Posts tagged Chairman and Chief Executive
(Reuters) – Procter & Gamble Co said on Friday the surprise return of A.G. Lafley as chairman and chief executive was not an indication of any bigger problems at the world's largest consumer products maker. Lafley replaces Bob McDonald, effective immediately, at P&G, which is in the midst of a major restructuring. "This change very simply reflects Bob McDonald's decision to retire and the board's view that A.G. …
Warren Buffett’s total compensation declined 14 percent last year to $423,923 as Berkshire Hathaway spent less on his security, but his salary remained unchanged at $100,000.
Buffett’s salary for leading Berkshire as chairman and chief executive hasn’t changed in more than 25 years. The $323,923 for security was the only other element of Buffett’s 2012 compensation because the billionaire forgoes typical executive perks.
Buffett again paid Berkshire $50,000 to reimburse the Omaha-based company for any personal costs.
The proxy statement Berkshire mailed to shareholders this week also showed that Chief Financial Officer Marc Hamburg is paid significantly more than Buffett. Hamburg’s compensation grew 6 percent to just over $1 million from 2011′s $974,750.
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ZURICH (Reuters) – Swiss bank UBS AG is expected to pay more than $450 million to U.S. and British authorities to settle claims some of its employees submitted false Libor rates, the New York Times reported. In June, British bank Barclays Plc was fined $453 million for manipulating Libor benchmark interest rates, becoming the first bank to settle in the ongoing probe, prompting the resignation of its chairman and chief executive. …
MILAN (Reuters) – Finmeccanica SpA (FNC.MI) chief Giuseppe Orsi reiterated that he would not step down from Europe’s third-biggest defense group but said in a newspaper interview that he favored separating the roles of chairman and chief executive.
Orsi, the subject of a high-profile corruption probe that has cast a shadow over his position at the group, told Italian daily Il Messaggero that he had only accepted the dual role at the request of the Italian government, Finmeccanica’s main shareholder.
“A group as complex as Finmeccanica needs a chairman who guarantees stability and supports the management,” Orsi said in the interview published on Sunday.
“I have always believed so. Even when, at the request of the shareholder, I agreed to take on the dual role.”
Orsi, chief executive of Finmeccanica, was also handed the chairmanship of Italy’s flagship defense and aeronautics group last year after disgraced former chairman Pier Francesco Guarguaglini resigned as part of a corruption investigation.
The investigation widened earlier this year to include Orsi after a disgruntled former employee, himself under investigation, accused him of bribes to smooth a 560 million euro ($724.4 million) Indian helicopter contract.
Orsi, who has repeatedly denied the accusations, said the story was an invention and that the contract had been won in full respect of Indian and Italian law.
He repeated that he would quit if the government asked him to, but said he did not see any reason to leave before the approval of the 2013 results, when his mandate ends.
The technocrat government of Mario Monti has kept a low-profile stance over the issue after political parties raised questions about whether Orsi should remain at the helm.
Economy Minister Vittorio Grilli said last week the government would act in a responsible manner “if and when” it decided to step in.
An Indian defense ministry official confirmed on Thursday that Finmeccanica would deliver the first of the helicopters in the so-called VVIP Indian order by December.
Finmeccanica reported nine-month adjusted EBITA of 741 million euros, rebounding from a loss of 188 million euros a year earlier when it was hit by a heavy provision on its Boeing 787 contract.
(Reporting by Antonella Ciancio; Editing by Susan Fenton)
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NEW YORK (Reuters) – Dow Chemical Co shareholders declined to split the roles of chairman and chief executive at their annual meeting on Thursday, opting to keep the reins of the largest U.S. chemical maker closely held. The proposal to split the roles, which, if approved, would have gone into effect after current Chairman and CEO Andrew Liveris retired, received only 36 percent of votes cast. …
A day after the Parliament committee investigating phone-hacking declared Rupert Murdoch “not fit” to lead a major media company, News Corp.’s board of directors announced on Wednesday its full vote of “confidence” in their chairman and chief executive. Here’s News Corp.’s full statement: The Board of Directors of News Corporation met today and announced its [...]