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MICHAEL MACMILLAN, SEVP, GROUP PRESIDENT at TJX COMPANIES ($TJX) is now on implu
DALLAS (AP) -- Southwest Airlines has "very limited financing needs" and little immediate exposure to the turmoil in the financial markets, the chief financial officer said Wednesday. Laura Wright said Southwest (LUV, Fortune 500), which enters fuel-hedging transactions with financial-services firms as counterparties, has no exposure to bankrupt Lehman Brothers (LEH, Fortune 500) and only a small amount to brokerages that don't have a commercial banking side. Wright said Southwest, which reported about $5.8 billion in cash and short-term investments on June 30, has enough cash set aside to cover about 85% of its fuel-hedging positions, according to CNNMoney.com.
On September 8, 2008, the Compensation Committee of the Board of Directors of The Charles Schwab Corporation ("CSC") approved compensation for Walter W. Bettinger II, who was appointed to serve as President and Chief Executive Officer of the Corporation, effective October 1, 2008, and for Charles R. Schwab, who will continue to serve as Chairman of the Board after October 1, 2008.
In a letter to employees, CEO Mark Shapiro wrote: "This morning, Six Flags announced it is seeking expedited approval from the Bankruptcy Court for the District of Delaware of its pre-negotiated plan of reorganization under Chapter 11 of the United States Bankruptcy Code. The plan has unanimous support of the lenders' Steering Committee and the Administrative Agent for the Company's $1.1 billion senior secured credit facility. This support is evidenced by executed lock-up agreements."
Whitacre was the former chairman and CEO of AT&T.
Intel Corporation has agreed to acquire Wind River Systems by purchasing all outstanding Wind River common stock for $11.50 per share in cash ($884 million.)
The Securities and Exchange Commission has filed securities fraud charges and insider trading charges against former Countrywide Chairman and CEO Angelo R Mozilo. Eric Sieracki and David Sambol were also charged.
Just like what happened before the release of the iPhone 3G, Best Buy's lack of iPhone inventory has many speculating that we'll see new iPhone software and hardware at next week's WWDC.
Peter G. Peterson, co-founder of Blackstone Group, plans to commit $1 billion to the foundation.
GM's new trading symbol on the pink sheets is GMGMQ.
The last CEO of Bear Stearns, Alan Schwartz, will join Guggenheim Partners as executive chairman.
Common Tax Law Restrictions on Activities of Exempt Organizations The chart below compares seven federal tax law attributes of five common types of tax-exempt organizations. 501(c)(3) 501(c)(4) 501(c)(5) 501(c)(6) 527 Receive tax-deductible charitable contributions YES NO NO NO NO Receive contributions or fees deductible as a business expense YES YES YES YES NO Substantially related income exempt from federal income tax YES YES YES YES YES Investment income exempt from federal income tax LTD* YES YES YES NO Engage in legislative advocacy LTD YES YES YES LTD Engage in candidate election advocacy NO LTD LTD LTD YES Engage in public advocacy not related to legislation or election of candidates YES YES YES YES LTD *Private foundations are subject to tax on their net investment income. Updated: August 27, 2008 http://www.irs.gov/charities/index.html
On October 6, 2008, the merger (the "Merger") of New Uno Acquisition Corporation ("Merger Sub"), a subsidiary of New Uno Holdings Corporation ("Holdings"), with and into Wm. Wrigley Jr. Company (the "Company"), was consummated in accordance with the Agreement and Plan of Merger, dated April 28, 2008, among the Company, Mars, Incorporated, Holdings and Merger Sub (the "Merger Agreement"). Pursuant to the Merger Agreement, at the effective time of the Merger, all the members of the Company's board of directors resigned and were replaced by the directors of Merger Sub at the effective time of the Merger.
Effective September 8, 2008, Gary Carlin, 51, has been appointed Chief Accounting Officer of Merrill Lynch & Co., Inc. Mr. Carlin will undertake this role in addition to his current responsibilities as Corporate Controller, a position which he has held since May 2007. From May 2003 to May 2007, Mr. Carlin was Chief Financial Officer of the firm's Global Banking and Credit units. Mr. Carlin succeeds Christopher Hayward, who continues as the firm's Finance Director and also leads the firm's Holding Company Supervision initiatives.
