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.
March 22, 2000 |
The merger agreement between Times Mirror and Tribune companies was accomplished only after a dramatic board-level battle pitting the Chandler family against non-family directors of Times Mirror, according to a document made public Tuesday. The battle was waged over the non-family directors' belief that the Chandlers had made a deal with Tribune that benefited themselves at the expense of other shareholders.
March 18, 2000 |
When Global Crossing Chief Executive Robert Annunziata abruptly left the telecommunications firm a few weeks ago, sources said he was departing with a "generous" severance package. They weren't kidding. Annunziata received more than $160 million in total compensation for 1999, including his salary, bonuses, severance and gains on millions of options for company stock, according to a financial filing made public Friday.
February 26, 2000 |
USA Networks Inc. paid President Barry Baker $48.1 million in his first year on the job in 1999, when he was brought on to help Chairman Barry Diller expand the company in electronic commerce and television. Most of the payment came from options that are valued at $40.6 million if USA Networks stock rises 5% a year until the options expire in 2009, according to a proxy filed Thursday with the Securities and Exchange Commission.
February 24, 2000 |
With Quiksilver Inc.'s profits swelling by 48% over the last fiscal year, the surfwear maker's boss is getting a financial pat on the pack--a 50% boost in his salary. Chief Executive Robert McKnight Jr.'s annual salary has risen to $600,000 as of Feb. 1, from $400,000 last year, according to a document filed Wednesday with the Securities and Exchange Commission. McKnight also earned a $1.2-million bonus in 1999, which was tied to the company's performance.
February 19, 2000 |
Applied Materials Inc. raised Chairman and Chief Executive James Morgan's bonus nearly fivefold after shares of the biggest semiconductor-equipment maker almost tripled last year. Morgan received a $1.27-million bonus in fiscal year 1999, up from $264,190 in 1998, the company said in a filing with the Securities and Exchange Commission.
January 20, 2000 |
In what may be the most generous compensation package in business history, Apple Computer rewarded Chief Executive Steve Jobs with stock options that on paper earned him more than $200 million in the last week. Jobs has been taking an annual salary of $1 during two years of engineering a remarkable turnaround at the once-ailing computer company. Apple shares have more than tripled in 10 months and the company reported strong earnings again Wednesday, its ninth straight profitable quarter.