CEO

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Blackwater Founder Steps Down as CEO

Now called Xe, security company regroups, changes focus

(Newser) - Blackwater Security founder Erik Prince stepped down today as CEO of the private security company he built into one of the world's most respected—only to see it become reviled for a 2007 Baghdad massacre in which his testimony incurred congressional wrath, the AP reports. Prince expressed pride in Blackwater,...

Freddie Mac's CEO Moffett Resigns
Freddie Mac's CEO
Moffett Resigns
Mar 2, 2009 8:56 AM CST

Freddie Mac's CEO Moffett Resigns

(Newser) - Freddie Mac CEO David Moffett has notified the company’s board of directors that he will resign both his position and his seat on the board effective March 13, MarketWatch reports. The board is working with the Federal Housing Finance Agency to appoint a successor. "We expect to name...

Shareholders Rage at Apple Board's Silence on Jobs

Apple board rebuffs requests for updates on CEO's health

(Newser) - Apple shareholders left an annual meeting today upset at the company’s board for staying mum about CEO Steve Jobs’ health, the Wall Street Journal reports. Considered the company’s chief innovator, Jobs rattled Apple’s stock price last month with news that treatment for a hormone imbalance would sideline...

Missing, Not Missed: CEOs in Obama Cabinet
Missing, Not Missed: CEOs in Obama Cabinet
ANALYSIS
Feb 20, 2009 10:02 AM CST

Missing, Not Missed: CEOs in Obama Cabinet

Prez keeps Wall Street at arm's length, leans on pols, academics

(Newser) - To the multitude of differences between the Obama administration and its predecessors, add the absence of corporate CEOs from Cabinet meetings. The reason is simple, reports Politico: There aren't any. Recent Wall Street-to-Washington catastrophes such as the Bush Treasury Department aren't the only reason, either. "Obama’s more...

GE CEO Scraps His $12M Bonus
GE CEO Scraps His $12M Bonus
Feb 18, 2009 10:14 AM CST

GE CEO Scraps His $12M Bonus

Immelt cites 56% stock decline in '08, but says the company isn't actually doing too bad

(Newser) - Jeffrey Immelt has recommended to GE's board of directors that he not get a planned $12 million bonus for 2008, the Wall Street Journal reports. The CEO noted that earnings were "below where we expected," but stressed that even those numbers represent success in the midst of a...

Inquiry Into Jobs' Health Puts SEC in New Territory

Agency may set precedent on executive privacy

(Newser) - The Securities and Exchange Commission's inquiry into Apple’s disclosures on Steve Jobs’ health has the agency prying into perhaps the last remaining corner of executive privacy, Bloomberg reports. Securities law requires companies to reveal to shareholders information that could affect share price, but the health of executives has usually...

Obama: $18B in Wall Street Bonuses 'Shameful'

President says he, Geithner will press executives on issue

(Newser) - President Obama denounced huge bonuses to Wall Street executives as “the height of irresponsibility” given the country’s economic hardship, the AP reports. Responding to news that financial firms paid out $18 billion in bonuses last year, Obama described the firms’ actions as “shameful” and vowed that he...

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are...

Commode for 35K? Ousted CEO Thain Had Lavish Taste

Details emerge on $1.2M office work

(Newser) - Recently-axed Merrill Lynch CEO John Thain may have steered his company to a $15.4 billion fourth-quarter loss, but he did so from a really nice office. Details are emerging about Thain's $1.2 million redecoration, Bloomberg reports. Among the purchases noted by CNBC: $87,000 for area rugs, $68,...

Thain to Leave BofA After Record Losses

(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information...

Ex-Time Warner Chief Will Lead Citigroup

Richard Parsons, an Obama adviser, will be chair of ailing bank

(Newser) - Former Time Warner CEO Richard Parsons—an economic adviser on Barack Obama's transition team—will become the new chairman of Citigroup next month. The ailing bank has suffered five straight quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis....

Yahoo to Name Software Exec Its New CEO

Bartz, of Autodesk, will succeed Yang, sources say

(Newser) - Yahoo will soon name Carol Bartz as its new CEO after a two-month search for a successor to Jerry Yang, the Wall Street Journal reports. The 60-year-old Bartz served as CEO of Autodesk Inc from 1992 to 2006, and still serves as the company’s executive chairman. She’s also...

CEO Axings Up
 CEO Axings Up 
Jan 13, 2009 6:43 AM CST

CEO Axings Up

Downturn puts bosses in the firing line as investors lose patience

(Newser) - Americans are losing their jobs at the fastest rate in many years and chief executives are far from immune, reports the Wall Street Journal. Six publicly held firms have chucked their CEOs in the last 8 days alone. Many others—including big names like GM's Rick Wagoner, Vikram Pandit of...

Liz Claiborne CEO Flies Coach to Cut Costs

And he may soon have company

(Newser) - Like most CEOs, William McComb is a jet-setter, flying 200,000 miles a year, give or take. But unlike most CEOs, he does it in the cheap seats, flying exclusively on commercial jets, and almost always in coach. “Every penny counts,” he reasons, given that his company, Liz...

Exec Pay Likely to Stay in Stratosphere
Exec Pay Likely to Stay
in Stratosphere
ANALYSIS
Dec 21, 2008 7:13 AM CST

Exec Pay Likely to Stay in Stratosphere

Gov't measures to curb cash have backfired with strategies to win execs even more

(Newser) - Will the financial crisis slash the pay of executives who helped get us into the mess? Probably not, if past trends continue, writes David S. Hilzenrath in the Washington Post. When government in the past has fought to curb bosses’ cash flow, corporate boards have generally found a way to...

Check Out Mansions of Bigwig Bankers

(Newser) - It's not been the best of years for the titans of Wall Street: a few federal bailouts, a housing collapse, and now a Ponzi scheme of mind-boggling proportions can do that. "Where did all that money go?" wonders the website wowOwow.com. And it has a partial answer: Straight...

Bailout CEOs: Make Them Share Taxpayer Risk
Bailout CEOs: Make Them Share Taxpayer Risk
analysis
Dec 2, 2008 12:36 PM CST

Bailout CEOs: Make Them Share Taxpayer Risk

When taxpayers have to take a stake, CEOs should have to do the same

(Newser) - As taxpayers become stakeholders in the very firms that made this economic mess, it’s become easy to say that losing CEOs should be stripped of their salaries, writes Andrew Ross Sorkin in the New York Times. But driving out good CEOs is no way to rebuild the banking sector....

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash...

MGM Mirage Chief Quits Amid Fake MBA Flap

Lanni denies sudden resignation related to degree fib

(Newser) - The CEO of MGM Mirage has announced his resignation, but denied it had anything to do with lying about having an MBA, reports the Wall Street Journal. J. Terence Lanni, one of the most powerful figures in the gambling world, has long claimed to have an MBA from the University...

Gender Pay Gap Persists at CEO Level, Too

Women CEOs still earn up to two-thirds less than male chief execs

(Newser) - When it comes to equal pay for equal work, female CEOs have yet to level the playing field, either, blogs Jena McGregor in BusinessWeek. Women at the top today earn 85% of what their male counterparts make—$1.75 million compared with $2.1 million at the median—even though...

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