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By BLOOMBERG NEWS | March 22, 2003
ROCHESTER, N.Y. - Bausch & Lomb Inc., the third-biggest maker of contact lenses, paid Chief Executive Officer Ronald L. Zarrella $10.1 million last year. Zarrella also received stock options valued as much as $30 million and more than $5 million in restricted stock that will vest by 2006, according to a proxy statement filed with the Securities and Exchange Commission yesterday. Zarrella's base salary was $1.1 million, according to the filing. The company withheld Zarrella's $1.1 million bonus last year after he admitted that his resume listed false information about his education.
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BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | July 22, 2005
Dean J. Mitchell, the chief executive officer of Guilford Pharmaceuticals Inc., is due to receive about $3.7 million - triple his base salary plus accelerated vesting of stock - upon the sale of the Baltimore biotech company which he arrived to lead eight months ago. Guilford's sale to MGI Pharma Inc. of Bloomington, Minn., for $177.5 million in cash and stock was announced yesterday. Mitchell, formerly a vice president at Bristol-Myers Squibb Co., began Dec. 1 at Guilford. He took over for Dr. Craig R. Smith, a Guilford co-founder and chief executive officer who retired last fall.
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BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | April 4, 1997
US Airways top executive Stephen M. Wolf, who was hired to reverse the fortunes of the struggling carrier, received a compensation package valued at $5.79 million last year, excluding a yet to be determined annual bonus.Wolf, was paid $451,923 in salary and also received 325,000 restricted shares, which at $15.75 each are worth $5.1 million, that can be exercised gradually each January for four years, according to the company's definitive 1996 proxy statement, filed this week with the Securities and Exchange Commission.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | May 15, 2005
It wasn't so long ago that stock options were the equivalent of corporate America's lottery. That still may the case be for a handful of Maryland executives. Among those who got mega-grants last year, Coventry Health Care Inc. CEO Dale B. Wolf collected a whopping 1 million options valued at about $36 million before he took over the top job. But the prospect of new accounting rules and a stock market slump that left many options worthless have prompted companies nationwide to cut back their use of the once wildly popular compensation tool.
BUSINESS
By Kathy M. Kristof and Kathy M. Kristof,LOS ANGELES TIMES | July 15, 2003
Microsoft Corp.'s surprise announcement last week that it plans to replace stock options with restricted stock grants in employee pay packages has revived a debate over how to best link employee compensation to the interests of company shareholders. Stock options have been sharply criticized as an undeserved ticket to vast riches for corporate executives focusing on quick increases in the bottom line. But compensation experts contend that replacing options with handouts of restricted stock is no guarantee that employees' interests will be any more aligned with those of investors.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | May 15, 2005
It wasn't so long ago that stock options were the equivalent of corporate America's lottery. That still may the case be for a handful of Maryland executives. Among those who got mega-grants last year, Coventry Health Care Inc. CEO Dale B. Wolf collected a whopping 1 million options valued at about $36 million before he took over the top job. But the prospect of new accounting rules and a stock market slump that left many options worthless have prompted companies nationwide to cut back their use of the once wildly popular compensation tool.
BUSINESS
By Knight-Ridder News Service | March 30, 1995
CHARLOTTE, N.C. -- NationsBank Corp.'s Hugh McColl Jr. was the most highly compensated banker among the nation's top 20 banking companies last year.Mr. McColl, 59, chairman and chief executive of the country's fourth-biggest bank, received $13.9 million in pay, bonus, restricted stock and other compensation last year.That's three times the total compensation paid to the chief executive of Citicorp, the country's biggest bank, and nearly four times that paid to the CEOs of the country's No. 2 and No. 3 banks, BankAmerica Corp.
BUSINESS
By BLOOMBERG NEWS | April 18, 2003
WASHINGTON - General Motors Corp., the world's largest automaker, paid Chief Executive Officer Rick Wagoner $14.7 million in 2002, almost double his year-earlier compensation as profit nearly tripled. The raise was the first in three years for Wagoner, who becomes chairman May 1. He was paid $7.43 million in 2001 and didn't get a bonus that year because the automaker missed earnings and profit targets. General Motors disclosed the information in its proxy filed with the U.S. Securities and Exchange Commission.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 30, 1998
Buoyed by growth in its contract education services division, Sylvan Learning Systems Inc. reported yesterday record revenue and earnings for its third quarter.The Baltimore-based education company's net income for the three months that ended Sept. 30 was $12.9 million, or 26 cents per diluted share, up 74 percent from $7.4 million, or 16 cents a share, in the third quarter of 1997.Although each of Sylvan's business divisions grew substantially, contract education services led the way.Revenue climbed 61 percent to $15.9 million.
BUSINESS
By BLOOMBERG BUSINESS NEWS | April 11, 1996
ARLINGTON, Va. -- USAir Group Inc.'s newly appointed management team, led by airline veteran Stephen Wolf, received higher salaries than its predecessors as well as 2.37 million stock options and shares of restricted stock.Mr. Wolf, the former chairman and chief executive of United Airlines' parent UAL Corp., was named to those same posts at USAir on Jan. 16. Three weeks later, Mr. Wolf reassembled the management team he'd had at UAL, naming Rakesh Gangwal as president and chief operating officer and Lawrence Nagin as executive vice president of corporate affairs and general counsel.
