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BUSINESS
January 14, 2010
First Mariner Bancorp Chairman and CEO Edwin F. Hale Sr. got a pay cut last year at a time when the Baltimore-based bank continued to struggle financially while operating under heightened regulatory supervision. According to a document filed Wednesday with the Securities and Exchange Commission, Hale's pay package fell nearly $50,000 to $544,847. Other top executives also took pay cuts, including George H. Mantakos, president of 1st Mariner Bank, who saw his compensation drop more than $30,000 to $264,330.
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NEWS
October 3, 2014
If America needed another reason to press ahead with rules requiring corporations to be more forthcoming about executive pay, it arrived recently in the form of a study from the Harvard Business School. Researchers asked ordinary folks: How much more do you think a CEO earns compared to the average worker? Regular people, being somewhat sensible by nature, reckoned a chief executive officer made about 30 times the average worker - not the entry level, mind you, but the average. Bless their little generous-but-aspirational hearts, that sounded pretty good.
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BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | March 11, 1992
At a time of growing public pressure to cut the salaries of top executives when things are going bad, Westinghouse Electric Corp. has done just that.Westinghouse posted a $1.1 billion loss last year, and its top officers felt the pinch where it hurts most -- in their pocketbooks.The company's bad year cost Paul E. Lego, Westinghouse's chairman and chief executive, about $1.6 million last year, according to Edward Goff, the company's compensation director.Information in proxy materials being mailed to shareholders shows that Mr. Lego received a cash salary of $677,083 last year, down from the $1.68 million he was paid in 1990.
BUSINESS
By Natalie Sherman, The Baltimore Sun | July 14, 2014
Walmart and the Walmart Foundation said Monday its cash and in-kind donations in Maryland totaled more than $7 million in the last fiscal year. The retailer, which earned $16 billion in net income for the year, donated more than $1.3 billion to non-profit groups globally. The Maryland donations included 3.2 million pounds of food - the equivalent of 2,672,968 meals, according to the company. Money raised by the company through its employees and customers totaled an additional $1.3 million, Walmart said in a news release.
BUSINESS
By New York Times News Service | June 12, 1995
Want to make big money? Land a top corporate job.Want to make really big money? Be dismissed from one.The evidence is irrefutable. J. P. Bolduc is ousted as chief executive of the W. R. Grace & Co. and gets a $20 million going-away present, $5 million more than his contract required.Joseph E. Antonini, forced out as Kmart's chief executive, walks with a $3 million severance package, even though the company performed poorly during his tenure.Robert J. Morgado, the former head of the Warner Music Group, will get between $50 million and $75 million for agreeing to a forced sayonara last month, according to a company executive.
NEWS
By Patricia Meisol and Ann LoLordo and Patricia Meisol and Ann LoLordo,Staff Writers | October 23, 1992
The directors of Blue Cross and Blue Shield of Maryland yesterday agreed to cancel annual bonuses to top executives this year, end its membership in an exclusive golf club and put the health insurer's premium sky box at Oriole Park at Camden Yards up for sale.The board also canceled the Blues' annual Preakness hospitality tent, saying the event, formerly defended as a marketing tool to draw new business, had now become "a liability instead of an asset for the company."Future bonuses for the executives as well as heads of Blues subsidiaries -- 28 executives in all -- will be tied to how well the company serves its 1.4 million subscribers, including the speed and accuracy of processing claims.
BUSINESS
By BECKY YERAK and BECKY YERAK,CHICAGO TRIBUNE | January 18, 2006
With corporate scandals still fresh in the minds of a public that can be fascinated by the rich but resentful of their lifestyles, federal regulators proposed new rules yesterday to shine a brighter light on how top executives are compensated. Heralded as the most sweeping reform to executive compensation disclosure in 14 years, the Securities and Exchange Commission's proposed changes include requiring publicly traded companies to clearly disclose the total annual pay, including perquisites, for the chief executive officer, the chief financial officer and the next three members of top brass.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | April 17, 1999
The Cosmetic Center Inc., the struggling Columbia-based discount cosmetics retailer, said last night that it has filed for Chapter 11 bankruptcy protection and replaced two top executives, including its chief executive officer.In a statement released shortly before 7 p.m., the company said Betsy Burton, president and chief executive officer, and Dwight Crawley, the chief financial officer, have resigned.The new chief executive officer is Kevin Regan, described as a 23-year retail veteran who serves as a director with Pricewater-houseCoopers.
BUSINESS
By M. WILLIAM SALGANIK and M. WILLIAM SALGANIK,SUN REPORTER | January 14, 2006
Top executives of Wal-Mart and other large employers would have to sign off personally on annual reports of how much their companies are spending on health insurance in Maryland under the provisions of a law enacted Thursday night by legislators over Gov. Robert L. Ehrlich Jr.'s veto. The state Department of Labor, Licensing and Regulation would have primary responsibility for administering the Fair Share Health Care Fund Act, which requires that large private employers spend at least 8 percent of their payroll (6 percent for nonprofits)
BUSINESS
By NEW YORK TIMES NEWS SERVICE | June 21, 1996
The median combined salary and bonus of the heads of mutual fund groups jumped to $1.2 million last year, roughly 30 percent above the $926,000 of 1994.In some cases, stock options, restricted stock and other incentives pushed those figures even higher, according to an annual study on fund executives' compensation by Fund Action, an industry newsletter in New York.The study, conducted in conjunction with Buck Consultants, a management consulting firm, analyzed the pay of top fund executives as reported to the Securities and Exchange Commission by 15 publicly traded large and small fund companies.
