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CEOs are not the only ones leaving Corporate America in record numbers. CFOs are following suit according to Lorraine Hack, Executive Director of Russell Reynolds Associates, an executive search firm for Fortune 500 companies.
Almost one out of five CFOs among Fortune 500 companies left their posts last year vs. 16% in 2004 and 13% in 2003. Some research shows CFO turnover has incresased 40% in the first 9 months of 2006, when looking at companies of various sizes.
The drivers of turnover include the increase in CEO movement. It is not unusual for new CEOs to bring in new CFOs. Additional regulation and pressures from Sarbanes-Oxley have also driven others to move to private firms report executive recruiters.
"When a new CEO is appointed, 45% of the time a new CFO is hired within the next 12 months," reported Scott Simmons of Crist Associates who studied Fortune 500 companies.
"The exodus of talent is reminescent of top executives leaving established fims in the 1990s to pursue the dot-com boom," concluded Simmons.
Click Here for More Findings
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SkillSoft to Acquire NETg
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 --Acquisition positions company to better compete in $13.2 billion corporate training market
A deal unanimously approved by the Board of Directors of SkillSoft and The Thomson Corporation, SkillSoft will pay approximately $285 million to acquire NETg.
The acquisition will add NETg's live virtual ILT, blended learning, content authoring/LCMS technology, learning content and custom development services to SkillSoft’s portfolio.
"As our enterprise customer organizations are increasingly connecting their learning strategies to their overall business objectives, we find those organizations looking for a greater range of products and services," said Chuck Moran, CEO of SkillSoft. "... by combining the two organizations we will be able to optimize our development focus and deliver a wider range of e-learning solutions to customers...This is key to increasing our ability to compete with the many larger players in the global corporate training market."
Under the terms of the agreement, SkillSoft expects to issue approximately 11.1 million SkillSoft ADSs and $216 million in cash to Thomson. SkillSoft retains the right to substitute additional cash at closing in exchange for ADS's to be delivered, at a value of $6.24 per share.
Financial Impact
Consolidated revenue are estimated at $160 million in 2005 with gross margins of approximately 72% for NetG. Its core e-learning content accounted for 74% of 2005 revenes, but also offers other products and services, including instructor-led training, custom consulting services, print-based content and third party content products.
Following the closing, SkillSoft intends to evaluate selected business lines and channels of distribution to determine if they are consistent with the Company's long term growth and profitability objectives.
SkillSoft anticipates revenue recognition changes to reduce NETg's historical revenue by 25% to 35% excluding the impact of purchase accounting.
The acquisition is estimated to close in the first half of calendar 2007 (fiscal 2008). Credit Suisse is acting as financial advisor to SkillSoft on the transaction.
Click Here for More
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E-learning Strategy Blueprint
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 FREE: E-learning Strategy Blueprint
The E-learning Strategy Blueprint from GeoLearning is a comprehensive resource package designed specifically for e-learning managers.
It includes all the templates, tools and methodologies you need to identify the strategies, resources, functionality and technical aspects of your e-learning initiative.
The cornerstone of the Blueprint is "The E-learning Workbook" with a series of planning questions that will make your e-learning implementation run smoothly. Request it today online.
Click Here for Free Blueprint
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Win a $125 Amazon.com Gift Certificate!
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 We need your input for an important research study.
Are you an e-learning content developer? We need your input for an important Bersin & Associates research study about development tools, content types, and challenges in building e-learning. Ten of the first 100 survey participants will receive a $125 Amazon.com gift certificate.
Click Here to Take Survey Now
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Coming in the Fall edition:
>> Learning to Win: How the Military (& You) Can Build Leaders Through Gaming
>> The Guide to Smart Outsourcing
>> The Changing World of Compensation
>> Pros & Cons of Wikis, Blogs and Podcasts
>> News, People & More…
Click Here to Read More
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Vote Now for the Best of Elearning! 2006
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Now, you can nominate the best solution providers or technology vendors for the Best of Elearning! Awards 2006.
Unlike other awards programs, you nominate deserving companies and state the reasons why they are the Best of 2006. Last year, over 500 ballots were cast for the Best of 2006. Our editors review all ballots and present your winners in the winter 2007 edition of Elearning! Magazine.
Take a moment, to cast your ballots online.
Ballots are accepted until December 15th.
Click Here to Vote
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