Human Capital: Page 89

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    Amid Controversy, AIG Names a New CFO

    American International Group named David L. Herzog executive vice president and chief financial officer on Thursday. Steven J. Bensinger, who had served since May as vice chairman-financial services and acting CFO, has left AIG to pursue other opportunities.Herzog has served as AIG’s senior vice ...

    By Stephen Taub • Oct. 17, 2008
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    CFOs on the Move: Week Ending October 17

    • Dollar Thrifty Automotive promoted CFO Scott Thompson to president and CEO, effective October 14. He also joins the company’s board of directors. Thompson, who joined the company in May, succeeds longtime chief executive Gary Paxton. Succeeding Thompson as executive vice president and is H. Cli...

    By David McCann and Gabor Taroczy • Oct. 16, 2008
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    Will New Comp Rules Spread Past Bailed-out Firms?

    Few who know anything about executive compensation, it seems, are fans of how the government’s financial-services rescue programs address the issue.While the Treasury Department has not yet issued guidance on how to interpret or implement most of the vaguely worded pay provisions in the federal T...

    By • Oct. 15, 2008
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    Friendly Departure: UAL’s Brace Gets $2.4M

    Long-time UAL Corp. executive vice president and finance chief Jake Brace, who is retiring at the end of this month, will take with him at least $2.4 million in severance pay. According to a regulatory filing, Brace will fetch twice the sum of his base salary of $653,125, plus a target annual inc...

    By Stephen Taub and Roy Harris • Oct. 13, 2008
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    Another Year, Another New CFO for Sears

    Sears, struggling retailer that once was the world’s largest, has replaced its CFO for a third consecutive year. Joining Sears as senior vice president, finance is General Electric veteran Michael Collins. He will succeed J. Miles Reidy as CFO at the end of the 2008 fiscal year. Sears said Reid...

    By Stephen Taub • Oct. 13, 2008
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    Barclays: Off with 3,000 Heads

    Barclays PLC, which recently bought Lehman Brothers’ North American operations, plans to cut about 3,000 jobs, Reuters reported, citing a source close to the British bank.The cuts are expected to come from both Barclays and Lehman, though final decisions on whom to let go have not yet been made...

    By Stephen Taub • Oct. 10, 2008
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    Ford CFO Don Leclair Retires

    Ford Motor Co. announced that CFO Don Leclair, 56, will retire November 1. His replacement will be executive vice president Lewis Booth, who is chairman and CEO of Ford of Europe and also responsible for Volvo Car Corp. and Ford Export Operations & Global Growth Initiatives. Ford credited Bo...

    By Stephen Taub • Oct. 10, 2008
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    CFO Churn Continues Apace

    The rate of CFO turnover at large companies continued at a brisk pace in the third quarter, with 37 new openings in the Fortune 1000, according to a Heidrick & Struggles update.That was a noticeable slowdown from the first half of the year, when 106 positions became available, but the job mar...

    By • Oct. 10, 2008
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    Hired: CFO; Spending Limit: $700 Billion

    Veteran federal CFO Thomas Bloom has been appointed by Treasury Secretary Henry Paulson as interim finance chief of the newly created Office of Financial Stability. Bloom currently is CFO for the Office of the Comptroller of the Currency.According to the OCC, Bloom will leave his current job for ...

    By Sarah Johnson • Oct. 9, 2008
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    A Mentor Makes a Career

    How do you become the CFO of a public company at age 35, despite never having imagined it, let alone actively pursued it? One way is by having a champion who believes in you even more than you believe in yourself. And it doesn’t hurt, by the way, if that champion is one of the business world’s mo...

    By • Oct. 9, 2008
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    CFOs on the Move: Week Ending October 10

    • Bruce Kiddoo has been promoted to CFO and principle accounting officer for Maxim Integrated Products after serving as vice president of finance since August 2007. Kiddoo replaces Alan Hale, who was brought on to lead the company through a complicated financial restatement. • GenomeQuest has hir...

    By Kate Plourd • Oct. 9, 2008
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    The Bear Ate My Pension: $2 Trillion Worth

    Pension plans in the U.S. have lost as much as $2 trillion during the current bear market, according to the nonpartisan Congressional Budget Office. It notes that Federal Reserve data suggest the decline in the value of financial assets cost pension funds roughly $1 trillion — almost 10 percent o...