The US Treasury has taken three additional steps to complement FHFA's decision to place both enterprises in conservatorship. First, Treasury and FHFA have established Preferred Stock Purchase Agreements, contractual agreements between the Treasury and the conserved entities. Under these agreements, Treasury will ensure that each company maintains a positive net worth. These agreements support market stability by providing additional security and clarity to GSE debt holders - senior and subordinated - and support mortgage availability by providing additional confidence to investors in GSE mortgage backed securities. This commitment will eliminate any mandatory triggering of receivership and will ensure that the conserved entities have the ability to fulfill their financial obligations. It is more efficient than a one-time equity injection, because it will be used only as needed and on terms that Treasury has set. With this agreement, Treasury receives senior preferred equity shares and ... (Read More)
Related URLs: FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE • FEDERAL HOME LOAN MORTGAGE CORP • MUDD DANIEL H • SYRON RICHARD F/CA
4 total votes | Comments (0) | Created by corey on 2008-09-07 - Login to vote or comment!
Michael D. Mangan has been named Senior Vice President of the Corporation and President of the Worldwide Power Tools and Accessories business and Stephen F. Reeves has replaced Mr. Mangan as Senior Vice President and Chief Financial Officer of the Corporation effective immediately. Attached to this Current Report on Form 8-K as Exhibit 99 is a copy of the Corporation's related press release dated September 5, 2008. Mr. Mangan, 51, has been the Corporation's Senior Vice President and Chief Financial Officer since January 2000. Since March 2004, Mr. Reeves, 49, has been a Vice President of the Corporation and Vice President - Global Finance, Power Tools and Accessories. From April 2000 to March 2004, Mr. Reeves was a Vice President of the Corporation and Vice President - Finance, Power Tools and Accessories Group. Prior to that, Mr. Reeves was the Corporation's Controller for six years.
Effective September 3, 2008, Alberto Cribiore resigned as a director of Merrill Lynch & Co., Inc.
The Home Depot, Inc. (the "Company") is filing this amendment to its Current Report on Form 8-K filed on August 25, 2008 which reported the appointment of Marvin R. Ellison as Executive Vice President - U.S. Stores. At the time of such report, no determination had been made as to compensation for Mr. Ellison with respect to his new position. On August 29, 2008, the Company and Mr. Ellison agreed upon the terms of his compensation. Mr. Ellison's annual base salary will be $625,000, and his annual bonus target under the Company's Management Incentive Plan will be 100% of base salary, payout of which is based on achieving established goals. For Fiscal 2008, his financial bonus will not be less than the bonus he would have received as Northern Division President based on achieving established goals. Mr. Ellison will receive an award of restricted stock, having a value of $250,000, at the next regularly scheduled meeting of the Leadership Development and Compensation ... (Read More)
On August 28, 2008, the Company announced that the Company's Board of Directors has appointed Mark P. Dentinger as executive vice president and chief financial officer (and principal financial officer) of the Company, effective upon the commencement of his employment with the Company on September 3, 2008. Mr. Dentinger, 50, most recently served as the executive vice president and chief financial officer of BEA Systems, Inc. from February 2005 until the company was acquired by Oracle Corporation in April 2008. Mr. Dentinger was with BEA Systems for a total of nine years, during which he managed all aspects of finance, investor relations, legal, facilities, and information technology, among various other financial roles within the company. Prior to joining BEA Systems, from 1993 to 1999, Mr. Dentinger served in various financial management positions at Compaq Computer Corporation (now Hewlett-Packard Company), culminating in his appointment as director of finance, high performance ... (Read More)
Simon N.R. Harford was appointed as the Group Vice President and Corporate Controller of Avon Products, Inc. ("Avon") as of July 21, 2008, effective on August 15, 2008. Mr. Harford, age 48, has served as the Vice President and Controller of Eli Lilly and Company since May 2006. Prior to that, he had been Executive Director and Chief Financial Officer for Europe, Middle East and Africa since July 2004 and the Executive Director of Investor Relations from January 2003 to July 2004. Mr. Harford served in various other positions with Eli Lilly and Company since he joined the company in 1988. Mr. Harford will succeed Richard Foggio, effective August 15, 2008, and as a result, Mr. Foggio will no longer serve as Avon's Group Vice President and Corporate Controller, as agreed by Avon and Mr. Foggio on July 21, 2008. Mr. Foggio has been appointed as the Group Vice President, Finance, Global Marketing of Avon, effective August 15, 2008.
