Kenneth Feinberg , the paymaster at companies rescued by the U.S. Treasury, recently cut cash compensation for executives at American International Group Inc. and General Motors Co. He said some companies are buying into his credo of pay tied to performance.
Citigroup Inc. Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
Shareholders of PVH Corp., owner of the Tommy Hilfiger and Calvin Klein apparel brands, voted today in favor of Chief Executive Officer Emanuel Chirico’s compensation plan. Pay expert Graef Crystal says he’s overpaid.
Brian T. Moynihan, who runs Bank of America Corp., the second-largest U.S. lender by assets, was among a group of underpaid chief executive officers last year, according to a study by pay expert Graef Crystal.
Rob Gillette, who resigned as chief executive officer of First Solar Inc. this week after boosting production capacity during a slump, collected $29.9 million for his initial 15 months on the job and may be eligible for an $8.9 million severance package.
Chesapeake Energy Corp.’s decision to cut directors’ pay and other perks may save the company up to $1.65 million a year without addressing investors’ concern that the board failed to rein in Chief Executive Officer Aubrey McClendon’s borrowing and spending spree.