NEWS
By Michael Dresser, The Baltimore Sun | October 8, 2013
The Maryland Republican Party has hired a former aide to Gov. Robert L. Ehrlich Jr. and Lt. Gov. Michael S. Steele as its executive director, filling the vacancy left by the abrupt departure of David Ferguson in August. State party Chairwoman Diana Waterman announced Monday that Joe Cluster, who served as Steele's director of external affairs in 2004-2007, would head the day-to-day operations of the GOP. Cluster, 34, is a veteran of the GOP's victorious 2002 gubernatorial election campaign, when Ehrlich became the first Republican to win the office since 1966.
NEWS
September 25, 2013
One can scarcely blame an appropriately-outraged Rep. Elijah E. Cummings for calling on AIG's Robert Benmosche to step down after the CEO compared the public criticism of the generous bonuses given top finance industry executives to lynchings in the Deep South. It's hard to know even where to begin with the outrageousness of that comparison. The son of sharecroppers, the Baltimore congressman has a far better perspective on the subject of the Jim Crow era than the average individual.
NEWS
By Pamela Wood, The Baltimore Sun | June 30, 2013
Charlotte Lubbert came to Edgewater from Crownsville on Wednesday with two issues in mind: pollution flowing into the Severn River and speeding boaters she expects to see on the water on the Fourth of July. She wanted to take her concerns to the top, so she waited in line to speak with County Executive Laura Neuman at a community outreach session at South River High School. "I'm absolutely thrilled with her and her approaches," Lubbert said as she waited to speak with Neuman.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 16, 2013
Brian Rogers, manager of the T. Rowe Price Equity Income Fund in Baltimore, won't be voting the fund's shares in support of splitting the role of CEO and chairman at JPMorgan Chase & Co. Jamie Dimon has been CEO at JP Morgan since 2005 and became chairman a year later. "I fully support the combined Chairman and CEO role at JPMorgan under the superb leadership of Jamie Dimon," Rogers said in a statement. "He and his management team have created superior shareholder value after the company weathered the financial crisis so capably.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 22, 2013
The top executives of T. Rowe Price Group Inc. saw their compensation rise last year, the Baltimore-based investment firm reported. CEO James A.C. Kennedy earned $8.4 million in total compensation last year, a 7 percent increase over 2011 and Brian C. Rogers, Price's chairman and chief investment officer, earned $8.3 million in total compensation, an 8 percent increase from 2011, the company reported in a recent filing with the U.S. Securities and...
BUSINESS
By Michael Oneal and Steve Mills, Chicago Tribune reporters | January 14, 2013
When Bank of America credit officer Dan Petrik and his team sat down in early 2007 to analyze Sam Zell's plan to take control of Tribune Co., their numbers showed that the complex deal failed to meet five of the bank's 10 lending guidelines. There was too much borrowed money, too little collateral and the overall risk rating that BofA assigned to the transaction was below what the bank liked to see, according to its preliminary analysis. Petrik had never worked on a deal so weighed down by debt.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | October 29, 1995
In a mahogany-paneled room overlooking New York's East River, dozens of top executives of steamship lines for years gathered in October to drink wine and Perrier and lunch on salmon and tomato aspic, compliments of the Maryland Port Administration.The governor went, as did dozens of port officials and many of the state's maritime leaders. To shipping executives, the New York pilgrimage was an annual reminder that the port of Baltimore needed their business.It still does. Perhaps more than ever.
BUSINESS
November 9, 1997
CEOS: Nearly 60 percent of the nation's top corporate executives -- including chief executive officers, partners, owners, presidents, chairmen and principals -- are in their 40s or 50s, says Dun & Bradstreet, the business information company. Dun & Bradstreet found 29.4 percent of top executives are 40 or over, while 29.9 percent are in their 50s, 17.9 percent in their 60s, 7.4 percent in their 70s and 1.6 percent are octogenarians.TPI: The cost of travel has been rising at a much faster clip than overall inflation, according to the Travel Industry of Association.
NEWS
November 25, 2012
Your recent article about the Hostess Inc. bankruptcy stated that the company blamed its closure on striking workers, but it failed to mention what else was happening as the company was trying to cut bakery workers' pay ("Hostess' shutdown prompts snack rush," Nov. 17). Indeed, while it was filing for bankruptcy, Hostess tripled its CEO's pay and gave significant salary increases to its top executives. That's some bad HoHo. Randi Hogan, Crownsville
EXPLORE
Letter to The Aegis | August 21, 2012
The following letter was delivered to Leonard D. Wheeler, president of the Board of Education of Harford County. A copy was provided for publication. The Board of Education of Harford County is currently reviewing, discussing, and considering the Superintendent's Recommendations pertaining to the FY 14 Capital Improvement Program (CIP) for Harford County Public Schools. In accordance with the Board's public deliberation and input from members of the community regarding the FY14 CIP, I am hereby advising the Board of my funding priorities for schools.
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