Showing posts with label CEO. Show all posts
Showing posts with label CEO. Show all posts
March 27, 2018
Saudi Aramco CEO on IPO, Expansion, Shale Competition
October 29, 2017
Saudi Sovereign Fund CEO on Investment Strategy
Yasir Al-Rumayyan »
August 07, 2010
THE TELEGRAPH: Mark Hurd resigned last night from his post at the helm of Hewlett-Packard (HP) following a sexual harassment investigation.
Mr Hurd, chairman and chief executive of the world's largest personal computer manufacturer since April 2005, agreed to step down with immediate effect after he was found to have violated the company's own business conduct standards.
The HP probe was sparked following allegations from a former contractor, with whom Mr Hurd admitted he had a "close personal relationship". The company also said that Mr Hurd submitted false expense reports in an effort to conceal the relationship.
Shares in HP fell as much as 10pc on the news in extended after-hours trading, in spite of the company pre-announcing better-than-expected second quarter sales of $30.7bn (£19.3bn). >>> James Quinn | Saturday, August 07, 2010
July 27, 2010
SKY NEWS: The outgoing BP chief executive Tony Hayward says he feels "demonised and vilified" over the Gulf of Mexico oil spill as the firm posts one of the biggest corporate losses in history. Joel Hills reports.
No, Tony, life certainly isn't fair when people who screw-up can walk away from a company with millions in the form of a golden parachute, yet others work all their lives, do things well, but walk away with next to nothing. Life certainly isn't fair. You got that right! – © Mark
July 26, 2010
CYBERPRESSE: Une source officielle a confirmé lundi que le chef de la direction de BP (BP), Tony Hayward, démissionnerait de son poste en octobre pour accepter un emploi avec TNK-BP, une coentreprise de la pétrolière en Russie.
L'image publique de Tony Hayward était devenue étroitement liée aux ratés de BP dans ses efforts pour maîtriser la fuite de pétrole dans le golfe du Mexique, qui a coûté plusieurs millions de dollars en dommages. >>> La Presse Canadienne, Nouvelle-Orléans | Lundi 26 Juillet 2010
THE GLOBE AND MAIL: BP’s Hayward to resign in October: Embattled CEO will take job with company’s joint venture in Russia, official says >>> Harry R. Weber, New Orleans, The Associated Press | Monday, July 26, 2010
MAIL ONLINE: The embattled head of BP is on the brink of bailing out today - with a golden parachute to break his fall.
Tony Hayward, who arrived at the company's headquarters in London this morning, will receive a seven-figure payoff and a pension estimated at £584,000 a year.
He will stand down today after three months of abuse left him described as the ‘most hated and clueless man in America’.
The enforced departure of the 53-year-old Briton will top the agenda at a crucial London board meeting today.
He has been widely seen as a ‘dead man walking’ ever since an oil-rig explosion led to the worst-ever environmental disaster in the U.S.
The focus will not be on if he goes but when, and how much it costs. During his 28 years at BP, he has built up a gold-plated £10.8million pension pot which he can start taking at 60.
He is also entitled to a year’s salary, equal to just over £1million.
His departure follows a disastrous series of PR gaffes since 11 died in an explosion on April 20 in the Gulf of Mexico.
One of his most notorious was to admit: ‘I want my life back’, at a time when millions of barrels of oil were gushing into the ocean, wrecking the livelihoods of thousands of Americans.
A few weeks later, his decision to go sailing on his yacht in the Isle of Wight added to suspicions that Mr Hayward was not being suitably contrite. But the level of the fury from America has been extraordinary and relentless despite the fact that BP was not solely responsible for the disaster.
President Obama warned: ‘He wouldn’t be working for me after any of those statements.’
Yesterday a BP spokesman insisted that Mr Hayward, whose family have been the victims of crank phone calls, hate mail and death threats, remains the company’s chief executive.
But his departure is inevitable, and will be the second headline-grabbing exit of a BP chief executive in just three years. In 2007, his predecessor Lord Browne dramatically resigned after admitting lying on oath to a High Court judge. >>> Becky Barrow and Daniel Bates | Monday, July 26, 2010
July 25, 2010
BBC: BP's chief executive Tony Hayward has been negotiating the terms of his exit, with a formal announcement likely within 24 hours, the BBC has learnt.
Mr Hayward has been widely criticised over the Gulf of Mexico oil spill.
BBC business editor Robert Peston said it was likely he would be replaced by his US colleague Bob Dudley, now in charge of the clean-up operation.
BP said Mr Hayward "remains our chief executive and has the full support of the board and senior management".
Our correspondent added that while BP had been preparing for a change at the top for some time, the company was waiting until progress had been made on stemming the leak and until it was possible to quantify the financial costs of the disaster.
BP is due to release its results for the second quarter on Tuesday.
It is expected to reveal a provision of up to $30bn (£19bn) for the costs of capping the well, compensation claims and fines to be paid, resulting in a massive quarterly loss.
BP's board is scheduled to meet on Monday ahead of the results.
Mr Hayward has been with the company for 28 years. >>> | Sunday, July 25, 2010
September 25, 2009
SPIEGEL ONLINE INTERNATIONAL: In a SPIEGEL interview, Goldman Sachs CEO Lloyd Blankfein, 55, discusses his astronomical bonuses, the mistakes and failures of his bank prior to the start of the global financial crisis and his proposals for better regulating financial markets.
SPIEGEL: Mr. Blankfein, two years ago, your $67.9 million bonus was the largest ever paid to a Wall Street banker. You recently said that you could understand the anger that people are expressing over inflated bonuses. How are we to understand this?
Blankfein: I think people legitimately question whether compensation is tied to performance and, looking back, they see that some people were enriched but did not seem to have any alignment with their shareholders. A large part of the compensation paid to our senior people, including mine, is paid in shares, which may be worth less or more depending on our performance well after they were granted. This is what our shareholders want and we are convinced of this alignment of interests.
SPIEGEL: Still, $67.9 million is an astronomical sum. Is there any way to justify this?
Blankfein: Our board of directors sets the pay of our most senior executives, including mine. They tie pay to the firm's performance and I believe we have established a strong track record of correlating growth in revenues to growth in compensation. The real test is whether compensation is reduced when performance changes. For example, in 1994, the firm made a loss and the partners had to pay money back to the firm so that the staff could be paid. And, in 2008, which was a very difficult year as you know, I was paid no bonus, even though the firm was profitable.
SPIEGEL: That all sounds very rational. But don't such payments promote greed as the primary motivator?
Blankfein: I think we all know that greed can drive behavior, but it tends to be short term and ultimately destructive. Our leadership team stands out because most of our people have built their whole career at the firm and stayed through many years and many changes in the market. When our people leave they tend to go on to other positions -- whether in government or other forms of public service -- that no one would do if their were motives were financial. Those characteristics don't make me think of "greed."
SPIEGEL: So only modest, good people work for Goldman Sachs? We hardly believe that.
Blankfein: I have stated my honest view of things.
SPIEGEL: This week in Pittsburgh, the G-20 will discuss stricter regulation of bonus payments. Based on what you have said, you believe that such efforts will do nothing to prevent future crises?
Blankfein: That is not what I said. The incentive aspect played a role in the crisis, but it was not the primary cause -- I think you have to look at the macroeconomic backdrop, the concentrations of risk in certain institutions and the fact that many, including regulators, should in hindsight have had better information and acted sooner to address capital and liquidity shortfalls. >>> | Tuesday, September 22, 2009
October 08, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
Subscribe to:
Posts (Atom)