Human Capital: Page 85

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    Tech Companies Lead Layoff Moves

    On this week’s still-bustling layoff front, large technology companies dominated the news with vigorous head-count reductions. The most shocking was by Microsoft, which said it will cut 5,000 jobs — reportedly its first-ever massive layoff.The world’s largest software company said the eliminated ...

    By Stephen Taub • Jan. 23, 2009
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    Rank-and-File See Bleak Future

    Not only has CFOs’ optimism sunk to an all-time low, as reported in the most recent CFO Magazine/Duke University Global Business Outlook Survey, but their gloom is shared by their staffs.The Accounting and Finance Employee Confidence Index, a barometer tracked by recruiting firm The Mergis Group,...

    By • Jan. 22, 2009
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    Exec Comp Pot Boils for Proxy Season

    Executive compensation, long a lightning rod for shareholder activists, could draw more bolts of electricity than ever for the proxy and annual meeting seasons this year —  rife with global recession and government bailouts.Already, more than 100 resolutions calling on companies to give sharehold...

    By Stephen Taub • Jan. 22, 2009
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    Layoffs Mean Lawsuits

    Nothing in life is free. While companies are reducing head count to save money as the economy sinks, they should be prepared for the possibility of legal actions by laid-off workers, and for the accompanying costs.The number of such actions is rising in tandem with the pace of job eliminations. “...

    By Kate Plourd • Jan. 22, 2009
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    CFOs on the Move: Week Ending January 23

    Zale Corp., after asking CFO Rodney Carter to resign, began a search for what it said would be an aggressive new finance chief with skills suited to the tough economic climate for jewelry retailers like itself.The announcement of the 51-year-old Carter’s resignation came two weeks after Zale repo...

    By John Zhu and Kate Plourd • Jan. 22, 2009
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    Citi CEO, Chairman, CFO, Decline Some Bonuses

    Citigroup said that finance chief Gary Crittenden, along with the struggling banking giant’s CEO and its chairman, all declined to take incentive or retention awards.Chief executive Vikram Pandit and board chairman Sir Winfried Bischoff, along with Crittenden, won’t take the bonuses that are bein...

    By Stephen Taub • Jan. 21, 2009
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    Zale Seeks Diamond in the Rough for CFO

    Zale Corp., after asking CFO Rodney Carter to resign, began a search for what it said would be an aggressive new finance chief with skills suited to the tough economic climate for jewelry retailers like itself.The announcement of the 51-year-old Carter’s resignation came two weeks after Zale repo...

    By Kate Plourd • Jan. 21, 2009
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    Jobs: Body Count Piles Up

    It remains to be seen to what extent companies making layoffs now will go for another round later this year. But Motorola, for one, this week announced steep cuts for a second straight quarter. Motorola announced it will eliminate 4,000 positions, including 3,000 associated with its mobile devic...

    By Stephen Taub • Jan. 16, 2009
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    Why Employees Are Like Napkins…

    With layoffs continuing to pulsate through Corporate America, CFO.com sat down with three veteran business management experts to talk about the thought process behind head-count reductions, alternatives to that drastic step, and how to move forward if you take it. The panelists — they were interv...

    By • Jan. 15, 2009
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    CFOs on the Move: Week Ending January 16

    • Lorne Phillips has been appointed CFO of Pioneer Drilling Company, effective February 1. For the 10 ten years Phillips has worked at Cameron International Corporation, most recently vice president and treasurer. • Camco Financial Corporation has promoted James Brooks CFO and treasurer. He’ll al...

    By Kate Plourd and John Zhu • Jan. 15, 2009
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    Charter Ties Incentives to Debt Restructuring

    In an unusual twist on incentive pay, Charter Communications Inc. is offering incentives to executives tied to the restructuring of its debt.In a regulatory filing covering what it calls a restructuring value bonus plan (RVP), the nation’s fourth-largest cable company said that the plan is intend...

    By Stephen Taub • Jan. 14, 2009
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    The Human Side of IFRS

    The story of U.S. companies’ presumed forthcoming conversion to international financial reporting standards is not just about accounting and global commerce. It is also a people story: For starters, who should be trained (and when), who should provide the training, and what impact will an early m...

    By • Jan. 13, 2009
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    Straight from the Students’ Mouths

    They are secure in their awareness that they are in high demand. Their sights are set on learning a lot in a hurry. They view the financial crisis as being full of opportunity. Most of all, they like to keep their options open.Those traits came through loudly and clearly from a group of accountin...

