http://www.implu.com/stories Latest stories from www.implu.com. en-us http://www.implu.com/story/19685 MICHAEL MACMILLAN, SEVP, GROUP PRESIDENT at TJX COMPANIES ($TJX) is now on implu http://www.implu.com/story/19685 http://www.implu.com/story/882 DALLAS (AP) -- Southwest Airlines has "very limited financing needs" and little immediate exposure to the turmoil in the financial markets, the chief financial officer said Wednesday. Laura Wright said Southwest (LUV, Fortune 500), which enters fuel-hedging transactions with financial-services firms as counterparties, has no exposure to bankrupt Lehman Brothers (LEH, Fortune 500) and only a small amount to brokerages that don't have a commercial banking side. Wright said Southwest, which reported about $5.8 billion in cash and short-term investments on June 30, has enough cash set aside to cover about 85% of its fuel-hedging positions, according to CNNMoney.com. http://www.implu.com/story/882 http://www.implu.com/story/208 On September 8, 2008, the Compensation Committee of the Board of Directors of The Charles Schwab Corporation ("CSC") approved compensation for Walter W. Bettinger II, who was appointed to serve as President and Chief Executive Officer of the Corporation, effective October 1, 2008, and for Charles R. Schwab, who will continue to serve as Chairman of the Board after October 1, 2008. http://www.implu.com/story/208 http://www.implu.com/story/8618 In a letter to employees, CEO Mark Shapiro wrote: "This morning, Six Flags announced it is seeking expedited approval from the Bankruptcy Court for the District of Delaware of its pre-negotiated plan of reorganization under Chapter 11 of the United States Bankruptcy Code. The plan has unanimous support of the lenders' Steering Committee and the Administrative Agent for the Company's $1.1 billion senior secured credit facility. This support is evidenced by executed lock-up agreements." http://www.implu.com/story/8618 http://www.implu.com/story/8482 Whitacre was the former chairman and CEO of AT&T. http://www.implu.com/story/8482 http://www.implu.com/story/8355 The Securities and Exchange Commission has filed securities fraud charges and insider trading charges against former Countrywide Chairman and CEO Angelo R Mozilo. Eric Sieracki and David Sambol were also charged. http://www.implu.com/story/8355 http://www.implu.com/story/8322 Intel Corporation has agreed to acquire Wind River Systems by purchasing all outstanding Wind River common stock for $11.50 per share in cash ($884 million.) http://www.implu.com/story/8322 http://www.implu.com/story/8290 Just like what happened before the release of the iPhone 3G, Best Buy's lack of iPhone inventory has many speculating that we'll see new iPhone software and hardware at next week's WWDC. http://www.implu.com/story/8290 http://www.implu.com/story/8238 The last CEO of Bear Stearns, Alan Schwartz, will join Guggenheim Partners as executive chairman. http://www.implu.com/story/8238 http://www.implu.com/story/8237 GM's new trading symbol on the pink sheets is GMGMQ. http://www.implu.com/story/8237 http://www.implu.com/story/8222 Peter G. Peterson, co-founder of Blackstone Group, plans to commit $1 billion to the foundation. http://www.implu.com/story/8222 http://www.implu.com/story/3815 Common Tax Law Restrictions on Activities of Exempt Organizations The chart below compares seven federal tax law attributes of five common types of tax-exempt organizations. 501(c)(3) 501(c)(4) 501(c)(5) 501(c)(6) 527 Receive tax-deductible charitable contributions YES NO NO NO NO Receive contributions or fees deductible as a business expense YES YES YES YES NO Substantially related income exempt from federal income tax YES YES YES YES YES Investment income exempt from federal income tax LTD* YES YES YES NO Engage in legislative advocacy LTD YES YES YES LTD Engage in candidate election advocacy NO LTD LTD LTD YES Engage in public advocacy not related to legislation or election of candidates YES YES YES YES LTD *Private foundations are subject to tax on their net investment income. Updated: August 27, 2008 http://www.irs.gov/charities/index.html http://www.implu.com/story/3815 http://www.implu.com/story/1155 On October 6, 2008, the merger (the "Merger") of New Uno Acquisition Corporation ("Merger Sub"), a subsidiary of New Uno Holdings Corporation ("Holdings"), with and into