Human Capital: Page 94

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    Sycamore Ex-CFO Settles Backdating Case

    The former CFO of optical networking company Sycamore Networks, along with an ex-director of financial operations and another former executive, will pay more than $650,000 to settle Securities and Exchange Commission charges that they helped backdate stock options from 1999 to 2002. According to ...

    By Kate Plourd • July 9, 2008
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    Talking to the Board: Risk & Reward

    Among the multitudes of things a CFO can do to enhance — or detract from — his or her career, where does the quality of interaction with the board of directors rank?Very high, according to people who should know best: those who have served as both finance chiefs and board members. In fact, it may...

    By • July 8, 2008
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    CIO to CFO? If It’s a Blue Moon Tonight

    Stacy Smith of Intel is one of them. Robert Sanchez of Ryder Systems and James Yost of Dana Holding Corp. are two others. Until last week, Khaled Haram of Handleman Co. was a fourth. They all are chief financial officers who have also held the title of chief information officer — but finance prof...

    By Robert Hertzberg • July 7, 2008
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    Ex-es at Avanex: CEO Axed; CFO Resigns

    Fiber-optics firm Avanex Corp. said that Jo Major, its chief executive, was terminated for failing to get along with the firm’s board. The Fremont, Calif.-based company also said that its CFO, Marla Sanchez, is resigning.Avanex said in a statement that Major was fired because he and the board fai...

    By Alan Rappeport • July 7, 2008
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    New Perspectives

    Kevin Entricken has enjoyed an eventful finance career. In the early 2000s, he oversaw M&A deals as vice president of finance at a division of Anglo-Dutch publisher, Reed Elsevier. More recently, he handled a restructuring as CFO of Dutch media group Wolters Kluwer’s law and business arm. The...

    By Tim Burke • July 7, 2008
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    Class Work

    Business school graduates who are hot on theory but weak on practice are a common source of frustration for finance chiefs. One way around the problem is to get more CFOs teaching in business schools. “They tend to bring case studies and a practical application to the theory students have been ta...

    By Eila Rana • July 7, 2008
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    Replenishing Stock

    When Kristi Matus started at United Services Automobile Association (USAA) as vice president of its life insurance business in 2002, little did she know that she would one day join an elite club of executives. After moving into the CFO office at the Texas-based firm in January this year, she beca...

    By Janet Kersnar and Alix Stuart • July 7, 2008
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    Runaway Pay

    Outsized executive pay is attracting ever harsher criticism from stakeholders across Europe. The French government, which takes over the six-month presidency of the EU in July, is promising to tackle “scandalous” pay rises and bonus rewards, in the words of finance minister Christine Lagarde. She...

    By Jason Karaian • July 7, 2008
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    CFOs on the Move: Week Ending July 4

    • Joseph Busky has been appointed CFO of InnerWorkings Inc., a global provider of managed print and promotional solutions. He replaces Nick Galassi, who left the company to pursue other options. Busky was most recently corporate vice president and chief accounting officer at Dade Behring. • Gol...

    By Kate Plourd • July 3, 2008
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    Handleman CFO Sings a Short Song

    Handleman, the once-powerful distributor of music, says its finance chief has left after just five months on the job.The Troy, Michigan, company says CFO Khaled Haram, also a senior vice president, left effective July 2 to relocate in New York City, where he joins Pegasus Capital Advisors. Haram,...

    By Stephen Taub • July 3, 2008
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    How to Manage in a Down Economy

    Jason Balogh is a principal in the CFO advisory practice of Archstone Consulting in Chicago. He focuses on issues of concern to finance chiefs, from structuring the finance department to establishing an offshore presence to Sarbanes-Oxley compliance. He spoke with CFO.com recently about how his c...

    By Kate O'Sullivan • July 2, 2008
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    Carty Gets $300,000 Thank-you from Dell

    Dell Inc.’s recently retired vice chairman and CFO, Donald J. Carty, was awarded $300,000 “in recognition of his dedicated service to the company,” including working with the audit committee during an investigation of its accounting practices.The computer maker said in a Securities and Exchange C...

    By Stephen Taub • June 30, 2008
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    Suspended Ex-Deloitte Auditor Back in the Saddle

    A former Deloitte & Touche accountant who was suspended for improper professional conduct in his audits of Adelphia Communications has been reinstated to eligibility to appear before the Securities and Exchange Commission as an accountant.The regulator says William Caswell has met all the con...

