CALIFORNIA | LOCAL
June 25, 2000 |
A year of reform and reorganization at the Los Angeles Unified School District is significantly raising the salaries of top executives as well as increasing the number of people who can earn in the six-figure range, a Times analysis has found. At the same time, a gradual mushrooming of jobs in the 11 new subdistricts has apparently wiped out initial projections that the reorganization would trim hundreds of jobs.
June 23, 2000 |
The owner-operator of Knott's Berry Farm and Soak City U.S.A. in Buena Park said Thursday that it is changing its general partner fee and executive compensation plan to reduce cash payments and replace them with company stock and options. Cedar Fair LP, which owns and operates five amusement parks and four water parks nationwide, said it is seeking to eliminate fees paid to general partners retroactive to Jan. 1. The publicly traded partnership will make an $8.
June 15, 2000 |
Capital Pacific Holdings Inc. raised the bonuses awarded to two senior executives by at least 92% for the luxury home builder's last fiscal year, according to a document the company filed Wednesday with the Securities and Exchange Commission. Chief Executive Hadi Makarechian received a bonus of $598,000 for the year ended Feb. 29, a 92% increase above the $312,560 he got the previous year. The bonus for Chief Financial Officer Steven O. Spelman Jr.
May 16, 2000 |
Sunbeam Corp., the largest U.S. maker of small household appliances, said it gave Chairman and Chief Executive Jerry Levin an option to purchase 3 million shares of the unprofitable company at $4.125 each for the next 10 years as part of a new pay agreement. The grant, made Jan. 3, wasn't valued, and is worthless at Sunbeam's current prices. Sunbeam also said it cut Levin's pay last year 66% to $3.5 million from his initial year, when he also got a big option grant.
May 4, 2000 |
It seemed like a good deal at the time. When struggling apparel designer Mossimo Inc. lured industry veteran Edwin Lewis out of retirement in late 1998, founder Mossimo Giannulli agreed to give half his shares of the company to the new chief executive. Giannulli had snagged a highly regarded former Tommy Hilfiger Inc. chief executive to right his listing ship. And Lewis was suddenly beneficial owner of about one-third of the company's stock. The industry cheered. Mossimo's stock bounced.
April 29, 2000 |
Toy icon Barbie once complained that "math class is tough," but her former boss is proving adept with a calculator. Troubled toy maker Mattel Inc. disclosed Friday that it paid former Chief Executive Jill Barad a severance package exceeding $40 million. The payout, disclosed in the company's annual proxy statement filed Friday with the Securities and Exchange Commission, comes as the El Segundo-based firm is bleeding red ink and its stock price hovers near historical lows.
April 22, 2000 |
Hugh McColl Jr.'s generous compensation package probably will come up Tuesday when shareholders gather for Bank of America Corp.'s annual meeting. Shareholders are likely to challenge McColl, the bank's chairman and chief executive, whose 1999 package included nearly $45 million in stock, over whether he deserved the pay during a tough year for the bank's stock price. The price fell 17% last year, when the S&P Money Center Banks index fell about 15%.
April 11, 2000 |
Downey Financial Corp., the largest thrift in Southern California, boosted the pay of its top two executives by more than 50% last year, but unlike most executive raises these days, stock options didn't play much of a role. The raises came mostly from an increase in the executives' base salary and bonus. Daniel D. Rosenthal, Downey's president and chief executive, received total compensation last year of $558,540, or about $187,000 more than he was paid in 1998.
April 8, 2000 |
Xerox Corp. did not pay its top executives any bonuses last year because of the company's disappointing financial performance, Xerox disclosed in a filing with the Securities and Exchange Commission. Chairman Paul Allaire, 61, earned an annual salary of $975,000 in both 1998 and 1999, the company said. President and Chief Executive Rick Thoman, 55, had his salary increased to $900,000 in 1999 from $700,000 in 1998.
March 29, 2000 |
Corporate executives who leap to Internet start-ups in search of the big stock payoff increasingly are taking home fat paychecks too. Competition for experienced managers is pushing up salaries at new-media firms in Los Angeles, where a pile of potentially valuable stock options is no longer enough to attract top talent.