Human Capital: Page 87

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    AK Steel Hits Salaried Workers with Pay Cut

    In the search for creative ways to cut labor costs, flat-rolled steelmaker AK Steel announced a salaried employee cost reduction program that will install a 5-percent pay reduction for salaried workers effective Jan. 1.The company cited the unanticipated and major downturn in the economy, which h...

    By Stephen Taub and Roy Harris • Dec. 4, 2008
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    Pension Plan Plunges Spread Corporate Pain

    The pension plans of the 1,500 largest U.S. companies lost $130 billion in November alone, according to benefits consultancy Mercer. This came on top of $110 billion in losses in October and $100 billion for the first three quarters of the year.As a result, the deficit of the pension plans of co...

    By Stephen Taub • Dec. 2, 2008
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    A Jekyll & Hyde Finance Hiring Picture

    Calling it evidence that the “job market in accounting and finance is holding steady,” consultancy Robert Half International released CFO employment-survey results that show 9 percent of finance chiefs planning to add full-time accounting and finance employees, while 8 percent plan cuts.But other...

    By Stephen Taub • Dec. 2, 2008
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    Fannie CFO Johnson’s Pay Starts at $625,000

    For the big finance job ahead for Fannie Mae, the company detailed the pay plan for new CFO David M. Johnson. At the center of the incentives-laced package is a $625,000 annual salary that is slightly lower than what his predecessor received.The compensation plan for the veteran finance chief, wh...

    By Roy Harris • Dec. 2, 2008
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    “Every Crisis Begins with a Shock”

    An interview with Robert F. Bruner, Dean, Darden Graduate School of Business Administration, University of VirginiaLast year, on the 100th anniversary of their book’s subject, Robert F. Bruner and Sean D. Carr published The Panic of 1907: Lessons Learned from the Market’s Perfect Storm (John Wile...

    By Edward Teach • Dec. 1, 2008
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    Campaign Relief

    When Marianne Markowitz joined Barack Obama’s Presidential campaign as a financial-operations consultant in January 2007, she had no clue that what started with 30 staff members, a three-person financial-operations team, and one retail bank account would become the largest Presidential fund-raisi...

    By Kate Plourd • Dec. 1, 2008
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    My Avatar Ate My Homework

    With the credit crunch bearing down on them, finance executives may feel like escaping to an alternate reality. With the help of Indiana University’s Kelley School of Business, they can.In September, the school’s Executive Partners program began including Second Life, the online 3-D virtual world...

    By Kate Plourd • Dec. 1, 2008
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    Cold Cuts

    Pity anyone who thinks that consumer spending is going to rev up the economy anytime soon. Americans will feel the impact of pink slips far more than stimulus checks in the coming year, according to finance executives. Even employees who are left standing will have less to lean on as compensation...

    By Kate O'Sullivan • Dec. 1, 2008
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    Bad News Bearers

    It’s never a pleasant task to deliver bad news. Pity finance chiefs, then, who have to perform that role with increasing frequency these days. “I don’t think CEOs realize it, but being open with them can be difficult, and the CFO often gets a ‘shoot the messenger’ kind of treatment,” says one fin...

    By Kate Plourd • Dec. 1, 2008
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    Five Tips for Hiring Temporary Staff

    Many companies have implemented hiring freezes lately, but “freeze” doesn’t necessarily mean absolute zero. Critical finance and accounting positions will be filled, though not always by putting people on the full-time payroll with benefits. Depending on needs, hiring temporary staff could form a...

    By • Nov. 26, 2008
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    Fannie Mae Taps CFO: Former Hartford Finance Chief David Johnson

    Fannie Mae tapped outspoken financial-services-industry veteran David M. Johnson to serve as the embattled mortgage giant’s executive vice president and CFO, effective immediately.Johnson — remarkably, the third CFO at Fannie Mae in this troubled year — will serve in a broadened role as chief fin...

    By Roy Harris and Stephen Taub • Nov. 26, 2008
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    CFOs on the Move: Week Ending November 28

    • Fannie Mae appointed David Johnson as CFO, who is moving over from the top finance job at Hartford Financial Services Group. He replaces David Hisey, Fannie’s controller, who took over as CFO temporarily after Stephen Swad left the company last August. • Broadcaster CBS has promoted Joseph Ia...

    By Kate Plourd • Nov. 26, 2008
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    AIG Restricts Pay; Gives Liddy $1 in Salary

    American International Group Inc. — the federal supplicant that is in the global spotlight for nearly every dollar it spends — voluntarily restricted its executive compensation. The move provides for a $1 annual salary for CEO Edward M. Liddy, no 2008 annual bonuses, and no salary increases throu...

