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By Julie Wernau | The president and chief executive officer at Hoffman Estates-based Career Education Corp. saw a nearly $1 million increase in his annual compensation last year, according to the company’s proxy statement filed today.
Gary E. McCullough saw his total compensation jump 21 percent to $5.44 million from last year’s $4.5 million. His base salary of $800,000 remained the same while other executives saw increases of up to 7.7 percent.
(Sara Lee photo)
Dow Jones Newswires | Sara Lee Corp. said in a regulatory filing that James Nolan, head of the company’s North American fresh bakery business, is leaving.
The company said Nolan, chief executive of the company’s North American Fresh Bakery unit, has resigned effective April 9 to pursue another professional opportunity. A Sara Lee spokesman said Nolan will be going to a small private equity firm, but that the company won’t disclose the name of the firm at this time.
From Barron’s | McDonald’s Corp. CEO Jim Skinner and Abbott Labs Chief Executive Miles White made Barron’s list of the 30 best CEOs in the world for keep their companies “safe and strong” during the downturn.
Get the full story: barrons.com
From Home Channel News | Chicago-based building-products maker USG Corp. has elected William J. Kelley Jr. to the position of vice president and controller. Kelley previously served as the vice president of finance at Pepsi.
Get the full story: homechannelnews.com.
From Reuters | CME Group Inc is working with Fannie Mae and Freddie Mac to design a clearing facility for interest-rate swaps, a $414 trillion global market. “I imagine that we, among others, will be competing to try to win business from them as we introduce our interest-rate swaps clearing solution,” said CME CEO Craig Donohue on Tuesday at the Reuters Global Exchanges and Trading Summit in New York
Get the full story: reuters.com
By Julie Wernau | Kraft
Foods Inc. Chief Executive Irene Rosenfeld, who successfully negotiated the company’s acquisition of British
confectioner Cadbury, saw her total compensation jump roughly 40 percent in
2009 to $26.34 million, according to the company’s proxy statement
filed Tuesday.
Rosenfeld’s base salary of $1.5 million in 2009 was 1.2 percent higher
than the previous year. The bulk of her pay hike came from a bigger
performance-based bonus. She received nearly $10.6 million in 2009,
more than double the $4.1 million she received in 2008, as she sold
Kraft’s North American pizza business and pursued the acquisition of
British candy maker Cadbury PLC.
Associated Press | An appeals court says Sears Holdings Corp. Chairman Edward Lampert must give a deposition in a lawsuit filed by a former Kmart employee who says he was the victim of age discrimination.
The former employee, David Marsico, says he had a conversation with Lampert in 2003 after Kmart emerged from bankruptcy. He says the new Kmart chairman told him, “You’ve been around here a long time.” Kmart is part of Sears Holdings.
ELITE STREET | By Bob Goldsborough | A 4,965-square-foot co-op unit on the Gold Coast that retired Kraft CEO John Richman owns is on the market for $7.5 million.
Richman oversaw Kraft’s merger with General Foods after Philip Morris Cos. bought Kraft in 1988. Richman retired the following year. The nine-room, full-floor co-op has three bedrooms, four full baths, two half baths, a fireplace and views in all four directions. Richman first listed the unit in September for $8 million.
For more on Cubs president Crane Kenney’s recent Wilmette purchase and the tackling Bears defensive lineman Israel Indonije recently took on a Vernon Hills home, see Elite Street.
Get the full story: Elite Street
By Bruce Japsen | Hospira
Inc. chief executive Christopher Begley was awarded stock, bonus and
salary of more than $5.6 million last year, the Lake Forest-based
hospital products maker said in its annual proxy statement filed this
afternoon.
Begley’s salary rose 2 percent to $1.05 million from $1.03 million in
2008. Meanwhile, his bonus more than doubled to $2.1 million last year
compared to $976,740 in 2008.
Ellen Gordon, president and COO of Tootsie Roll, in 1996. (AP Photo/Beth A. Keiser)
By Julie Wernau | The husband and wife team behind the Chicago-based Tootsie Roll brand received cash bonuses this year that more than doubled their base salaries. Melvin J. Gordon, chairman and CEO of Tootsie Roll Industries, received $4.15 million in total compensation in 2009, an increase over last year’s compensation of $3.3 million, according to a proxy statement filed Friday with the Securities and Exchange Commission and his wife, Ellen R. Gordon, president and chief operating officer, received $4 million, an increase over last year’s compensation of $3.19 million.
Tribune staff report | Chicago United, an advocacy group of racially diverse executives who promote multiracial leadership development in corporate governance, announced new officers and members of its board of directors.
Chicago United members elected Doug Goare, senior vice president for the worldwide supply chain for McDonald’s Corp. as the new board chairman. Gordon Werkema, first vice president and COO of the Federal Reserve Bank of Chicago, Kip Kelley, resident managing director of Aon Risk Services Inc. of Illinois and Olga Carmargo, senior vice president of Mesirow Financial, are also new board members.
From Canada’s Globe and Mail | The 21,000-square-foot, $32 million Palm Beach mansion owned by former newspaper magnate Conrad Black, who is serving a prison sentence for fraud and obstruction of justice during his tenure heading former Chicago Sun-Times parent Hollinger International, has been transferred to its mortgage company and put up for sale.
Black appealed his convictions to the U.S. Supreme Court, which is expected to rule on the case this spring. He is not expected to get out of prison before the fall of 2013.
Get the full story: globeandmail.ca
By Wailin Wong | The total compensation of Illinois Tool Works Inc. Chief Executive David
Speer fell slightly in 2009 from the previous year, as decreased
revenues forced the Glenview-based company to cut costs.
According to a proxy statement filed with the U.S. Securities and
Exchange Commission, Speer’s compensation totaled $10.5 million in 2009,
compared with $12.7 million in 2008. ITW froze base salaries for
executive officers last year, one of several measures taken in response
to the economic downturn. The company said revenues dropped 19 percent
on the year.
By Becky Yerak | The former chief executive of failed Community Bank of Lemont is suing the Federal Deposit Insurance Corp., saying he’s owed about $215,000 from a change-in-control agreement he had at the former FBOP Corp. unit.
The FDIC became receiver for the Lemont lender on Oct. 30, when state and federal regulators seized Lemont, Chicago-based Park National Bank and seven other U.S. banks owned by Oak Park-based FBOP.
From BusinessWeek | David Neithercut, the CEO of Chicago-based Equity Residential, has been featured in BusinessWeek’s list of “The 50 Most Powerful People in Real Estate 2010.” “The men and women whose job it is to make sense of real estate — to regulate it, pump money into it, and perhaps even keep it from blowing up again — are also the ones with the power to fix it,” BusinessWeek writes.
Get the full story: businessweek.com.