Wm. Wrigley Jr. Company (the "Company"), was consummated in accordance with the Agreement and Plan of Merger, dated April 28, 2008, among the Company, Mars, Incorporated, Holdings and Merger Sub (the "Merger Agreement"). Pursuant to the Merger Agreement, at the effective time of the Merger, all the members of the Company's board of directors resigned and were replaced by the directors of Merger Sub at the effective time of the Merger. http://www.implu.com/story/1155 http://www.implu.com/story/19689 On February 2, 2011, the Compensation and Management Development Committee of Hess Corporation ("the Company") approved target cash bonuses for the chief executive officer, chief financial officer and three most highly compensated executive officers (other than the chief executive officer and chief financial officer) of the Company for 2011. One-third of the bonus is payable based upon attainment of a specified target level of a corporate performance measure, one-third is based upon the attainment of specified business unit metrics, and one-third is discretionary based on individual performance and other qualitative factors. Payouts may range from 0% to 150% for each component of the target bonus, based on the percentage of attainment of the corporate and business unit performance measures and, with respect to the individual performance component, the Compensation and Management Development Committee's determination of an appropriate amount. http://www.implu.com/story/19689 http://www.implu.com/story/19688 On February 2, 2011, the Compensation Committee (the "Compensation Committee") of the Board of Directors of Advanced Micro Devices, Inc. (the "Company") approved a bonus award for each of the following Named Executive Officers (as defined in the Company's Proxy Statement for the Annual Meeting of Stockholders held on April 29, 2010): Mr. Thomas Seifert, the Company's Senior Vice President and Chief Financial Officer and Interim Chief Executive Officer, and Mr. Emilio Ghilardi, the Company's Senior Vice President and Chief Sales Officer, for fiscal year 2010, under the Executive Incentive Plan (the "Plan"). The bonus awards consist of cash payments in the amount of $1,050,000 for Mr. Seifert and $942,865 for Mr. Ghilardi and will be paid in March 2011. Pursuant to the Plan, the bonus opportunities were based on the achievement of a pre-established key company-wide corporate financial measure, the non-GAAP operating income. The Company intends to provide additional information regarding the bonus awarded to Mr. Seifert and Mr. Ghilardi for the 2010 fiscal year in the Company's proxy statement for the 2011 Annual Meeting of Stockholders of the Company, which is expected to be filed with the Securities and Exchange Commission in March 2011. http://www.implu.com/story/19688 http://www.implu.com/story/19687 WILLIAM THOMAS, SR. EXECUTIVE VP, EXPLOITATION at EOG RESOURCES ($EOG) is now on implu http://www.implu.com/story/19687 http://www.implu.com/story/19686 NAN STUTZ, SEVP, GROUP PRESIDENT at TJX COMPANIES ($TJX) is now on implu http://www.implu.com/story/19686 http://www.implu.com/story/19680 VAUGHN TUCKSON, EVP & CHIEF OF MEDICAL AFFAIRS at UNITEDHEALTH GROUP ($UNH), is now on implu http://www.implu.com/story/19680 http://www.implu.com/story/19679 JOSEPH ROBINSON, EXECUTIVE VICE PRESIDENT & CIO at FIFTH THIRD BANCORP ($FITB), is now on implu http://www.implu.com/story/19679 http://www.implu.com/story/19678 JAMES PETERSON, VP, MARKETING & CORP. AFFAIRS at BALL ($BLL), is now on implu http://www.implu.com/story/19678 http://www.implu.com/story/19677 ANNE FINUCANE, a Director at CVS CAREMARK ($CVS), is now on implu http://www.implu.com/story/19677 http://www.implu.com/story/89 Effective September 8, 2008, Gary Carlin, 51, has been appointed Chief Accounting Officer of Merrill Lynch & Co., Inc. Mr. Carlin will undertake this role in addition to his current responsibilities as Corporate Controller, a position which he has held since May 2007. From May 2003 to May 2007, Mr. Carlin was Chief Financial Officer of the firm's Global Banking and Credit units. Mr. Carlin succeeds Christopher Hayward, who continues as the firm's Finance Director and also leads the firm's Holding Company Supervision initiatives. http://www.implu.com/story/89 http://www.implu.com/story/80 The US Treasury has taken three additional steps