From Bloomberg News | Northbrook-based insurer Allstate told a proxy advisory firm that Chief Executive Officer Thomas Wilson’s pay last year was justified as it braced for a vote on compensation.
Inside these posts: CEOs
The CEO of Wal-Mart Stores Inc. received a pay package in 2010 worth $18.7 million, a 4 percent dip from the year before, according to an Associated Press calculation, as the world’s largest retailer struggled to reverse a decline in a key revenue figure. Get the full story »
An Associated Press review has found that Caterpillar quadrupled CEO Doug Oberhelman’s compensation last year when he took over the top job, but his $10.4 million package was less than half what the retiring chief executive received.
Oberhelman became CEO last summer and added the chairman title later after Jim Owens retired. Owens’ compensation more than tripled in 2010 to $22.5 million, mostly from a stock grant worth $16 million. Get the full story »
PrivateBancorp Inc. Chief Executive Larry Richman saw his total compensation for 2010 rise to $2.68 million from $883,991, as the Chicago-based bank turned profitable recently but still logged another money-losing year. Get the full story »
NYSE Euronext’s speedy rejection of a bid from Nasdaq OMX Group Inc and IntercontinentalExchange Inc could play into their hands, a veteran of the last bidding war for a U.S. exchange said. Get the full story »
Efforts at Kraft Foods to more closely align executive compensation with company performance took a large bite out of Chief Executive Irene Rosenfeld’s 2010 pay package, the company disclosed Thursday in its annual proxy statement.
Rosenfeld’s overall compensation fell almost 27 percent, to $19.3 million, from $26.3 million in 2008, according to documents filed with the Securities and Exchange Commission. Get the full story »
U.S. chief executives’ view of the economy brightened in the first quarter, with 92 percent expecting sales to rise over the next six months and more than half looking to add jobs, according to a survey. Get the full story »
August Busch IV will step down as a director of Anheuser-Busch InBev next month, ending his family’s direct involvement with the world’s largest brewer.
“For personal and health reasons August Busch IV has decided not to seek re-election at the annual shareholders meeting,” Anheuser spokeswoman Marianne Amssoms said in an emailed statement. Get the full story »
From Crain’s Chicago Business | Naperville-based natural gas utility Nicor Inc. has granted CEO Russ Strobel 16,020 shares of restricted stock per a long-term incentive plan, but Mr. Strobel will be able to cash them within months. The shares will be convertible to cash immediately when Nicor’s $2.4-billion sale to AGL Resources Inc. closes later this year.
By Josh Noel and Emily York | Goose Island Beer Co., the Chicago-based brewing powerhouse, announced this morning that it will be taken over by Anheuser-Busch (A-B) for $38.8 million.
Goose Island, whose legal name is Fulton Street Brewery LLC, is selling a 58 percent stake in the company to A-B for $22.5 million. The Craft Brewers Alliance, in which A-B holds a 32 percent stake, has agreed to sell its own Goose Island stake to A-B for $16.3 million. The Craft Brewers Alliance owns the remaining 42 percent of Goose Island. Get the full story »
The death of Sun-Times owner James Tyree has been ruled an accident by the Cook County medical examiner.
An autopsy on Tyree found that he died of an air embolism following a dialysis catheter removal, the office said. It also listed pneumonia and metastatic cancer of the stomach as secondary causes, but ruled his death an accident.
James Tyree, the Mesirow Financial chief executive who led the group that took control of Sun-Times Media in 2009, died Wednesday, five months after being diagnosed with stomach cancer.
Tyree had stepped up to save the Chicago Sun-Times when it was floundering in bankruptcy court. He led an investor group that bought it for $26 million. Get the full story »
Motorola Mobility Holdings Inc. has modified Chief Executive Sanjay Jha’s employment agreement to give him a monthly housing allowance instead of reimbursing him for his relocation from California to Illinois.
Jha, who was chief operating officer at San Diego, Calif.-based Qualcomm before taking the co-CEO position at Motorola Inc. in 2008, makes regular commutes from his West Coast home to the Chicago area. Motorola Mobility, which was split off from Motorola at the beginning of this year, is headquartered in Libertyville and has an office in San Diego. Get the full story »
Kraft Foods Inc. announced Monday that its chief financial officer Timothy McLevish will leave the company mid-year “to pursue opportunities in general management.”
David Brearton, currently serving as executive vice president of operations, will step up as CFO at the Northfield-based packaged foods giant. Get the full story »
Fortune Brands Inc. expects its golf business to attract a special kind of bidder in addition to the usual suspects — rich people who like playing the game.
The company announced plans late last year to sell or spin off its golf business, which makes Titleist golf equipment, and spin off its home products business, which makes Simonton windows and Moen faucets, amid pressure from activist investor William Ackman. Get the full story »