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Executive Compensation

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BUSINESS
May 17, 1992 | TED JOHNSON, SPECIAL TO THE TIMES
For many Orange County executives, 1991 was a year when their pay packages came under greater shareholder scrutiny and corporate boards were cautious in handing out cash bonuses and perks. It mirrored a trend statewide of keeping executive compensation in line with a company's financial performance. Of the top 100 county executives on the list of publicly traded companies, one-third of the officers saw their cash compensation remain unchanged or had it reduced.
ARTICLES BY DATE
CALIFORNIA | LOCAL
January 23, 2014 | By Larry Gordon
SAN FRANCISCO - The UC regents on Thursday hired an executive of a Canadian investment fund to be the chief manager of the university system's $82 billion in endowment and pension investments and will pay him more than $1 million a year if he achieves good returns. Although that pay package triggered little public discussion, the salary for another new executive hire attracted more opposition at the regents meeting here. Some regents opposed the $450,000-a-year salary for Claude Steele, who is becoming UC Berkeley's provost and second-in-command.
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OPINION
April 30, 2012
Re "Lehman elite stood to get $700 million," April 27 "The numbers are shocking but consistent withthe fact that in some ways Wall Street has been run asa casino for extracting money from the real economy and using it to pay extraordinary high levels of compensation. " This quote by Lisa Donner of Americans for Financial Reform in The Times' article on Lehman Bros. aptly sums up what is wrong with Wall Street. This has been Wall Street since the repeal of the Glass-Steagall Act; it still is a gambling enterprise.
ENTERTAINMENT
January 4, 2014 | By Meg James
Discovery Communications Inc. has extended Chief Executive David Zaslav's lucrative employment agreement for another six years, fortifying the leadership of the cable television programming company after a period of sustained growth. The deal announced Friday modifies how Zaslav's annual compensation is calculated to provide him with substantial stock holdings in the company. He will receive a base salary and bonus targets of about $10 million a year in the early years of the agreement.
OPINION
August 25, 2011
Kids will be kids Re "Why does Electric Daisy draw fire?," Opinion, Aug. 22 My son has been attending the Electric Daisy concerts for several years. Like many attendees, I'm sure, my kid isn't your typical juvenile delinquent: He's on his high school's honor roll and is a hospital volunteer, among other things. Why he likes Electric Daisy is a mystery to me. But I doubt my parents understood why my generation liked Jefferson Airplane, the Doors or, for that matter, love-ins at Griffith Park.
BUSINESS
March 31, 2012 | By Jerry Hirsch, Los Angeles Times
Ford Motor Co. has made what it pays its top executives about as transparent as any company in America. While many public companies hide their executive compensation data in the fine print of regulatory filings, Ford simply put out a news release that outlined what the bosses were making in fairly simple terms. It also filed the information with the Securities and Exchange Commission. Chief Executive Alan Mulally, the former Boeing executive credited with helping Ford avoid the bankruptcy reorganizations and federal bailouts that sustained General Motors and Chrysler during the recession, earned $29.5 million in total compensation last year.
CALIFORNIA | LOCAL
January 26, 2012 | By Carla Rivera, Los Angeles Times
Faced with mounting public and legislative pressure to rein in presidential pay packages, California State University trustees Wednesday adopted a new policy that limits executive compensation. The policy will cap the salary of newly hired presidents at 10% above that of their predecessor, with a ceiling of $325,000 in public funds. The measure was approved unanimously by the Board of Trustees at a meeting in Long Beach. The action followed a public outcry over the decision in July to pay the new president of San Diego State University an annual salary of $400,000 — $350,000 in public funds and $50,000 from a campus foundation — which was $100,000 more than his predecessor.
BUSINESS
March 24, 2010 | By Jim Puzzanghera
Amid continued public anger about huge corporate pay packages, the Obama administration's pay czar Tuesday took a series of steps to try to rein in executive salaries and bonuses at firms that received federal taxpayer bailouts. Kenneth R. Feinberg cut annual compensation an average of 15% for top executives at American International Group Inc., General Motors Co., Chrysler and two other firms that have yet to repay their loans. Feinberg, the special master for executive compensation under the $700-billion Troubled Asset Relief Program, also sent letters to all 419 recipients of TARP cash -- many of which have repaid the money -- in an attempt to determine whether salaries and bonuses paid during the height of the financial crisis were too high.
BUSINESS
June 4, 1995
Graef Crystal is too loose in his efforts to paint a dark picture of the federal legislation ("Need a Good Laugh? Look at Caps on Executive Pay," May 12). For example, he simply disregards the collective action problems faced by a diverse conglomeration of relatively small shareholders and attributes the lack of private-sector oversight to their being "too stupid or lazy to step forward." When one considers just how much intelligence and energy--not to mention money--is required to succeed in mobilizing a proxy contest under current law, a genuine question emerges as to the potential efficacy of such shareholder-sponsored efforts.
BUSINESS
May 26, 2006 | Jonathan Peterson, Times Staff Writer
A House committee hearing on executive pay Thursday spotlighted the sharp partisan divide on the issue, with Democrats demanding reforms and Republicans warning against any meddling with the free-market system. The House Financial Services Committee hearing was sought by Democrats, who are backing legislation that would allow shareholders of public companies to veto executive pay packages. But Rep. Richard H. Baker (R-La.
