Human Capital: Page 80

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    Pension Woes May Have Led to 401(k) Cuts, Study Finds

    Most employers that have stopped matching their employees’ 401(k) deductions have done so in the face of mounting defined-benefit pension liabilities and other retirement-plan burdens.   That’s the main takeaway from a study issued today by the Employee Benefit Research Institute of 251 401(k) pl...

    By David Katz • June 16, 2009
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    Leadership in Finance: MF Global’s Randy MacDonald

    J. Randy MacDonald says he wanted a real challenge for his next role when he was in between jobs last year, following his seven-year CFO stint at TD Ameritrade. And he got it with options brokerage MF Global, which was just beginning to recover from a financial scandal.Last year, two months befor...

    By Sarah Johnson • June 15, 2009
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    The End of Comp as We Know It?

    The Obama Administration’s principles for executive compensation reform, announced on Wednesday by Treasury Secretary Timothy Geithner, may lack the teeth of pay limits imposed earlier on companies receiving federal bailout money. But several aspects of the government’s stated intentions suggest ...

    By • June 12, 2009
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    CFOs on the Move: Week Ending June 12

    Retailer Stein Mart Inc. has announced the retirement of senior vice president of finance and CFO James Delfs. Delfs, who has held the job for 14 years, will stay on to help in the search and transition period for his successor.James Dollive is the new executive vice president of finance and CFO ...

    By Joan Urdang • June 11, 2009
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    Workers Sticking by 401(k) Plans, Study Says

    Employees aren’t giving up on 401(k) plans even as the long-term viability of this method of retirement savings has come into question during the financial crisis. Chalk it up to an increase of automatic enrollments, workers’ uncertainty about other savings options, or just plain laziness.After a...

    By Sarah Johnson • June 11, 2009
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    Leadership in Finance: Vanguard’s Tom Higgins

    Tom Higgins is on constant deadline. As the CFO of Vanguard’s Fund Financial Services, he oversees the daily accounting of each of the firm’s more than 150 funds, whose net asset value gets publicly reported at the end of each business day. In addition, FFS, which has 325 employees, is responsibl...

    By Sarah Johnson • June 10, 2009
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    CFOs on the Move: Week Ending June 5

    Apparel maker Levi Strauss & Co. has appointed Blake Jorgensen executive vice president and CFO, effective July 1. He joins the firm from Yahoo Inc., where he also headed finance.William Corrigan has been named to the top finance spot at insurer Marsh & McLennanAgency LLC, a subsidiary of...

    By Joan Urdang • June 4, 2009
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    Headhunters Sniff Change in the Air for Exec Hiring

    To gauge a headhunter’s mood, look no further than the economy’s health. With prospects for financial fortunes getting a smidgeon rosier, recruiters are growing more confident that companies will soon resume hiring executives.The surge in optimism is sudden. ExecuNet, a networking forum for execu...

    By • June 4, 2009
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    Leadership in Finance: ICAEW’s Carolyn Bresh

    “I was young and didn’t know any better. I said, ‘I’ll go and do it.'” Thus, in 1993, a 26-year-old Carolyn Bresh boarded a plane from London to New York with five days’ notice to become acting US CFO of Blenheim Exhibitions, an events company where she had been group accountant.With no local fin...

    By Tim Burke • June 1, 2009
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    Prescription for Progress?

    Capitol Hill will be steamier than usual this summer as lawmakers press ahead on health-care reform. House and Senate leaders have pledged to have legislation on the table by late July, and President Barack Obama has urged both houses to make that deadline. “We’ve got to get it done this year,” O...

    By Alix Stuart • June 1, 2009
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    Fray on Pay

    When it comes to the public outcry over executive compensation, the sounds of protest may have faded but the fury lives on. Bands of placard-carrying citizens have disappeared from lower Manhattan, but efforts to rein in what many perceive as outrageous paydays are, if anything, intensifying. Fro...

    By Russ Banham • June 1, 2009
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    “I Should Have Said No.”

    At 66, Aaron Beam is getting on with his life. Six years ago Beam made headlines by admitting that he cooked the books at HealthSouth Corp., the Birmingham, Alabama-based provider of inpatient and outpatient rehabilitation services that he co-founded. The four men who succeeded Beam as finance ch...

    By Edward Teach • June 1, 2009
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    CFOs on the Move: Week Ending May 29

    Health-service company CIGNA Corp. has promoted Annmarie Hagan to executive vice president and CFO. She succeeds Michael Bell, who is resigning after 25 years with the company. Hagan, who became chief accounting officer at CIGNA in 2001, added the title of controller last year.Matthew Appel is th...

