Human Capital: Page 79

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    CFOs on the Move: Week Ending August 14

    Adena Friedman has taken over the CFO role at Nasdaq OMX Group, replacing David Warren. Friedman, who has been at Nasdaq since 1993, had been executive vice president of corporate strategy and global data products, and will continue as head of corporate strategy.Tom Carlile, who has headed financ...

    By Joan Urdang • Aug. 14, 2009
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    CFO Brings Big Ideas to a Small Company

    Colleagues and friends told Jeff Richard he was crazy to give up his career as a finance executive at big public companies to take a job with a small private firm. But Richard, though mindful of the potential scar that such a move could leave on his résumé, could not resist the appeal of a meaty ...

    By • Aug. 12, 2009
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    Knotting the Purse-strings

    Washington’s politicians have relished the many chances to fulminate against reckless executives presented by the economic crisis, and to restrain them with regulation. Congress took advantage of the bail-out to impose caps on bonuses paid by banks taking money from the state. The uproar over bon...

    By Economist Staff • Aug. 6, 2009
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    CFOs on the Move: Week Ending August 7

    Gregory Kleffner has been named senior vice president, finance, and CFO at retailer Stein Mart Inc., effective August 10. Previously, he was CFO at Kellwood Co. Kleffner takes over from James Delfs, who is retiring.Robert Farrell is the new head of finance at nonprofit pharmaceutical company Inst...

    By Joan Urdang • Aug. 6, 2009
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    Downturn Knocks 15% Off Retirement Plans, Study Finds

    Median retirement account balances in defined-contribution plans dove by at least 15% from the end of 2007 to mid-June of this year, according to an analysis of Federal Reserve data issued Tuesday by the Employee Benefit Research Institute.The drop in median asset levels in 401(k) plans, individu...

    By David Katz • Aug. 5, 2009
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    CFOs on the Move: Week Ending July 31

    Frank Connor will become CFO of multi-industry firm Textron Inc., effective August 1. Connor comes to the company after 22 years at Goldman, Sachs & Co., where he most recently served as managing director and head of telecom investment banking. He takes over from acting CFO Richard Yates, who...

    By Joan Urdang • July 31, 2009
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    Companies on CFOs: Love the One You’re With

    The churn rate among CFOs at Fortune 1,000 companies dropped markedly in the first half of 2009. After two straight years during which 24% of the positions were open at some point during the year, only 70 posts — or 7% — opened up in the recently ended six-month period.The trend actually began sh...

    By • July 30, 2009
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    Health Reform Would Tie Employers’ Hands, Lobbyists Say

    If President Obama’s health-insurance reform package gets enacted in anything like its current shape, the role of employers as benefit providers will shift from that of a steward to that of a gatekeeper, accounting industry lobbyists and consultants say.In other words, corporate executives will h...

    By David Katz • July 27, 2009
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    CFOs on the Move: Week Ending July 24

    Xerox Corp. CFO Lawrence Zimmerman adds the title of vice chairman to his position. He has been at the company since 2002.Benjamin Palleiko has been named senior vice president and CFO of OrePharmaceuticals Inc. Previously, he was senior vice president, corporate development, and CFO at Penwest P...

    By Joan Urdang • July 23, 2009
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    The Big Thaw? Pension Freezing Inches Up

    Despite the recession, the number of big companies with frozen pension plans has followed a recent pattern by only inching up over the past year. A study by consulting firm Watson Wyatt shows that, among 607 Fortune 1000 companies that currently sponsor defined-benefit plans, 31% have at least on...

    By • July 23, 2009
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    What to Do on the Way to CFO

    There seems to be little room at the top of finance for women these days. According to CFO magazine’s recent count, only 9% of the Fortune 500 have female finance chiefs. But if female controllers, treasurers, and vice presidents of finance face a long wait to become CFO, that doesn’t mean their ...

    By Jane Coulter • July 22, 2009
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    CFOs on the Move: Week Ending July 17

    Thomas Carter is the new head of finance at Nexstar BroadcastingGroup, effective August 3. He takes over from Shirley Green, who has been interim CFO since May. Previously, Carter was managing director, media telecom corporate investment banking, at Banc of America Securities.Lawrence Gyenes has ...

    By Joan Urdang • July 17, 2009
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    Taking a Scalpel to Costs

    Earlier this month America’s hospital bosses gathered in Washington, DC, with vice-president Joseph Biden. To the amazement of many, they vowed to accept a cut of $155 billion in their expected revenues over the next decade as part of a grand bargain on health-care reform. How can they justify gi...

