Investors are holding Mark Zuckerberg’s feet to the fire on the heels of a disappointing earnings report that caused shares to crater in after-hour trading Wednesday, with one drawing up a proposal that the social media site’s founder be removed as chairman...
A special committee of Papa John’s Board of Directors has decided to kick founder John Schnatter out of his office at the company’s headquarters in Louisville, Ky., the board announced in a statement Sunday. The move comes after Schnatter resigned after using racist language during a conference call...
By Claire Zillman 6:30 AM EDT By the time Jennifer Tejada and Jennifer Hyman joined the board of Estée Lauder in April, both were accustomed to being deluged with opportunities to claim a seat at the boardroom table. “Quite a few companies have approached me,” says Hyman, CEO of wardrobe-rental startup Rent the Runway. Tejada, CEO of cloud-computing company PagerDuty, recalls fielding inbound inquiries multiple times a month. “Sometimes multiple times a week,” she says.
Though it seems unlikely, Tim Cook and Indira Jaising have something in common besides membership in Fortune’s 2018 ranking of the World’s Greatest Leaders. Cook (No. 14) is the wealthy CEO of Apple, the most valuable publicly traded company on earth; Jaising (No. 20) is an Indian lawyer who cofounded an NGO called Lawyers Collective, which promotes human rights issues. Yet they share this trait: Both have multiplied their organizations’ effectiveness by harnessing the power of unbundling.
London Stock Exchange Group hired Goldman Sachs Group ’s David Schwimmer to run the 217-year-old bourse, ending a months-long search for a CEO by appointing another investment banker. He will join the group on Aug. 1 following a 20-year career at Goldman Sachs (gs) , the exchange said in a statement on Friday. Schwimmer, 49, takes up one of the most high-profile jobs in the City of London and is currently based in New York...
Walt Disney’s shareholders have refused to endorse the pay increase of CEO Bob Iger. It’s an unprecedented move, though largely symbolic. Meanwhile, Tesla’s shareholders will later this month vote on the huge compensation deal for Elon Musk that could see the CEO rake in billions if the firm hits a series of valuation targets...
Compensation rates for corporate directors at the largest U.S. public companies have jumped nearly 20% in the past five years. That’s nearly twice the salary increase of the average American.
A study from Equilar, a firm that tracks executive compensation, shows that the average base pay for directors at 500 companies jumped from $205,500 in 2012 to $245,000 in 2016—a 19.5% increase...
U.S. hedge fund Aristeia Capital LLC proposed late on Monday to add two directors to the board of Sina Corp ( sina ) , to push for corporate governance change and potential divestiture to lift the share price of the Chinese social media company.
The Greenwich, Connecticut-based fund–which owns 3.19% of Sina, according to Thomson Reuters' data–called Sina's five-member board of directors "entrenched" and started a proxy fight with a call to expand it with its two nominees...
Toys 'R' Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection on Monday, the latest sign of turmoil in the retail industry caught in a vice-like grip of online shopping and discount chains.
Toys 'R' Us said it received a commitment for over $3 billion in debtor-in-possession financing from lenders including a JPMorgan-led bank syndicate and certain of the company's existing lenders...
Walt Disney Co. added General Motors Co. Chief Executive Officer Mary Barra to its board, bringing on one of the most prominent female executives in corporate America amid a hunt for a successor to CEO Robert Iger...
Steve Jobs famously owned very few shares of Apple , partly because he divested his stake when he was drummed out of the company in the mid-1980s. Asked later what he thought of dual-class stock ownership structures that younger founders used to keep control of their companies, he said he wished the technique had been popular when he co-founded Apple ( aapl ) . He would have taken advantage of it...
Automated Data Processing CEO Carlos Rodriguez is giving Bill Ackman, the activist investor who holds 8% of the company, a tongue lashing. After Ackman revealed his new stake in the company and sought five seats on its 10-member board, he asked for a 45-day extension to come up with nominations for replacements. Rodriguez, who denied Ackman’s request, likened the Pershing Square CEO’s request to one a “spoiled brat” would make for not doing their homework during an interview on CNBC Thursday...
