All Articles from BLOOMBERG NEWS -BoardProspects

Articles from BLOOMBERG NEWS

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1. Nissan May Abolish Chairman Role as It Rebuilds, Director Says
  
  Explore BNN Bloomberg Jan 17 2019 BoardNews
  
  (Bloomberg) -- Two months after the arrest of its chairman stunned Nissan Motor Co. and the entire global automotive industry, the carmaker is weighing abolishing the role altogether as it steps up reforms to rebuild its governance. Carlos Ghosn’s downfall, with the auto titan accused of financial crimes that could put him behind bars for decades, saw Nissan swiftly dismiss him as chairman, leaving the carmaker he once saved from the brink of collapse with a leadership vacuum at the board level...
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2. Hedge Fund Can Give Olympus a Clearer Focus
  
  Explore BNN Bloomberg Jan 16 2019 BoardBlogs
  
  (Bloomberg Opinion) -- Can you teach an old dog new tricks? Olympus Corp. investors appear willing to bet so. Shares of the camera and medical-device maker, which was mired in a $1.7 billion accounting scandal in 2011, have surged to their highest in almost three years after the Japanese company announced a leadership and board shakeup in response to pressure from U.S. hedge fund ValueAct Capital Management LP...
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3. Oil CEO Trades $4 Million Award for $1,500
  
  Explore BNN Bloomberg Jan 8 2019 BoardNews
  
  (Bloomberg) -- One of the oil industry’s highest-paid executives is taking a pay cut as his company braces for possibly difficult times ahead after its stock plunged last year. Nabors Industries Ltd. Chief Executive Officer Anthony Petrello agreed to forfeit $4 million in restricted stock in exchange for a symbolic award worth $1,500, the Hamilton, Bermuda-based company said in a filing on Jan 4. The CEO’s salary is also dropping 10 percent this year to $1.58 million...
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4. HBC Climbs After Chairman Buys Stake From Ontario Teachers' at 29% Premium
  
  Explore BNN Bloomberg Jan 4 2019 BoardNews
  
  Hudson’s Bay Co. Chairman Richard Baker boosted his holding in the struggling retailer, buying Ontario Teachers’ Pension Plan Board’s stake at a 29 per cent premium from Thursday’s close. An entity controlled by Baker agreed to pay $9.45 a share for the 9.8 per cent stake, valuing the deal at $169.7 million, according to a statement Friday. Baker said in the statement that his “significant ownership” demonstrates his commitment to the retailer, which also owns Saks Fifth Avenue...
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  Mentions: Saks Fifth Avenue voting rights stake
5. Hyundai's Ambition Is Detached From Reality
  
  Explore BNN Bloomberg Jan 2 2019 BoardBlogs
  
  (Bloomberg Opinion) -- Investors like targets – even ambitious ones – as long as they’re grounded in reality. South Korea’s flailing automakers, Hyundai Motor Co. and Kia Motors Corp., are targeting combined sales of 7.6 million vehicles in 2019, slightly more than their 2018 target, the companies said in regulatory filings. That's bold considering the global auto market is forecast to shrink at least 1 percent this year and that the group looks likely to have missed its goals for last year...
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6. Billion-Dollar Award Made a CEO Uneasy. Now He's Fixing It
  
  Explore BNN Bloomberg Dec 21 2018 BoardBlogs
  
  (Bloomberg) -- The prospect of a billion-dollar windfall left Rick Smith uneasy. It crept up on the chief executive officer in February, while he was telling employees about an audacious goal to grow Taser-maker Axon Enterprise Inc., the firm he founded in 1993, by more than fivefold over the next decade. If they could pull it off, shareholders would see handsome returns and Smith would pocket about $1.3 billion through a radical compensation plan...
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  Mentions: Tesla risk Bloomberg
7. New Jersey Follows California in Measure to Add Women to Boards
  
  Explore BNN Bloomberg Dec 21 2018 BoardNews
  
  (Bloomberg) -- A new bill in the New Jersey legislature would require many public companies based in the state to have at least three women on the board by 2021. The measure is the first to mimic a California law signed in September and signals the potential for more states to follow. Both the California law and New Jersey’s proposal call for public companies domiciled in the state to have at least one female director by 2019...
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  Mentions: Conference Public Companies Women on Boards
8. Renault-Nissan Considered Secret Ghosn Payment Plan, Email Shows
  