    By Economist Staff • July 17, 2009
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    Power Struggle

    This spring, 30 women gathered at Verizon Communications’s operational headquarters in Basking Ridge, New Jersey, for Doreen Toben’s retirement party. All had been either promoted or informally mentored by Toben, who spent seven years as CFO of the $97 billion communications giant and 20 years in...

    By Kate O'Sullivan • July 15, 2009
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    “Every Day Is Different.”

    Some CFOs may play a musical instrument, but how many have won a Grammy? Alison Brown has. She’s a critically acclaimed banjo virtuoso whose distinctive style blends bluegrass with jazz and other musical genres. She’s also finance chief of Compass Records, an independent, artist-run “roots music”...

    By Edward Teach • July 15, 2009
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    Deadlines Loom for Parity In Mental Health Benefits

    Since provisions of the new mental-health-parity law apply to benefit-plan years beginning in January 2010, companies should assess their benefits this summer and make the necessary adjustments in time for fall open-enrollment periods, experts suggest.Yet amid the bailout hubbub last fall, many C...

    By Kate O'Sullivan • July 14, 2009
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    Taking Their Lump Sums

    Some say that eliminating matching contributions to 401(k) plans is a no-brainer. But that isn’t necessarily true. The author of a new study on retirement benefits says companies that suspend or eliminate matching contributions to 401(k)s and other retirement plans may save money in the short ter...

    By Josh Hyatt • July 10, 2009
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    CFOs on the Move: Week Ending July 10

    Citigroup Inc.’s CFO, Edward (“Ned”) Kelly, has been promoted to vice chairman of the company. He will be replaced by John Gerspach, Citi’s controller and chief accounting officer. In addition, Gary Crittenden, a former Citi CFO and now chairman of Citi Holdings, will be leaving the company and r...

    By Joan Urdang • July 10, 2009
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    CFOs on the Move: Week Ending July 3

    David Ebersman is the new head of finance at social-networking site Facebook. Ebersman, formerly executive vice president and CFO at Genentech, will start at his new position in September.Hosted document-management company eGistics Inc. has appointed Timothy Kick to head the finance function. Kic...

    By Joan Urdang • July 2, 2009
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    Leadership in Finance: ICE Energy’s David Schwarzbach

    It’s not every corporate finance chief who authors an article in Scientific American opining on Iran’s nuclear weapons program. But David Schwarzbach didn’t take an ordinary route to the CFO seat.The 40-year-old finance chief of ICE Energy studied physics and ecology – not finance – as an undergr...

    By Marie Leone • June 30, 2009
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    The Recession and Pay: the Quiet Americans

    Back when times were better and the newspaper industry wasn’t fighting for dear life, reporters at the Cleveland Plain Dealer would regularly grumble at the measly pay increases their union negotiated. Last month, when the union announced it had negotiated a 12% pay cut in exchange for a promise ...

    By Economist Staff • June 26, 2009
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    Leadership in Finance: CDW’s Ann Ziegler

    Major changes began at CDW well before the market meltdown of last fall. Formerly listed on Nasdaq, the seller of computer hardware, software, and services went private in October 2007, after the credit crunch had begun but nearly a year before the economic crisis exploded last September. The com...

    By Kate O'Sullivan • June 26, 2009
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    CFOs on the Move: Week Ending June 26

    CBS Corp. has announced the promotion of Joseph Ianniello to CFO, effective July 20. He has been deputy CFO since November 2008. He takes over from Fred Reynolds, who is retiring .Virginia Wilson will be leaving hospitality company Wyndham Worldwide Corp., where she is CFO. The company has starte...

    By Joan Urdang • June 25, 2009
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    Changes on the Way for Target Date Funds?

    For a while now, target date funds have seemed like a good option for retirement plan investors, many of whom don’t want to sort through dozens of funds and don’t know how to determine the right mix of investments to suit their retirement needs or their risk tolerance. Instead, plan participants ...

    By Kate O'Sullivan • June 24, 2009
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    CFOs on the Move: Week Ending June 19

    Tim Morse has been appointed to the top finance spot at Yahoo. Previously, he was CFO at semiconductor company Altera Corp., and he worked at General Electric for 15 years.John Bax has been named CFO at RecycleBank, a recycling rewards program. Bax headed finance at Sentient for four years, and b...

    By Joan Urdang • June 18, 2009