Human Capital: Page 95

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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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    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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    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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    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
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    Secrets of Their Success

    Things were going very well for Christa Davies. She’d been recently promoted to a plum divisional-CFO post at Microsoft, charged with everything from integrating the company’s largest-ever acquisition to helping it battle Google in the fast-growing search and online advertising markets. And she h...

    By Alix Stuart • June 1, 2008
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    The Pause That Refreshes

    June brings with it thoughts of summer vacation, and David Hayob is unlikely to forget the one he took last year. First he traveled from his home in Houston to the East Coast with his sons, visiting four cities and attending six baseball games and three Broadway plays. Then he returned to Texas b...

    By Kate O'Sullivan • June 1, 2008
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    Microsoft’s Chris Liddell

    It has been, to say the least, an interesting year so far for Microsoft Corp. Even as the company was rebuffed by Yahoo (ultimately abandoning its months-long effort to buy the online giant in May) its newest operating system, Vista, faced a curious rebuff of its own, panned by critics and consum...

    By Scott Leibs • June 1, 2008
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    Going Public

    When must a private company make its internal records available? That’s a question digital-disk manufacturer BlueRay Technologies is facing — in court.The person asking that question is the company’s former CFO, Yelena Simonyan. She filed suit against the company, which replicates and packages di...

    By Kate Plourd • June 1, 2008
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    From Wall Street to Main Street

    Does a CFO’s office befit someone who drives a Bugatti Veyron, drinks Dom Pérignon champagne, and smokes $400 cigars?Some companies may soon find out. More than 50,000 investment bankers could be pruned from Wall Street firms in 2008, as many as 7,000 from Bear Stearns alone. And it’s more than l...

    By • June 1, 2008
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    Still Searching

    When Google’s CFO, George Reyes, announced his retirement last August, the company expected to fill his shoes by year-end. Reyes is still there, however, and the company synonymous with Web search — not to mention online advertising, satellite imaging, a growing family of Web-based applications, ...

    By Kate Plourd • June 1, 2008
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    How to Get to the Top

    Marketing used to be the route to the chief executive’s chair, but the world has changed. Now, says Monika Hamori, professor of human resources at Instituto de Empresa in Madrid, it is finance chiefs who are most likely to get the top job, though experience in operations—running parts of the comp...

    By Economist Staff • May 29, 2008
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    CFOs on the Move: Week Ending May 30

    • The CFO of clothing retailer American Apparel, Ken Cieply, resigned weeks after the company’s CEO referred to him as a “complete loser” in an interview with The Wall Street Journal. He left “to pursue other opportunities,” the company said. He had been finance chief since June 2006 and took the...

    By Kate Plourd • May 29, 2008
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    CFO Pay Raises Top CEO Hikes

    Median CFO pay increased by 5.2 percent in 2007, to $2,894,275 from the prior year’s $2,752,027, according to a new Equilar study of Standard & Poor’s 500 companies.The executive compensation specialist noted that median total equity compensation actually jumped 8.2 percent, while median bonu...

    By Stephen Taub • May 29, 2008
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    CFOs Earn Low Marks as Class Instructors

    Delivering lectures to a business-school class may sound easy compared to, say, preparing for a sensitive earnings call or improving a sagging division’s ROI. But professors who regularly bring in corporate executives to speak to students say finance chiefs often have a tough time being understoo...

    By Roy Harris • May 28, 2008
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    BNY Mellon Reshuffles, Names Gibbons CFO

    Bank of New York Mellon named Thomas P. (Todd) Gibbons to become CFO, succeeding vice chairman and finance chief Bruce Van Saun, who plans to leave the company after a transition period to pursue new opportunities.Gibbons is currently the company’s chief risk officer, the position he held at Bank...

    By Stephen Taub • May 27, 2008