Innovation LLC, where he also held the top finance spot.Andrew Levy adds the title of president to his CFO role at Allegiant Travel Co. In his new post, he succeeds Maurice ...

    By Joan Urdang • Oct. 22, 2009
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    Retirement Roulette

    The decline of defined-benefit plans and the growth of 401(k)-style defined-contribution plans has been widely reported. In 1996, both types of plans held roughly the same total assets, give or take a few billion (see chart, below). By 2007, defined-contribution plans held $3.73 trillion—oustripp...

    By Tim Reason • Oct. 21, 2009
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    Employee-Benefit Cost Pressures Plague CFOs, Survey Finds

    Of all the pricing pressures that senior finance executives are most worried about, employee benefits tops the list by far, according to the results of a Grant Thornton survey released Monday. Fully 77% of the 846 U.S. CFOs and senior comptrollers participating pointed to benefits-cost pressures,...

    By David Katz • Oct. 19, 2009
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    Waiting for the Dough

    Sometimes, attaining success is a matter of patience. That’s especially true for executives at start-up companies not likely to feature a black bottom line for years.At Sanuwave, a company that develops innovative, noninvasive medical devices that use shock waves to treat a variety of ailments, t...

    By • Oct. 16, 2009
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    CFOs on the Move: Week Ending October 16

    Mark Williams, CFO of Mediware Information Systems Inc., will resign from his position, effective November 4, for another business opportunity. Williams joined the company as controller in 2004 and took over the top finance spot in 2006. A search is under way for his replacement; in the meantime,...

    By Joan Urdang • Oct. 15, 2009
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    Ops-Savvy CFO Flies High

    Accounting and capital-markets backgrounds sustain many a CFO. But for Doug Penner, who heads finance at ThyssenKrupp Aerospace, 16 years spent working for various operating units at Boeing instilled an operations orientation that he says continues to pay solid dividends in his current post.Large...

    By • Oct. 14, 2009
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    Cooling Off the Cash Burn

    In 2005, just three years after the collapse of Arthur Andersen, the opportunities represented by the sudden exit of a giant professional-services firm loomed large in the minds of the founders of Integro, a privately held insurance-brokerage start-up. They looked around at the major insurance br...

    By David Katz • Oct. 9, 2009
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    Bankers’ Bonuses Hang in the Balance

    A year ago, right after Lehman Brothers collapsed and the entire financial-services industry appeared to be within sight of a similar fate, eFinancialCareers.com asked 1,300 bankers about their expectations for their year-end bonuses. Thirty-six percent said they expected to get a bigger bonus th...

    By • Oct. 8, 2009
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    CFOs on the Move: Week Ending October 9

    Mark Rosenbaum has been named the first CFO of social-networking site MySpace. Most recently, Rosenbaum was a consultant to MGM; before that, he was senior vice president, corporate finance, at Gemstar-TV Guide.Hitachi Global Storage Technologies has named Michael Murray to head finance. He comes...

    By Joan Urdang • Oct. 8, 2009
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    The Art of the Double Play

    If you think it’s tough trying to guide a company through a recession, how about two companies? But Scott Mattox, CFO of a pair of trucking firms with a common part-owner, is comfortable with their financial performances this year. Both had solid bottom-line gains through August compared with las...

    By • Oct. 5, 2009
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    CFOs on the Move: Week Ending October 2

    Neil Salmon has been elected to head finance at specialty phosphate producer Innophos Holdings Inc. Previously, he was CFO of the Adhesives Business Group at Imperial Chemical Industries PLC.Hanover Real Estate Partners has named Romano Orlando to lead the finance function. He comes to Hanover fr...

    By Joan Urdang • Oct. 2, 2009
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    DoL Eyes New Chrysler $5B Health-Benefits Deal

    If an exemption proposed by the U.S. Department of Labor goes through, the New Chrysler Corp. could transfer a promissory note of about $4.59 billion and company shares to a voluntary employees benefit association plan set up to fund health benefits for the retirees of the company currently emerg...

    By David Katz • Oct. 2, 2009
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    Waiting and Wondering

    Health-care reform has followed a tortuous path so far, with various political factions coming together and then moving apart like glass beads in a kaleidoscope. At press time, at least six different plans were up for debate, including one directly from President Barack Obama and one from long-ti...

    By Alix Stuart • Oct. 1, 2009
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    “It’s about Having the Best Products on the Shelf.”

    Mark Buthman knows Kimberly-Clark from the inside out. In fact, he laughs, “it’s the only real job I’ve ever had.” Given that he went straight from college to the company, in 1982, the 48-year-old CFO isn’t kidding. Over the past 27 years, Buthman has held a number of positions at the $19.4 billi...

    By Edward Teach • Oct. 1, 2009
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    How One CFO Left Links, Took Helm in Crisis

    At 66, Michael Mancuso didn’t have to prove himself to anybody. After a career that spanned 22 years with General Electric, 7 years with United Technologies, and 14 years with General Dynamics (13 of them as CFO), he might have contented himself with “chasing a little white ball around the grass....

    By David Katz • Sept. 30, 2009
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    Michael Vick to Pay Back $400,000 to Pension Plan

    The U.S. Dept. of Labor has obtained a consent judgment requiring National Football League player Michael Vick and his company, MV7 LLC, to repay at least $416,461 to a pension plan sponsored by the firm. The judgment also requires the Philadelphia Eagles quarterback, who served a 23-month prison...

    By David Katz • Sept. 30, 2009
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    Wanted: Strategic CFOs. Again.

    For a position as important as CFO, the requirements of the job seem to change with astounding frequency, driven by the macro trends of the moment.In the first years after Sarbanes-Oxley took effect, many companies wanted finance chiefs with technical accounting skills and backgrounds as controll...

    By David McCann and Lori Calabro • Sept. 28, 2009
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    CFOs on the Move: Week Ending Sept. 25

    President Obama plans to nominate Elizabeth “Beth” Robinson to head finance at the National Aeronautics and Space Administration. Robinson, who is now the assistant director for budget at the Office of Management and Budget, was deputy director of the Congressional Budget Office from 2003 to 2005...

    By Joan Urdang • Sept. 24, 2009
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    J&J CFO: Biggest Nightmare Is Public Health Option

    Reflecting a widespread fear expressed by many finance chiefs at the CFO Rising West conference in Las Vegas, Dominic Caruso, CFO of Johnson & Johnson, said on Tuesday that the prospect of a health system run by the federal government is the worry that keeps him up at night most often these d...

    By David Katz • Sept. 23, 2009