Bank of America CEO touted the bank’s deal to acquire storied Merrill Lynch, despite a financial system he described as “under almost unprecedented stress.”
American Apparel CEO announced the achievement of economic milestones during a recent press conference in Los Angeles.
Mexican billionaire Carlos Slim and his family became yesterday one of the biggest shareholders of the American New York Times group, when they took a 6.4% stake in the company worth $127 million
Both top executives ousted from Fannie Mae and Freddie Mac, in the major federal bailout ever of the troubled mortgage lenders, will receive a combined payoff exceeding $23 million.
On Sunday, the U.S. government took control of major mortgage finance companies Fannie Mae and Freddie Mac, embarking on what could be it’s largest federal bailout ever, in an effort to support the sinking national housing market and avoid more global financial market turmoil. The companies’ top executives were ousted. Fannie Mae’s CEO Daniel Mudd and Freddie Mac chief executive Richard Syron, were replaced in the process by Herb Allison, formerly with Merrill Lynch and pension fund TIAA-CREF and David Moffett, a former top official at US Bancorp.
It is a hard blow to the Nano. The manufacturing of the tiny "revolutionary," less expensive car in the world ($2,500) is being stopped. "Tata motors has been constrained to suspend the construction and commissioning work at the Nano plant in Singur in view of the continued confrontation and agitation at the site," declared Ratan Tata’s spokesman yesterday in the Hindustan Times. The company also declared that it was looking at alternative sites.
Bernard Arnault, CEO of LVMH Moët Hennessy Louis Vuitton, the largest luxury-goods maker, said on September the 2nd that he had agreed to buy Royal van Lent, a 160-year-old maker of custom-designed yachts from the Dutch investment company Egeria.
Oracle Corp.'s Larry Ellison topped the list of the 10 highest-paid CEOs at Standard & Poor's 500 companies, with a fiscal 2008 pay package of $84.6 million.
The student finance firm First Marblehead Corp. saw its stock skyrocket Monday after it announced that Daniel Myers, the company's co-founder and former chief executive, would return to the CEO post.
Shareholder support for advisory votes on executive compensation is growing, albeit modestly, at U.S. corporations.
Welcome to CEO Watch, where we take stock of the business world's major players, while providing weekly news roundups from the world of Wall Street. Here we profile the CEOs and their firms – those reinventing their companies amid bleak economic times and those unlikely to recover from historic losses. We tally Corporate America's wins and losses while providing insight into the capitalism's insiders. We mean business.
