Human Capital: Page 99

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    National Century CFO, Four Others Guilty of Fraud

    A federal jury has found two top finance executives and three others guilty on all counts of conspiracy, fraud, and money laundering at National Century Financial Enterprises.The verdicts ended a six-week trial after less than two days of deliberation. A 27-count indictment had laid out the defen...

    By Stephen Taub • March 14, 2008
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    Finance Execs Get Top Board Pay

    Corporate boards value finance experts over all other members, judging by a new survey from the National Association of Corporate Directors.Audit-committee members and chairs are paid more than their fellow board members, according to the NACD’s latest annual Director Compensation Survey. Among t...

    By Stephen Taub • March 14, 2008
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    The Seven-Month Itch

    WellPoint Inc. said Jamie Miller has resigned as chief accounting officer and controller of the health insurance giant, effective April 4, in order to take the same positions at an even bigger company: General Electric. GE, however, had not announced the appointment by press time. Miller had bee...

    By Stephen Taub • March 13, 2008
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    CFOs on the Move: Week Ending March 14

    • Former BMW CFO Stefan Krause has been named to succeed Anthony di Iorio, who is retiring as chief financial officer of Deutsche Bank. Krause, who will start October 1, also was appointed to the bank’s management board, effective April 1. He served as CFO at BMW from 2002 to September 2007. •...

    By Kate Plourd and Laura Cameron • March 13, 2008
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    CFO Drives to Deutsche Bank

    Stefan Krause has been named to succeed the retiring Anthony di Iorio as chief financial officer of Deutsche Bank, effective October 1. He also was appointed to the bank’s management board, effective April 1. Krause will move over from BMW, where he was CFO from May 2002 until September 2007, af...

    By Stephen Taub • March 13, 2008
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    What CFO Made $5B Less than His Boss?

    Blackstone Group CFO Michael A. Puglisi made nearly $160 million last year, likely making him one of the highest paid finance executives at a publicly-traded company.After deducting stock awards that haven’t yet vested, his total gains worked out to $57 million. However, like all of the other nam...

    By Stephen Taub • March 12, 2008
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    Culture Club

    Over the past 20 years, Fons Trompenaars has sent out some 100,000 questionnaires to corporate professionals around the world.The resulting data—which looks at work habits, attitudes and other cultural issues—forms the basis of his work at consultancy Trompenaars Hampden-Turner. While he spends t...

    By Jason Karaian • March 10, 2008
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    Goldman Sachs’s $58 Million Man

    Goldman Sachs CFO David Viniar, paid a modest $600,000 base salary in 2007, nonetheless raked in more than $58 million after bonuses and equity-based awards, the company’s 2008 proxy statement reveals.It was another big pay hike for Viniar, whose totals were $33 million in 2006 and $19.8 million ...

    By Stephen Taub • March 7, 2008
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    In the Hot Seat: Exec Pay

    Three high-profile, high-earning executives who oversaw financial-services institutions that experienced large losses last year attempted to justify their pay packages at a congressional hearing Friday.Former Merrill Lynch CEO E. Stanley O’Neal, ex-Citigroup CEO Charles Prince, and Countrywide Fi...

    By Sarah Johnson • March 7, 2008
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    Survey: Finance Women See No Progress in Pay Parity

    Almost 100 percent of the respondents to a survey of women in finance believe that women are being paid less than men for comparable work.The figure, 96 percent of the 259 members of the Financial Women’s Association who took part in the survey, is identical to that reported by the FWA in 1998. T...

    By David Katz • March 7, 2008
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    CFO Heeds the Call of Private Equity

    David Baylor, CFO of boutique investment bank Thomas Weisel Partners, has resigned in order to join a private-equity firm. The company’s former CFO, Shaugn Stanley, will fill in while a search for a replacement is conducted.While Baylor’s resignation is effective immediately, he will stay through...

    By Avital Louria Hahn • March 7, 2008
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    Nuclear Regulatory Commission Puts CFO on Leave

    The U.S. Nuclear Regulatory Commission has placed its CFO, William McCabe, on leave for a number of weeks. McCabe was tapped as the reactor-licensing commission’s finance chief last June after a five-year stint at the Department of Education that included service as the department’s acting financ...