  Explore BNN Bloomberg Dec 20 2018 BoardNews
  
  (Bloomberg) -- As a power struggle between Renault SA and Nissan Motor Co. intensifies over governance at the car-making alliance, new information is emerging about how jailed leader Carlos Ghosn allegedly tried to shield the scale of his compensation from the public eye...
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  Mentions: Japan risk voting rights
9. Just Eat Activist's Letter to Santa Is Wishful Thinking
  
  Explore BNN Bloomberg Dec 17 2018 BoardBlogs
  
  (Bloomberg Opinion) -- As with so many of the letters received by Father Christmas around this time of year, the epistle sent by an activist investor to the management of Just Eat Plc on Monday seems like rather wishful thinking. The demands made by Cat Rock Capital Management LP, which says it owns about 2 percent of the British food delivery website, include asking management to set more ambitious targets and holding officials accountable by tying pay packets more clearly to the end results...
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10. Women Get Corporate Board Seats Mostly When It's Required by Law
  
  Explore BNN Bloomberg Dec 11 2018 BoardNews
  
  (Bloomberg) -- Diversity advocates have been trying for two decades to sell the corporate world on gender balance in the boardroom. Maybe they should be lobbying lawmakers instead. A new study by Egon Zehnder points out that among countries that average three or more women on large company boards -- thought to be the threshold at which diversity starts to yield higher returns -- all but one operate under government-mandated quota systems...
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11. Detour Delays Vote After Early Tallies Show Paulson Majority
  
  Explore BNN Bloomberg Dec 10 2018 BoardNews
  
  Detour Gold Corp. has delayed by two days a special meeting slated for Tuesday after early tallies showed activist investor Paulson & Co. won a majority of seats on the miner’s board. The New York hedge fund run by billionaire John Paulson has been pushing to replace the bulk of Detour Gold’s directors since June...
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12. More U.S. University Presidents Rake in Millions of Dollars
  
  Explore BNN Bloomberg Dec 9 2018 BoardNews
  
  (Bloomberg) -- As tuition continues to rise and the U.S. student debt crisis intensifies, some private college presidents are bringing home more money than ever. Sixty-one of them, to be exact, are being paid more than $1 million. That figure, from the Chronicle of Higher Education’s ranking of compensation for the heads of U.S. colleges, is up from the previous year’s total of 58 million-dollar winners...
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13. Apollo Global Emerges as Leading Bidder for Arconic
  
  Explore BNN Bloomberg Dec 3 2018 BoardNews
  
  (Bloomberg) -- Apollo Global Management LLC is the leading bidder to take aerospace manufacturer Arconic Inc. private after a months-long sale process, according to people familiar with the matter. Apollo made a final offer for Arconic last week that was selected over a bid from a rival group of private equity investors, said the people, who asked not to be identified discussing the negotiations. Terms of the deal couldn’t immediately be learned...
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14. Activist Litt Pitched a Split Plan to Brookdale
  
  Explore BNN Bloomberg Nov 30 2018 BoardNews
  
  (Bloomberg) -- Activist investor Jonathan Litt made his case to split Brookdale Senior Living Inc. into a real estate investment trust and senior-housing operator to members of the company’s management, according to people familiar with the matter. Litt’s Land & Buildings Investment Management, which owns a 3.2 percent stake in Brookdale, has been pushing the company to explore ways to unlock the value of its real estate since 2016...
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15. Ghosn’s Deferred Pay Ballooned After Shift in Rules
  
  Explore BNN Bloomberg Nov 28 2018 BoardNews
  
  (Bloomberg) -- Carlos Ghosn’s deferred income ballooned over the past eight years as he sought to downplay his compensation in front of shareholders, a practice that was a focus of the investigation that led to the car titan’s arrest, according to people familiar with the probe. Japan started requiring executive pay be made public in 2009 amid investor backlash against high salaries...
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16. Ghosn’s a Victim of the Nissan World He Made
  
  Explore BNN Bloomberg Nov 26 2018 BoardBlogs
  
  (Bloomberg Opinion) -- You reap what you sow. As the auto world makes sense of Carlos Ghosn’s sudden fall from grace at Nissan Motor Co., one thing is clear: The legendary executive was a victim of dismal corporate governance at the company he sat atop for decades. Allegations against Ghosn include under-reporting his income in securities filings and making personal use of company assets...
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  Mentions: Opinion Corporate Governance Japan
17. Breaking News: Campbell Soup Reaches Deal to End Proxy Fight With Activist Loeb
  