    By Roy Harris • Nov. 25, 2008
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    Study Shows Workers Sticking with Retirement Plans

    U.S. employees seem to be resisting the temptation to save less in their retirement accounts, a Hewitt Associates survey shows. Savings rates have barely dropped, from 8 percent in 2007 to 7.8 percent in 2008, although there is a predictably aggressive shifting of assets from equities to more ot...

    By Stephen Taub • Nov. 24, 2008
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    Layoff Report: Banking, Bottling, and Boeing

    Bank of New York Mellon Corp. says it will eliminate 1,800 positions, or 4 percent of its worldwide workforce of 43,000, continuing a week of job losses across a range of industries.“It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given th...

    By Stephen Taub • Nov. 21, 2008
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    Random Closes the Book on New Pensions

    Random House Inc., the world’s largest general-interest book publisher, has frozen its pension plan for current employees — and eliminated access to it for new hires.“Effective Dec. 31, benefits in the Random House Inc. Pension Plan will no longer grow — but they will not be reduced,” a spokesman...

    By Stephen Taub • Nov. 21, 2008
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    CFOs on the Move: Week Ending November 21

    • Virgin Mobile USA finance chief John Feehan has decided to stay at the company, after he said two months ago that he would depart in mid-November to become the CFO of LifeLock. Virgin Mobile’s CEO said the company was having difficulty finding a replacement with Feehan’s proven “intelligence, ...

    By Gabor Taroczy and Kate Plourd • Nov. 20, 2008
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    Beleaguered WaMu Names a New CFO

    As it continues to sort through its assets and liabilities while in bankruptcy, Washington Mutual names a new chief financial officer and president. The new CFO is turnaround specialist John A. Maciel, who has been working with the company as executive vice president, additional restructuring off...

    By Stephen Taub • Nov. 20, 2008
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    Jobs Cut at Virgin Mobile, but CFO Stays

    Wireless provider Virgin Mobile USA Inc. is eliminating 45 positions — about 10 percent of its work force — but reconfirmed that its CFO is still on board.The reconfirmation was necessary because John Feehan, its finance chief since 2006, two months ago had said that he was leaving in mid-Novembe...

    By Stephen Taub • Nov. 18, 2008
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    Hoping to Retain Execs, AIG Ends Deferred Comp

    In an attempt to keep executives on board during a period of big uncertainty at the company, American International Group said Friday that it’s closing down 14 voluntary deferred compensation programs involving 5,600 employees, independent agents, and representatives. About $500 million in earned...

    By David Katz • Nov. 14, 2008
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    CFOs on the Move: Week Ending November 14

    • Pete Bocian quit as CFO of Starbucks to become chief administrative officer for Hewlett-Packard. Bocian’s replacement is Troy Alstead, who had been the company’s senior vice president of global finance. Alstead has been at Starbucks for 16 years. • Eddie Munson took over as CFO of BearingPoin...

    By Gabor Taroczy and Kate Plourd • Nov. 13, 2008
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    Option Passes Tough to Complete

    After the Internet bubble burst in the early 2000s, some 450 U.S. public companies offered programs allowing employees to exchange underwater stock options for something that had value — usually either new options with a strike price at current fair value, a smaller number of shares of restricted...

    By • Nov. 13, 2008
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    KPMG International Picks Insider as CFO

    KPMG has promoted a 23-year veteran of the firm as its “global CFO.” Helen Spice will take charge of finance for KPMG International, effective immediately, the accounting firm announced. Spice began working for KPMG in 1985 in its UK office, and most recently worked at KPMG International developi...

    By Sarah Johnson • Nov. 12, 2008
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    BearingPoint Taps Tenth CFO in Nine Years

    BearingPoint, the nine-year-old consultancy that once was part of KPMG, now has enough former CFOs to fill out a baseball lineup. Or, if you prefer, to stock the Supreme Court. Eddie Munson, a member of the firm’s audit committee, took over as finance chief in June, when Eileen Kamerick, the eig...

    By Kate Plourd • Nov. 12, 2008
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    But What’s Your Screen Name?

    William Behn sees the fear in their eyes. The senior vice president and managing director of SolomonEdwardsGroup, a CFO-services firm, says many of the executives he comes across are afraid they are left behind in the world of “Web 2.0,” a maze of fast-moving innovations such as social networking...

    By Alan Rappeport • Nov. 7, 2008