to complement FHFA's decision to place both enterprises in conservatorship. First, Treasury and FHFA have established Preferred Stock Purchase Agreements, contractual agreements between the Treasury and the conserved entities. Under these agreements, Treasury will ensure that each company maintains a positive net worth. These agreements support market stability by providing additional security and clarity to GSE debt holders - senior and subordinated - and support mortgage availability by providing additional confidence to investors in GSE mortgage backed securities. This commitment will eliminate any mandatory triggering of receivership and will ensure that the conserved entities have the ability to fulfill their financial obligations. It is more efficient than a one-time equity injection, because it will be used only as needed and on terms that Treasury has set. With this agreement, Treasury receives senior preferred equity shares and warrants that protect taxpayers. Additionally, under the terms of the agreement, common and preferred shareholders bear losses ahead of the new government senior preferred shares. Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron will leave their positions after a brief transitional period. http://www.implu.com/story/80 http://www.implu.com/story/71 Michael D. Mangan has been named Senior Vice President of the Corporation and President of the Worldwide Power Tools and Accessories business and Stephen F. Reeves has replaced Mr. Mangan as Senior Vice President and Chief Financial Officer of the Corporation effective immediately. Attached to this Current Report on Form 8-K as Exhibit 99 is a copy of the Corporation's related press release dated September 5, 2008. Mr. Mangan, 51, has been the Corporation's Senior Vice President and Chief Financial Officer since January 2000. Since March 2004, Mr. Reeves, 49, has been a Vice President of the Corporation and Vice President - Global Finance, Power Tools and Accessories. From April 2000 to March 2004, Mr. Reeves was a Vice President of the Corporation and Vice President - Finance, Power Tools and Accessories Group. Prior to that, Mr. Reeves was the Corporation's Controller for six years. http://www.implu.com/story/71 http://www.implu.com/story/69 Effective September 3, 2008, Alberto Cribiore resigned as a director of Merrill Lynch & Co., Inc. http://www.implu.com/story/69 http://www.implu.com/story/63 The Home Depot, Inc. (the "Company") is filing this amendment to its Current Report on Form 8-K filed on August 25, 2008 which reported the appointment of Marvin R. Ellison as Executive Vice President - U.S. Stores. At the time of such report, no determination had been made as to compensation for Mr. Ellison with respect to his new position. On August 29, 2008, the Company and Mr. Ellison agreed upon the terms of his compensation. Mr. Ellison's annual base salary will be $625,000, and his annual bonus target under the Company's Management Incentive Plan will be 100% of base salary, payout of which is based on achieving established goals. For Fiscal 2008, his financial bonus will not be less than the bonus he would have received as Northern Division President based on achieving established goals. Mr. Ellison will receive an award of restricted stock, having a value of $250,000, at the next regularly scheduled meeting of the Leadership Development and Compensation Committee. Fifty percent of the award will vest 30 months following the grant date and the remaining 50% of the award will vest 60 months following the grant date, provided, in each case, Mr. Ellison is employed with the Company on such dates. Mr. Ellison will also receive an award of stock options having a value of $500,000. Twenty-five percent of such stock options will become exercisable on each of the second, third, fourth and fifth anniversaries of the grant date. In addition to benefits available to all salaried associates of the Company, Mr. Ellison will continue to participate in the Company's executive officer programs, including but not limited to: (i) death benefit only insurance policy program; (ii) executive life insurance program; (iii) Supplemental Executive Choice Program (providing for the purchase of financial planning services, medical services not otherwise covered under our plans, supplemental life and disability insurance, excess personal