Human Capital: Page 92

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    Court Shoots Down IRS Pension Analysis

    A U.S. Court of Appeals sided with corporations yesterday when it rejected an Internal Revenue Service interpretation of pension plan rules. At issue was whether pension plans that use so-called cash balance formulas violate provisions of the federal Employee Retirement Income Security Act (ERISA...

    By Marie Leone • Aug. 21, 2008
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    P&G’s CFO: Manage a Merger, Pocket $1.5M

    The vice chairman and CFO of Procter & Gamble Co., Clayton C. Daley Jr., received a special equity award of $1.5 million for his work in the 2005 acquisition of razor and consumer products giant Gillette.According to a regulatory filing, Daley was recognized for his integral role in the valua...

    By Stephen Taub • Aug. 20, 2008
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    VeriFone Secures Interim CFO, Restates

    VeriFone Holdings Inc. appointed Clinton Knowles as its interim chief financial officer, the same day it filed its long-awaited restatements to correct certain accounting errors in its financial results. Knowles succeeds Barry Zwarenstein, , who resigned as CFO earlier this year, after an audit...

    By Stephen Taub • Aug. 20, 2008
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    Amid the Din over Exec Pay, Companies Hold the Line

    After all the hoopla over executive compensation in the past couple years, how much has changed? Has the increased disclosure in proxy statements that the Securities and Exchange Commission mandated last year influenced corporate strategies?Judging by interviews with compensation experts, there h...

    By Kate Plourd • Aug. 20, 2008
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    Health Care Cost Rises May Temper a Bit

    It’s far from the leveling out of health-care costs that most companies seek. But one new survey of 70 managed care organizations, health insurers, pharmacy benefit managers, and third party administrators is projecting at least a tempering in the sharp increase trend of recent years.Physician co...

    By Kate Plourd • Aug. 19, 2008
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    Brand Firm NexCen Brands CFO Hall as CEO

    Troubled NexCen Brands Inc. said its executive vice president, treasurer, and CFO, Kenneth J. Hall, would replace CEO Robert W. D’Loren, who resigned. The news sent the stock surging — by 40 percent, to $0.49 — on Monday, the first day shares traded after the personnel moves were announced.NexCen...

    By Stephen Taub • Aug. 19, 2008
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    PBGC Panned for Risky Investment Plan

    America’s pensions could be in safer hands. The Pension Benefit Guaranty Corp., the government agency that backs the retirement benefits for more than 40 million Americans, is about to take a step to make overly risky investments, according to the Government Accountability Office. And it suggests...

    By Alan Rappeport • Aug. 18, 2008
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    Know a Niche, Hang a Shingle

    Don’t you just love optimism? Take the brand exhibited by James W. Clark Jr., who just left a cushy job for a whirl at self-employment amid dicey economic times. Clark figures the fact that entrepreneurs and corporations still have financial needs, whatever the economy is doing, trumps the loss o...

    By Christopher Hosford • Aug. 15, 2008
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    CFOs on the Move: Week Ending August 15

    • In a shakeup of its management and business structure, UBS said finance chief Marco Suter will resign and be replaced in September by John Cyran, now the head of the Swiss bank’s financial institutions group. • Cereal maker Kellogg Company has given John Bryant, CFO of Kellogg North America, ...

    By Kate Plourd • Aug. 14, 2008
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    Busch to CFO: This Buyout’s for You

    Anheuser-Busch Cos said its chief financial officer, W. Randolph Baker, was the only named executive eligible for an enhanced buyout program that the company approved for its employees in the weeks before its $52-billion takeover by former Belgian rival InBev NV. If Baker elects to participate in...

    By Stephen Taub • Aug. 12, 2008
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    Ports in a Storm

    Anyone wanting further proof that the world economy is in trouble need look no further than the nearest business school. Many schools are hailing a bumper year for their full-time Master of Business Administration (MBA) programmes, which are popular with executives looking to hone their moneymak...

    By Economist Staff • Aug. 11, 2008
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    CFOs on the Move: Week Ending August 8

    • The two top executives at Jamba Inc., the company that makes Jamba Juice smoothies, have stepped down to pursue other opportunities. CEO Paul Clayton will be replaced by board chairman Steven Berrard, while current controller and principal accounting officer Karen Luey will take over as interi...

    By Kate Plourd • Aug. 7, 2008
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    Who Needs a COO?