Fashion house Michael Kors said it has agreed to buy shoemaker Jimmy Choo for just over $1 billion as it continues its efforts to recover its lost cachet.
The U.S. company is paying 230 pence a share for the London-listed company whose footwear was made famous by the late Princess Diana, Beyoncé and Sex in the City 's Carrie Bradshaw, among others. That represents a gain of just over 60% for shareholders who bought into it at its initial public offering in 2014...
While it’s no surprise that CEOs make a lot of money, the actual pay gap between top chiefs and rest of America’s biggest earners is startling: The average CEO at one of the 350 largest companies takes home more than five times the annual earnings of the average 0.1 percenter. According to a new report on CEO pay from the Economic Policy Institute, chief executives at those 350 companies made $15.6 million on average in 2016—271 times what the typical worker earns...
Filing for an IPO usually spurs a company to buckle down and get its affairs in order—but not when it comes to the composition of its board. A new analysis by advocacy group 2020 Women on Boards found that, of the 75 largest IPOs from 2014 to 2016, three-fourths of companies went public with one or no women on their boards. Nearly half of the companies (49%) went public with no female directors at all...
Five months after the abrupt departure of its chief executive, Tiffany & Co ( tif ) has tapped Alessandro Bogliolonew as its next leader. He succeeds Frédéric Cuménal, who was ousted in early February after only 22 months (his rein was marked by languishing sales and a lack of new products)...
Cybersecurity firm Symantec is considering selling its website certification business, in a deal that could fetch more than $1 billion and extricate it from a feud with Alphabet's Google, people familiar with the matter said on Tuesday.
Google said in March that it was investigating Symantec's failure to properly validate its certificates, which confirm that websites can be trusted. Symantec has called Google's claims "exaggerated and misleading...
Whole Foods ( wfm ) first approached Amazon ( amzn ) to do a deal, Amazon was militant about leaks, and the e-commerce giant beat out two industry players and four private equity firms in its pursuit of Whole Foods.
These are just some of the juicy details revealed in a proxy that Whole Foods filed with the SEC Friday morning. In the filing Whole Foods provides a thorough timeline of the deal, which gives the most comprehensive view yet of how the acquisition went down...
For years, Whole Foods CEO John Mackey was convinced that grocery stores and e-commerce didn’t mix. And I was more surprised than most when the news broke last week that he’s selling Whole Foods to Amazon ( amzn ) for $13.7 billion.
In the late 1990s, at the peak of the dot-com boom, Mackey tried his hand at e-commerce, just like everyone else...
Japan's government is assembling a Japan-South Korea-U.S. consortium in a last-minute bid for Toshiba's prized semiconductor business, countering a $20 billion offer from U.S. chipmaker Broadcom, the Asahi newspaper said on Wednesday.
The new bid, being arranged by the Ministry for the Economy, Trade and Industry, groups government lenders Development Bank of Japan and Innovation Network of Japan...
After nearly five years at the helm of Yahoo , Marissa Mayer is bidding an optimistic farewell to her company.
Mayer, who became CEO of Yahoo in 2012, posted on Tumblr a copy of an email she sent employees Tuesday as Verizon completed its $4.5 billion acquisition of the one-time internet giant's operations. As previously planned, Mayer announced her resignation "given the inherent changes to my role...
To unburden some of its debt, Gymboree has filed for Chapter 11 bankruptcy protection and will reportedly close more than 375 of its stores.
The struggling retailer partnered with AlixPartners just a few weeks ago to help turn its business around, CNBC reports, but missed a June 1 debt payment. The company has now filed for bankruptcy with the hope of reducing its debt by more than $900 million. Gymboree Chief Financial Officer Andrew North also announced his leave, citing personal reasons...
As chief executive of Cisco , John Chambers made 180 acquisitions in the span of about 20 years.
His successor, Chuck Robbins, has already made 14.
How do you maneuver and do all of those deals at a company that has more than 70,000 employees and almost $50 billion in annual revenue...
