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Executive Compensation

BUSINESS
May 25, 2012 | By David Lazarus
Investors are still asking what Facebook is really worth. But a more apt question might be: What's the average CEO worth? The head of a typical public company pocketed $9.6 million in compensation last year, according to some number crunching from the Associated Press . This represents a more than 6% increase from the previous year and is the highest average figure seen since the AP began tracking executive compensation in 2006....
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BUSINESS
May 25, 2012 | By Salvador Rodriguez, This post has been updated and corrected. See the note below for details.
Apple Inc. announced that Chief Executive Tim Cook would be passing up on $75 million by not participating in the Cupertino, Calif., company's quarterly dividends. With the company set to start giving out a quarterly dividend of $2.65 a share by the fourth quarter of this year, Cook decided not to collect the dividends for his 1.125 million shares, which would amount to $75 million before they each vested. Cook's decision to decline the payments was announced Thursday by the company through an SEC filing.
BUSINESS
May 15, 2012 | By Andrew Tangel
TAMPA, Fla. - Jamie Dimon will keep his jobs as chairman and chief executive of JPMorgan Chase & Co. Shareholders overwhelmingly voted him back onto the board as well as approving executive compensation packages. Shareholders voted only 40% in favor of a nonbinding proposal to split the jobs of chairman and CEO. Final vote tallies will be filed later with the Securities and Exchange Commission. But shareholders at the bank's annual meeting in Tampa, Fla., took the opportunity to confront Dimon about the company's recently disclosed $2-billion loss and 12% stock plunge.
OPINION
May 2, 2012
Re "Tuition costs prompt hunger strikes," April 29 California State University spokesman Mike Uhlenkamp says the students planning hunger strikes to protest excessive executive compensation don't understand the issues. It is the university that seems not to understand the issues. I am a Cal State faculty member, and as such it is important to me that people understand that the university leadership does not represent the thousands of faculty and staff of Cal State. We stand with the students against excessive executive compensation.
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.
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
April 27, 2012 | By Walter Hamilton, Jim Puzzanghera and Andrew Tangel, Los Angeles Times
Calls for reforming Wall Street pay packages reverberated across Washington and the financial district following the disclosure that 50 Lehman Bros. employees were awarded nearly $700 million in the year before the investment bank collapsed. Lawmakers and other experts said disclosure at major banks and other financial institutions should be beefed up significantly, in part to spotlight potential risks that employees may be taking in their pursuit of super-sized paychecks. The Times reported Friday that dozens of lesser-known traders and others at Lehman were allotted pay ranging from $8.2 million to $51.3 million in 2007, including one person who earned more than the chief executive and 42 people who were awarded at least $10 million.
BUSINESS
April 27, 2012 | By Walter Hamilton, Andrew Tangel and Stuart Pfeifer, Los Angeles Times
Less than a year before the 2008 collapse of Lehman Bros. plunged the global economy into a terrifying free fall, the Wall Street firm awarded nearly $700 million to 50 of its highest-paid employees, according to internal documents reviewed by The Times . The documents, which were among the millions of pages submitted in Lehman's bankruptcy, show the list of top earners each were pledged $8 million to $51 million in cash, stock and other compensation....
BUSINESS
April 18, 2012 | By E. Scott Reckard, Los Angeles Times
The shareholder rejection of Citigroup Inc. Chief Executive Vikram Pandit's $15-million pay package has some on Wall Street wondering if the same fate might be in store for the heads of other big U.S. banks. Both Wells Fargo & Co. and Bank of America Corp. will ask shareholders in the coming weeks to vote on a "say on pay" proposal. Corporate governance experts and activist shareholders expect that these votes will capture even more attention now that Citi's shareholders have said they want Pandit's compensation to be dialed back.
BUSINESS
April 14, 2012 | By Meg James, Los Angeles Times
"Two Broke Girls" and one rich CEO. CBS Corp. Chief Executive Leslie Moonves vaulted to the top of the media pay ladder in 2011 with a compensation package valued at $69.9 million, according to documents filed Friday with the Securities and Exchange Commission. The 62-year-old executive's package jumped 21% over the $57.7 million that he reaped in 2010. For the last two years, Moonves has received bonuses of $27.5 million. Moonves' base salary was $3.5 million. Last year, he also received nearly $8.5 million in stock and options awards valued at $27.3 million.
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