    By Stephen Taub • June 27, 2008
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    CFOs on the Move: Week Ending June 27

    • After a 10-month search, Google announced that Bell Canada’s president of operations, Patrick Pichette, will replace George Reyes as CFO. During Pichette’s seven years at Bell Canada, he a one-year stint as CFO. • Omni Financial Services’ acting CFO, Shaun Williams, announced that he will r...

    By Kate Plourd • June 26, 2008
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    Accounting for Talent

    David Davies has an impressive pedigree. When CFO Europe recently scoured the CVs of finance chiefs in Europe’s top 200 companies, Davies emerged as having worked for two important “academy companies,” or firms that produce disproportionately more CFOs than others. (See “Finance factories.”) Befo...

    By Eila Rana • June 26, 2008
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    Google Ends Long Search for a Finance Chief

    After a ten-month search, Google has announced that Patrick Pichette, former president of operations at Bell Canada, will replace retiring CFO and executive vice president George Reyes. Reyes, who joined Google in 2002 and took the company through its initial public offering in 2004, had planned ...

    By Kate Plourd • June 25, 2008
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    Employment Contracts: How to Cut the Best Deal

    Among the first things to think about when reviewing a new job offer is what’s going to happen when you leave the job. To be sure, termination clauses are often the most-negotiated elements of employment contracts. They can also be deal busters.Consider a recent situation that pitted a highly sou...

    By Marie Leone • June 23, 2008
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    S&P 500: Tight Times Demand Restricted Shares

    With compensation committees continuing to struggle to find the magic mix of incentives to motivate their companies’ executives, restricted stock has emerged as the most popular form of long-term pay.For the first time last year, a greater percentage of S&P 500 chief executive officers got re...

    By Alix Stuart • June 20, 2008
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    How to Be a Freelance CFO: 10 Tips

    Despite the relative job insecurity inherent in operating a solo financial practice, going freelance offers flexibility and freedom — to choose the kind of work you do, the people you work with, and the time you spend doing it. Here are 10 things you should know before venturing out on your own: ...

    By Marshall Krantz • June 19, 2008
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    Radio CFO Big Leaps to Wireless Hot Seat

    CBS Radio finance boss Walter Berger is leaping to a wireless communications vendor that is trying to right itself after filing erroneous financials for more than three years. His new employer is Leap Wireless International, which investment website seekingalpha.com describes as providing discou...

    By Stephen Taub • June 19, 2008
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    CFOs on the Move: Week Ending June 20

    • Michael Casey, finance chief for the children’s clothing retailer Carter’s Inc., will move up to CEO as of August 1. Casey has been with the company since 1993, joining as vice president of finance. He was named CFO in 1998. A search for his replacement has begun. • Helix Energy Solutions ann...

    By Kate Plourd • June 19, 2008
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    Medical-cost Growth Slows, but Hold Your Applause

    How out-of-control have health care costs become? Total medical costs are expected to grow by 9.6 percent in 2009, according to a new report from the PricewaterhouseCoopers Health Research Institute.If that sounds bad, however, consider that it’s been at least a tad worse in recent years. The rep...

    By Stephen Taub • June 17, 2008
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    CFO Leaves, Stock Tanks

    The market capitalization of retailer A.C. Moore Arts & Crafts dipped by more than $6 million by late afternoon Monday following an announcement that CFO Marc Katz will leave on June 27 to pursue an opportunity in private equity. A.C. Moore shares were down about $0.30 per share to $7.73, al...

    By Stephen Taub • June 16, 2008
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    Falling Short

    More and more people are speculating on their retirement income, even though they may not know it. According to Watson Wyatt, an actuarial consultancy, the amount of money that is saved in defined-contribution (or money-purchase) schemes worldwide will overtake the amount of money in defined-bene...

    By Economist Staff • June 13, 2008
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    Fair or Foul?

    Opponents of Croesus-like rewards for America’s top bosses got a boost from an unlikely source this week. In a speech on June 10th John McCain, the Republican presidential candidate, railed against the iniquities of “extravagant” pay and severance deals. And he promised to force companies to seek...

    By Economist Staff • June 13, 2008