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Mastercard's CFO, Sachin Mehra, has announced that he will continue working remotely after being diagnosed with non-Hodgkin lymphoma. The company stated that the cancer was detected early and is highly localized and curable. Mastercard's handling of the situation has been praised by corporate governance experts, who emphasized the importance of disclosing medical challenges while respecting an executive's privacy. Mehra has been with Mastercard for 14 years and will remain actively involved in daily operations during his treatment. [Extracted from the article]

Bank of America (BofA) is addressing the challenges faced by treasurers and finance professionals by modernizing its CashPro digital banking platform. The new capability allows users to inquire about the status of a transaction within the platform, reducing the need for phone calls or emails for additional help. This improvement aims to provide clients with information before they even think of reaching out for assistance. BofA's use of its virtual assistant Erica has also increased, and the bank plans to invest $3.8 billion in technology initiatives this year. The updates to CashPro are part of BofA's efforts to meet the rising demand for real-time online information and tracking. [Extracted from the article]

CFOs are projecting a 7.3% increase in wages and salaries for their companies in the next 12 months, according to a Deloitte survey of 200 finance chiefs at large companies. The financial services industry is expected to see the highest rise at 8.65%, while the energy sector anticipates the lowest increase at 5.69%. Despite the positive outlook, CFOs are considering various strategies to control wage costs, such as hiring internally and tying compensation to performance. Additionally, concerns about talent have decreased compared to other internal issues like tech deployment and efficiency. [Extracted from the article]

Mattel's CFO, Anthony DiSilvestro, is set to retire on May 15, prompting the company to begin the search for his replacement. During his tenure, DiSilvestro helped Mattel achieve a strong financial position, including obtaining an investment grade rating and implementing cost-saving measures. Despite facing challenges in the toy industry, Mattel has made strategic moves with iconic brands and reported improvements in net income. DiSilvestro, an Ivy League-educated finance veteran, will continue to advise the company for 90 days post-retirement. [Extracted from the article]

San Francisco Mayor-elect Daniel Lurie has appointed former Twitter CFO Ned Segal as the city's chief of housing and economic development. Segal will oversee departments with a budget of approximately $3 billion as part of a restructuring plan by Lurie. With a background in finance and experience in the private sector, Segal aims to address the city's pressing economic and housing challenges. [Extracted from the article]

The Federal Trade Commission has issued warning letters to 21 healthcare marketers for potentially deceptive claims related to healthcare plans during the open enrollment season. The FTC emphasized the importance of honesty in marketing health plans to protect consumers' health and financial well-being. The warning comes amidst rising healthcare costs and recent tragic events in the healthcare industry, prompting the FTC to take action to prevent misleading practices. [Extracted from the article]

Versapay, a company that digitizes and automates accounts receivable tasks and facilitates B2B payments, has appointed Ed Neumann as its new CFO. Neumann, who previously served as the finance chief of Workrise, brings a wealth of experience in driving operational and financial excellence for high-growth companies. Versapay, which was taken private in 2020 by Great Hill Partners, has grown through acquisitions and aims to modernize and streamline the accounts receivable market, which has been slower to adopt new technologies compared to the accounts payable market. The company now has 10,000 customers and has partnered with Netsuite and Microsoft to embed its product in ERP systems. [Extracted from the article]

The article discusses the recent firings at Ernst & Young due to employees taking multiple online training classes simultaneously, which was deemed an ethical breach by the firm. The demands faced by CPAs, such as understaffing and the need for continuing education credits, were cited as reasons for the multitasking practice. While some experts supported EY's actions, others felt the punishment may have been excessive, and there were discussions about the need for clearer guidelines on training practices in the future. [Extracted from the article]

The article discusses a trend among U.S.-based companies increasingly shifting their supply chain operations closer to the Americas. It states that this strategic move aims to reduce logistical complexities and enhance proximity to manufacturing and procurement locations, thereby improving efficiency to market demands. It focuses on localizing supply chains reflects a growing priority among firms to streamline operations and mitigate risks associated with global supply chains.

