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Associated Press | Former Boeing Co. director Edward Liddy has
rejoined the aerospace company’s board after serving as interim chairman
and chief executive of troubled insurance giant American International
Group Inc. at the request of the U.S. government.
Chicago-based Boeing announced Liddy’s return to the board Thursday.
By Michael Oneal | Tribune Co. on Wednesday asked the judge in its bankruptcy case to approve a 2010 incentive bonus plan that could pay out $30.8 million to $42.9 million to about 640 managers, including the company’s top nine executives.
The range is based on the degree to which the company meets or exceeds its cash-flow targets before the end of the year. At the top level, the nine senior officers would split approximately $5.7 million, the document said.
Tribune staff | Ryerson Inc. Chief Executive Stephen E. Makarewicz told its board of directors he plans to retire before the end of 2012 and the company announced Tuesday it had begun a global search for his successor.
Makarewicz, 63, who has been CEO and president of the Chicago-based company since August 2008, said he plans to retire by age 65. He previously served as president of Ryerson South from June 2000 to October 2007 and was president, CEO and chief operating offer of J.M. Metals Co., Inc. from October 1994 until its January 2006 merger with Ryerson.
By Wailin Wong | McDonald’s Corp. marketing chief Mary Dillon is leaving the fast food giant to take the top job at U.S. Cellular Corp., replacing John “Jack” Rooney as chief executive of the country’s sixth-largest wireless carrier.
Dillon, 48, will start her new role as president and CEO on June 1. She also will join Chicago-based U.S. Cellular’s board.
By Wailin Wong
| Activist investor Carl Icahn has raised his stake in Schaumburg-based
Motorola Inc. to 8.75 percent, according to a Friday filing with the
U.S. Securities and Exchange Commission.
Icahn and his investment vehicles last disclosed their Motorola holdings
in May 2008, reporting a 7.6 percent stake.
Tribune staff report | BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group, has announced five hires for its M&A, financial sponsors, healthcare and industrials groups.
Among the hires, Mike Jones joins the M&A Group in Chicago, where he will work in the food and consumer sector. Jones comes from Wachovia Securities, where he most recently headed consumer and retail M&A.
By Greg Burns | Developer Scott Toberman, who attracted worldwide attention with a plan
in the late 1990s to build the world’s tallest building in Chicago, was
sentenced Thursday to 64 months in prison after pleading guilty to fraud
charges last year.
The 54-year-old Toberman admitted last summer that he skimmed money from
buildings he was supposed to manage for investors. The indictment
accused him of using other people’s funds to support a lavish lifestyle.
By Becky Yerak
| Richard Rieser is back on the scene at MB Financial Inc.
In 2006 he sold First Oak Brook Bancshares Inc., which amassed a notable fine art collection, to MB. Rieser stayed on as an MB director, vice chairman and chief marketing strategist but left in 2007. His severance pact stipulated that MB pay for his farewell bash, “with the arrangements to be made by the executive.”
Now Rieser, who owns 360,163 MB shares, has introduced a shareholder proposal asking MB to reimburse expenses in contested elections for directors.
By Michael Oneal |
A group of senior creditors in the Tribune Co. bankruptcy case charged Friday that the company’s largest junior bondholder was also part of a group led by California’s Chandler family that sought to buy the Chicago-based media conglomerate in 2007.
The charge is an attempt to blunt a legal strategy pressed by the junior bondholder, Centerbridge Partners, that aims to invalidate more than $8.6 billion in senior claims, leaving more for the junior creditors.
The heart of the junior creditor strategy is to show that a 2007
leveraged buyout orchestrated by Chicago real estate magnate Sam Zell
and financed by a bank group led by JPMorgan Chase was a case of
fraudulent conveyance, meaning the $8.2 billion transaction left the
company insolvent from the start.
Tribune staff report | Franco Tedeschi has been named the new head of American Airline’s hub at
Chicago’s O’Hare International Airport. He replaces Art Pappas, who had led operations at O’Hare, American’s
second-largest hub, since May 2006. Pappas is leaving to run American’s
home hub at Dallas/Fort Worth International Airport.