liability coverage and coverage under a retiree medical plan); and (iv) a leased car program. Upon termination of employment, Mr. Ellison will be subject to confidentiality restrictions. In addition, Mr. Ellison will be subject to 24-month non-compete and 36-month non-solicitation provisions following the termination of employment with the Company. http://www.implu.com/story/63 http://www.implu.com/story/19673 On January 20, 2011, the Board of Directors of The Williams Companies, Inc. ("Williams") elected Randall L. Barnard as Senior Vice President - Gas Pipeline of Williams effective February 24, 2011. On January 24, 2011, the Board of Directors of Williams Partners GP LLC (the "General Partner"), the general partner of Williams Partners L.P., elected Mr. Barnard as Senior Vice President -Gas Pipeline and director of the General Partner, in each case effective February 24, 2011. Mr. Barnard will assume positions currently held by Philip D. Wright, who was elected as Senior Vice President-Corporate Development of Williams on January 20, 2011, effective February 24, 2011. Mr. Wright will also resign from his positions as Senior Vice President - Gas Pipeline and director of the General Partner, in each case effective February 24, 2011. http://www.implu.com/story/19673 http://www.implu.com/story/19672 On December 10, 2010, VeriSign, Inc. (the "Company") announced that on December 9, 2010, its Board of Directors declared a special cash dividend (the "Dividend") of $3.00 per share of its common stock, par value $0.001 per share, to be paid on December 28, 2010 (the "Payment Date") to shareholders of record at the close of business on December 20, 2010 (the "Record Date"). The Company's stock declined by approximately $3.00 on the ex-dividend date. On January 21, 2011, the Compensation Committee determined to grant restricted stock units ("RSUs") equal in value to the $3.00 Dividend, based on the price of the Company's common stock on the Payment Date, to holders of stock options outstanding under the Company's equity plans on the Record Date. For this purpose, the $32.94 stock closing price on the Payment Date was used to compute the number of RSUs to be issued, with rounding to the nearest whole share. Vested options priced below $41 received $3.00 worth of immediately vested RSUs per option share, reduced by the amount of RSUs withheld for tax withholding purposes. Unvested options priced below $41 received unvested RSUs vesting two years from the date of issuance, provided the holder continues to be employed by, or provide services to, the Company. No RSUs were issued with respect to options priced at $41 or above. The RSUs were granted under the Company's 2006 Equity Incentive Plan. The Compensation Committee granted RSUs to all 298 affected option holders, including employees and directors serving on the Board of Directors, as applicable in each case. The table below shows the number of RSUs issued to each of the named executive officers per applicable vesting schedule. http://www.implu.com/story/19672 http://www.implu.com/story/19671 On January 18, 2011, the Nomination, Compensation and Governance Committee (the "Committee") of M&T Bank Corporation's Board of Directors made various compensation decisions with respect to its senior executive officers that were designed to comply with the Interim Final Rule on TARP Standards for Compensation and Corporate Governance (the "TARP Interim Final Rule") issued by the U.S. Department of the Treasury ("Treasury") in June 2009. The TARP Interim Final Rule imposes certain restrictions on the compensation paid by M&T Bank Corporation and other TARP participants to its "senior executive officers" and the next twenty most highly compensated employees, including the payment or accrual of bonuses and most equity-based incentive compensation. M&T Bank Corporation's senior executive officers, who are also our named executive officers, for whom the Committee took action to adjust compensation for 2011 are: Robert G. Wilmers, Chairman and Chief Executive Officer; Ren F. Jones, Executive Vice President and Chief Financial Officer; Mark J. Czarnecki, President; Michael P. Pinto, Vice Chairman; and Kevin J. Pearson, Executive Vice President. For each of the named executive officers, the Committee determined not to award any cash bonuses, as required by the TARP Interim