    By • Jan. 9, 2009
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    Jobs: Gone, Baby, Gone

    The already-bleak national jobs picture has grown much bleaker in the past week, with the issuance of a trio of ominous reports.On Wednesday ADP reported that nonfarm employment decreased 693,000 from November to December on a seasonally adjusted basis. That was the steepest monthly decline since...

    By Stephen Taub • Jan. 9, 2009
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    CFOs on the Move: Week Ending January 9

    • After eight years as CFO and treasurer of Gencor Industries, Scott Runkel resigned from the heavy machinery maker on December 31 to pursue personal interests. The company said it is searching for his successor. • Mark Burgess, CFO and chief operating officer of Graham Packaging, has been prom...

    By Kate Plourd and John Zhu • Jan. 8, 2009
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    Ex-Treasury CFO to Be Obama’s Chief Performance Officer

    President-elect Barack Obama named former government CFO Nancy Killefer to fill the newly created position of chief performance officer in his administration.Killefer, who currently leads McKinsey & Company’s public sector practice as a senior director, also will be nominated as deputy direct...

    By Kate Plourd • Jan. 8, 2009
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    Report: Pension Vice Tightens on Cash

    With estimated defined-benefit pension plan deficits for Standard & Poor’s 1500 companies hitting a record of $409 billion for 2008, companies are likely to find themselves with added constraints on capital spending, loan covenants, and other potential outlays this year, pension advisers repo...

    By David Katz • Jan. 7, 2009
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    S&P’s Parent Hires an Ex-E&Y Watchdog

    The parent company of Standard & Poor’s intends to keep a closer eye on the doings of its beleaguered offspring. The McGraw-Hill Cos. announced the hiring of an “ombudsman” to monitor issues and concerns raised about the ratings agency, both internally and externally — reporting directly to M...

    By • Jan. 7, 2009
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    Pension Funding Ratios in a Plunging Mode

    Funding ratios among corporate pension plans have entered a period of sharp declines — sliding more than 11 percentage points in December and 13 points in November — according to BNY Mellon Asset Management.Largely because of that two month plunge, the funded status of the typical U.S. corporate ...

    By Stephen Taub • Jan. 7, 2009
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    “We Are the Green Solution”

    Rob Knight is one CFO who is still bullish on his business. And why not? His company — Omaha-based Union Pacific Corp., the country’s largest railroad — has managed to deliver earnings and dividend growth even in the teeth of recession. The railroad’s strong revenues from shipments of coal and ag...

    By Edward Teach • Jan. 1, 2009
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    No Lifeline for Underwater Options

    In the two years following the Internet bubble burst, some 400 U.S. public companies offered to buoy underwater employee stock options by exchanging them for something of value, including new options with a lower strike price.Don’t expect a repeat performance, even with close to 100 percent of Fo...

    By David McCann and Alix Stuart • Jan. 1, 2009
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    Most Firms Forecast No 2009 Firing, or Hiring

    Even as the drumbeat of layoffs grows around the country, most corporate hiring managers in a new survey say that they’re planning neither to increase nor decrease headcounts in 2009.Fourteen percent of employers surveyed by CareerBuilder.com said they plan to increase full-time, permanent employ...

    By Stephen Taub • Dec. 30, 2008
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    Racy Clothier Dons a New Finance Chief

    American Apparel and its controversial CEO, Dov Charney, have selected a new CFO who they hope will prove a winner. If so, it would be a turnabout in the eyes of Charney, who famously flamed the company’s former finance chief, Ken Cieply, as a “complete loser” in a Wall Street Journal article las...

    By • Dec. 29, 2008
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    Best of 2008: Careers

    It was either a very bad or very good year for finance executives. The game of musical CFO chairs only spun faster, hordes of investment bankers hit the streets, and the high heat was fixed on everything from securitized assets to head count. But with credit elusive and companies in turmoil, aspi...

    By CFO Editorial Staff • Dec. 29, 2008
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    Sarbox Clawback Ruling Could Keep Pay in Some CFOs’ Pockets

    Four months before signing the Sarbanes-Oxley Act, President Bush offered a preview of the impending law’s broad effect on the activities and livelihoods of CFOs. Not only would they have to certify their financial filings, they would also risk revocation of their compensation if something went a...

    By Sarah Johnson • Dec. 24, 2008