May 3, 2013 |
This post has been corrected. See below for details. Occidental Petroleum Chairman Ray Irani was ousted by shareholders from the oil and gas petroleum's board and was absent from Friday's annual meeting in Santa Monica Irani, 78, has been with the company since 1983. He took over as chairman and chief executive in 1990 after the death of company founder Armand Hammer. He gave up the CEO post two years ago and was scheduled to retire from the company in 2014. Aziz Syriani, the lead independent director of Occidental since 1999, also withdrew as a candidate for re-election to the board.
April 24, 2013 |
MetroPCS shareholders on Wednesday approved the company's acquisition by T-Mobile after T-Mobile sweetened its offer for the nation's fifth-largest wireless carrier. The deal was approved after Deutsche Telekom , T-Mobile's parent company, reduced the size and cut the interest rate on a loan it will provide to the merged company, according to Bloomberg . With MetroPCS, T-Mobile gains 9 million new prepaying customers and expands its wireless spectrum, allowing T-Mobile to improve the speed and quality of its network, the company said.
May 30, 2010 |
Financial reform seems certain to usher in rules that shareholder advocates have been trying to win for decades as a way to rein in runaway executive pay and make corporate boards more responsive to shareholders. That could be very good news for the roughly 70% of investors who hold company stocks in their investment portfolios. Issues including better regulation of both financial and consumer services are part of the sweeping financial reform measure that's now being reconciled in Congress and is expected to land on President Obama's desk before July 4. Although all the details won't be known until the reconciliation between the House and Senate bills is complete, experts believe the bulk of these "corporate governance" rules are likely to survive.
July 12, 2013 |
A merger between US Airways and American Airlines, creating the nation's largest air carrier, has taken another step forward with the approval of a majority of US Airways shareholders. About 99% of US Airways Group shareholders who voted Friday supported the merger with American's parent company, AMR Corp. The vote was not surprising as it was US Airways that first proposed the merger after AMR Corp. filed for bankruptcy in 2011. "This approval is a major milestone on our path to completing the merger, and we continue to make excellent progress overall thanks to the focused efforts of the dedicated representatives from both companies," said Doug Parker, chairman and chief executive of US Airways and incoming chief executive of the combined company.
June 13, 2012 |
Maybe Jamie Dimon is more crooner than he is a banker -- at least in the ears of investors. JPMorgan Chase & Co. shareholders got a big boost as soon as their chairman and chief executive opened his mouth in testimony before Congress. The stock surged 1.6% on Wednesday to $34.30 at the closing bell -- a nearly $2-billion boost to the company's market value on a day when Wall Street tumbled. They don't call Dimon “the king of Wall Street” for nothing. In nearly two hours of testimony, Dimon told Congress the big bank took risks that were not complely understood.
March 6, 2013 |
Shareholders have voted down two proposals brought forward at the Walt Disney Co. annual meeting that sought to change how the largest entertainment company in the world is governed. One proposal called for the future split of the chief executive and chairman positions, which are both currently held by Robert Iger. At the meeting, held in Phoenix on Wednesday morning, the Burbank-based company said that only 35.3% of shareholders who cast non-binding votes in advance of the meeting approved the split.