@theoldcfo Loses Job

Gene Morphis
Pic credit: Morph’s View

Gene Morphis was chief financial officer of fashion retailer Francesca’s Holdings Corp. until Monday, May 14.  On that day, he was fired for inappropriate social media activity.

Here is the company press release on the termination:

HOUSTON, May 14, 2012 (GLOBE NEWSWIRE) — Francesca’s Holdings Corporation (Nasdaq:FRAN) today announced that it has terminated for cause the employment of Chief Financial Officer Gene Morphis, based on an investigation by the Board of Directors with the assistance of outside counsel, which has found that he improperly communicated Company information through social media. The investigation was launched after the Company discovered this activity on May 11, 2012.

Gene Morphis is a social media type of guy.  He blogs (Morph’s View).  He tweets (@theoldcfo).  He’s on Facebook.  Apparently, his tweeting got him into trouble.  According to Rachel Emma Silverman of the Wall Street Journal in, “Facebook and Twitter Postings Cost CFO His Job,”  some of the postings that might have landed him in trouble include:

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Legendary Kenneth Leventhal, 1921-2012

Kenneth Leventhal
Pic credit: University of Southern California

Kenneth Leventhal died on Tuesday, May 8, 2012, at the age of 90.  He is well know for starting the respected accounting firm Kenneth Leventhal and Company.

After completing his bachelors degree at UCLA, Leventhal became a CPA in 1948.  Along with his wife,  Elaine Otter Leventhal, he started his firm in 1949.  It quickly became a leader in servicing the real estate industry.  Kenneth Leventhal and Company was eventually acquired by Ernst & Young, when it was the 9th largest CPA firm in the United States.

The Leventhal School of Accounting at the University of Southern California was named in his honor after he donated $15 million to form it.  He later donated an additional $10 million.

For more information, please read the following.

• “Kenneth Leventhal dies at 90; key figure in Southland real estate,” by Ray Vincent, Los Angeles Times.
• “In Memoriam: USC Trustee Kenneth Leventhal, Legendary Leader in Accounting and Real Estate,” USC News.

Debit and credit – – David Albrecht

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