Redstone Takes a Cut in His Salary
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Viacom said Sumner M. Redstone was restructuring his pay to more clearly align it with shareholder interest.
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When Michael Maynard's company announced it was moving overseas, the 53-year-old machine technician from Massachusetts quickly found a job at another firm. As the sole provider for his wife and two daughters, Maynard jumped at the new opportunity, even though he had to take a pay cut of nearly $8 an hour....
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The gap between the top executiveâs pay and the pay of executives a rank or two down is quickly widening.
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Freescale Semiconductor Chairman and CEO Michel Mayer will leave his posts as soon as a replacement is found, the company said Friday.&quot;The time is right for me and my family to take some time off before exploring new challenges. The company is well positioned to continue its transformation,&quot; Mayer said in a statement.Freescale officials didn&#39;t respond to requests for comment.Mayer led the company when it spun off from Motorola&#39;s semiconductor group and went public in 2004. He also played a role in Freescale&#39;s buyout by four private equity firms in 2006 for $17.6 billion. The equity firms included The Blackstone Group, The Carlyle Group, Permira Funds and Texas Pacific Group.However, the company has been struggling financially, posting a loss of $525 million on sales of $1.54 billion in the fourth quarter of 2007. For 2007, the company reported a loss of $1.6 billion on net sales of $5.7 billion. Freescale&#39;s sales totaled $6.36 billion in 2006.The company&#39;s key customer remains Motorola, to which it sells chips for wireless handsets, networking infrastructure and other devices such as set-top boxes. Motorola, which is struggling financially and saw a management shakeup in recent months, is considering spinning off its handset business. Ed Zander announced in December that he would step down as Motorola&#39;s CEO.
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SAN FRANCISCO (CBS.MW) - Delta Air Lines CEO Gerald Grinstein will forgo his salary for the rest of year as part of a cost savings plan that will cut executive salaries by 10 percent, the floundering airline said Tuesday.
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Sumner Redstone is feuding with his entire family. He fired Tom Cruise and banished Tom Freston. Now all that's left are his lawyers.
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Conversant with convergence Redstone, the long-time loss-making fixed-line telecoms firm,has morphed into a new age IT and telephony hybrid with a positive bank balance after a year of financial restructuring and acquisitions.â¦
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The company's development group has been hit with layoffs.
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Computer Associates (Quote, Chart) said it would cut 800 employees from its payroll in order to save $70 million per year. The move is part of the Islandia, NY-based management software maker&#39;s plan to streamline operations.
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Telephone company AT&T Corp. T.N has  cut the 2004 bonus of Chairman and Chief Executive Officer  David Dorman by a quarter from a year ago to $1.97 million, a  regulatory filing showed.
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Joe Torre is out as manager of the New York Yankees, rejecting a substantial pay cut after the team failed to make it past the first round of the playoffs for the third straight year. Torre turned down a $5 million, one-year contract Thursday Â $2.5 million less than he made last season.
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One of the nationâs largest home builders posted a loss for its most recent quarter as it wrote down the value of its inventory.
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Company is considering a gradual exit from processor sales.
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Six months after publicly rebuking  actor Tom Cruise for his off-screen behavior during a bitter  split between the star and Paramount Pictures, Viacom Inc.  Chairman Sumner Redstone wants to make nice again.
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Morgan Stanley  is cutting about  1,000 jobs in the coming week, part of efforts to trim costs  ahead of what it expects will be a tougher business  environment, a person briefed on the moves said on Thursday.
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Five-year, $1.8 billion cost-cutting contract approved Thursday also reduces retirement benefits, increases work hours and eliminates retiree medical coverage.
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Mayor John F. Street is getting more than $111,000 as he leaves office, money that a city official said comes from pay raises that he was entitled to but did not take.