Final Rule, established base salaries consisting of a cash portion and a "stock salary" payable in M&T Bank Corporation common stock, par value $0.50 per share ("Common Stock"), and granted a "long-term restricted stock" award consistent with the provisions of the TARP Interim Final Rule ("TARP restricted stock award"). http://www.implu.com/story/19671 http://www.implu.com/story/19670 On January 20, 2011, the Compensation Committee (the Committee) of the Board of Directors (the Board) of Gilead Sciences, Inc. (the Company) set the base salaries for the 2011 fiscal year for the Company's current named executive officers (the Executive Officers). The Committee also determined their bonus awards for the completed 2010 fiscal year based on their individual performance and the Company's attained level of certain financial and non-financial objectives established for that year. The independent members of the Board ratified the 2010 bonus and 2011 base salary of John C. Martin, Ph.D., the Company's Chairman and Chief Executive Officer. The approved 2010 bonuses and 2011 base salaries for the Executive Officers are as follows: http://www.implu.com/story/19670 http://www.implu.com/story/19669 On January 24, 2011, CVS Caremark Corporation ("CVS Caremark" or the "Company") announced that, in furtherance of its previously announced CEO succession plan, Thomas M. Ryan is transitioning out of his position as the Company's Chief Executive Officer effective March 1, 2011. Larry J. Merlo, currently President and Chief Operating Officer, will become President and Chief Executive Officer of CVS Caremark on that date. Mr. Ryan is expected to remain non-executive Chairman of the CVS Caremark Board of Directors (the "Board") until the Company's May 2011 Annual Meeting of Stockholders, at which time he will retire from the Board and current Board member David W. Dorman will be named non-executive Chairman of the Board. CVS Caremark issued a press release on January 24, 2011 announcing Mr. Ryan's impending retirement and Mr. Merlo's promotion. The full text of the release is attached as Exhibit 99.1 to this Current Report on Form 8-K. http://www.implu.com/story/19669 http://www.implu.com/story/19665 On January 18, 2011, the Compensation and Human Resources Committee (the "Committee") of the Board of Directors of King Pharmaceuticals, Inc. ("King") undertook its annual review of, and approved, the performance goals for King's Executive Management Incentive Awards program (the "2011 EMIA"), which defines the parameters under which certain executives of King will be eligible to receive cash awards for achievement of certain accomplishments during 2011. Under the 2011 EMIA, adopted pursuant to the King Pharmaceuticals, Inc. Incentive Plan, awards to executive officers (as defined by the Securities Exchange Act of 1934 and referred to in this document as "Executive Officers") and other participating executives will be based upon achievement of a financial objective (the "Financial Objective"). Under the terms of the 2011 EMIA, the Committee has established and approved the Financial Objective and must approve any amendments to that objective. Potential EMIA awards for Executive Officers are based upon a prospective financial goal, the accomplishment of which is substantially uncertain at the time of its establishment. Payment of any 2011 EMIA award is contingent upon the Committee's determination that the Financial Objective has been met, and at what achievement level that objective has been met. In addition, in order to receive a 2011 EMIA award, the EMIA Participant must, except for certain circumstances, continue to be employed by King on December 31, 2011. The Committee, in its discretion, may reduce or eliminate any EMIA award if it determines such action to be in the best interests of King. The Committee may also amend or terminate the 2011 EMIA program. http://www.implu.com/story/19665 http://www.implu.com/story/19664 In connection with the management changes that Google Inc. announced on January 20, 2011, the members of the Leadership Development and Compensation Committee of Google's Board of Directors (LDCC) approved equity awards for Eric Schmidt in the aggregate amount of $100 million on January 21, 2011. Consistent with Google's equity-granting practice, stock options and Google Stock Units (GSUs) will be granted