    By Stephen Taub • Oct. 7, 2008
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    Executive Blues: Search Prospects Fade

    The economic slowdown is taking a toll even on the usually buoyant confidence of executive recruiters. An index that gauges just that — sampling how they feel about hiring prospects for the ensuing six months — slipped to a level that suggests there will be a decline in search assignments. Accord...

    By Stephen Taub • Oct. 7, 2008
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    Pension Plan Quality Is Withering

    A new study finds that the ratio of pension plan assets to liabilities has moved from overfunded to underfunded.According to an analysis by Mercer, the overall plan ratio was 104 percent at the end of 2007, but fell to 97 percent at the end of the third quarter. As a result, the $60 billion surpl...

    By Stephen Taub • Oct. 7, 2008
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    Making a Connection

    Less than a quarter of employees in Europe are “engaged” in, or satisfied with, their jobs, according to a study by consultancy BlessingWhite. Worryingly, nearly the same percentage of workers are “disengaged.” In finance, the ranks of the engaged are barely bigger than those of the disengaged, p...

    By CFO Editorial Staff • Oct. 7, 2008
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    Pension-plan Funding Levels Slide

    The global plunge in the financial markets has caused the average funded status of pension plans for U.S.-based S&P-500 companies to fall to 92 percent, from 99 percent at the beginning of the year, according to Merrill Lynch estimates. On average, pension-plan asset returns are down 11.6 per...

    By Stephen Taub • Oct. 6, 2008
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    Call of Duty

    It is often said that business is war. If so, a stint in the armed forces should benefit senior executives.This may be one of the reasons that Vattenfall recently recruited Dag Andresen as its new CFO. Andresen joined the Swedish utility last month, following seven years at banking group Nordea. ...

    By Gabor Taroczy • Oct. 6, 2008
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    Accepted Abroad

    Bedi Singh may have grown up in India and studied in the UK, but it’s the call of Hollywood that has defined his finance career. His appointment in May as CFO of MGM, the iconic film production and distribution company, follows stints as the finance chief at News Corporation’s Fox Filmed Entertai...

    By John Zhu • Oct. 6, 2008
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    Crude Profits

    “Because it is my first conference call, let me introduce myself,” said a voice on the other end of the line. “You can call me Patrick.” This casual introduction marked a changing of the guard at the top of corporate finance in Europe. Analysts on the August conference were hearing from Patrick d...

    By Jason Karaian • Oct. 3, 2008
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    Marriott CFO: Thousands of Jobs Ride on Bailout

    Pass the bailout bill — now. That was the message to Congress from Marriott International CFO Arne Sorenson, during a conference call with investors.He said that if a comprehensive stabilization plan is not passed very soon, the resulting credit squeeze could threaten business in the hotel indus...

    By Stephen Taub • Oct. 2, 2008
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    CFOs on the Move: Week Ending October 3

    • ConocoPhillips promoted John Carrig from executive vice president of finance CFO to president and chief operating officer. He will continue to report to CEO Jim Mulva. Replacing him at the finance helm will be Sig Cornelius, currently senior vice president of planning, strategy, and corporate ...

    By Kate Plourd and Gabor Taroczy • Oct. 2, 2008
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    Comp Rx: Kill Employment Contracts?

    Employment contracts for CEOs and other senior executives were not very common until about 20 years ago. And according to a noted compensation expert, investors’ interests would be served well by a return to the old way.Excessive executive pay could be limited by a simple but radical change: the ...

    By • Oct. 1, 2008
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    Discontent Runs High

    Fewer than one-third of employees in North America are actually “engaged” in, or satisfied with, their job, according to a recent study by consulting firm BlessingWhite, while 19 percent are fully disengaged. Bad news for CFOs: of the 10 departments surveyed, finance came in next to last, with on...

    By CFO Editorial Staff • Oct. 1, 2008
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    A Chicken and Nest-Egg Problem

    Most CFOs think that offering employees a 401(k) plan is not only a necessary part of doing business but “the right thing to do,” according to a recent survey of more than 200 finance executives by CFO Research Services (in collaboration with Charles Schwab Co.). Getting employees to participate,...

    By Alix Stuart • Oct. 1, 2008
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    Benefits: Adult Education

    If you want to offer employees an inexpensive benefit that will foster loyalty and boost productivity, consider a navigation system. No, not a GPS, but a tool that will guide them in making a host of decisions about everything from tuition-reimbursement programs to 401(k) strategies to consumer-d...

    By Josh Hyatt • Oct. 1, 2008