Chatter: Snocap Melts Staff, Watson Wyatt Takes a Nordic Leap, Korn/Ferry Names New CFO

Digital Music’s Snocap Cuts 60%…

B2B digital music distributor Snocap has laid off 31 workers, or about 60% of its workforce, and is officially for sale.

Snocap’s current chief executive officer, Rusty Rueff, worked for seven years as executive vice president of human resources at Electronic Arts, the interactive entertainment software company.

In addition to Rueff, the senior management team consists of 13 other executives, including Yvonne Sommerfeld, the director of Performance, Productivity & People.

The privately held music licensing company, founded in 2002, is a startup founded by Napster’s Shawn Fanning, Ron Conway, and Jordan Mendelson. The company is based in San Francisco.

Watson Wyatt Acquires Swedish Consulting Firm…

Watson Wyatt Worldwide’s newly announced acquisition of HR consulting firm Oakbridge Consulting Group will result in Watson Wyatt having the largest salary database of professional roles in the Nordic region.

Watson Wyatt’s Stockholm office is the Nordic headquarters for the global consulting firm.

Previous Watson Wyatt consultant Magnus Drogell founded Stockholm-based Oakbridge Consulting in 2004. The company focuses on delivering services to about 400 clients in the areas of HR and pay strategy, performance management, salary structures, job evaluation, and employment surveys.

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In July, Watson Wyatt purchased German HR consulting firm Heissmann GmbH. In February, it purchased Watson Wyatt Brans & Co., based in the Netherlands.

Korn/Ferry Names New CFO…

Executive recruitment company Korn/Ferry International has appointed Stephen Giusto as its new chief financial officer and executive vice president.

He replaces Gary Burnison as CFO, who was appointed chief executive officer in July.

Giusto will assume this position November 1 at an annual salary of $400,000, according to a Form 8-K filing with the SEC.

Giusto, previously CFO at Resources Global Professionals, also is eligible for an annual incentive award equal to 100% of his base salary plus a maximum cash award equal to 200% of his base salary.

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.


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