in the ratio of two stock options for each GSU, which will result in a GSU grant value of approximately $55.6 million and an option grant value of approximately $44.4 million. The equity awards will be granted on February 2, 2011 (the first Wednesday of the month following the date on which the LDCC approved the grant) and will vest over a four-year period. The exact number of GSUs comprising the equity award will be calculated by dividing the GSU grant value by the closing price of Google's Class A common stock on February 1, 2011. The exact number of stock options comprising the equity award will be calculated by dividing the option grant value by 40% of the closing price of Google's Class A common stock on February 1, 2011. Both equity awards will be rounded up to the nearest whole share. http://www.implu.com/story/19664 http://www.implu.com/story/19663 On January 18, 2011, the Compensation Committee of Coventry Health Care, Inc. (the "Company") approved the Company's 2011 Executive Management Incentive Plan (the "2011 EMIP"). The 2011 EMIP is administered by the Compensation Committee of the Company. Subject to the terms of the 2011 EMIP, the Compensation Committee of the Company has full power and authority to determine the eligible participants under the 2011 EMIP and the applicable performance thresholds and the performance measurements that apply to each award. The Compensation Committee of the Company determined that all named executive officers of the Company are eligible to participate in the 2011 EMIP. The 2011 EMIP provides that performance measurements for executive officers may be based on the achievement of one or more of the following six financial objectives: earnings per share, revenue, operating earnings, membership growth, SG&A and earnings growth. The Compensation Committee has determined that performance measurements for 2011 will be based on earnings per share, revenue and SG&A. The Compensation Committee will establish the specific target awards for each executive officer, which may be greater or less than 100% of each executive officer's base salary. The 2011 EMIP provides the Compensation Committee with full authority to amend, suspend or waive such rules and regulations it deems appropriate in administering the 2011 EMIP. http://www.implu.com/story/19663 http://www.implu.com/story/19662 WILLIAM GREEN, becomes a Director at MCGRAW-HILL COMPANIES($MHP) http://www.implu.com/story/19662 http://www.implu.com/story/19661 GRAHAM ATKINSON, becomes SENIOR VICE PRESIDENT at WALGREEN ($WAG) http://www.implu.com/story/19661 http://www.implu.com/story/19660 CHARLES SHAMIAH, SENIOR VICE PRESIDENT at AMERICAN INTERNATIONAL GROUP ($AIG) is now on implu http://www.implu.com/story/19660 http://www.implu.com/story/19659 GRACE COWAN, SR. VP CUSTOMER EXPERIENCE at WASTE MANAGEMENT($WM) is now on implu http://www.implu.com/story/19659 http://www.implu.com/story/46 On August 28, 2008, the Company announced that the Company's Board of Directors has appointed Mark P. Dentinger as executive vice president and chief financial officer (and principal financial officer) of the Company, effective upon the commencement of his employment with the Company on September 3, 2008. Mr. Dentinger, 50, most recently served as the executive vice president and chief financial officer of BEA Systems, Inc. from February 2005 until the company was acquired by Oracle Corporation in April 2008. Mr. Dentinger was with BEA Systems for a total of nine years, during which he managed all aspects of finance, investor relations, legal, facilities, and information technology, among various other financial roles within the company. Prior to joining BEA Systems, from 1993 to 1999, Mr. Dentinger served in various financial management positions at Compaq Computer Corporation (now Hewlett-Packard Company), culminating in his appointment as director of finance, high performance systems manufacturing in 1996. http://www.implu.com/story/46 http://www.implu.com/story/44 Simon N.R. Harford was appointed as the Group Vice President and Corporate Controller of Avon Products, Inc. ("Avon") as of July 21, 2008, effective on August 15, 2008. Mr. Harford, age 48, has served as the Vice President and Controller of Eli Lilly and Company since May 2006. Prior to that, he had been Executive Director and Chief Financial Officer for Europe, Middle