NEWS
By Susan Baer and Susan Baer,SUN NATIONAL STAFF | February 24, 2005
WASHINGTON - Scientists at the National Institutes of Health, rebelling against stringent new rules restricting their outside activities and finances, plan to meet today with agency director Elias A. Zerhouni to propose an alternative set of ethics regulations. The meeting was requested by Zerhouni, who announced the sweeping new conflict-of-interest policies this month, and comes as NIH employees are growing increasingly disturbed by the rules and concerned that the restrictions will damage the nation's premier research facility.
BUSINESS
By Kathy M. Kristof and Kathy M. Kristof,LOS ANGELES TIMES | July 15, 2003
Microsoft Corp.'s surprise announcement last week that it plans to replace stock options with restricted stock grants in employee pay packages has revived a debate over how to best link employee compensation to the interests of company shareholders. Stock options have been sharply criticized as an undeserved ticket to vast riches for corporate executives focusing on quick increases in the bottom line. But compensation experts contend that replacing options with handouts of restricted stock is no guarantee that employees' interests will be any more aligned with those of investors.
BUSINESS
By BLOOMBERG NEWS | April 18, 2003
WASHINGTON - General Motors Corp., the world's largest automaker, paid Chief Executive Officer Rick Wagoner $14.7 million in 2002, almost double his year-earlier compensation as profit nearly tripled. The raise was the first in three years for Wagoner, who becomes chairman May 1. He was paid $7.43 million in 2001 and didn't get a bonus that year because the automaker missed earnings and profit targets. General Motors disclosed the information in its proxy filed with the U.S. Securities and Exchange Commission.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | April 1, 2003
Bethlehem Steel Corp.'s top executive earned $900,000 last year, but he and other top company officials were denied bonuses and stock options as the company posted a $739 million loss while operating under Chapter 11 bankruptcy protection, according to a company filing. Robert S. "Steve" Miller Jr., Bethlehem's chairman and chief executive officer, has been paid a salary of $75,000 a month since joining the company on Sept. 24, 2001, a company spokeswoman said. Bette Kovach, a Bethlehem spokeswoman, said that Miller did not have a contract and will not receive severance or retirement benefits.
BUSINESS
By BLOOMBERG NEWS | March 22, 2003
ROCHESTER, N.Y. - Bausch & Lomb Inc., the third-biggest maker of contact lenses, paid Chief Executive Officer Ronald L. Zarrella $10.1 million last year. Zarrella also received stock options valued as much as $30 million and more than $5 million in restricted stock that will vest by 2006, according to a proxy statement filed with the Securities and Exchange Commission yesterday. Zarrella's base salary was $1.1 million, according to the filing. The company withheld Zarrella's $1.1 million bonus last year after he admitted that his resume listed false information about his education.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | October 30, 1998
Buoyed by growth in its contract education services division, Sylvan Learning Systems Inc. reported yesterday record revenue and earnings for its third quarter.The Baltimore-based education company's net income for the three months that ended Sept. 30 was $12.9 million, or 26 cents per diluted share, up 74 percent from $7.4 million, or 16 cents a share, in the third quarter of 1997.Although each of Sylvan's business divisions grew substantially, contract education services led the way.Revenue climbed 61 percent to $15.9 million.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | July 22, 2005
Dean J. Mitchell, the chief executive officer of Guilford Pharmaceuticals Inc., is due to receive about $3.7 million - triple his base salary plus accelerated vesting of stock - upon the sale of the Baltimore biotech company which he arrived to lead eight months ago. Guilford's sale to MGI Pharma Inc. of Bloomington, Minn., for $177.5 million in cash and stock was announced yesterday. Mitchell, formerly a vice president at Bristol-Myers Squibb Co., began Dec. 1 at Guilford. He took over for Dr. Craig R. Smith, a Guilford co-founder and chief executive officer who retired last fall.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | April 1, 2003
Bethlehem Steel Corp.'s top executive earned $900,000 last year, but he and other top company officials were denied bonuses and stock options as the company posted a $739 million loss while operating under Chapter 11 bankruptcy protection, according to a company filing. Robert S. "Steve" Miller Jr., Bethlehem's chairman and chief executive officer, has been paid a salary of $75,000 a month since joining the company on Sept. 24, 2001, a company spokeswoman said. Bette Kovach, a Bethlehem spokeswoman, said that Miller did not have a contract and will not receive severance or retirement benefits.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | April 4, 1997
US Airways top executive Stephen M. Wolf, who was hired to reverse the fortunes of the struggling carrier, received a compensation package valued at $5.79 million last year, excluding a yet to be determined annual bonus.Wolf, was paid $451,923 in salary and also received 325,000 restricted shares, which at $15.75 each are worth $5.1 million, that can be exercised gradually each January for four years, according to the company's definitive 1996 proxy statement, filed this week with the Securities and Exchange Commission.
BUSINESS
By BLOOMBERG BUSINESS NEWS | April 11, 1996
ARLINGTON, Va. -- USAir Group Inc.'s newly appointed management team, led by airline veteran Stephen Wolf, received higher salaries than its predecessors as well as 2.37 million stock options and shares of restricted stock.Mr. Wolf, the former chairman and chief executive of United Airlines' parent UAL Corp., was named to those same posts at USAir on Jan. 16. Three weeks later, Mr. Wolf reassembled the management team he'd had at UAL, naming Rakesh Gangwal as president and chief operating officer and Lawrence Nagin as executive vice president of corporate affairs and general counsel.
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