Upgrading an exec’s exit at United Continental…
Publicly traded companies make a big deal out of efficiency, which typically implies watching every penny and avoiding unnecessary costs. So what to make of the separation agreement that United Continental Holdings (UAL) filed on Tuesday? United Continental certainly talks the talk — during the Q&A in its latest earnings call, Chief Financial Officer Zane Rowe...
Coeur d’Alene exec extracts a lucrative exit…
Mining has always been a dangerous job. But mining company executives have always had it easy compared to the workers who actually extract precious gems, metals, and minerals from under the Earth’s crust, a point underscored in the 8-K that silver and gold producer Coeur d’Alene Mines Corp. (CDE) filed at 4:35 p.m. last Friday....
Drilling for answers at Petroleum Development…
The past month has had its ups and downs for the shareholders of Petroleum Development Corporation (PETD), partly because of the market’s uneven jags, and partly because of transitions within the company itself. Yet for three of the company’s executives, at least, a nice financial cushion has surely made the ride more comfortable than it...
A civilized departure from Capitol One…
Last week, Capitol One Financial Corp. (COF) – the company behind that charming series of commercials with Vikings or Visigoths (depending on whom you believe) – announced in an 8-K that its president of the banking division, Lynn A. Carter, plans to step down when the office closes this New Year’s Eve. After the company announced...
BlackRock exit gave exec plenty of time to think…
It’s fairly common for an executive of a company that’s merging to come along for the ride, spend a year or so to help work out the transition-related kinks, and then move on to something else. What we see less often is an executive leaving with several million dollars, having spent just a year at...
Transocean exec set for smooth sailing…
Since Transocean Ltd’s. (RIG) Deepwater Horizon drilling platform burned and sank last April, a lot of the press has related to that accident. In the past week or so, there have been articles such as this one (how the company could face a material adverse effect if its relationship with BP, plc (BP) deteriorates), or this...
Dipping into the pension fund at St. Joe…
The high drama at Florida developer St. Joe Co. (JOE) has gotten plenty of press, including the generous $7.75-million handshake that former Chief Executive William Britton Greene got on his way out the door, as Bruce Berkowitz, former Florida Gov. Charlie Crist and a couple new directors were ushered in by the flexed muscle of...
Blankenship: Don’t cry for me, Massey Energy…
Don Blankenship, the irascible chief executive of embattled Massey Energy (MEE), may be retiring from the company he has led for a decade, but don’t be tempted to see him as a broken executive limping into the sunset with nothing but regrets for solace. Whether or not his departure comes in a time and manner of his...
Plenty of crackle, pop as Kellogg changes guard …
Pfizer (PFE) isn’t the only major company to announce the imminent departure of its chief executive: Today, Kellogg (K) said CEO David Mackay is retiring after four years, at the ripe age of 55, to be replaced by the company’s 45-year-old chief financial officer, John Bryant, on January 2. Mackay isn’t leaving empty-handed, but his...
Retirement pay, hold the taxes, at Validus Holdings
We all learned from Benjamin Franklin that a penny saved is a penny earned,* and it’s a lesson apparently well understood by George P. Reeth, deputy chairman and president of Bermuda reinsurer Validus Holdings (VR). The company had previously disclosed, in a one-sentence 8-K on September 14, that Reeth would lay step down from those august...
Looking for savings at SUPERVALU …
SUPERVALU Inc. (SVU) announced this summer that its chief financial officer of 13 years, Pamela Knous, would step down to pursue other career interests. With a name like SUPERVALU — and with a chain named Shop ‘N’ Save, in addition to the more prosaic names like Albertson’s and Jewel-Osco — you’d expect a bargain send-off. Or...
Skin-deep disclosure at Obagi Medical Products …
Companies have to disclose significant events. Apparently, however, nothing requires them to actually explain why they’re doing what they are. At first glance, Steve R. Carlson’s resignation as chief executive of Obagi Medical Products (OMPI), a Long Beach, California, maker of creams for the dermatology market, seemed a little abrupt, but otherwise unremarkable. The press...
