Energy Co. Bucks Loeb, Pays Chief

Jan 4 2007 | 11:36am 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.


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of