Human Capital: Page 88

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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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    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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    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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    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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    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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    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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    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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    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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    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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    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
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    Know Your Severance Rights and Risks

    Can Wall Streeters do anything to increase their chances of getting a good severance package in the all-too-likely event of being laid off? Yes — but not a lot.Top-layer executives of financial institutions generally have employment agreements specifying severance terms. Many other key employees ...

    By • Nov. 7, 2008
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    Pension Funding Takes Big October Hit

    Measurements of the global market selloff’s damage to traditional pension funds is beginning to register. Funding ratios at the typical U.S. corporate pension plan fell 3.7 percentage points in October as stocks had their worst month since 1987, according to BNY Mellon Asset Management.Year-to-da...

    By Stephen Taub • Nov. 6, 2008
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    CFOs on the Move: Week Ending November 7

    • Greg Wood will replace Kathy Lanterman as CFO of Silicon Graphics Inc., starting on November 10. Lanterman, who has been with SGI for 10 years and has been CFO for two years, will remain with the company for two weeks during the transition. Wood brings experience from his role as CEO of Pro Too...

    By Kate Plourd and Jason Karaian • Nov. 6, 2008
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    Job Losses Widened in October

    A pair of new U.S. job reports — by outplacement consultancy Challenger, Gray & Christmas Inc. and by business outsourcing provider Automatic Data Processing Inc. — confirm what many people already sense: that positions are disappearing at their sharpest rate in years.Challenger Gray reported...

    By Stephen Taub • Nov. 5, 2008
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    The Axeman Cometh

    IN C-SUITES around the world, horribly tough decisions are being made about next year’s budget — and, in most cases, given the dire economic outlook, about whom to “let go.” This is perhaps the toughest challenge facing a boss, but there is no greater test of leadership. As Margaret Thatcher once...

    By Economist Staff • Nov. 5, 2008
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    EDF EN’s Philippe Crouzat

    “We have predictable cash flow and no risk of a margin squeeze.” These days, few finance chiefs are as confident as Philippe Crouzat, CFO of EDF Energies Nouvelles (EDF EN). The renewable energy group, part-owned by the eponymous French utility, enjoys large government subsidies for its products ...

    By Jason Karaian • Nov. 4, 2008
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    Standard Chartered’s Richard Meddings

    There’s no fourth floor at the new London office of Standard Chartered. The number is unlucky in parts of Asia and, given the bank’s focus on emerging markets, the architects did not want to run the risk of jinxing the building or the bank. With the financial services industry lurching from one c...

    By Tim Burke • Nov. 3, 2008
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    Health Check

    From raw materials to wages, inflation is giving many CFOs a headache. To compound their misery, the cost of providing health benefits is set to surge as well.Consultants at Mercer released a survey last month of more than 800 companies across Europe, with more than half reporting an increase in ...

    By Gabor Taroczy • Nov. 3, 2008