Hutchins As long distance phone and data services company MCI prepares to emerge from Chapter 11 bankruptcy protection next month, its board will increase to 11 members. Glenn Hutchins, founder and managing member of investment firm Silver Lake Partners, will join Mark Neporent, COO, general counsel and senior managing director of Cerberus Management as the […]
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Posted inFrom the Archive
$8.5 Billion Cadbury Schweppes Appoints New CFO
Hanna UK-based confectionery and beverages company Cadbury Schweppes recently named Ken Hanna as CFO and executive director. He is currently an operating partner at Compass Partners International, a private equity firm. Hanna, who replaces the retiring David Kappler, has held a string of financial positions at companies including Coopers & Lybrand, Black & Decker, and […]
Posted inInternal Controls
23 Internal Control Disclosures In January
According to a review of regulatory filings during the first month of 2004, 23 companies disclosed material weaknesses or significant deficiencies in internal controls. That number is nearly double the 14 similar disclosures made during the prior month of December 2003. Eleven companies made such disclosures in November 2003. (See box at right for prior […]
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Deere & Co. CEO Joins Board Of $67 Billion Verizon
Lane Deere & Co. chairman and CEO Robert Lane was recently elected to the board of telephone giant Verizon Communications, effective March 1. Lane has served as chairman and CEO of the $13.3 billion agricultural and forestry equipment manufacturer since 2000, and prior to that was Deere’s CFO. He is also a trustee for the […]
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CEO Bonuses, Restricted Stock Awards Up In Early ’03
An analysis of CEO compensation at S&P 500 companies shows that median salaries grew over 8 percent, and median bonuses grew 45 percent to over $710,000. The analysis, conducted by compensation firm Equilar, Inc. for the first three quarters of 2003, also showed that the size of restricted stock awards grew significantly for CEOs, even […]
Posted inAccounting & Auditing
Accounting Firms Spurn Public Clients; What’s The Impact?
A growing number of accounting firms are choosing to get out of the business of providing auditing work for publicly traded companies. In the past few months alone, at least four regional accounting firms have taken this route. They include Minneapolis-based Larson Allen, the 18th largest accounting firm, according to Bowman’s Accounting Reports. The other […]
Posted inBoards & Shareholders
Ex-SEC Associate Chief Accountant Talks About Auditor Independence
Samuel L. Burke is the former associate chief accountant for the SEC, where he spent three years involved in resolving auditing and independence issues and participating in a variety of rulemaking projects, including the rules strengthening auditor independence that became effective March 31, 2003. Last July, Burke joined PricewaterhouseCoopers as a partner in its national […]
Posted inAccounting & Auditing
Stock Incentives To Meet Earnings Thresholds
Two professors from the University of Michigan Business School and another at NYU notes that a “disproportionately large number” of companies just meet (or beat) earnings forecasts, and examines the managerial incentives that could that explain the phenomenon.
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$134 Billion GE Names Vice President, General Counsel
Denniston Brackett Denniston, GE’s former senior counsel for litigation and legal policy, has been named the company’s new vice president and general counsel, reporting directly to CEO Jeffrey Immelt. Responsible for the worldwide GE legal organization, Denniston will also join the GE Capital Corp. board of directors, and will continue to chair the company’s policy […]
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Ex-Goldman Pres. May Replace Retiring Nokia Director
Van OordtThornton Nokia director Robert van Oordt, the former CEO of one of Europe’s leading property management firms, has reached the board’s mandatory retirement age of 68. As a result, the former chief of Rodamco Europe will not stand for re-election at the Finland-based company’s annual meeting in March. Nokia’s corporate governance and nomination committee […]