Word: cfo
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...most substantial changes involve audit committees and outside directors (those without significant financial or family relationships to a company). To help avoid an Enron-like scenario, in which an audit committee doesn't adequately vet auditors' reports, the chairman of that committee must be a financial expert: either a CFO of a public company or someone who has audited one. Three powerful board committees--audit, compensation and nominating (which finds new directors and senior managers)--must now be made up entirely of outside directors. And even the definition of outside has changed: recent employees are barred...
...first place. Search firms are aggressively steering nominating committees into new territory. Peter Crist, vice chairman of Korn/Ferry International, goes so far as to call the prototypical director, the distinguished elder statesman sitting on four or five boards, "an anachronism." The new ideal, Crist says, is a CFO 45 to 50 years old and very often a first-time director...
WorldCom started as a mom-and-pop long-distance company in 1983. But in the 1990s, it matured into a powerhouse. In 1997 it shocked the industry with an unsolicited bid to take over MCI, a company more than three times its size. In 1998 CFO Magazine named Sullivan one of the country's best CFOs. At age 37 he was earning $19.3 million a year. The next year Cooper was promoted to vice president. The stock price had gone through the roof, and she and her friends at work would sometimes talk of retiring early, taking care of their...
...many auditors, the word of the CFO and an Andersen partner would have been more than enough to leave the situation alone. "You have to understand," says a WorldCom employee, "Scott was probably the most respected person in the company." But, says Cooper, "when someone is hostile, my instinct is to find...
AHMASS FAKAHANY Bullish on the World Born in Cairo and reared in Geneva and London, Fakahany, 44, persuaded his father to send him to Boston University. But work put him back overseas. Fakahany spent 10 years as Merrill Lynch's CFO for Asia and controller for Europe, the Middle East and Africa. After boosting revenues last year in areas like foreign exchange as COO of the firm's global-markets and investment-banking business, Fakahany was named CFO for all of Merrill...