Management & Strategy
Starbucks' new CEO Niccol will cost the company over $100M - 08/16/2024
Starbucks Corp. will pay over $100 million for hiring Brian Niccol as CEO. The payment package offered to Niccol when he was hired is one of the biggest in U.S. corporate history, four times larger than his predecessor's at Starbucks, according to the Financial Times. Starbucks announced on Aug. 13 that Laxman Narasimhan will depart from the company with immediate effect. Niccol will assume the...
Societe Generale sells Private Banking divisions in Britain and Switzerland - 08/06/2024
French bank SocGen sells units for personal banking services in Britain and Switzerland for €900 million. SocGen announced in a statement that it will sell its SG Kleinwort Hambros and Societe Generale Private Banking Suisse units, with a combined €25 billion in assets under management, to Swiss private bank Union Bancaire Privee. According to a statement from the bank, the choice aligns with...
Citi to pay its Head of Banking with shares worth more than $40m - 07/15/2024
According to a Citigroup Inc. declaration cited by the Financial Times, Viswas Raghavan, the head of banking at Citigroup Inc., will be compensated with shares of the firm worth over $40 million. The shares are being given to him as part of the terms of his transfer to Citi in exchange for the securities he was supposed to receive from his former company, JPMorgan Chase & Co. There is a...
Nvidia CEO Jensen Huang sells $169 million worth of the company's stock in June - 07/08/2024
MarketWatch reports that Jensen Huang, the CEO of the American chipmaker Nvidia Corp., sold 1.3 million shares of the business for a total of around $169 million in June. For Huang, it's the first stock sale since the start of the year and the biggest in a single month. Nvidia's valuation exceeded $3 trillion in June for the first time ever, and Huang's wealth has more than doubled to $107.7...
HSBC starts looking for new CEO - 05/16/2024
Following current CEO Noel Quinn's intention to step down, British bank HSBC Holdings Plc has begun looking for a new CEO and is considering choosing a new leader from a pool of internal candidates. Quinn, who has led HSBC for almost four years, said that he plans to leave the position in order to spend more time in his personal life. He will hold this position until the board of directors of the...
Walmart to cut hundreds of corporate employees and relocate staff - 05/14/2024
The Wall Street Journal writes that Walmart Inc., the biggest retailer in the United States, is laying off hundreds of corporate staff members. According to sources in the publication, the corporation is also requesting that the majority of its remote workers come back to the office. Furthermore, according to one of the sources, Walmart plans to transfer employees from its outlying offices—such...
Median compensation of heads of the largest U.S. companies in 2023 reaches record $23.7 mln - 04/22/2024
According to a survey by consulting firm Equilar, chiefs of the top U.S. corporations received record-breaking median salary in 2023—an increase of 11.4% to $23.7 million. Of the total, $15.3 million, or 64.6%, went into equity compensation. Equilar calculated CEO compensation for businesses with annual revenues of $1 billion or greater. Hock Tan, the CEO of Broadcom, had the highest salary of...
Shell's head earns over $10 mln in 2023 - 03/15/2024
The company reported that Wael Sawan made a total of 7.94 million pounds ($10.1 million) in his first year as Shell's CEO. Sawan receives a basic pay of 1.4 million pounds, an annual bonus of 2.7 million pounds, and a bonus of 2.6 million pounds in the form of shares, which he will only be able to utilize in a few years if the company reaches specific milestones. Furthermore, the executive was...
US pharma company AbbVie changes CEO - 02/21/2024
Board of directors of the US pharmaceutical giant AbbVie voted in favor of elevating Robert Michael, current president and chief operations officer, to the position of CEO. Richard Gonzalez, the current CEO, has held the role since the company's founding in 2013. He will become executive chairman on July 1st. Michael is going to the board as well. Gonzalez stated in a press release, "The...
IBM demands managers in the US go back to working in offices - 01/31/2024
According to Bloomberg, which cites an internal company document, International Business Machines Corp. (IBM) has mandated that its managers in the United States resume working in offices. Even if they are permitted to work from home, managers are nevertheless required to work from the office or at client locations three days a week. Anyone who refuses to report back to the office, except for...
