By Reuters
United-Continental CEO Jeff Smisek, center, talks with two employees on Sept. 23, 2010, in Houston. (Tribune)
Airline company United Continental Holdings Inc., formed Friday in the merger of UAL and Continental Airlines, said Chief Executive Jeff Smisek would receive an annual salary of $975,000.
Smisek, who had been CEO of Continental, may also receive 150 percent of his salary as an annual bonus. Pay details were disclosed by the company in a Securities and Exchange Commission filing Friday.
UAL and Continental merged to create the world’s largest carrier by traffic. Get the full story »
Oct. 1, 2010 at 11:36 a.m.
Filed under:
Airlines,
Airplanes,
Airports,
M&A,
Updated
By Emily Bryson York
Continental Airlines CEO Jeff Smisek walks through Terminal C of Houston Intercontinental Airport to catch a flight to Chicago on Sept. 23, 2010. (Tribune)
United Airlines closed its merger with Continental Airlines Friday to create the world’s largest airline, called United Airlines. The stock begins trading this morning under the symbol UAL. The holding company formed from the all-stock merger will be called United Continental Holdings Inc.
The two airlines will begin marketing as one company in the spring. In the meantime, travelers will see United employees at United kiosks and Continental employees at Continental kiosks, depending on which carrier is handling the flight.
The company is working to combine frequent flyer programs. In a call with reporters, Smisek underscored, “your miles are safe.” Get the full story »
Oct. 1, 2010 at 8:17 a.m.
Filed under:
Personnel moves,
Technology
By Reuters
Hewlett-Packard Co. will pay its new chief executive Leo Apotheker an annual salary of $1.2 million, plus a signing bonus of $4 million, to lead the technology powerhouse after a scandal toppled its last chief executive. Get the full story »
Sep. 30, 2010 at 1:28 p.m.
Filed under:
Airlines,
Chicago executives,
Personnel moves
By Ameet Sachdev and Julie Johnsson | The merger between United and Continental airlines is scheduled to become official on Friday, and there is an unexpected hole in the senior management team.
Tom Sabatino, who was supposed to be the top lawyer inside the combined United-Continental airlines, has resigned, the Tribune has confirmed. Get the full story »
Sep. 30, 2010 at 11:04 a.m.
Filed under:
Bank failures,
Banking,
Policy,
Politics,
Small business
By Becky Yerak
A Chicago-area bank whose chief executive met with President Obama last December to discuss small-banking matters has been ordered by the nation’s thrift regulator to maintain certain capital levels, among other things.
Matt Gambs, who in 2008 joined Schaumburg-based Diamond Bank as its new chief executive, said that earlier this week members of its board of directors, including existing investors, pumped $1 million in fresh capital into the closely held lender, which also has a branch near the intersection of Clark and North in Chicago. Get the full story »
Sep. 29, 2010 at 6:54 a.m.
Filed under:
Energy
By CNN
BP says it will create a new safety division in the aftermath of this summer’s oil spill disaster in the Gulf of Mexico. The “powerful“ new unit “will have authority to intervene in all aspects of BP’s technical activities,“ the company said in a statement Wednesday. Get the full story »
Sep. 28, 2010 at 4:57 p.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Reuters
U.S. chief executive officers’ view of the economy darkened in the third quarter, with top executives saying they were less willing to hire new workers as they fear sales growth will slow. Get the full story »
Sep. 28, 2010 at 7:52 a.m.
Filed under:
By Bruce Japsen
Northwestern Memorial Hospital and affiliated doctor groups are discussing a major restructuring to help its doctors and facilities better prepare for the health overhaul law and put the academic medical center in the nation’s top tier, according to sources and a document obtained by the Tribune.
Called “Northwestern Medicine,” the new structure being pursued is being designed to be more nimble when it comes to contracting with health insurance companies who pay the hospital and doctors as well as making business decisions when it comes to recruiting physicians or obtaining grant money, these sources said. Get the full story »
Sep. 27, 2010 at 1:03 p.m.
Filed under:
Autos
From Bloomberg News | Ford Motor Co. Chief Executive Officer Alan Mulally said the second-biggest U.S. carmaker may reduce its product lineup to as few as 20 models. Get the full story »
Sep. 27, 2010 at 8:34 a.m.
Filed under:
Transportation
From MSNBC | A British businessman, who bought the Segway company less than a year ago, died after riding one of the scooters off a cliff and into a river near his Yorkshire estate. Jim Heselden acquired the Segway company from its U.S. inventor Dean Kamen in December 2009. Get the full story >>
Sep. 22, 2010 at 12:55 p.m.
Filed under:
Chicago executives,
Housing,
Real estate
From Crain’s Chicago Business | Three weeks after the price was lowered on the eight-bedroom Gold Coast mansion owned by J. P. Morgan Chase & Co. CEO Jamie Dimon, the property is under contract for $6.95 million. Dimon first put the 13,500-square-foot property at 25 E. Banks St. on the market in April 2007, asking price of $13.5 million. Get the full story >>
By Reuters
Goldman Sachs chairman and CEO Lloyd Blankfein at the Senate hearing on the role of investment banks during the financial crisis, Apr. 27, 2010. (Olivier Douliery/Abaca Press/MCT)
The timing of the Securities and Exchange Commission’s case against Goldman Sachs Group Inc. was “suspicious,” the federal regulator’s watchdog said Wednesday.
The SEC filed civil fraud charges against Goldman in mid-April, the same day the watchdog group released a damning report that accused the SEC of mishandling its probe of Allen Stanford’s alleged Ponzi scheme.
The report, authored by SEC Inspector General David Kotz, said the SEC had suspected as early as 1997 that Stanford was running a Ponzi scheme, but did nothing to stop it until late 2005. Get the full story »
By Reuters
Lowell C. McAdam. (AP Photo/Paul Sakuma)
Verizon Communications said on Monday it named Lowell McAdam its president and chief operating officer, setting the veteran executive up as the successor to Chief Executive Ivan Seidenberg.
McAdam, currently chief executive of Verizon Wireless, a venture of Verizon and Vodafone Group Plc, will take up his new role October 1. Get the full story »
Sep. 16, 2010 at 4:26 p.m.
Filed under:
Corporate governance,
Earnings,
Food,
Packaged foods
By Associated Press
Brenda Barnes, the former chairman and CEO of Sara Lee Corp., received compensation valued at $11.5 million in the company’s most recent fiscal year, up 8 percent from the prior year, according to an Associated Press analysis of documents filed with regulators this week.