East and Africa since July 2004 and the Executive Director of Investor Relations from January 2003 to July 2004. Mr. Harford served in various other positions with Eli Lilly and Company since he joined the company in 1988. Mr. Harford will succeed Richard Foggio, effective August 15, 2008, and as a result, Mr. Foggio will no longer serve as Avon's Group Vice President and Corporate Controller, as agreed by Avon and Mr. Foggio on July 21, 2008. Mr. Foggio has been appointed as the Group Vice President, Finance, Global Marketing of Avon, effective August 15, 2008. http://www.implu.com/story/44 http://www.implu.com/story/2 On August 27, 2008, the Board of Directors of Fannie Mae (formally, the Federal National Mortgage Association) appointed David C. Hisey as Executive Vice President and Chief Financial Officer, and Peter S. Niculescu as Executive Vice President and Chief Business Officer. Mr. Hisey succeeds Stephen M. Swad, who has resigned as the company's Executive Vice President and Chief Financial Officer. Mr. Niculescu succeeds Robert Levin following Mr. Levin's announcement of his intention to retire from the company early in 2009. During a transition period, Mr. Swad and Mr. Levin will remain with the company as senior advisors at their current compensation. David Hisey, age 48, had been serving as Fannie Mae's Senior Vice President and Controller since February 1, 2005. Mr. Hisey previously had served as Fannie Mae's Senior Vice President, Financial Controls and Operations, since January 3, 2005. Prior to joining Fannie Mae, Mr. Hisey was Corporate Vice President of Financial Services Consulting, Managing Director and practice leader of the Lending and Leasing Group of BearingPoint, Inc., a management consulting and systems integration company. Prior to joining BearingPoint in 2000, Mr. Hisey was a partner with KPMG, LLP. Mr. Hisey, who will continue to function as the company's principal accounting officer, is a certified public accountant. Peter S. Niculescu, age 48, had been serving as Fannie Mae's Executive Vice President - Capital Markets since November 2002. Prior to that time, Mr. Niculescu served as Senior Vice President - Portfolio Strategy for Fannie Mae, beginning in March 1999. The terms of new compensation or severance arrangements, if any, for these executives have not yet been determined. http://www.implu.com/story/2 http://www.implu.com/story/19654 On January 18, 2011, the Personnel and Compensation Committee of the Board of Directors of Citigroup Inc. approved an increase in the annual rate of base salary for CEO Vikram Pandit from $1 per year to $1,750,000 per year, effective immediately. Richard Parsons, Chairman of the Board of Citigroup Inc., said that "the Board is very pleased with the progress that the company has made under Vikram's leadership. Vikram has worked tirelessly to put Citi back on the right track, spearheading a restructuring that has returned the company to profitability and positioning the company for future growth. In light of these highly positive accomplishments, the base salary established for Vikram is merited." http://www.implu.com/story/19654 http://www.implu.com/story/19653 CIT Group Inc., (the "Company") has revised the compensation structure for its chief executive officer, John A. Thain. For 2010, Mr. Thain received bi-monthly grants of restricted stock units with an annualized value of $5.5 million (often referred to as "stock salary"). For 2011, the Company has eliminated the stock salary component of Mr. Thain's compensation and in its place has approved a one-time grant of $5.5 million of restricted stock units, the terms of which will be consistent with restricted stock units granted to other employees. Additionally, for 2011, Mr. Thain will be eligible for a discretionary cash incentive award based on 2011 performance with a target value of $1.5 million. Mr. Thain's 2011 annual cash salary of $500,000 and total target compensation remains consistent with 2010. http://www.implu.com/story/19653 http://www.implu.com/story/19652 On January 18, 2011, the Compensation Committee (the "Committee") of the Board of Directors of Broadcom Corporation (the "Company") adopted a Restricted Stock Units Incentive Award Program (the "Program"). Certain of the Company's executives will be designated as participants in the Program, in the sole discretion