Wednesday, 17 December 2014
Last updated 8 hours ago
Jan 4 2007 | 10:36am ET
Third Point’s Daniel Loeb may be looking for a few more board seats after the directors of Massey Energy approved a new one-year employment agreement for Chairman and CEO Don Blankenship, Loeb’s bete noir. The terms are the same as last year: $1 million in salary with up to $900,000 in bonuses, use of the company plane and other perks.
The new deal is unlikely to make the company’s newest director happy. In his victorious proxy battle for a pair of board seats, Loeb railed about Blankenship’s $33.7 million compensation package in 2005 and his access to a company plane. And Massey has had a rough year, facing labor shortages, a fire that closed a West Virginia mine for half of the year and a steadily declining stock price.
In October, the company engaged Goldman Sachs to find a solution to its share price woes, and in November, Blankenship said Richmond, Va.-based Massey was considering a merger or acquisitions to increase shareholder value.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.