    When Starbucks announced on Tuesday that it was eliminating its chief operating officer position, it became the latest member of an ever-growing club. And as COOs slowly fade from the C-suite, CFOs are stepping in to fill the gap, assuming more responsibility for areas that redound to the bottom ...

    By Marshall Krantz • Aug. 1, 2008
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    CFOs on the Move: Week Ending August 1

    • The financial-services meltdown appears to have claimed another victim, with Wachovia’s announcement that CFO Thomas Wurtz plans to leave the embattled bank after a successor is named. A search will begin immediately. • Campbell’s Soup Company announced controller Anthony DiSilvestro will serv...

    By Eila Rana and Kate Plourd • July 31, 2008
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    An Anatomy of a CFO’s Agony

    Relentless, exhausting pressure to hit numbers. Knowing you’ll be fired, and likely ruined, if they’re missed. Resorting to accounting shenanigans to make ends meet. Feeling trapped by blackball threats.The pain experienced from such circumstances generally stays out of sight, but it all came out...

    By • July 31, 2008
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    Paradise Lost at Children’s Place

    The Children’s Place Retail Stores Inc. said that CFO Richard Paradise, who is also its principal accounting officer, will resign after less than eight months on the job.The retailer, which had overcome restatements and internal accounting investigations, said that he would leave Aug. 1 to pursue...

    By Stephen Taub • July 30, 2008
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    CFO Revolving Door Spins a Bit Faster

    The rate of CFO turnover continued to be brisk in the first half of 2008, when the chairs became vacant at 106 Fortune 1000 companies, according to new data from recruiting firm Heidrick & Struggles.Add in the 52 positions that were unfilled as the year commenced, and almost one in six of the...

    By • July 29, 2008
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    CFOs on the Move: Week Ending July 25

    • The television and online news company Lin TV Corp. announced that CFO Bart Catalane is leaving take the finance reings at webloyalty.com, a marketing services company in New York. Catalane has been with Providence, R.I.-based Lin TV since late 2006. CEO Vincent Sadusky will take over the fin...

    By Eila Rana and Kate Plourd • July 24, 2008
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    Struggling Bank Turns to Former CFO in Shakeup

    Downey Financial Corporation’s former chief financial officer will head the struggling bank on an interim basis amid a management shake-up. The Newport Beach, Calif.-based bank, which Thursday reported a loss of $219 million in the second quarter, in contrast to a profit of $33 million in the com...

    By Stephen Taub • July 24, 2008
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    Report: Pensions Plunge by $170 Billion

    The value of pension plans for S&P 500 companies has plunged by $170 billion thus far this year, reducing a $60 billion surplus from 2007 to $110 billion deficit, according to research by Credit Suisse. Defined-benefit pension plans have been stung by the turbulent equity and bond markets t...

    By Alan Rappeport • July 24, 2008
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    Work-life Programs: How the Big Seven Flex

    Companies looking to raid public accounting firms for talent, be warned: The talented are accustomed to a degree of flexibility in how they work that may be beyond what your corporate culture can stomach.Many companies of all types have responded to the workforce’s growing demand for work-life ba...

    By • July 23, 2008
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    U.S. May Toss Sponsors a New 401(k) Duty

    In a move that could require additional action by most U.S. companies as early as next year, the Labor Department proposed a rule requiring plan sponsors to provide 401(k) participants with summary information, including about fees and expenses for investment options available under their plans. ...

    By Stephen Taub • July 22, 2008
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    Fannie and Freddie’s New Worry: Exec Pay

    As the challenges to Fannie Mae and Freddie Mac continue to be severe — based on new estimates of exposure to fair-value losses in their investments — the next hurdle may be finding a way to compensate top executives trying to lead the mortgage companies out of the wilderness.Democratic and Repub...

    By Roy Harris • July 22, 2008
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    Earnings Misses Mean Big Career Risks for CFOs

    Why do CFOs work so hard to meet quarterly earnings benchmarks, even those based on a consensus of analysts instead of company-provided earnings guidance? The answer is self-interest, according to a new study by three university professors.CFOs and CEOs at companies that miss quarterly earnings b...

    By • July 18, 2008
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    CFOs on the Move: Week Ending July 18

    • Eric Feldstein, the former CEO of GMAC Financial Services, was named finance chief at the hedge fund group Eton Park Capital Management. Feldstein served a number of financial roles at General Motors before moving to GMAC in 2002, including vice president of finance and treasurer. • Herschend...

    By Eila Rana and Kate Plourd • July 17, 2008