June 28, 1989
Oak Industries Announces Staff Cuts: Oak Industries' new management has cut administrative staff to 23 from 42 in a restructuring of its headquarters office. The cuts will save the company $1 million in annual overhead. On June 6, shareholders of Oak, a San Diego-based electronics components company, voted board control to a dissident shareholders group led by Roderick Hills after a bitter proxy fight. Oak also announced that the company will be managed by an executive committee led by Chairman Daniel Derbes until a permanent chief executive can be recruited.
June 16, 2004 |
In an unusual show of unity, seven former chairmen of the Securities and Exchange Commission on Tuesday endorsed an agency plan that would require mutual funds to have independent chairmen, as a way to avoid potential conflicts of interest on fund boards. The proposal, scheduled for an SEC vote next week, is opposed by much of the $7.5-trillion fund industry.
June 15, 1989 |
Drexel Burnham Lambert Inc. Chairman John S. R. Shad said Wednesday that the federal investigation of insider trading "may well uncover additional infractions" at the Wall Street investment banking firm. But Shad, a former chairman of the Securities and Exchange Commission, said he believes that "the bulk of the problems are behind the firm." Drexel agreed at the end of last year to plead guilty to six felony counts of mail, wire and securities fraud and to pay fines of $650 million in the government's massive probe of insider trading on Wall Street.
June 10, 1998 |
Robert E. Denham, the lawyer tapped by billionaire investor Warren E. Buffett to help right Salomon Bros. after a devastating 1991 scandal, has returned to the Los Angeles law firm of Munger, Tolles & Olson. After a year as Salomon's chief counsel, Denham succeeded Buffett in 1992 as chairman and chief executive, a job he held until Salomon's $9-billion acquisition last year by Travelers Group Inc.--a transaction Denham helped to engineer.
April 18, 1994 |
FORKS IN THE ROAD: What Sen. George J. Mitchell (D-Me.) may really be in line for down the road is secretary of state--if Warren Christopher, as some expect, steps down before President Clinton's term is over. That's the speculation around town, and Mitchell is doing nothing to discourage it. In fact, he would give such an offer "serious consideration," said his spokeswoman, Mary Ann Hill. . . .
April 19, 1989 |
A group that includes former Securities and Exchange Commission Chairman Roderick M. Hills, former U.S. Attorney General Elliot L. Richardson and San Diego Economic Development Corp. Chairman George W. Leiszhas begun a proxy fight aimed at unseating five of San Diego-based Oak Industries' eight board members. The dissident group will sponsor a board majority that would be "independent" of current Oak Chairman E. L. McNeely, according to a prepared release issued Tuesday by Hills.