    By David Katz • March 7, 2008
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    CFOs on the Move: Week Ending March 7

    • Bristol-Myers Squibb’s finance chief Andrew Bonfield will leave the company “to seek new career opportunities.” He will be replaced by Jean-Marc Huet, the veteran finance director at Amsterdam-based Royal Numico N.V. • In a major realignment, General Motors’ CFO Frederick Henderson was named pr...

    By Laura Cameron and Kate Plourd • March 6, 2008
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    WaMu Moves to Insulate Bonuses from Loan Crisis

    Washington Mutual’s board of directors have found a way to keep bonuses heftier in a year of extraordinary mortgage-related losses: moving the goalposts by excluding consideration of the losses in the bonus calculation. The board’s Human Resources Committee last week established 2008 bonus target...

    By Stephen Taub • March 5, 2008
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    Judge Okays GM Retiree Health-care Trust

    A federal judge gave preliminary approval to a plan by General Motors Corp. to set up a voluntary employees beneficiary association, known as a VEBA trust, to fund retiree health care, the Associated Press reported.Last fall, GM and the United Auto Workers agreed to create the trust as part of th...

    By Stephen Taub • March 5, 2008
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    No Mark of ARS? Bristol-Myers Replaces Its CFO

    Bristol-Myers Squibb said that chief financial officer Andrew Bonfield will be leaving the company “to seek new career opportunities,” and that he will be replaced by Jean-Marc Huet, the veteran finance director at Amsterdam-based Royal Numico N.V.Bonfield will remain on the job until Huet takes ...

    By Roy Harris and Stephen Taub • March 5, 2008
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    At GM, CFO Will Ride Shotgun Next to Wagoner

    In a major realignment of General Motors senior management under CEO Rick Wagoner, the giant carmaker named chief financial officer Frederick (Fritz) A. Henderson as its new president and chief operating officer.Henderson will be replaced as CFO by Ray Young, currently group vice president-financ...

    By Stephen Taub and Roy Harris • March 4, 2008
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    Give and Take

    Most CFOs accept that tenures are getting shorter — either through their own choice or their employer’s — but how prepared are they for losing their job before they’ve even started it?Siemens, the €72 billion German engineering firm under investigation in 11 countries for corruption, recently rev...

    By Laura Cameron • March 3, 2008
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    Trompenaars Hampden-Turner Consulting’s Fons Trompenaars

    When Air France announced the takeover of KLM of the Netherlands in 2003, the Dutch media turned to Fons Trompenaars. Not only was he a well-known consultant and prolific author of books about cross-cultural issues, but as the progeny of a French mother and a Dutch father, he was also “a metaphor...

    By Jason Karaian • March 3, 2008
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    Moving On Up

    When Philip Moore, former group finance director of Friends Provident — a £7.7 billion (€10.2 billion) UK life insurer, took over as CEO in early 2007, he quickly moved to make his mark with a bid for Resolution, a rival UK company. The proposed merger — announced last July — would have created a...

    By Eila Rana • March 3, 2008
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    Hatching a Plan

    The European pension directive paved the way for the brave new world of pan-European company pension schemes. But a recent report from consultancy Towers Perrin estimates that there are only around 50 such schemes in place today.Though the directive was due to be adopted into national law in 2005...

    By Eila Rana • March 3, 2008
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    A Fatal Flaw for CDHPs?

    For several years, consumer-driven health plans have been billed as a potential solution to soaring health-care costs — or at least to companies’ share of such costs. CDHPs have made steady if unspectacular progress, with about one-third of companies now offering them and approximately 5 percent ...

    By Scott Leibs • March 1, 2008
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    Contrarians at the Gate

    “I just flew in from Davos and boy are my alms tired.” Such was the theme of January’s World Economic Forum, where a keynote address from Bill Gates on corporate philanthropy became one of the touchstones of the annual event.Less noticed was the release of a landmark study on the effects of priva...

    By Scott Leibs • March 1, 2008
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    I’m OK, You’re in Trouble

    Could finance and accounting, the career category that seems immune to job cuts, be subject to the same economic malaise that affects American workers overall?That’s one interpretation of a recent survey conducted by recruiting and staffing firm Spherion Corp., which compared the attitudes of fin...

    By Kate Plourd • March 1, 2008
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    Custom Fit

    When it comes to doling out development dollars for finance training, CFOs have a range of choices, from in-house classes and personal coaching to outside seminars and continuing education. They must also decide how to balance training with formal job-rotation programs and more ad hoc efforts to ...

    By Kate Plourd • March 1, 2008