Editor's page.

• Position: Human capital management - Editorial

Not many financial executives would probably tell you that they have a major responsibility for finding and growing talent, what is often labeled these days as "human capital management." But, in our cover story, consultants Mike Johnson and Chrs Roebuck argue that CFOs have a large--though not necessarily a leading--role in helping develop employees into the best possible team.

"There needs to be a proactive human capital strategy to turn the potential into bottom line results," they write. "And that doesn't begin in HR. It begins with the CEO, CFO and the rest of top management. The objective of a human capital strategy is the maximization of the return on investment on the human capital of the organization to impact the bottom line in the best way possible."

Other articles in this issue address, as usual, a wide range of topics. There's succession planning as a retention tool, the value of integrating sales forces to ensure merger success, expanded roles and focus for audit committees, how private companies can best make use of captive insurance programs and the use of information technology to assist with corporate governance.

Also, as is customary every year in this issue, you can read profiles of the incoming chairs of FEI U.S. and FEI Canada--here, Joseph DiLorenzo and Grant Ring, respectively. Both are longtime leaders of their national organizations with some clear views about what they plan to focus on in the coming year.

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This is my last issue as editor-in-chief of this magazine. I'm taking early retirement (actually, it took effect June 30), and expect to be only incidentally involved as a contributor to the magazine in the future. Ellen Heffes, who has ably and conscientiously served as my editorial "partner" for almost all of the past...