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Executive Compensation

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BUSINESS
By Steve Kilar, The Baltimore Sun | July 24, 2012
Legg Mason shareholders voted to approve a $4.9 million pay package for Chairman and CEO Mark R. Fetting at the Baltimore-based investment firm's annual meeting Tuesday morning. Fetting's compensation package was $1 million less than the package approved at last year's meeting. Compensation for four other executives was approved in amounts ranging from $1.8 million to $3.5 million. The shareholder's approval of the compensation packages was advisory and nonbinding. Shareholder guidance group Glass, Lewis & Co. had recommended that stockholders support the compensation packages, which it said are similar to Legg Mason's peers.
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HEALTH
By Andrea K. Walker, The Baltimore Sun | August 17, 2013
Many Maryland hospital and health system CEOs received pay increases in recent years even as they complained of shrinking profit margins and warned of cutbacks unless they could increase the rates they charge. Eleven executives earning seven-figure compensation packages including salary, bonus, retirement and other pay saw their total pay rise from as little as 0.13 percent to as much as 308 percent in the fiscal year that ended in 2012, according to tax filings. Another executive earning more than $1 million saw a pay cut. Some of the larger compensation increases included retirement benefits earned over years of service that were reported as income under new tax rules.
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BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | August 15, 2009
Two state senators are requesting that Maryland's attorney general broaden his inquiry into the compensation of Constellation Energy Group's chief executive, Mayo A. Shattuck III. In a letter dated Aug. 10 to Attorney General Douglas F. Gansler, Democratic state Sens. Jamie Raskin of Montgomery County and James Brochin of Baltimore County said that about 30 percent of Constellation's executive compensation costs, not including salary, is allocated to Baltimore Gas and Electric Co. The senators said they are concerned that future compensation costs, including potentially tens of millions of dollars if Shattuck is terminated in connection with a change in control at the company, will be borne by BGE and its ratepayers.
NEWS
Jamie Smith Hopkins | October 8, 2012
Fun (or possibly not-so-fun) factoid: Six of the CEOs running the Baltimore area's largest public companies saw their compensation soar last year even though profits shrank -- or the firms lost money. The smallest pay-package increase among those half-dozen execs was 11 percent. The biggest? An eye-popping 402 percent, according to Securities and Exchange Commission filings. Find out who got that increase -- and why his company says his true compensation merely doubled -- in our CEO pay story . You can see how well all the big public companies in the region paid their CEOs in this interactive chart that tracks pay and performance . (Click on a row to see all our data.
NEWS
By John Fritze, The Baltimore Sun | December 13, 2011
Rep. Elijah E. Cummings said Monday he is launching an investigation into the salaries and bonuses paid to the top executives of for-profit colleges, noting that a majority of their revenue comes from students who are receiving federal tuition aid. Cummings, the top-ranking Democrat on the House Oversight Committee, sent letters to 13 schools requesting their senior executive contracts. The Baltimore lawmaker said he wants to determine whether salaries, bonuses and other compensation are tied to student performance.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 9, 2011
The pay cuts didn't last long. Chief executives of publicly traded companies in Maryland and across corporate America saw their compensation rebound in 2010 as profits came back and the stock market recovered much of the ground it lost in the recession. Fourteen of the 19 companies in the Baltimore region that paid their CEOs at least $1 million last year reported increases in executive compensation in 2010, according to a Baltimore Sun analysis. The increases largely reflected improved performances by the companies.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | May 15, 2005
For 2004, a year that saw the shares of T. Rowe Price Group Inc. surge more than 31 percent, company chief executive George A. Roche received a more modest 21.7 percent bump in his compensation - just about all from performance bonuses. In short, a half-million-dollar increase in his 2004 bonus was Roche's reward for guiding the company through a year that saw its market value soar nearly $2 billion. The bottom line: When it comes to executive compensation, T. Rowe Price is one of a number of Maryland public companies where shareholders are getting "bang for the buck."
HEALTH
By Andrea K. Walker, The Baltimore Sun | August 17, 2013
Many Maryland hospital and health system CEOs received pay increases in recent years even as they complained of shrinking profit margins and warned of cutbacks unless they could increase the rates they charge. Eleven executives earning seven-figure compensation packages including salary, bonus, retirement and other pay saw their total pay rise from as little as 0.13 percent to as much as 308 percent in the fiscal year that ended in 2012, according to tax filings. Another executive earning more than $1 million saw a pay cut. Some of the larger compensation increases included retirement benefits earned over years of service that were reported as income under new tax rules.
NEWS
September 3, 2010
The recent column by Jay Hancock on CEO pay ("For hospitals, 'nonprofit' stops with CEO's pay," Aug. 29) demonstrates that hospital boards and CEOs are easy targets for cheap shots on the issue of executive compensation. My firm's primary business is to provide executive compensation advice to the boards of non-profit hospitals and health systems. Occasionally, we hear of out-sized compensation packages; but these are few and far between. The figures you reported for Maryland hospitals are all reasonable and are not in that category.