On August 27, 2008, the Board of Directors of Fannie Mae (formally, the Federal National Mortgage Association) appointed David C. Hisey as Executive Vice President and Chief Financial Officer, and Peter S. Niculescu as Executive Vice President and Chief Business Officer. Mr. Hisey succeeds Stephen M. Swad, who has resigned as the company's Executive Vice President and Chief Financial Officer. Mr. Niculescu succeeds Robert Levin following Mr. Levin's announcement of his intention to retire from the company early in 2009. During a transition period, Mr. Swad and Mr. Levin will remain with the company as senior advisors at their current compensation. David Hisey, age 48, had been serving as Fannie Mae's Senior Vice President and Controller since February 1, 2005. Mr. Hisey previously had served as Fannie Mae's Senior Vice President, Financial Controls and Operations, since January 3, 2005. Prior to joining Fannie Mae, Mr. Hisey was Corporate Vice President of Financial Services ... (Read More)
Related URLs: FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE • NICULESCU PETER S • HISEY DAVID C
4 total votes | Comments (4) | Created by corey on 2008-08-28 - Login to vote or comment!
Ford Motor reported a surprise profit for the third quarter Monday, helped by a bump in sales from the Cash for Clunkers program, a reduced cost structure and problems at its U.S. rivals. The only major U.S. automaker not to file for bankruptcy this year earned earned $997 million, or 29 cents a share, compared to a loss of $161 million, or 7 cents a share on that basis a year earlier. Excluding special items, Ford reported a profit of $873 million, or 26 cents a share, in the period. Analysts had been forecasting a loss of 12 cents a share for the quarter on this basis. Ford said it was the first pre-tax operating profit since the start of 2008. (money.cnn.com)
A Federal District judge on Monday overturned a settlement between the Bank of America and the Securities and Exchange Commission over bonuses paid to Merrill Lynch executives just before the bank took over Merrill last year. The $33 million settlement "does not comport with the most elementary notions of justice and morality," wrote Jed S. Rakoff, the judge assigned to the case in federal court in Lower Manhattan. The ruling forces the S.E.C. to go back to the drawing board. The commission can either renegotiate the settlement or take the case to court. The S.E.C. could also drop the case. (NYTimes.com)
News flash: Google's Gmail is not the most popular Web mail service. Or even the second-most popular option. It is, however, now the third-most popular Web e-mail application, according to new figures from ComScore covered by multiple sources on Friday. Gmail's 37 million visitors a month badly trail the 106 million Yahoo Mail draws each month, but aren't far behind the 47 million of Microsoft's Hotmail -- and just surpass the 36.4 million of AOL's Web mail. (washingtonpost.com)
NAN STUTZ, SEVP, GROUP PRESIDENT at TJX COMPANIES ($TJX) is now on implu
WILLIAM THOMAS, SR. EXECUTIVE VP, EXPLOITATION at EOG RESOURCES ($EOG) is now on implu
On February 2, 2011, the Compensation Committee (the "Compensation Committee") of the Board of Directors of Advanced Micro Devices, Inc. (the "Company") approved a bonus award for each of the following Named Executive Officers (as defined in the Company's Proxy Statement for the Annual Meeting of Stockholders held on April 29, 2010): Mr. Thomas Seifert, the Company's Senior Vice President and Chief Financial Officer and Interim Chief Executive Officer, and Mr. Emilio Ghilardi, the Company's Senior Vice President and Chief Sales Officer, for fiscal year 2010, under the Executive Incentive Plan (the "Plan"). The bonus awards consist of cash payments in the amount of $1,050,000 for Mr. Seifert and $942,865 for Mr. Ghilardi and will be paid in March 2011. Pursuant to the Plan, the bonus opportunities were based on the achievement of a pre-established key company-wide corporate financial measure, the non-GAAP operating income. The Company intends to ... (Read More)
On February 2, 2011, the Compensation and Management Development Committee of Hess Corporation ("the Company") approved target cash bonuses for the chief executive officer, chief financial officer and three most highly compensated executive officers (other than the chief executive officer and chief financial officer) of the Company for 2011. One-third of the bonus is payable based upon attainment of a specified target level of a corporate performance measure, one-third is based upon the attainment of specified business unit metrics, and one-third is discretionary based on individual performance and other qualitative factors. Payouts may range from 0% to 150% for each component of the target bonus, based on the percentage of attainment of the corporate and business unit performance measures and, with respect to the individual performance component, the Compensation and Management Development Committee's determination of an appropriate amount.