  Explore BNN Bloomberg Nov 26 2018 BoardNews
  
  (Bloomberg) -- Campbell Soup Co. reached a settlement in its proxy battle with Dan Loeb, agreeing to give the activist investor two seats on the company’s board as well as a say in choosing a new chief executive officer. The agreement allows Loeb’s Third Point to appoint independent directors Sarah Hofstetter and Kurt Schmidt to the board and expands the board’s size to 14 from 12...
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18. Campbell Gets Fuel in Fight With Activist After Sales Beat Estimate
  
  Explore BNN Bloomberg Nov 20 2018 BoardNews
  
  (Bloomberg) -- Campbell Soup Co. reported “improved trends” for its soup business and posted sales and profit that outpaced estimates, giving the company firmer footing in its battle with activist investor Dan Loeb. Net sales of $2.69 billion exceeded analysts’ estimate, while adjusted profit of 79 cents was well above the expected mark. Key Insights The results won’t help Loeb, who’s trying to replace the company’s board...
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19. Telecom Italia Is Said Ready to Name Luigi Gubitosi as CEO
  
  Explore BNN Bloomberg Nov 17 2018 BoardNews
  
  (Bloomberg) -- Telecom Italia SpA is set to name former Merrill Lynch banker Luigi Gubitosi as its new chief executive officer after Amos Genish was ousted this week by allies of an activist shareholder, according to people familiar with the matter. The 10 directors who are backed by Elliott Management Corp. agreed on Gubitosi during a conference call they held Saturday, the people said, asking not to be named since the discussions are confidential...
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20. Barclays Faces Expulsion From European Blue-Chip Index on Brexit Bloomberg
  
  Explore BNN Bloomberg Nov 16 2018 BoardNews
  
  (Bloomberg) -- The steepest annual decline in Barclays Plc’s shares in seven years is putting the British bank in danger of losing its coveted place in the Stoxx Europe 50 index. The lender, which has come under pressure from an activist investor to shrink its trading business, has lost about 17 percent of its market value this year as Brexit-related fears weigh on U.K. banks...
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21. Dell Is Near Deal to Win Support of Tracking Stock Holders -
  
  Explore BNN Bloomberg Nov 14 2018 BoardNews
  
  (Bloomberg) -- Dell Technologies Inc. is close to agreeing a deal with some of the top shareholders of its tracking stock that would guarantee their support for the company’s plan to return to the public markets, according to people familiar with the matter. The improved terms under deliberation would include an increased cash component and could value the tracking stock, known as DVMT, at about $120 to $130 per share, said the people, who asked not to be identified as the details aren’t public...
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22. Ousted Telecom Italia CEO Says He Was Misled by ‘Dysfunctional’ Board
  
  Explore BNN Bloomberg Nov 13 2018 BoardNews
  
  (Bloomberg) -- Amos Genish says he was duped. Sent on a business trip to Asia over the weekend, the Telecom Italia SpA chief executive officer learned on a hastily summoned conference call in the early hours of Tuesday in Europe that he was out of his job. Genish was canned by a board stacked with representatives from Elliott Management Corp., the activist investor that had become increasingly weary of the former army captain turned executive...
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  Mentions: Conference Management Elliott Management
23. Telecom Italia CEO Ousted in Surprise Dawn Coup by Elliott Board -
  
  Explore BNN Bloomberg Nov 13 2018 BoardNews
  
  (Bloomberg) -- The sun had yet to rise over Milan when Telecom Italia SpA’s board gathered for a conference call Tuesday morning. Dialing in thousands of miles away was Chief Executive Officer Amos Genish, who had spent the last few days in South Korea and China for business. By the time the meeting wrapped up just before 9 a.m., he was out of his job. Genish was voted out by the board members representing activist investor Elliott Management Corp., who make up 10 of the 15 directors...
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24. The Tycoons Ruled Over Israel. Then Came Billionaire Paul Singer
  
  Explore BNN Bloomberg Nov 13 2018 BoardBlogs
  
  (Bloomberg) -- It took one of the world’s most feared investors to remind Israelis that the rules of the game had changed. Two weeks into the year, Paul Singer’s Elliott Management Corp. disclosed a large stake in Israel’s biggest telecommunications company and demanded an overhaul of the board...
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