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The days of Enron and WorldCom-sized corporate malfeasance scandals may seem like they just ended, but another debate regarding corporate ethics is reaching critical mass in boardrooms across the country – the issue of executive compensation. Adding fuel to the fire were the recent lucrative severance packages for Home Depot CEO Bob Nardelli ($210 million) and Pfizer CEO Hank McKinnell...
What many see as outrageous or obscene compensation for chief executive officers is back in the limelight after some high profile pay packages lately. The WEF meeting is tackling the issue by asking basic questions: What’s an appropriate level for top managers? Who defines “appropriate” and how? Should a CEO’s pay be linked to the company’s performance? The contrarian view is that there is little or no direct link between pay and performance and coupling the two might be detrimental because CEOs would cut corners to boost their pay, eroding the company’s long-term prospects. (More)
Generics hurt sales of Bristol-Myers Squibb's top-selling and most profitable drug Plavix, and Bristol-ImClone cancer drug Erbitux. Also: This afternoon, ICOS shareholders vote on the Eli Lilly buyout offer -- see the results ASAP on CNBC.com.
Dow Chemical is looking to make acquisitions, but the amount of private-equity money floating around has made lots of businesses in chemical sector expensive, the company's chief executive told CNBC.
Chief executives worldwide expect growth in markets such as Brazil, China, India and Russia to keep increasing and are optimistic about higher revenues at their companies, but they are concerned about over-regulation and finding enough skilled workers.
The news from Renault Nissan CEO Carlos Ghosn out of eastern Europe today -- that his company is no longer seeking a third auto company for an alliance -- should send a clear message: automakers are not yet ready to consolidate.
Citigroup said Sallie Krawcheck, its chief financial officer, is being reassigned to become chairman and chief executive of its global wealth management division.
It takes self-confidence to be the chief executive. Faith in the business environment is another matter. Edward Kopko, CEO of Chief Executive magazine, told "Morning Call" that the C-level executives his publication surveyed fear the U.S. economy may be faltering.
Citigroup posted record revenues of $89.6 billion in 2006 – and even beat analyst estimates by 3 cents per share – but profits at the country's largest bank are still down from a year ago. CEO Chuck Prince has been under pressure to boost the bank’s bottom line and while he has made progress – the stock is up significantly in the last two months...
The New York Mercantile Exchange went public on Nov. 17. But NYMEX President and CEO James Newsome stayed private – until today, when he granted his first interview exclusively to "Morning Call." Newsome told CNBC’s Melissa Francis that NYMEX Holdings enjoys "numerous opportunities" to leverage its rich treasury...
Over the past couple days, there has been much ado about Creative Artists Agency buying Leon Rose, agent of LeBron James, among others. If CAA thinks LeBron is coming along for the ride, I’d be very surprised ... I never thought I’d write this, but over the past year, the U.S. government has really managed to cripple the online gambling business. First, BetOnSports.com goes, after its CEO David Carruthers was arrested at an airport. Last week, PinnacleSports.com, the site known for the biggest limits and the quickest payouts, voluntarily closed up shop in the U.S. And now ... The Dodgers are opening up some bleacher seats and charging $35 instead of the usual $10, but they’re making them all-you-can-eat. About 3,000 fans will have the opportunity to shove their faces with as many hot dogs, peanuts, popcorn, nachos and sodas as they want ...
Shares of BP surged more than 4% after the oil giant said Chief Executive John Browne had decided to step down at the end of July, much earlier than planned.
Friday morning, and we're waking up once again to a flurry of headlines surrounding the ongoing Apple Inc. stock options backdating controversy--the scandal that just won't go away. Dueling stories over the last 48 hours from the Wall Street Journal and the Washington Post, breathlessly reporting what appear to be new developments in the case. But pouring over the stories, I can't seem to find any news.
The race for the White House is heating up.Today--Democratic Senator Christopher Dodd of Connecticut threw his hat in the ring (he announced on MSNBC's Don Imus Show). That follows formal announcements from former North Carolina Sen. John Edwards, Ohio Rep. Dennis Kucinich and Delaware Sen. Joe Biden, among others. Why so many and so early?
Home Depot shareholders' attempt to block the company's former chief executive from collecting any more of his $210 million severance package has raised the broader issue of what role shareholders should play in setting executive compensation
Aviva, Britain's largest insurer, said Wednesday Richard Harvey will step down as chief executive in July.
Home Depot said Monday its board will require that two-thirds of its independent directors approve any compensation granted to the company's chief executive.
In a few days, a slew of new models will be unveiled at the Detroit Auto Show. Some will blow us away. Some will make us yawn and say, "are you kidding me?" But one in particular will take your breath away. It's the new Rolls Royce Drophead Coupe. Stunning. Impressive. Yowza. I'd use those adjectives to describe the Drophead convertible I rode in and examined while visiting the Rolls Royce Motors headquarters in Goodwood, England.
As many of you know, Home Depot CEO Bob Nardelli was booted yesterday - to a $210 million severance package. If he was an athlete (he actually was a star football player at Western Illinois), that would mean this contract would be the second largest in sports history in total value behind A-Rod's 10-year, $252 million deal he signed in 2000 and that's to play, not - as Nardelli's situation commands - to NOT "play." Including his severance, stock options and salary, it's estimated he made $360 million in six years.
Who's the best CEO in the country? Morningstar knows what separates the best from the rest. On CNBC’s “Morning Call” Pat Dorsey, Morningstar's Director of Stock analysis revealed Morningstar’s CEO of the Year!