The president of Chicago South Shore and South Bend Railroad will retire in October after five years on the job, the company announced Thursday. Henry Lampe, president and CEO will be replaced by Andrew Fox, managing director of Pacific Harbor Line and a former president at that company. Get the full story »
Filed under: Chicago executives
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Moloney named president of Motorola Mobility
Motorola Inc. has re-hired a senior executive to help lead its television set-top box business, which will be spun off into an independent company along with the mobile phone unit in the first quarter of next year.
Schaumburg-based Motorola said it has named Daniel Moloney president of Motorola Mobility, as the new company will be called. Moloney starts on Sept. 1 will oversee the Home business, as well as supply chain, information technology and government affairs. Get the full story »
Chief seeks to keep U. of C. medical center edge
The incoming new top executive at the University of Chicago Medical Center wants to keep the prestigious South Side teaching hospital’s competitive edge in an era of health reform and threats from medical-care providers outside the area looking to expand here such as the Cleveland Clinic and Mayo Clinic.
Dr. Kenneth Polonsky, 59, the top doctor in the Department of Medicine at Washington University’s School of Medicine in St. Louis and a former U. of C. research physician was named Dean of the division of Biological Sciences and the Pritzker School of Medicine and Executive Vice President for Medical Affairs. He replaces Dr. James Madara, who resigned last year. Get the full story »
Tribune Co. asks for golden parachutes for top execs
Tribune Co. proposed paying its top 43 executives a severance package of cash and benefits if they are asked by a new board to leave the company after the Chicago-based media conglomerate emerges from bankruptcy.
The company didn’t put a price tag on the package, but said it amounts to 2.5 times salary and bonus for Chief Executive Randy Michaels, and 2.25 times salary and bonus for Chief Operating Officer Gerry Spector. Both would be entitled to 24 months of the company’s group health benefits.
Nine other top executives, including Tony Hunter, the publisher of the Chicago Tribune, and Eddy Hartenstein, publisher of the Los Angeles Times, would get 1.75 times salary and bonus plus 24 months of benefits. A list of 32 others would get 1.5 times salary and 18 months of benefits.
Tribune Co. filed the plan late Thursday as part of a supplement to its plan of reorganization.
Get the full story »
BP’s Tony Hayward defends decisions
From The Wall Street Journal | In his first interview after agreeing to step down from the top spot at oil giant BP this week, Tony Hayward defended his choices during the oil spill crisis, saying he ” became a villain for doing the right thing.” Get the full story »
St. Louis doctor to lead U. of C. Medical Center
The top doctor at Washington University Medical School in St. Louis will be tapped as early as tomorrow to run the University of Chicago Medical Center, according to sources close to the Hyde Park teaching hospital.
Dr. Kenneth Polonsky, chairman of the department of medicine at Washington University, will be the first full-time Chief Executive Officer at the U of C hospital since Dr. Jim Madara stepped down last year as CEO after a three-year stint. A spokesman at the University of Chicago Medical Center said he could not comment and Polonsky’s office did not return a call this afternoon from the Tribune. Get the full story »
Bill and Walter are back on Ch. 2
Bill Kurtis and Walter Jacobson are returning to the anchor chairs on WBBM-TV Ch. 2 in a bid to revive the station’s news ratings.
CME Group CEO sees no need for new acquisitions
CME Group. CEO Craig Donohue appeared to rule out growth by acquisition on Thursday, and said excess cash would be returned to shareholders as soon as next year. Get the full story »
Reporter/anchor Pender out at Ch. 32
Nancy Pender is set to leave WFLD-Ch. 32 next month after 13 years as a reporter and weekend anchor at the Fox-owned station.
A Channel 32 spokeswoman confirmed Wednesday that Pender’s contract is not being renewed.
Co-founder of Aldi dead at 88
Theo Albrecht, a reclusive billionaire who made his fortune building up one of Germany’s largest retail empires, has died at the age of 88.
Albrecht, an irrepressibly thrifty man who co-founded the Aldi discount market chain, was ranked by Forbes as Germany’s second-richest person — and ninth worldwide — with a fortune of almost 19 billion euros ($24 billion). Get the full story »
English muffin secrets safe at Thomas’ for now
Nooks and crannies and Twinkies don’t go together, at least not just yet.
A federal appeals court has upheld an injunction blocking one of only seven people who know the recipe for Thomas’ English Muffins from jumping to a rival.
Tuesday’s ruling by the U.S. 3rd Circuit Court of Appeals in Philadelphia lets Grupo Bimbo SAB, a Mexican food company that owns the Thomas’ brand, continue blocking Chris Botticella from jumping to rival Hostess Brands Inc. Get the full story »
Hayward: Oil spill a failure of drilling industry
Outgoing BP Chief Executive Tony Hayward declared in a web cast Tuesday that the Gulf of Mexico oil well disaster represents a failure for the deepwater oil and gas drilling industry, not just for BP.
“The industry needs to re-evaluate safety,” he said. “Everyone will re-evaluate the business model to reduce risk associated with deepwater drilling.” Get the full story »
United post-merger team named; execs shuffled
United CEO Glenn Tilton, left, with with Continental Airlines CEO Jeff Smisek after a news conference at The Willis Tower in Chicago, May 4, 2010. (AP Photo/Paul Beaty)
The new United Airlines is starting to take shape — and there are some surprises.
On Tuesday, Continental Airlines CEO Jeff Smisek announced the senior management team who will lead United after its financial merger with Continental closes in two months.
As promised, the executives reporting to Smisek, who will be United’s post-merger CEO, come from both carriers, and include a cadre of veterans who helped turn Continental around during the mid-1990s. Get the full story »
BP replaces CEO Hayward, reports record loss
Demonstrators hang signs on a fence they have used to barricade a BP station in London, July 27, 2010. (AFP/Getty Images)
BP’s embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.
BP said the decision to replace Hayward, 53, with the company’s first ever non-British CEO was made by mutual agreement. In a mark of faith in its outgoing leader, BP said it planned to recommend him for a non-executive position at its Russian joint venture and will pay him 1.045 million pounds ($1.6 million), a year’s salary, instead of the year’s notice he was entitled to.
“The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely and deservedly admired,” BP Chairman Carl-Henric Svanberg said in a statement accompanying the quarterly earnings update. Get the full story »
July 26, 2010 at 8:37 a.m.
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Filed under: Chicago executives, Commercial real estate, Management, Personnel moves General Growth taps Brookfield’s Douglas as CFO
Brookfield Properties Corp. President Steven Douglas has resigned to take the role as chief financial officer of bankrupt shopping mall operator General Growth Properties, effective immediately, the companies said Monday. Get the full story »
