Tuesday May 21, 2013
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    Boardroom News
    Wall Street Trade Group Taps Ex-Senator Gregg as CEO
    May 21, 2013

    Former New Hampshire Senator Judd Gregg has been named CEO of the Securities Industry and Financial Markets Association, while former Rep. Ken Bentsen will become president.

    Citi Replaces Das With Fraser in Possible Sign of Mortgage Push
    May 21, 2013

    Citigroup's mortgage unit CEO Sanjiv Das will be replaced by private bank head Jane Fraser.

    Ex-Olympus CEO Skeptical Over Japan’s Corporate Governance
    May 21, 2013

    Former Olympus CEO Michael Woodford said he does not believe corporate governance in Japan has changed in the last two years.

    Votes Can’t Shoot Down Golden Parachutes
    May 21, 2013

    Advisory votes on "golden parachutes" are not required until just prior to investors approving a takeover.

    Serafini Introduces Bills to Reduce Maryland’s Corporate Income Tax
    May 21, 2013

    Del. Andrew A. Serafini introduced or co-sponsored four failed measures to reduce Maryland's corporate income tax this year, sparking conversations on the topic.

    Use of Stock as Loan Collateral Scrutinized
    May 21, 2013

    Executives pledging stock as collateral for loans are gaining attention, with 107 companies mentioning the term "pledging policy" in proxy statements in 2013, up from eight in 2012.

    Fierce Battle for Corporate Loans Sparks U.S. Bank Risk Concerns
    May 21, 2013

    The amount of business loans made by U.S. banks rose to $1.55 trillion at the beginning of this month, a 10 percent increase over one year prior.

    Actavis Buying Warner Chilcott For $8.5 Billion
    May 21, 2013

    Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion.

    Funds Get Active Over Director Pay
    May 21, 2013

    A growing number of mutual funds are supporting activist investors' efforts to use incentive pay packages for directors they nominate in proxy fights.

    Apple Avoided Taxes on Overseas Billions, Senate Panel Finds
    May 21, 2013

    Apple paid no corporate income tax to any national government on tens of billions of dollars in overseas income in the past four years, a Senate panel disclosed hours before CEO Tim Cook is expected to testify before the Permanent Subcommittee on Investigations.

    Futures Fall as Markets Await Hints From Fed
    May 21, 2013

    NEW YORK (AP) — U.S. stock futures are down in light trading ahead of an appearance this week by Fed Chairman Ben Bernanke before Congress.

    Yahoo’s Gamble
    May 21, 2013

    To understand Yahoo's acquisition of Tumblr, consider Yahoo's deal for GeoCities in 1999. | For technology deal makers, business is booming. | SAC Capital Advisors is bracing for another round of withdrawal requests. | Apple avoided bill...

    Housing Recovery Boosts Home Depot Results; Outlook Raised
    May 21, 2013

    By Dhanya Skariachan (Reuters) - Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housin...

    Vodafone Keeps Verizon Payout to Make Up for European Slump
    May 21, 2013

    By Kate Holton and Paul Sandle LONDON (Reuters) - Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group's main revenue measu...

    Board at J.P. Morgan Faces Shake-Up
    May 21, 2013

    J.P. Morgan is preparing for a shake-up of its board even if every director wins re-election at Tuesday's shareholder meeting and James Dimon keeps his dual job as chairman and chief executive.

    IT Firm iGate Sacks CEO Over Undisclosed Relationship
    May 21, 2013

    By Sumeet Chatterjee and Harichandan Arakali MUMBAI/BANGALORE (Reuters) - IT outsourcing company iGate Corp said it had sacked its chief executive, Phaneesh Murthy, for not disclosing a relationship with a subordinate after investigating one of the ind...

    May 21: Embattled Ambercrombie CEO’s Day of Reckoning?
    May 21, 2013

    Mike Jeffries, The CEO of Abercrombie & Fitch, whose resurrected 2006 comments about the teen chain’s exclusive courtship of “cool, good-looking” kids sparked a firestorm of objections and protests this month, might just be changing his ways.

    Sprint receives SoftBank waiver to consider Dish offer
    May 21, 2013

    By Mari Saito TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S....

    New Chesapeake CEO Was Latecomer to Search
    May 20, 2013

    Doug Lawler, the Anadarko Petroleum executive picked to be Chesapeake Energy's second-ever CEO, was hired after Chesapeake shifted strategy in its search to replace Aubrey McClendon.

    The Tax Costs for Tumblr’s Owners
    May 20, 2013

    One downside of a deal to sell to Yahoo is that it creates an immediate taxable gain for Tumblr’s shareholders, the author writes.