of the Committee. The Program was adopted under, and all awards and grants of the Program shall be pursuant to, the Broadcom Corporation 1998 Stock Incentive Plan, as amended and restated. The Committee has designated the first performance cycle under the Program to be January 1, 2010 through December 31, 2010. http://www.implu.com/story/19652 http://www.implu.com/story/19651 On January 20, 2011, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Boston Properties, Inc. (the "Company") approved outperformance awards under the Plan to officers and key employees of the Company. These awards (the "2011 OPP Awards") are part of a broad-based, long-term incentive compensation program, generally referred to as an "outperformance plan," designed to provide the Company's management team at several levels within the organization with the potential to earn equity awards subject to the Company creating shareholder value in a pay-for-performance structure. In 2008, the Committee implemented a similar program whereby recipients of 2008 outperformance awards would share in an outperformance pool if the Company's total return to shareholders ("TRS"), including both share appreciation and dividends, exceeds absolute and relative hurdles over the period from February 5, 2008 to February 5, 2011. Recipients of 2008 outperformance awards are not expected to earn any rewards under the 2008 program. http://www.implu.com/story/19651 http://www.implu.com/story/19650 On January 19, 2011, the Board of Directors (the "Board") of Akamai Technologies, Inc. ("Akamai" or the "Company") elected Pamela L. Craig as a director to fill a newly-created vacancy on the Board, effective on April 1, 2011 (the "Effective Date"). Ms. Craig was designated as a Class II member of the Board and was elected to serve until the 2013 Annual Meeting of Stockholders or until her successor is duly appointed and qualified. Ms. Craig is the Chief Financial Officer of Accenture, a publicly-traded global management consulting, technology services and outsourcing company. Ms. Craig was recommended to the Board by its Nominating and Corporate Governance Committee in accordance with the provisions of the Nominating and Corporate Governance Committee Charter. There are no arrangements or understandings between Ms. Craig and any other person pursuant to which she was elected as a director. Ms. Craig has not yet been designated to serve on any committees of the Board. There are no transactions in which Ms. Craig has an interest requiring disclosure under Item 404(a) of Regulation S-K of the Securities Act of 1933, as amended. http://www.implu.com/story/19650 http://www.implu.com/story/19649 KATHERINE RAMUNDO, VP DEP GEN COUNSEL & ASST SEC at COLGATE PALMOLIVE ($CL) is now on implu http://www.implu.com/story/19649 http://www.implu.com/story/19648 VICKY GREGG, a Director at FIRST HORIZON NATIONAL ($FHN), is now on implu http://www.implu.com/story/19648 http://www.implu.com/story/19647 On January 20, 2011, the Company announced that lead Director Warren E. Buffett will not stand for re-election at the Company's 2011 Annual Meeting of Shareholders. Mr. Buffett will continue to serve until the expiration of his current term on May 12, 2011. http://www.implu.com/story/19647 http://www.implu.com/story/19646 On January 20, 2011, the Board of Directors of Hewlett-Packard Company ("HP") elected Shumeet Banerji, Chief Executive Officer of Booz & Company; Gary M. Reiner, former Chief Information Officer of General Electric Company and current Special Advisor to private equity firm General Atlantic; Patricia F. Russo, former Chief Executive Officer of Alcatel-Lucent; Dominique Senequier, Chief Executive Officer of AXA Private Equity; and Margaret C. Whitman, former President and Chief Executive Officer of eBay Inc., to serve as directors of HP effective on January 21, 2011 (the "Effective Date"). The five new directors will stand for re-election at HP's next annual meeting of stockholders, which is scheduled to be held on March 23, 2011 (the "Stockholder Meeting"). None of the new directors has been named to serve on any committee of the Board, and the information about whether any of the new directors is expected to be named to serve on any committees of the Board has not been determined or is unavailable at the time of this filing. http://www.implu.com/story/19646