NYSE Report Details Grasso's Pay Package
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The New York Stock Exchange on Wednesday released a previously confidential report detailing how former chairman Richard A. Grasso received his controversial $187.5 million pay package.
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eBay exceeded Wall Street&#39;s earnings and revenue expectations for its fourth quarter and,&#160;as expected, announced that Meg Whitman will step down as president and CEO at the end of March, ending a 10-year tenure at the helm of the e-commerce giant.For the quarter ended Dec. 31, 2007, eBay had revenue of $2.18 billion, up $461 million from the fourth quarter of 2006 and above the $2.14 billion consensus estimate from analysts polled by Thomson Financial.Revenue grew across the board, but PayPal, StubHub, Skype, and advertising performed particularly well as eBay enjoyed strong sales during the 2007 holiday season, the company said Wednesday.New income was $531 million, or $0.39 per share, up from $346 million, or $0.25 per share, in 2006&#39;s fourth quarter. On a pro forma basis, which includes one-time items, net income was $611 million or $0.45 per share, topping the consensus expectation by $0.04.Whitman will hand over her CEO and president titles on March 31, but she will remain on the company&#39;s board of directors. She will be succeeded by John Donahoe.Whitman joined eBay in March 1998, when the company operated only in the U.S. and had 30 employees and $4.7 million in annual revenue. It now operates worldwide with more than 15,000 employees and almost $7.7 billion in revenue.Donahoe has been with eBay since February 2005, coming from Bain &amp; Company, where he was worldwide managing director since 1999. He is president of eBay Marketplaces, which generates more than 70 percent of the company&#8217;s global revenue.Rajiv Dutta, PayPal&#39;s president, has been named eBay executive vice president and will also replace Donahoe as president of eBay Marketplaces. Scott Thompson, PayPal&#8217;s CTO, will take over as PayPal president.Meanwhile, Bill Cobb, president of eBay North America, will step down and retire from the company at the end of the year. Lorrie Norrington, currently president of eBay International, will become president of eBay Marketplaces Operations and assume Cobb&#39;s responsibilities, eBay said.
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The going rate for a first-year associate in New York is now $145,000, and that news has traveled fast.
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Dow Jones +2,51%, Nasdaq +2,71%, SP's 500 +2,92%
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Announcements abounded: one acquistion, a potential sale, and the first-quarter earning report.
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Christopher Cox, chairman of the Securities and Exchange Commission, said some companies have been providing investors with confusing data about executive compensation, making it difficult for them to decipher how these companies are paying their top officials.
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Dow Jones +36 punti base, Nasdaq +8,5, SP +4
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The U.S. Securities and Exchange Commission on Friday gave investors an easier way to compare executive compensation at 500 U.S. companies with an online, interactive tool.
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THE REGION Mortimer Zuckerman, chairman of Boston Properties Inc., sold about $75 million of shares in the real estate investment trust, benefiting from a soaring market for commercial office properties. Zuckerman, who also is owner of the New York Daily News, sold 579,222 common shares according to data from Securities and Exchange Commission filings compiled by the Washington Service. Boston ...
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Fannie Mae yesterday released details of the severance package for Franklin Raines and said the former chairman and chief executive would continue to receive a salary until mid
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Judge Lewis A. Kaplan of Federal District Court in Manhattan gave final approval to a $50 million partial settlement by Banca Nazionale del Lavoro of Italy and units of the Credit Suisse Group in an investor lawsuit over the collapse of the Italian dairy company Parmalat in 2003. Banca Nazionale and units of Credit Suisse each will pay $25 million and make corporate governance changes. The judge also approved expenses of $6 million for lawyers of the plaintiffs.
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Lehman Brothers reports fourth-quarter and fiscal-year earnings.
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Wall Street bonuses are expected to rise 17 percent to a record $23.9 billion in 2006 New York State Comptroller Alan Hevesi said on Tuesday.
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The role of the executive assistant has drawn scrutiny after the disclosure that the former New York Stock Exchange chairman's assistant was paid $240,000 a year.
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Microsoft Corp. Chief Executive Officer Steve Ballmer received a pay package valued about $1.3 million for fiscal 2007, a year in which profit at the world's largest software maker topped $14 billion, according to documents filed Friday.
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Microsoft details the compensation paid to its top executives.
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Former New York Stock Exchange Chairman Richard Grasso received a multimillion-dollar compensation package that was "far beyond reasonable levels" and characterized by numerous flaws and conflicts of interest, according to a previously confidential report released on Wednesday by the exchange.