    By Joan Urdang • May 28, 2009
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    European Compensation Crackdown Seen

    The European Commission is gearing up to mandate compensation restrictions for financial institutions and all companies listed on stock exchanges in the European Union, if member states do not voluntarily implement recommendations that the EC issued on April 30.That would be near-anathema to the ...

    By • May 27, 2009
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    CFOs on the Move: Week Ending May 22

    Deb Thomas, senior vice president and head of corporate finance at Hasbro Inc., has been promoted to CFO. She has been at the company since 1998; before that she worked at KPMG Peat Marwick.Executive recruiter Korn/Ferry International announced the appointment of Michael DiGregorio as executive v...

    By Joan Urdang • May 21, 2009
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    CFOs on the Move (Europe): Week Ending May 22

    Dutch telecoms group KPN announced that Marcel Smits, CFO since 2004, will leave the company by the end of the year. He “expressed the desire to pursue his career in a more internationally-oriented environment,” the company said in a statement. Before a permanent replacement is found, controller ...

    By Jason Karaian • May 21, 2009
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    Obama Picks Top Treasury Finance Posts

    President Obama has chosen Daniel Tangherlini, deputy mayor of Washington, D.C. and former CFO of the District’s police department, to oversee the finances of the U.S. Treasury Department.If approved by the Senate, Tangherlini will be in charge of the department’s budget and oversee various progr...

    By Sarah Johnson • May 18, 2009
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    CFOs on the Move (Europe): Week Ending May 15

    Novartis, a Swiss pharmaceuticals group, has poached Jonathan Symonds, a managing director at investment bank Goldman Sachs, to become its new deputy CFO and CFO designate. Symonds, a former CFO at AstraZeneca, will join Novartis in September, initially reporting to finance chief Raymund Breu, wh...

    By Tim Burke • May 15, 2009
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    Probe of Ex-Pension Chief Spotlights Shift to Stocks

    An investigation into the contacts between the former director of the Pension Benefit Guaranty Corp. and Goldman Sachs, J.P. Morgan, and BlackRock may pose new questions about a big shift in PBGC investing policy from Treasury bonds to stocks, real estate, and private equity.On Thursday the PBGC’...

    By David Katz • May 15, 2009
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    Leadership in Finance: Triple-S Management’s Juan Jose Román

    Juan Jose Román, the finance chief of Triple-S Management Corp., has been steeped in the insurance business since he was an auditor working in KPMG’s San Juan, Puerto Rico office in the late 1980s. While with the Big Four firm, Román specialized in audits of insurance industry clients. Then in 19...

    By Marie Leone • May 14, 2009
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    CFOs on the Move: Week Ending May 15

    Allen Hsieh has been appointed vice president and CFO of Flow International Corp., an industrial water-jet machine developer and manufacturer. Hsieh joined the company in December 2008, when he was named interim CFO.Security firm The Brink’s Co. has named Joseph Dziedzic as its new vice president...

    By Joan Urdang • May 14, 2009
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    Kuehne + Nagel International’s Gerard van Kesteren

    As with so many companies, the fourth quarter of last year was a turning point for Kuehne Nagel, one of the world’s largest logistics groups. “It’s as if someone pulled a switch and, all of a sudden, nothing moved,” recalls CFO Gerard van Kesteren. Unlike other companies, however, the SFr22 billi...

    By Janet Kersnar • May 11, 2009
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    Leadership in Finance: Telemundo’s Javier Maynulet

    He’s too young to qualify yet as a “lifer,” but since graduating from Boston College in 1996, Javier Maynulet has known only one employer: General Electric. Already in his second CFO job within the company at age 35, he finds himself a central player in a business that wields the potential for ex...

    By • May 11, 2009
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    Free At Last

    “I had been on the corporate ladder for a while. I wanted more variety in life.” And thus, ten years ago, John Stallabrass left his life as a finance director at listed companies for the more exciting, uncertain existence of an interim manager. He will probably keep at it for ten more. “I’m still...

    By Jason Karaian • May 11, 2009
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    CFOs on the Move (Europe): Week Ending May 8

    Guy Whittaker will step down as finance chief of the part-nationalised Royal Bank of Scotland later this year. The bank expects a successor to be appointed by October. Stephen Hester, who joined the bank as chief executive in November 2008 following the resignation of Sir Fred Goodwin, said Whitt...

    By Tim Burke • May 8, 2009