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Executive Compensation

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.
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BUSINESS
May 29, 1994
Executive compensation consultants Pearl Meyer & Partners say chief executives got a meager 1% raise in 1993, the smallest in years. Still, their pay wasn't exactly paltry. The average CEO earned $3.45 million in salary, bonus, long-term incentives and the present value of stock options granted, according to the firm. And total executive pay has risen 22% since 1990.
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
April 27, 2012 | By Jim Puzzanghera
WASHINGTON -- The head of the commission that investigated the financial crisis said the nearly $700 million that Lehman Bros. awarded to its 50 highest-paid employees in 2007 was unconscionable and should spark policymakers to reexamine executive compensation rules. "It never ceases to amaze me," said Phil Angelides, chairman of the Financial Crisis Inquiry Commission. "You clearly have corporate leadership that's out of control, reckless without accountability and, in the course of driving the firm over the cliff, they're taking as much money as they can out of it. " He said the Lehman compensation disclosed Friday by the Los Angeles Times was stunning given the mounting problems for financial firms in 2007 as the housing market was collapsing.
BUSINESS
November 10, 2004 | From Bloomberg News
Walt Disney Co. directors rejected Michael Ovitz's request for a $50-million signing bonus as part of his 1995 agreement to join the company as its second in command, an executive compensation expert testified Tuesday. Graef "Bud" Crystal, who advised Disney's board about executives' pay packages starting in 1984, told Delaware Chancery Court Judge William B.
BUSINESS
December 24, 2003 | From Associated Press
Delta Air Lines Inc. is canceling executive bonuses for this year and reconsidering its compensation program for high-ranking officials as it works to allay lingering employee resentment over lavish pay and perks for top executives. The moves come as the airline seeks salary cuts from its pilots. Incoming Chief Executive Gerald Grinstein said in a memo to Delta employees that he realized executive compensation was a controversial issue at the company.
BUSINESS
August 12, 2005 | From Bloomberg News
Securities and Exchange Commission Chairman Christopher Cox said investors should have better access to data on executive pay packages so they could make comparisons among companies.
BUSINESS
January 12, 2002 | Associated Press
Polaroid Corp. has withdrawn a controversial executive compensation plan from the agenda of a bankruptcy court hearing Tuesday and said it's reworking the plan after criticism from retirees and workers. Polaroid had indicated it would revise the plan after a bankruptcy judge postponed consideration of all but $1.55 million in payments during a December hearing. The original package could have provided more than $5 million to top executives.
BUSINESS
March 1, 2004 | From Associated Press
A year ago, SBC Communications Inc. successfully blocked shareholder resolutions that sought to link executive pay to performance, arguing that the measures would scare away talent and hurt the telecom giant's competitiveness. SBC has since changed its mind and is implementing a new executive compensation system. One reason for the change: independent board director James Henderson. Henderson, the new head of the board's executive compensation committee, decided that shareholders had a point.
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