Companies are taking steps to shore up balance sheets with more cash on hand by drawing on credit facilities, suspending dividends, cutting spending and in some cases eliminating cash payments to CEOs, executives and board members as employees deal with business shutdowns. At such companies as Boeing, Booking Holdings, Darden Restaurants, Delta Air Lines, Kama Corp., United Airlines Holdings, Sabre Corp. and Steelcase, executives…
Chief executives of large U.S. companies rode a more than decadelong bull market to a string of record pay days. Now, the stock market’s coronavirus-fueled swoon could wipe out hundreds of millions of dollars from executive pay packages and prompt a recalibration of how CEO compensation is set. The potential losses highlight the flip side…
Bank of America Corp. greenlighted a $26.5 million pay package for its top executive in 2019 after the bank’s shares marked their best run in years. Brian Moynihan is set to receive compensation that matches the preceding year’s package. His pay includes a $1.5 million base salary and $25 million worth of restricted stock, the bank said…
When a CEO exits unexpectedly, the vacancy leaves room for someone to step up and prove his or her worth to the company. Their worth, as it turns out, is about $1.6 million, on average, for an “interim CEO-ship” among those in the Russell 3000, according to public company intelligence provider MyLogIQ. There have been 140…
Insurance underwriter Argo Group has been asked by the SEC to hand over documents related to perks awarded to its executives. The SEC inquiry into Argo’s disclosures on executive perks, which was first reported by Bloomberg, comes after a proxy fight with Voce Capital earlier this year, and could indicate that activist investors have the ear of the SEC. “The takeaway…
Top legal officers are becoming increasingly valuable to corporations, at least according to the rising number of digits in some of their compensation packages. Pay for the general counsel (GC) and chief legal officer role reached a five-year high, according to data released last month from compensation consultancy Equilar and executive search firm BarkerGilmore. This latest research “brings…
Boards are continuing to adopt limits on the amount of compensation directors can earn in a year to protect against pay lawsuits alleging breach of fiduciary duty. However, as more suits have progressed, some boards are implementing new limits that appear to be trending lower than those adopted previously, and a few boards have even…
The CompanyIQ® SEC EDGAR search tool can identify the most expensive boards and their demographics. Here are some key findings. Annual Total Costs in the Millions – The top ten highest cost boards in the Russell 3000 spent from $9 million to $61 million in director costs in 2018, the latest year the data is…
The merger of Viacom Inc. and CBS Corp. will be lucrative for the top executives of both companies. Viacom Chief Executive Bob Bakish, who will become president and CEO of the combined company, ViacomCBS, has signed a new contract ending four years after the deal closes. The contract lists salary, bonuses and other incentives worth about $31 million…
At a number of major American companies, compensation for board of director members has come under fire from shareholders in recent years. While director salaries remain a small fraction of CEO salaries (these are the highest paid CEOs at America’s largest companies), they have steadily risen over the past decade. In several recent instances, shareholders…