October 13, 1989
Jan Leschly has resigned as president of Squibb Corp., saying his personal goals "are not realistic" under the company's merger with Bristol-Myers Co. "The combination of the two companies makes it difficult for me personally to realize my own career objectives," said Leschly. "The near-term personal goals that I had hoped to achieve at Squibb as an independent company are not realistic within the same time frame with Bristol-Myers Squibb." Squibb, based in Princeton, N.J.
July 27, 1989 |
In a surprise announcement today, Bristol-Myers Co. and Squibb Corp. said they have agreed to merge in an $11-billion stock-swap deal that would create the world's second-largest pharmaceutical concern. Under terms of a definitive agreement approved by the boards of both companies, Squibb would be merged into Bristol-Myers through a tax-free exchange of 2.4 shares of Bristol-Myers common stock for each Squibb share. Based on Bristol-Myers' stock price today, the deal is valued at $11.35 billion.
December 7, 1992 |
The fate of James D. Robinson III and his 15-year tenure as chairman of American Express Co. may have been sealed at a meeting of the board of directors Sept. 20. Robinson, who had been trying for years to overcome a series of setbacks at the company, told the board that it should begin thinking seriously about the succession issue. The 57-year-old CEO had said that he wanted to retire by 60. The process appears to be moving faster after the unusual September meeting.
January 11, 1989 |
Walt Disney Co. Chairman Michael D. Eisner, who led his company to record profits in 1988, earned $40.2 million last year, mainly in profits from a stock option plan. The compensation, detailed in a regulatory filing, is the second highest for any U.S. executive whose pay is publicly disclosed. The 46-year-old executive's $750,000 base salary was unchanged from 1987. But he realized a $32.6-million profit from the company stock options program last year and was paid a $6.
February 2, 1993 |
The stock market followed through on last week's rally with a moderate advance amid more signs that the economy is continuing its recovery. * The dollar continued its rally, benefiting from turmoil among European currencies and more favorable news about the U.S. economy. * Treasury bond interest rates increased on the signs of economic recovery.