Thursday, 31 July 2014
Last updated 21 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…