Summer tends to be a slow time for business in so many ways. There’s more action at seaside than at the C-level, including changes in chief executive officers.
CEO turnover in July was at its lowest level in 16 months, according to a monthly scorecard kept by the Chicago outplacement firm Challenger, Gray & Christmas Inc.
There were just 88 CEO changes in July compared with 126 in the same month a year ago. And Challenger Gray says that in three of the last five years, CEO turnover has been lower in July than the annual average.
Read the latest regulatory filing from Lincoln National Corp. too quickly and you might think the senior management is getting a pay cut.
The compensation committee of the board of Lincoln National met Aug. 11 to “restructure” the compensation of Dennis R. Glass, its chief executive officer, and three other executives.
Indeed, the committee reduced cash salaries for the four men by a total of $446,187 as of Saturday, according to a filing with the Securities and Exchange Commission. Glass’ base salary was trimmed to $1,025,000 from $1,150,000.
What’s the going rate to hire a new CEO?
The Inquirer’s annual look at executive pay on Sunday showed a wide range of compensation for CEOs of publicly held companies. But when a company needs to find a new boss, other inducements come into play to seal the deal.
Three recent switches by area companies in transition show what new CEOs are getting locally.
I can’t relate to those who lined up last week to buy the Apple iPhone 4.
It’s not that I don’t like new technology. Rather, I’m a klutz, and I wouldn’t bet on a shiny iPhone surviving for long in my “hands of clod.”
My sympathies lean to companies that are able to fix the things I break. One such local company is DecisionOne Corp., which has had many names and many owners over the years.
Professional football teams have many loyal fans who’ll go to all sorts of lengths to show their allegiance.
Including carrying a credit card that identifies them as a fan of the Philadelphia Eagles or one of the 31 other National Football League clubs.
But come September, if you’re one of the nearly one million holders of an NFL credit card through Bank of America, you’ll have to switch card providers if you want to remain a card-carrying fan.
Lots of people complain that there’s not enough disclosure about executive pay.
But if you read a proxy statement, you’ll see a ton of disclosure. Whether it makes sense is the real issue.
Earlier this week, Dollar Financial Corp. said it approved cash bonus awards to its top management after the Berwyn-based operator of 1,206 check-cashing stores achieved its financial performance goals for its fiscal year ended June 30.
More than a month after winning a proxy contest involving Quigley Corp., Ted Karkus has now been named chief executive officer of the Doylestown maker of Cold-Eeze cold remedies.
Karkus, a New York investor, successfully led an effort to replace the entire board of Quigley this spring. That victory led company founder Guy Quigley to resign. Karkus had been interim CEO since June 12; he's also chairman of the board.
As CEO, Karkus will earn a salary of $750,000, plus benefits.
The Treasury Department wants to bring more independence and democracy to the practice of paying CEOs and senior executives.
On Thursday, the federal agency said it would seek congressional approval for two measures. One would require all public companies to provide for a non-binding shareholder vote on executive pay starting in 2010.
The other would require the compensation committees of corporate boards to hire their own experts to advise them on pay levels. It’s not enough, said Gene Sperling, counselor to Treasury Secretary Timothy Geithner, to be independent in name only.