CFO Insider is a weekly newsletter from Business Insider that delivers the top news and commentary for chief financial officers and other finance experts.
Valeant taps former CFO Howard Schiller as interim CEO (Business Insider)
Embattled Canadian drug company Valeant Pharmaceuticals has named its former chief financial officer Howard Schiller as interim CEO. He is stepping in for J. Michael Pearson, who is in the hospital being treated for severe pneumonia. Schiller, who left the CFO position in June and is a current board member, has his work cut out for him. Valeant’s stock has fallen more than 31% since October 21.
More companies are fudging their numbers, and it’s becoming a big problem (Business Insider)
According to analysts at Bank of America Merrill Lynch, the percentage of companies reporting adjusted earnings has increased sharply over the past 18 months. About 90% of companies now report earnings on an adjusted basis. These earnings often exclude items a company deems “special,” or “one-time,” or “extraordinary.” Investors, then, are left with a muddier picture of what companies are really making.
In a wide-ranging interview with CFO.com, former Marriott CFO Carl Berquist discussed the value of staying at one company long-term rather than moving around. Berquist retired from his Marriott post in December after 14 years with the company. Before that, he worked at Arthur Andersen for 28 years. “For me it worked out great, staying with [both of my employers] for long periods of time,” he said. “Anyone who’s at a company where they continue to be challenged and to grow should [consider staying] there.”
Two college students wrote letters to Fortune 500 CEOs asking for their book recommendations and got responses from more than 150 execs. In an Inc. article, the students share the top-recommended business books, which include “Good to Great” by Jim Collins, “Execution” by Larry Bossidy and Ram Charan, and “The Outsiders” by William Thorndike.
Exact Media cofounder Daniel Rodic analysed a year of Zappos CEO Tony Hsieh’s calendar, which Hsieh shares publicly. Counter to popular productivity advice, Rodic discovered that the exec doesn’t wake up particularly early, works 12.5-hour days, and spends nearly 60% of his time answering emails and attending meetings.
Business Insider Emails & Alerts
Site highlights each day to your inbox.