ANNE FINUCANE, a Director at CVS CAREMARK ($CVS), is now on implu
JAMES PETERSON, VP, MARKETING & CORP. AFFAIRS at BALL ($BLL), is now on implu
JOSEPH ROBINSON, EXECUTIVE VICE PRESIDENT & CIO at FIFTH THIRD BANCORP ($FITB), is now on implu
VAUGHN TUCKSON, EVP & CHIEF OF MEDICAL AFFAIRS at UNITEDHEALTH GROUP ($UNH), is now on implu
On January 24, 2011, CVS Caremark Corporation ("CVS Caremark" or the "Company") announced that, in furtherance of its previously announced CEO succession plan, Thomas M. Ryan is transitioning out of his position as the Company's Chief Executive Officer effective March 1, 2011. Larry J. Merlo, currently President and Chief Operating Officer, will become President and Chief Executive Officer of CVS Caremark on that date. Mr. Ryan is expected to remain non-executive Chairman of the CVS Caremark Board of Directors (the "Board") until the Company's May 2011 Annual Meeting of Stockholders, at which time he will retire from the Board and current Board member David W. Dorman will be named non-executive Chairman of the Board. CVS Caremark issued a press release on January 24, 2011 announcing Mr. Ryan's impending retirement and Mr. Merlo's promotion. The full text of the release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
On January 20, 2011, the Compensation Committee (the Committee) of the Board of Directors (the Board) of Gilead Sciences, Inc. (the Company) set the base salaries for the 2011 fiscal year for the Company's current named executive officers (the Executive Officers). The Committee also determined their bonus awards for the completed 2010 fiscal year based on their individual performance and the Company's attained level of certain financial and non-financial objectives established for that year. The independent members of the Board ratified the 2010 bonus and 2011 base salary of John C. Martin, Ph.D., the Company's Chairman and Chief Executive Officer. The approved 2010 bonuses and 2011 base salaries for the Executive Officers are as follows:
On January 18, 2011, the Nomination, Compensation and Governance Committee (the "Committee") of M&T Bank Corporation's Board of Directors made various compensation decisions with respect to its senior executive officers that were designed to comply with the Interim Final Rule on TARP Standards for Compensation and Corporate Governance (the "TARP Interim Final Rule") issued by the U.S. Department of the Treasury ("Treasury") in June 2009. The TARP Interim Final Rule imposes certain restrictions on the compensation paid by M&T Bank Corporation and other TARP participants to its "senior executive officers" and the next twenty most highly compensated employees, including the payment or accrual of bonuses and most equity-based incentive compensation. M&T Bank Corporation's senior executive officers, who are also our named executive officers, for whom the Committee took action to adjust compensation for 2011 are: Robert G. Wilmers, ... (Read More)
On December 10, 2010, VeriSign, Inc. (the "Company") announced that on December 9, 2010, its Board of Directors declared a special cash dividend (the "Dividend") of $3.00 per share of its common stock, par value $0.001 per share, to be paid on December 28, 2010 (the "Payment Date") to shareholders of record at the close of business on December 20, 2010 (the "Record Date"). The Company's stock declined by approximately $3.00 on the ex-dividend date. On January 21, 2011, the Compensation Committee determined to grant restricted stock units ("RSUs") equal in value to the $3.00 Dividend, based on the price of the Company's common stock on the Payment Date, to holders of stock options outstanding under the Company's equity plans on the Record Date. For this purpose, the $32.94 stock closing price on the Payment Date was used to compute the number of RSUs to be issued, with rounding to the nearest whole share. Vested options priced below ... (Read More)
On January 20, 2011, the Board of Directors of The Williams Companies, Inc. ("Williams") elected Randall L. Barnard as Senior Vice President - Gas Pipeline of Williams effective February 24, 2011. On January 24, 2011, the Board of Directors of Williams Partners GP LLC (the "General Partner"), the general partner of Williams Partners L.P., elected Mr. Barnard as Senior Vice President -Gas Pipeline and director of the General Partner, in each case effective February 24, 2011. Mr. Barnard will assume positions currently held by Philip D. Wright, who was elected as Senior Vice President-Corporate Development of Williams on January 20, 2011, effective February 24, 2011. Mr. Wright will also resign from his positions as Senior Vice President - Gas Pipeline and director of the General Partner, in each case effective February 24, 2011.
