1. Articles from BLOOMBERG NEWS

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    1. Marchionne Gets US$54M in Pay and Perks for Year he Died

      Marchionne Gets US$54M in Pay and Perks for Year he Died

      Fiat Chrysler Automobile NV’s late Chief Executive Officer Sergio Marchionne received a total of US$54 million in cash compensation, perks and shares in 2018, the year of his sudden death. About US$42 million of Marchionne’s haul came from 2.8 million shares granted under a long-term award that was linked to performance metrics spanning several years. He also was paid a US$5.2 million bonus for 2017, and US$2.3 million in salary. He didn’t receive a bonus for last year...

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    2. European Investors Oppose CEO Pay More Than Vanguard, BlackRock

      European Investors Oppose CEO Pay More Than Vanguard, BlackRock

      (Bloomberg) -- Large asset managers oppose executive compensation plans at a higher rate than ever before, and European firms tend to reject CEO pay more often than their U.S. peers. Allianz Global Investors last year voted against about 75 percent of compensation packages awarded to executive teams of S&P 500 firms, and Dutch pension fund PGGM opposed 98 percent of the time, according to a report issued Thursday by As You Sow, a shareholder advocacy group...

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    3. Carlos Ghosn Readies Counterpunch With New ‘All-Star’ Defense Lawyers

      Carlos Ghosn Readies Counterpunch With New ‘All-Star’ Defense Lawyers

      (Bloomberg) -- Can Carlos Ghosn beat the rap? With a trial looming this year on charges of aggravated breach of trust and filing false statements to regulators regarding $80 million in deferred income, the former chairman of Nissan Motor Co. and Renault SA needs a new strategy. He’s lost two requests for bail and faces as many as 10 years in prison if convicted. Confronting a Japanese legal system with a 99 percent conviction rate, Ghosn overhauled his legal team last week...

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    4. Nestle Cuts the Meat in Bid to Build Healthier Food Giant

      Nestle Cuts the Meat in Bid to Build Healthier Food Giant

      (Bloomberg) -- Nestle SA put its ailing Herta lunch-meat business up for sale as Chief Executive Officer Mark Schneider tries to spark faster sales growth by transforming the world’s largest food company through acquisitions and divestments. The Swiss company’s shares rose as much as 3.7 percent to a record as it forecast improved sales and said that it expects to cede control of its dermatology unit by the middle of this year...

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    5. Norway Wealth Fund Steps Up Voting Against CEO Pay Packages

      Norway Wealth Fund Steps Up Voting Against CEO Pay Packages

      (Bloomberg) -- Norway’s $1 trillion wealth fund, the biggest of its kind, increased its votes against executive pay packages last year and said it engaged with companies in the auto sector on the use of cobalt. The fund had close to 1,500 “dialogues” with companies last year, but also divested 30 companies due to governance risks. It voted against 7.2 percent of resolutions on executive remuneration, up from 6.9 percent in 2017...

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    6. Dan Loeb Cuts DowDuPont Target as ‘Value Gap’ Lingers Into Split

      Dan Loeb Cuts DowDuPont Target as ‘Value Gap’ Lingers Into Split

      (Bloomberg) -- Activist investor Dan Loeb is trimming his expectations for DowDuPont Inc. just as the chemical giant prepares to break itself into three companies. Last May, Loeb’s Third Point hedge fund said in a letter to investors that the pending split could propel DowDuPont to $92 a share, closing a “value gap” of almost 50 percent. Instead, the shares lost value, and a cooling global economy has tempered Loeb’s view...

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    7. Nordea Slammed by Activist Investor for Poor Results

      Nordea Slammed by Activist Investor for Poor Results

      (Bloomberg) -- The chief executive officer of Nordea Bank Abp, Casper von Koskull, defended management’s efforts to cut costs and improve revenue amid a dressing-down from an activist investor who criticized the lack of profit growth. Net income for the quarter came in about 5 percent below market expectations, though the bank’s net interest income was slightly better than analysts had anticipated. For Christer Gardell, co-founder of Cevian Capital, the result wasn’t good enough...

