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.
A growing number of chief executives are exiting their positions prematurely, according to a new study.
General Electric will dive into the turbulent financial services industry, said chairman and CEO Jeff Immelt during a wide ranging interview from the Beijing Games.
Calpine Corp. named former Texas Genco chief executive Jack Fusco its new president and CEO, replacing Robert May.
The United Airlines pilots union called for the resignation of UAL chairman and chief executive Glenn Tilton, underlining the airline's poor on-time performance and financial losses.
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.