GRACE COWAN, SR. VP CUSTOMER EXPERIENCE at WASTE MANAGEMENT($WM) is now on implu
CHARLES SHAMIAH, SENIOR VICE PRESIDENT at AMERICAN INTERNATIONAL GROUP ($AIG) is now on implu
GRAHAM ATKINSON, becomes SENIOR VICE PRESIDENT at WALGREEN ($WAG)
WILLIAM GREEN, becomes a Director at MCGRAW-HILL COMPANIES($MHP)
On January 18, 2011, the Compensation Committee of Coventry Health Care, Inc. (the "Company") approved the Company's 2011 Executive Management Incentive Plan (the "2011 EMIP"). The 2011 EMIP is administered by the Compensation Committee of the Company. Subject to the terms of the 2011 EMIP, the Compensation Committee of the Company has full power and authority to determine the eligible participants under the 2011 EMIP and the applicable performance thresholds and the performance measurements that apply to each award. The Compensation Committee of the Company determined that all named executive officers of the Company are eligible to participate in the 2011 EMIP. The 2011 EMIP provides that performance measurements for executive officers may be based on the achievement of one or more of the following six financial objectives: earnings per share, revenue, operating earnings, membership growth, SG&A and earnings growth. The Compensation Committee has determined ... (Read More)
In connection with the management changes that Google Inc. announced on January 20, 2011, the members of the Leadership Development and Compensation Committee of Google's Board of Directors (LDCC) approved equity awards for Eric Schmidt in the aggregate amount of $100 million on January 21, 2011. Consistent with Google's equity-granting practice, stock options and Google Stock Units (GSUs) will be granted in the ratio of two stock options for each GSU, which will result in a GSU grant value of approximately $55.6 million and an option grant value of approximately $44.4 million. The equity awards will be granted on February 2, 2011 (the first Wednesday of the month following the date on which the LDCC approved the grant) and will vest over a four-year period. The exact number of GSUs comprising the equity award will be calculated by dividing the GSU grant value by the closing price of Google's Class A common stock on February 1, 2011. The exact number of stock options ... (Read More)
On January 18, 2011, the Compensation and Human Resources Committee (the "Committee") of the Board of Directors of King Pharmaceuticals, Inc. ("King") undertook its annual review of, and approved, the performance goals for King's Executive Management Incentive Awards program (the "2011 EMIA"), which defines the parameters under which certain executives of King will be eligible to receive cash awards for achievement of certain accomplishments during 2011. Under the 2011 EMIA, adopted pursuant to the King Pharmaceuticals, Inc. Incentive Plan, awards to executive officers (as defined by the Securities Exchange Act of 1934 and referred to in this document as "Executive Officers") and other participating executives will be based upon achievement of a financial objective (the "Financial Objective"). Under the terms of the 2011 EMIA, the Committee has established and approved the Financial Objective and must approve any ... (Read More)
On January 19, 2011, the Board of Directors (the "Board") of Akamai Technologies, Inc. ("Akamai" or the "Company") elected Pamela L. Craig as a director to fill a newly-created vacancy on the Board, effective on April 1, 2011 (the "Effective Date"). Ms. Craig was designated as a Class II member of the Board and was elected to serve until the 2013 Annual Meeting of Stockholders or until her successor is duly appointed and qualified. Ms. Craig is the Chief Financial Officer of Accenture, a publicly-traded global management consulting, technology services and outsourcing company. Ms. Craig was recommended to the Board by its Nominating and Corporate Governance Committee in accordance with the provisions of the Nominating and Corporate Governance Committee Charter. There are no arrangements or understandings between Ms. Craig and any other person pursuant to which she was elected as a director. Ms. Craig has not yet been designated to serve on any ... (Read More)
