Headline News finance for today mei 6 2010
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Headline News finance for today mei 6 2010
Caterpillar Inc. Chief Financial Officer Dave Burritt and four other top managers will leave June 1 as incoming Chief Executive Officer Douglas Oberhelman begins to put his stamp on the largest maker of construction equipment.
Burritt, 54, will be replaced by Ed Rapp, currently the group president overseeing financial products, building construction products and legal services, the company said today in a statement. Rapp, 53, will report to the CEO and oversee several of the corporate-services divisions.
The company is reducing the total number of top executives to 35 from 39, with the number of group presidents decreasing to five from six. Oberhelman, who takes over for James Owens as CEO in July and as chairman later this year, says he wants to make the company leaner and more responsive.
“Characteristically, with most companies, CEOs like to pick their own CFOs,” said Eli Lustgarten, an analyst for Longbow Securities in Independence, Ohio. “It’s not uncommon.”
Burritt wasn’t immediately available for comment. read more on Source
Lloyd C. Blankfein may take comfort from Wall Street’s legal history:
Even after being sued for fraud by regulators and paying
multimillion-dollar fines, the biggest financial firms rarely depose
their leaders.
forced out unless he was directly involved in the behavior,” said James
Coffman, who retired as an assistant director of enforcement at the SEC
in 2007 after a nearly three-decade career at the agency. read more on Source
Caterpillar Inc. Chief Financial Officer Dave Burritt and four other top managers will leave June 1 as incoming Chief Executive Officer Douglas Oberhelman begins to put his stamp on the largest maker of construction equipment.
Burritt, 54, will be replaced by Ed Rapp, currently the group president overseeing financial products, building construction products and legal services, the company said today in a statement. Rapp, 53, will report to the CEO and oversee several of the corporate-services divisions.
The company is reducing the total number of top executives to 35 from 39, with the number of group presidents decreasing to five from six. Oberhelman, who takes over for James Owens as CEO in July and as chairman later this year, says he wants to make the company leaner and more responsive.
“Characteristically, with most companies, CEOs like to pick their own CFOs,” said Eli Lustgarten, an analyst for Longbow Securities in Independence, Ohio. “It’s not uncommon.”
Burritt wasn’t immediately available for comment. read more on Source
Fraud-Tarred Finance Firms’ Trail May Mean Blankfein Keeps Job
Goldman Sachs Group Inc. Chief Executive OfficerLloyd C. Blankfein may take comfort from Wall Street’s legal history:
Even after being sued for fraud by regulators and paying
multimillion-dollar fines, the biggest financial firms rarely depose
their leaders.
Citigroup Inc., Goldman and Merrill Lynch & Co.
were among 10 firms that agreed to pay $1.4 billion in 2003 to settle
claims that analysts manipulated recommendations. Not one CEO lost his
job over the claims. There was a similar result in 2006, when Citigroup
and Goldman Sachs were among lenders that paid $13 million for
manipulating the market for auction-rate bonds.
That same year Bear Stearns Cos. paid $250 million
to settle SEC claims it had helped clients break mutual-fund trading
rules. CEO James “Jimmy” Cayne didn’t just keep his job -- he accepted
a total 2006 payout of almost $34 million.
forced out unless he was directly involved in the behavior,” said James
Coffman, who retired as an assistant director of enforcement at the SEC
in 2007 after a nearly three-decade career at the agency. read more on Source
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