CALGARY, July 30- Penn West Petroleum Ltd said it has uncovered accounting irregularities that misclassified nearly C $300 million in expenses over the last four years, and the Canadian oil producer will restate its results.» Read More
The disclosure that losses from risky debt may be billions of dollars more than previously reported could eventually put CEO Martin Sullivan's job in jeopardy, people within the company told CNBC.
American International Group, the world's largest insurer, disclosed that the value of some of its risky debt portfolio plunged by $5.96 billion, not $1.6 billion as reported earlier.
General Electric said Friday that vice chairman Bob Wright, former head of the company's NBC arm, will retire on May 1.
As the new Merrill Lynch Chief Executive John Thain shuffles his management team, the firm has embarked on a cost-cutting initiative that will likely lead to layoffs in its brokerage operations, the largest on Wall Street, sources tell CNBC. .
WellCare Health Plans, a managed care provider undergoing a federal probe, on Friday replaced Chief Executive Todd S. Farha, announced the resignations of other top executives and said its latest annual report and other filings will likely be late.
Akamai CEO, Paul Sagan, says even if 2008 is a rough economic year, the Internet sector is going to be "somewhat immune."
Despite recent market upheavals, Sidney Taurel, CEO of Eli Lilly, says he is not convinced the pharmaceuticals sector will be negatively impacted. “The pharmaceutical industry is not that affected by business cycles, and so I believe this financial and possible economic crisis isn’t going to affect significantly our company or the industry.”
There's a silver lining in any cloud and NBC Universal is finding one in the writer's strike, according to Jeff Zucker, the company's president and CEO.
The recent market turmoil is causing many investors worry, but not every sector is plagued by nervousness. Some sectors seem to be immune to the turmoil and others, like healthcare, seem to be thriving.
The economic slowdown may be causing some consumers to forfeit dining out or to “trade down” and eat at fast-food restaurants. Burger King CEO John Chidsey says his company is benefiting from this trend.
Walt Disney President and Chief Executive Robert Iger received a 7 percent increase in total compensation in fiscal 2007, to $27.7 million, according to a filing with the U.S. Securities and Exchange Commission Friday.
Merrill Lynch & Co is seeking to hire Thomas Montag, who retired as one of Goldman Sachs co-heads of global securities trading last month, according to financial sources.
In a long-expected move, discount retailer Target said Wednesday that Chairman and Chief Executive Bob Ulrich will retire May 1 and be replaced by President Gregg Steinhafel.
Former American International Group Chief Executive Maurice "Hank" Greenberg said that a group he represents currently does not intend to solicit proxies from AIG shareholders, buy more AIG shares, or initiate a tender offer for the company.
After significant writedowns and a top level shakeup at the company, is there more trouble ahead for Bearn Stearns? The new CEO, Alan Schwartz, doesn't think so ... but he's not giving guarantees.
Bear Stearns' management shake-up could make the investment bank a takeover target, but the specter of more write-downs might keep suitors on the sidelines.
Krispy Kreme Doughnuts said on Monday that Chief Executive Daryl G. Brewster has resigned for personal reasons and will be replaced by its Chairman James H. Morgan as president and CEO.
The credit crunch and housing crisis led to some high-profile firings, most notably Merrill Lynch's Stan O'Neal and Citigroup's Chuck Prince. Still, while they lost their jobs, these executives didn't lose their shirts.
Network equipment maker Cisco Systems said Chief Development Officer Charles Giancarlo, widely seen as a leading candidate for future CEO, is leaving the company.
Get the best of CNBC in your inbox