On January 20, 2011, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Boston Properties, Inc. (the "Company") approved outperformance awards under the Plan to officers and key employees of the Company. These awards (the "2011 OPP Awards") are part of a broad-based, long-term incentive compensation program, generally referred to as an "outperformance plan," designed to provide the Company's management team at several levels within the organization with the potential to earn equity awards subject to the Company creating shareholder value in a pay-for-performance structure. In 2008, the Committee implemented a similar program whereby recipients of 2008 outperformance awards would share in an outperformance pool if the Company's total return to shareholders ("TRS"), including both share appreciation and dividends, exceeds absolute and relative hurdles over the period from February 5, 2008 to ... (Read More)
On January 18, 2011, the Compensation Committee (the "Committee") of the Board of Directors of Broadcom Corporation (the "Company") adopted a Restricted Stock Units Incentive Award Program (the "Program"). Certain of the Company's executives will be designated as participants in the Program, in the sole discretion of the Committee. The Program was adopted under, and all awards and grants of the Program shall be pursuant to, the Broadcom Corporation 1998 Stock Incentive Plan, as amended and restated. The Committee has designated the first performance cycle under the Program to be January 1, 2010 through December 31, 2010.
CIT Group Inc., (the "Company") has revised the compensation structure for its chief executive officer, John A. Thain. For 2010, Mr. Thain received bi-monthly grants of restricted stock units with an annualized value of $5.5 million (often referred to as "stock salary"). For 2011, the Company has eliminated the stock salary component of Mr. Thain's compensation and in its place has approved a one-time grant of $5.5 million of restricted stock units, the terms of which will be consistent with restricted stock units granted to other employees. Additionally, for 2011, Mr. Thain will be eligible for a discretionary cash incentive award based on 2011 performance with a target value of $1.5 million. Mr. Thain's 2011 annual cash salary of $500,000 and total target compensation remains consistent with 2010.
On January 18, 2011, the Personnel and Compensation Committee of the Board of Directors of Citigroup Inc. approved an increase in the annual rate of base salary for CEO Vikram Pandit from $1 per year to $1,750,000 per year, effective immediately. Richard Parsons, Chairman of the Board of Citigroup Inc., said that "the Board is very pleased with the progress that the company has made under Vikram's leadership. Vikram has worked tirelessly to put Citi back on the right track, spearheading a restructuring that has returned the company to profitability and positioning the company for future growth. In light of these highly positive accomplishments, the base salary established for Vikram is merited."
At its meeting on January 13, 2011, the Board of Directors of Colgate-Palmolive Company (the "Company") elected Victoria Dolan, currently Vice President, Finance and Strategic Planning for the Company's European Division, as Vice President and Corporate Controller of the Company effective February 1, 2011. Ms. Dolan, 51, joined the Company in 2008 from Marriott International, Inc. ("Marriott"), where she served as Executive Vice President, Finance and Chief Financial Officer of its vacation ownership division, responsible for the division's global finance and accounting as well as its asset management organization. Ms. Dolan joined Marriott in 2000 as Senior Vice President of Finance for Marriott's international lodging division. Prior to joining Marriott, Ms. Dolan spent nine years at The Coca-Cola Company in numerous leadership positions that included Chief Financial Officer and Executive Vice President for the Japan division. In connection with her ... (Read More)