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      Mentions: stake Bloomberg Bank
    8. Disney’s Netflix Battle Has Investors Bracing for Profit Squeeze

      Disney’s Netflix Battle Has Investors Bracing for Profit Squeeze

      (Bloomberg) -- Among traditional media companies, no one is making a bigger bet on streaming than Walt Disney Co. Later this year, the entertainment giant will launch Disney+ -- a third online video service alongside ESPN+ and Hulu -- loaded with movies and TV shows from Marvel, Pixar and “Star Wars.” The Fox film studio and the FX and National Geographic networks also will play key roles as Disney wraps up the $71 billion takeover of 21st Century Fox Inc.’s entertainment portfolio...

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    9. Nissan May Abolish Chairman Role as It Rebuilds, Director Says

      Nissan May Abolish Chairman Role as It Rebuilds, Director Says

      (Bloomberg) -- Two months after the arrest of its chairman stunned Nissan Motor Co. and the entire global automotive industry, the carmaker is weighing abolishing the role altogether as it steps up reforms to rebuild its governance. Carlos Ghosn’s downfall, with the auto titan accused of financial crimes that could put him behind bars for decades, saw Nissan swiftly dismiss him as chairman, leaving the carmaker he once saved from the brink of collapse with a leadership vacuum at the board level...

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    10. Hedge Fund Can Give Olympus a Clearer Focus

      Hedge Fund Can Give Olympus a Clearer Focus

      (Bloomberg Opinion) -- Can you teach an old dog new tricks? Olympus Corp. investors appear willing to bet so. Shares of the camera and medical-device maker, which was mired in a $1.7 billion accounting scandal in 2011, have surged to their highest in almost three years after the Japanese company announced a leadership and board shakeup in response to pressure from U.S. hedge fund ValueAct Capital Management LP...

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    11. Oil CEO Trades $4 Million Award for $1,500

      Oil CEO Trades $4 Million Award for $1,500

      (Bloomberg) -- One of the oil industry’s highest-paid executives is taking a pay cut as his company braces for possibly difficult times ahead after its stock plunged last year. Nabors Industries Ltd. Chief Executive Officer Anthony Petrello agreed to forfeit $4 million in restricted stock in exchange for a symbolic award worth $1,500, the Hamilton, Bermuda-based company said in a filing on Jan 4. The CEO’s salary is also dropping 10 percent this year to $1.58 million...

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    12. HBC Climbs After Chairman Buys Stake From Ontario Teachers' at 29% Premium

      HBC Climbs After Chairman Buys Stake From Ontario Teachers' at 29% Premium

      Hudson’s Bay Co. Chairman Richard Baker boosted his holding in the struggling retailer, buying Ontario Teachers’ Pension Plan Board’s stake at a 29 per cent premium from Thursday’s close. An entity controlled by Baker agreed to pay $9.45 a share for the 9.8 per cent stake, valuing the deal at $169.7 million, according to a statement Friday. Baker said in the statement that his “significant ownership” demonstrates his commitment to the retailer, which also owns Saks Fifth Avenue...

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    13. Hyundai's Ambition Is Detached From Reality

      Hyundai's Ambition Is Detached From Reality

      (Bloomberg Opinion) -- Investors like targets – even ambitious ones – as long as they’re grounded in reality. South Korea’s flailing automakers, Hyundai Motor Co. and Kia Motors Corp., are targeting combined sales of 7.6 million vehicles in 2019, slightly more than their 2018 target, the companies said in regulatory filings. That's bold considering the global auto market is forecast to shrink at least 1 percent this year and that the group looks likely to have missed its goals for last year...

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    14. Billion-Dollar Award Made a CEO Uneasy. Now He's Fixing It

      Billion-Dollar Award Made a CEO Uneasy. Now He's Fixing It

      (Bloomberg) -- The prospect of a billion-dollar windfall left Rick Smith uneasy. It crept up on the chief executive officer in February, while he was telling employees about an audacious goal to grow Taser-maker Axon Enterprise Inc., the firm he founded in 1993, by more than fivefold over the next decade. If they could pull it off, shareholders would see handsome returns and Smith would pocket about $1.3 billion through a radical compensation plan...

