Human Capital: Page 94

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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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    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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    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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    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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    Interest in Exec MBA Programs Surges

    In a sour economy it might seem natural for managers to chain themselves to their desks, fearful of losing their jobs or making it obvious that the company can get on in their absence. In fact, though, this has been a ripe time for executives to branch out and pursue an executive MBA, according t...

    By Alan Rappeport • June 13, 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
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    Gannett’s Freeze Hints a Chill for More Pension Plans

    USA Today publisher Gannett Co.’s freezing of its pension plan — boosting its 401(k) program instead — could spur renewed activity in the push for companies to replace traditional plans with improved defined-contribution systems.But certainly, the action by Gannett is another indication of how st...

    By Stephen Taub • June 12, 2008
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    CFOs on the Move: Week Ending June 13

    • Erin Callan, CFO for Lehman Brothers Holdings, was demoted after the firm revealed it would take a $2.8 billion quarterly loss. Co-chief administrative officer Ian Lowitt replaces Callan, a longtime Lehman trader who took the CFO post last December. • Kaplan Professional CEO Hal Jones has bee...

    By Kate Plourd • June 12, 2008
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    A Changing Post: CFO at the Parent of D.C.’s Paper

    Newly designated Washington Post Co. CFO Hal S. Jones knows education — the Kaplan Inc. side of the diversified publisher’s shop, where he’s been since 1997 — but he concedes that the embattled world of newspaper finance is going to have to be an acquired specialty.“To tell you the truth, I haven...

    By Roy Harris • June 11, 2008
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    Internal Audit Comes of Age

    Among the many profound changes wrought by the Sarbanes-Oxley Act, one that has yet to win due recognition is the elevated status of internal auditors.Historically, internal audit was hardly considered a launch pad for executive careers in finance. Rather, it was often a stagnant pool in which fi...

    By • June 10, 2008
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    Comp Consultant to Pay for Backdating

    In what appears to be the first case of a compensation consultant paying a price for a company’s stock-option backdating, Harvey Benenson, CEO of Lyons, Benenson & Co., is among 16 individuals who will pay a total of $34.4 million to settle a derivative lawsuit against Cablevision Systems.Ins...

    By David McCann and Stephen Taub • June 9, 2008
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    Hello, Goodbye

    BearingPoint Inc.’s new CFO, Eileen Kamerick, has resigned after just three weeks on the job.According to a regulatory filing by the management-and-technology consulting company, Kamerick stepped down on June 2 “based on her discussions with the audit committee of the company’s board of directors...

    By Kate Plourd • June 6, 2008
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    Getting on Boards: Worth the Effort?

    Although money is probably not one of them, outside board service promises CFOs rich rewards: broadened professional horizons, top-flight networking opportunities, and an enhanced résumé.On the other hand, a company directorship is no longer the sinecure it once was. It requires serious effort f...

    By Marshall Krantz • June 5, 2008
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    CFOs on the Move: Week Ending June 6

    • After serving two years as CFO for March & McLennan Companies, Matthew Bartley resigned. He took on the role in 2006, after serving as vice president and treasurer since 2001. The company did not say why Bartley is leaving or what he plans to do next. He will stay with the company until it...

    By Kate Plourd and Eila Rana • June 5, 2008
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    Lufthansa Passenger Airline’s CIO Christoph Ganswindt

    Does IT add value? At the passenger business of €22.4 billion German airline Lufthansa, CIO Christoph Ganswindt is in the midst of a global project that proves that it does. Launched in 2005 by Lufthansa and other members of the Star Alliance industry network, the common IT platform imitative (CI...

    By Tim Burke • June 4, 2008
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    Say What? The Battle over Executive Comp

    For a measure that fewer than 10 of the 17,000 or so U.S. public companies have adopted, “Say on Pay” certainly has heated up a cauldron of strong feelings among many who have high stakes in executive-compensation matters.Aside from the executives themselves, who presumably prefer their pay highe...

    By • June 4, 2008
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    You Say Cobol, I Say IFRS

    Last year, a management reorganisation at Delhaize Group, a €19 billion Belgian food retailer, left CFO Craig Owens in charge of IT. Other CFOs might have quaked at the thought. For every staffer in finance ready to pepper innocent colleagues with the latest IFRS and GAAP changes, there’s a techi...

    By Eila Rana • June 2, 2008
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    Cooking the Books

    Though many people’s first exposure to the working world is as a waiter or washer-up, it’s less common for executives to reach the top of their fields and then return to where they started. However, two CFOs recently returned to the kitchen, coming full circle from their salad days.When he’s not ...

    By Laura Cameron and Mike Chambers • June 2, 2008
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    Emap’s Ian Griffiths

    Watching Emap’s share price during recent years was the stockmarket equivalent of watching paint dry. Despite investing more than £800m (€1 billion) in acquisitions since 2003 and raising a similar amount through disposals, the UK media group’s share price stuck stubbornly around £8. Last summer,...

    By Tim Burke • June 2, 2008