NEWS
February 18, 1992
Investors should have a say in executive salaries, according to 88 percent of callers to SUNDIAL, or 228 of 257 callers. Twenty-nine callers (11 percent) disagree.Similarly, nearly 90 percent of the callers (227 of 253) say companies should disclose executive compensation, while 26 callers (10 percent) oppose the notion.A federal regulatory ruling giving shareholders of publicly held companies a say in executive compensation probably will make all corporate boards rethink the question of pay for top officers, in the opinion of 171 of 251 callers (68 percent)
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | October 7, 2012
As pay raises go, it's hard to beat a fivefold increase. That's the jump Hunt Valley-based Omega Healthcare Investors' CEO saw in compensation last year. After getting a thumbs down for its executive pay from a shareholder advisory firm, the company told investors his pay package skyrocketed to $7.8 million because stock awards at the firm are doled out once every three years or so, and 2011 was one of those years. But even with the adjustments Omega suggests, such as dividing the multiyear incentives by three, CEO C. Taylor Pickett's pay doubled — in a year in which the company's profits and stock price fell.
BUSINESS
By Steve Kilar, The Baltimore Sun | July 24, 2012
Legg Mason shareholders voted to approve a $4.9 million pay package for Chairman and CEO Mark R. Fetting at the Baltimore-based investment firm's annual meeting Tuesday morning. Fetting's compensation package was $1 million less than the package approved at last year's meeting. Compensation for four other executives was approved in amounts ranging from $1.8 million to $3.5 million. The shareholder's approval of the compensation packages was advisory and nonbinding. Shareholder guidance group Glass, Lewis & Co. had recommended that stockholders support the compensation packages, which it said are similar to Legg Mason's peers.
BUSINESS
By Mara Lee, Tribune Newspapers | March 20, 2012
Even after Stanley Black & Decker shareholders rejected the tool and security company's executive pay plan last spring, the company paid Nolan D. Archibald, its executive chairman and the former CEO of Black & Decker, a total of $64.4 million in 2011. Archibald became chairman in March 2010 when the former Towson-based Black & Decker Corp. was bought by the Stanley Works in a $4.5 billion deal. At the time, Archibald's sale-related compensation, including bonuses tied to cost-cutting targets, drew criticism from corporate governance experts, who had estimated its worth at $89 million over three years.
NEWS
By John Fritze, The Baltimore Sun | December 13, 2011
Rep. Elijah E. Cummings said Monday he is launching an investigation into the salaries and bonuses paid to the top executives of for-profit colleges, noting that a majority of their revenue comes from students who are receiving federal tuition aid. Cummings, the top-ranking Democrat on the House Oversight Committee, sent letters to 13 schools requesting their senior executive contracts. The Baltimore lawmaker said he wants to determine whether salaries, bonuses and other compensation are tied to student performance.
NEWS
Dan Rodricks | September 28, 2011
A lot of people apparently believe - and in this epoch of corporate hubris, who can blame them? - that the Constellation-Exelon deal is a done deal. They assume the purchase of the Baltimore-based company that owns our beloved Baltimore Gas & Electric Co. by an energy giant in Chicago for $7.9 billion will probably go through, making the smiling rich guys even richer. The whole thing should give BGE customers the creeps; regulators and public advocates are already saying it's a bad deal for Maryland consumers.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | July 26, 2011
Legg Mason Inc. shareholders approved a $5.9 million pay package for Chairman and CEO Mark R. Fetting in an advisory vote announced Tuesday at the Baltimore-based company's annual meeting. The nonbinding "say on pay" measure won the support of 87 percent of voting stockholders. Shareholder guidance group Glass, Lewis & Co. had recommended that investors vote against the company's executive compensation package. The Glass, Lewis report criticized the firm's executive pay practices, saying the asset manager had paid top officers slightly more but performed slightly worse than its peers.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | July 26, 2011
Legg Mason Inc. shareholders approved a $5.9 million pay package for Chairman and CEO Mark R. Fetting in an advisory vote announced Tuesday at the Baltimore-based company's annual meeting. The nonbinding "say on pay" measure won the support of 87 percent of voting stockholders. Shareholder guidance group Glass, Lewis & Co. had recommended that investors vote against the company's executive compensation package. The Glass, Lewis report criticized the firm's executive pay practices, saying the asset manager had paid top officers slightly more but performed slightly worse than its peers.
BUSINESS
By Gus G. Sentementes and Liz F. Kay, The Baltimore Sun | April 16, 2010
Constellation Energy Inc. reported Friday that its top executive's cash and stock compensation rose $1 million last year when the company's financial health improved. Chief Executive Mayo A. Shattuck III took home $10.8 million in pay, including $1.3 million in salary, $3 million under an annual incentive program and a $6.5 million payout in stock and options that vests over three years, according to a regulatory filing. Constellation is the sole remaining Fortune 500 company in the Baltimore area.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 11, 2011
An influential shareholder guidance group is advising Legg Mason investors to vote against the Baltimore company's $5.9 million compensation package for Chairman and CEO Mark R. Fetting. Glass, Lewis & Co., which provides guidance on proxy proposals, gave Legg a "D" grade in pay for performance, saying the Baltimore asset manager's compensation package is out of line with its results. "In light of the company's track record of overpaying its executives and failing to promote a long-term focus among [its top paid executives]
NEWS
July 11, 2011
The latest news on executive pay at publicly traded companies is good - if you happen to be a CEO, that is. Reflecting the national trend, at least 14 highly-paid chief executives of 19 companies surveyed in the Baltimore region saw fatter paychecks in 2010, according to a Sun analysis. We are not interested in vilifying the executives who in many cases steered their companies toward much better financial performances last year. It's entirely possible many were well-deserving of a merit-based wage increase.
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