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      Mentions: Tesla risk Bloomberg
    15. New Jersey Follows California in Measure to Add Women to Boards

      New Jersey Follows California in Measure to Add Women to Boards

      (Bloomberg) -- A new bill in the New Jersey legislature would require many public companies based in the state to have at least three women on the board by 2021. The measure is the first to mimic a California law signed in September and signals the potential for more states to follow. Both the California law and New Jersey’s proposal call for public companies domiciled in the state to have at least one female director by 2019...

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    16. Just Eat Activist's Letter to Santa Is Wishful Thinking

      Just Eat Activist's Letter to Santa Is Wishful Thinking

      (Bloomberg Opinion) -- As with so many of the letters received by Father Christmas around this time of year, the epistle sent by an activist investor to the management of Just Eat Plc on Monday seems like rather wishful thinking. The demands made by Cat Rock Capital Management LP, which says it owns about 2 percent of the British food delivery website, include asking management to set more ambitious targets and holding officials accountable by tying pay packets more clearly to the end results...

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    17. Women Get Corporate Board Seats Mostly When It's Required by Law

      Women Get Corporate Board Seats Mostly When It's Required by Law

      (Bloomberg) -- Diversity advocates have been trying for two decades to sell the corporate world on gender balance in the boardroom. Maybe they should be lobbying lawmakers instead. A new study by Egon Zehnder points out that among countries that average three or more women on large company boards -- thought to be the threshold at which diversity starts to yield higher returns -- all but one operate under government-mandated quota systems...

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    18. More U.S. University Presidents Rake in Millions of Dollars

      More U.S. University Presidents Rake in Millions of Dollars

      (Bloomberg) -- As tuition continues to rise and the U.S. student debt crisis intensifies, some private college presidents are bringing home more money than ever. Sixty-one of them, to be exact, are being paid more than $1 million. That figure, from the Chronicle of Higher Education’s ranking of compensation for the heads of U.S. colleges, is up from the previous year’s total of 58 million-dollar winners...

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    19. Apollo Global Emerges as Leading Bidder for Arconic

      Apollo Global Emerges as Leading Bidder for Arconic

      (Bloomberg) -- Apollo Global Management LLC is the leading bidder to take aerospace manufacturer Arconic Inc. private after a months-long sale process, according to people familiar with the matter. Apollo made a final offer for Arconic last week that was selected over a bid from a rival group of private equity investors, said the people, who asked not to be identified discussing the negotiations. Terms of the deal couldn’t immediately be learned...

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    20. Activist Litt Pitched a Split Plan to Brookdale

      Activist Litt Pitched a Split Plan to Brookdale

      (Bloomberg) -- Activist investor Jonathan Litt made his case to split Brookdale Senior Living Inc. into a real estate investment trust and senior-housing operator to members of the company’s management, according to people familiar with the matter. Litt’s Land & Buildings Investment Management, which owns a 3.2 percent stake in Brookdale, has been pushing the company to explore ways to unlock the value of its real estate since 2016...

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    21. Ghosn’s Deferred Pay Ballooned After Shift in Rules

      Ghosn’s Deferred Pay Ballooned After Shift in Rules

      (Bloomberg) -- Carlos Ghosn’s deferred income ballooned over the past eight years as he sought to downplay his compensation in front of shareholders, a practice that was a focus of the investigation that led to the car titan’s arrest, according to people familiar with the probe. Japan started requiring executive pay be made public in 2009 amid investor backlash against high salaries...

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    22. Ghosn’s a Victim of the Nissan World He Made

      Ghosn’s a Victim of the Nissan World He Made

      (Bloomberg Opinion) -- You reap what you sow. As the auto world makes sense of Carlos Ghosn’s sudden fall from grace at Nissan Motor Co., one thing is clear: The legendary executive was a victim of dismal corporate governance at the company he sat atop for decades. Allegations against Ghosn include under-reporting his income in securities filings and making personal use of company assets...

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    1-24 of 96 1 2 3 4 »
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