The article provides tips for businesses filing hurricane-related insurance claims, emphasizing the importance of acting quickly and documenting damage thoroughly. Hurricanes Helene and Milton have caused significant losses, with estimates ranging from $30.5 billion to $50 billion. Experts recommend contacting insurers immediately, documenting all damage, assessing structures thoroughly, taking videos before and after the disaster, and aiming to file a claim within 48 hours to expedite the process. [Extracted from the article]

Costco Wholesale CFO Gary Millerchip has stated that the company's goal is to be the first to lower prices when it sees the opportunity to do so. During the latest quarter, Costco reduced prices on several store brand items, including macadamia nuts, olive oil, and baguettes. Millerchip also noted that inflation remained effectively flat in the quarter, with a slightly inflationary environment around food and fresh food. These comments come in the context of rising grocery costs, with Vice President Kamala Harris recently proposing a federal law against price gouging by food suppliers and grocery stores. However, Costco's emphasis on maintaining or widening its price gaps with competitors is not a direct response to recent public scrutiny, but rather a long-standing strategy. The company typically prices lower than competitors due to selling products in bulk quantities and controlling costs. In its fourth quarter, Costco reported a 1% increase in net sales and opened 14 new warehouses. [Extracted from the article]

According to a survey conducted by KPMG, 83% of CEOs globally predict that companies will require a full return to in-office work within the next three years, an increase from 64% the previous year. The survey also revealed a generational divide, with older CEOs more likely to predict a full return to the office. Male CEOs were also more likely than female CEOs to bet on a full return to the office. However, KPMG warns that there is a "widening gap" between how executives and workers think about their workplaces, and that successful leaders will need to invest in and support a more flexible working environment. In the US, 79% of CEOs surveyed expect a full return to the office, while 17% anticipate a hybrid approach and 4% expect a fully remote work culture. [Extracted from the article]

Fidelity National Information Services (FIS) has appointed Erik Hoag, its former CFO, as its chief integration officer to oversee the separation of Worldpay. Hoag will remain with FIS until June of next year to manage the transition. This announcement comes after FIS sold a 55% stake in its Worldpay merchant solutions business to private equity firm GTCR. Hoag, a veteran FIS executive, will be responsible for managing the company's relationship with Worldpay and pursuing commercial opportunities. He will receive an annual salary of $600,000, which is lower than his successor's salary. FIS reported positive earnings for the quarter ended December 31. [Extracted from the article]

Flywire, a payments and software company, has announced the appointment of Cosmin Pitigoi as its new CFO, succeeding Michael Ellis. Pitigoi previously held senior finance roles at PayPal and eBay, and brings decades of financial leadership experience to Flywire. The company aims to scale its financial operations, optimize costs, and improve its global footprint with Pitigoi's expertise. Flywire has over 3,700 clients in industries such as education, healthcare, travel, and B2B. Last year, the company expanded through acquisitions, including the purchase of Australian education software-as-a-service company StudyLink. [Extracted from the article]

The article reports that U.S. Bank is enhancing its accounts receivable (AR) processes through a new partnership with Billtrust, aiming to improve efficiency and speed in business-to-business (B2B) payments. Topics discussed include the shift from paper to digital processes, the benefits of automation in AR, and the new platform's impact on working capital management.

The article announces Markus Neubrand's resignation as Chief Financial Officer (CFO) of Guess, which follows the company's recent acquisition of fashion brand Rag & Bone, which includes Guess's ongoing efforts to reposition itself with new acquisitions and retail strategies.

The article delves into the dynamics of cybersecurity budget allocation within companies, highlighting the roles of different executives, particularly CFOs (chief financial officer) and tech executives. It reveals that while cybersecurity budgets often fall under the purview of tech executives, there's a growing argument for CFOs to take a more active role due to the financial implications of cyberattacks.

The article focuses on the U.S. Securities and Exchange Commission (SEC) imposing a 10 million U.S. dollars fine on the Intercontinental Exchange for failing to report a cyberattack promptly. Topics include the regulatory burden of compliance with timely disclosure requirements, the implications of new SEC rules, and criticisms regarding the penalty's proportionality from agency members.