BUSINESS
November 25, 2013 | By Ricardo Lopez
Swiss voters soundly rejected a plan Sunday that would have limited executive compensation to no more than 12 times the lowest-paid employees' pay.  The measure, known as the "1:12 initiative," was defeated 65.3% to 34.7% even amid wide public disapproval of excessive executive pay.  But despite that negative sentiment, the proposal seemed to be a step too far for the majority of voters. The plan, an effort by Switzerland's Young Socialists, was rejected by voters and all 26 cantons, or states, in the country.  PHOTOS: Richest and poorest cities in America The measure would have needed a majority of votes from both voters and the cantons to pass.  Switzerland is home to large multinational companies including pharmaceutical firms Novartis and Roche, banking firm UBS and Credit Suisse.  The country has fewer regulations than many other European countries, which is partly why large corporations are headquartered there.  Critics had warned that imposing the pay law would have hurt economic competitiveness.
ENTERTAINMENT
May 27, 2013 | By Meg James
Viacom Chairman Sumner Redstone celebrated his 90th birthday Monday. Friends, family and business associates had planned a surprise Memorial Day birthday party in Los Angeles for the media mogul, even though Redstone has never been a big fan of birthdays -- or surprises. Not to worry. Redstone has plenty of reasons to celebrate this year. Just last week, Viacom stock hit an all time high. Redstone also received an early birthday present from Viacom's board, of which he serves as chairman.
ENTERTAINMENT
April 26, 2013 | By Dawn C. Chmielewski
Netflix Chief Executive Reed Hastings received about $5.5 million in total compensation last year, a 40% drop from 2011, when his package was valued at $9.3 million. But Hastings' salary -- like the company's image -- is on the rebound. He is set to receive $2 million in pay this year, four times what he collected in 2012. His stock option allowance will increase to $2 million; up from $1.5 million last year. Hastings also realized a gain of about $8.4 million last year from the exercise of prior years' option grants, according to regulatory filings.
BUSINESS
April 15, 2013 | By Ronald D. White, Los Angeles Times
The nation's fourth biggest oil company, Occidental Petroleum Corp., is primarily involved in oil and natural gas exploration and production. It is also a major manufacturer of oil-related chemicals. The Westwood company said its domestic production of oil and natural gas rose to the equivalent of 475,000 barrels of oil a day at the end of 2012, setting a record for the ninth straight quarter. But Occidental's stock performance hasn't been as good as that of others in the industry.
CALIFORNIA | LOCAL
August 23, 2012 | By Sam Allen, Los Angeles Times
On his receipts, the acting director of a Monterey County public hospital district appeared to be paying a luxury car service to ferry him to and from the airport as part of his weekly commute. But Lowell Johnson, interim chief executive at the Salinas Valley Memorial Hospital, was actually paying his daughter for those rides, $50 each way. He then turned in receipts to the hospital district labeled "Airport Town Car. " The district paid him nearly $4,000 in reimbursements for the trips during his first 12 months on the job, according to records.
BUSINESS
August 11, 2012 | By Chad Terhune, Los Angeles Times
Nonprofit insurer Blue Shield of California said its outgoing chief executive earned $4.6 million last year, off slightly from a year earlier, as all insurance companies faced new government rules on how customer premiums are spent. Bruce Bodaken, Blue Shield's longtime chairman and chief executive who plans to retire at year end, earned $38,348, or 1%, less than he did in 2010. The San Francisco company declined to comment on the value of Bodaken's retirement pay and benefits or to reveal the pay package of his successor.
BUSINESS
May 18, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Occidental Petroleum Corp. and Unocal Corp. are similar in many ways. They're both Los Angeles-based oil companies boasting more than $10 billion in sales. And they've both announced major restructuring plans that caused them to jettison thousands of workers. But when it comes to executive compensation, the two firms seem polar opposites. On one side, there's Richard Stegemeier, who started his career at Unocal and slowly worked his way up the ranks before being named chief executive in 1988.
BUSINESS
December 5, 1997 | WALTER HAMILTON, TIMES STAFF WRITER
Once again, Michael Eisner and Walt Disney Co. are at the cutting edge of a corporate trend. But unlike in the past, there's a lot of debate about whether that's a good thing. A day after Disney's chief executive exercised a $565-million options package, compensation experts predicted Thursday that other chief executives will reap similar paydays by selling billions of dollars in options accumulated in recent years.
CALIFORNIA | LOCAL
July 5, 2012 | By Carla Rivera, Los Angeles Times
Should the next chancellor of the California State University system have classroom experience? Should the successful candidate take a salary reduction given the state's precarious fiscal condition? Should the position have term limits? Those questions and more were raised in the first meeting of a special panel of the Board of Trustees that has begun the search for the next top executive of the 23-campus system. The current leader, Charles B. Reed, announced in May that he would retire after 14 years as head of the nation's largest public four-year university system.
OPINION
June 14, 2012
Re "School posts may be tough to fill," June 11 Regarding the search to replace three chancellors of public colleges and universities, The Times quotes Scott Himelstein, president of the community colleges Board of Governors, as saying, "I think the governor and Legislature are very clear in not wanting to consider any raises in executive compensation. " It's a great sentiment but I have zero confidence that it will happen. There will be extensive national searches, and when the final candidates are selected, the public statements will say that the salaries offered were justified and necessary to attract the best person for each of these exceedingly difficult and complex positions.
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