The largest remaining bookstore chain in the U.S., Barnes & Noble, found itself in a tailspin a few years ago as their core business was going digital. In February, 2009, they hired William Lynch as the new CEO with the mandate to lead the company our of the wilderness. Lynch is credited with creating and implementing...
Recently inaugurated Socialist President Francois Hollande has been executive pay should not exceed 20 times the salary of the lowest-ranking employees for companies owned or partially owned by the government according to new rules. Now “France’s finance minister has declared a crusade against executive pay at state-controlled companies, describing a wage cap of €450,000...
One of the biggest drops in pay for any major CEO reflected Credit Suisse’s bad fortunes. Brady Dougan lost 69% in income compared to 2010, when he took home only 5.8 million Swiss francs ($6.3 million) last year. The Swiss banking power saw a 41% drop in profits so they cut bonuses by 41%...
What was universally described as “abrupt,” Stephen P. MacMillan resigned as CEO of Stryker Corp. weeks ago. The Kalamazoo, Mich. company manufactures medical technology such as hip and knee replacement parts and orthopedic tools. MacMillan had been well-regarded as he guided Stryker to growth through the recession. The Wall Street Journal reported the secret...
After AT&T was rebuffed by U.S. anti-trust regulators in their effort to purchase T-Mobile for $39 billion, the telecom company had to pay a $4.2 billion opt-out clause. This failed deal resulted in a $2 million cut to CEO Randall Stephenson’s salary, dragging it down to $18.7 million for 2011. In addition, Stephenson’s cash...
This week former FBI director Louis Freeh told Congress about progress being made in his effort to untangle the MF Global Holdings bankruptcy, famously known for the now-reported $1.6 billion in accidentally misplaced funds. He told skeptical Senate Banking Committee members that MF Global executives would not receive bonuses. Wall Street rumors had been...
Government regulators stopped executives from taking bonuses from MBIA, a bond insurer, which might have killed the company. New York State’s “financial services department effectively rescued the company (in 2009) . . . from its crippling exposure to toxic mortgage-backed securities,” according to Peter Lattman in the Deal Book. Jay Brown, chief executive of...
Press reports over the past a few weeks repeated that market-making banker Goldman Sachs had reduced the stock bonus of their CEO, as reported in CEO Payday two days ago. Consider this an immediate retraction. The previous reports were simply a smokescreen according to a Wall Street Journal analysis reported today based on Goldman Sachs SEC...
The chief executive officer of Goldman Sachs, the too-big-to-fail bank in the middle of the 2008 world financial crises, saw his stock bonus cut to $7 million in 2011, down from $12.6 million the year before. The investment bank saw a 58% profit drop during the final quarter of 2011. Fortunately for Lloyd Blankfein...
A report by The Wall Street Journal says bank chief executives saw smaller paydays during 2011. The CEO of Morgan Stanley, James Gorman, may have taken the biggest hit with a 50% drop in his stock-based income, to only a little more than $5 million. When you include salary and other bonuses, Gorman will...