The article presents the discussion on cybersecurity leaders reported their security operations center was hit by a recent cyberattack that led to a security breach including security leaders spend SOC money showing the allocations of the SOC budget spread across center's activities.

Tupperware Brands has announced that it will be unable to file its form 10-K on time for the second consecutive year. The company cited significant delays in completing its 2022 10-K and ongoing "material weaknesses" in internal controls over financial reporting as reasons for the delay. Tupperware also mentioned strains on its accounting team due to attrition and a loss of continuity of knowledge. This late filing adds to the company's financial troubles, which include a debt restructuring agreement and a net loss of $125.1 million for the 39 weeks ended Sept. 30, 2023. [Extracted from the article]

Richard Galanti, the CFO of Costco, is stepping down after nearly four decades with the company. Galanti joined Costco in 1984 and played a key role in its growth into a retail giant with over 800 warehouses. He is known for providing insight into the company's performance and has emphasized the importance of running the business well and offering low prices to customers. Galanti attributes his success to hard work and good luck, and he cherishes his role in the company's story and folklore. He plans to maintain Costco's commitment to value, including the $1.50 hot dog combo, and has been involved in efforts to keep healthcare costs down for employees. [Extracted from the article]

Richard Galanti, the CFO of Costco, is stepping down after nearly four decades with the company. Galanti joined Costco in 1984 and played a key role in its growth into a retail giant with over 800 warehouses. He is known for providing insight into the company's performance and maintaining a focus on running the business effectively. Galanti attributes his success to hard work and good luck, and he cherishes his role in the company's story. He plans to continue offering the $1.50 hot dog combo and $4.99 rotisserie chicken, emphasizing the company's commitment to value. [Extracted from the article]

Wells Fargo CFO, Michael Santomassimo, referred to the current state of the commercial real estate market as a "long movie" that is still in the early stages. He acknowledged that there is still a long way to go before the ultimate resolution of the challenges in the market. Santomassimo highlighted that the office sector is facing the most pressure, while other asset classes, such as multifamily, are performing well. The rise of remote work has led to CFOs reducing their office footprint, impacting office landlords and property values. Regulators have also identified the commercial real estate market as a leading risk to financial stability. Wells Fargo has been focusing on its commercial real estate portfolio and making provisions for potential losses. The bank is also considering cost-cutting measures, including trimming its real estate holdings, but emphasizes the need for a methodical approach to maximize value. [Extracted from the article]

Daimler Truck, one of the world's largest truck manufacturers, has appointed Eva Scherer as its new CFO. Scherer, a longtime executive at Siemens, will be responsible for finance and controlling and has been appointed to the company's board of management. Her appointment comes after the unexpected death of the previous CFO, Jochen Goetz, last summer. The company's supervisory board emphasized Scherer's personal qualities and her ability to drive change. Scherer's appointment will be effective from April 1. [Extracted from the article]

According to the non-profit Tax Foundation, 17 states in the United States will be implementing income tax cuts this year. Some of these changes have already taken effect, while others will go live on July 1. Six states will see lower corporate income tax bills, while 14 states will experience reductions in individual income tax rates. These changes are part of a larger trend of tax reforms and rate reductions in response to the economic impact of the pandemic. The specific tax rates vary from state to state, with Arkansas having the lowest corporate income tax rate at 4.8% and New Jersey reducing its rate to 9%. Additionally, some states have implemented other measures to ease tax pressures on businesses. It is important to note that not all states are reducing taxes, as Michigan's top marginal individual income tax rate will increase slightly. [Extracted from the article]

The Royal Bank of Canada (RBC) has agreed to pay a $6 million penalty to settle charges by the Securities and Exchange Commission (SEC) that it violated securities laws in its accounting for internally developed software. The SEC found that RBC applied a single rate to determine the cost of its software but lacked a reliable method for determining the correct rate, resulting in the same rate being applied every year. RBC has resolved the matter and stated that it thoroughly investigated and remediated its processes. Additionally, the Autorité des marchés financiers and the Ontario Securities Commission reached agreements with RBC following a joint investigation. The settlements highlight the need for updated accounting standards for tracking software costs in the U.S. [Extracted from the article]