Two different outlets are reporting two seemingly conflicting reports about pay at General Motors, but it's clear regardless of the details that money is in motion at The General. Ed Whitacre, Jr., who doesn't receive any pay as GM's chairman, is waiting on approval from the Treasury pay czar for a $9 million "pay package" for his recent move to CEO. The pay has been "approved 'in principle'," but we aren't sure when it's going to be paid.
Bloomberg reports that "GM said Whitacre's annual compensation will be $9 million, with a $1.7 million cash salary, $5.3 million in stock that begins paying in 2012 and $2 million in restricted stock." The Detroit News says that Whitacre will get the $1.7 million, but that the $5.3 million in stock will be paid out on a predetermined scheduled over three years starting in 2012. The $2 million in restricted stock is also reportedly performance based, but what criteria will be used to determine when the stock's released is not yet known.
Whether it's $9 million per year or $9 million over five years, we hope it's all the incentive Whitacre needs to get the RenCen ship going great guns again. Bloomberg also reports that he's unhappy with the pace of change at the company, canceling executives' meetings because they "spend too much time in such gatherings instead of getting work done." Those are the eggs being broken to make a "corporate culture based on decision-making and accountability" omelet.
There is no question, though, around Fritz Henderson's pay package: he earns $59,090 for 20 hours of work per month as a consultant. He is back in the GM family to help the company with its international operations, something he is well regarded for. It might sound like a lot, but he left with no severance last year and it's only a little less than he was being paid as CEO to do a lot more work. And if he can help GM recharge the Opel/Vauxhall franchise, who knows, he might be worth it. Hat tip to John!
[Source: The Detroit News, Bloomberg | Image: Bill Pugliano/Getty Images]
Mr. Rosensweig spent just 10 months leading Guitar Hero, the top gaming franchise, during a difficult year for the entire industry.
Mr. Rosensweig is taking over a fast-growing company. I wrote about Chegg.com, the leading player in the fledgling online textbook market, last summer. Since then, the company has raised an additional $112 million in debt, credit and equity financing, bringing its total to nearly $150 million. It counts marquee Silicon Valley firms like Kleiner Perkins Caufield & Byers among its investors.
“Textbook rental is a great concept,” Mr. Rosensweig said in an interview. “It is just a great business model.”
Mr. Rosensweig declined to discuss Chegg’s sales, but that the company grew about sevenfold in the last year. He said it did as much business in January 2010 as in all of 2009.
Chegg has rented more than two million books to students on 6,400 campuses. Mr. Rosensweig said that Chegg would use much of the money it has raised to buy books, not to finance its operations. “The faster we grow, the more capital we need to acquire books,” he said.
But Chegg.com has also had some hiccups. Its former chief executive, Jim Safka, who had joined after a stint as chief executive of Ask.com, left in September after just four months on the job. He handed the reins on an interim basis to Osman Rashid, the co-founder and chairman.
“We are thrilled that Dan is joining us as our president and C.E.O.,” Mr. Rashid said in a statement. “We know he is the right person to lead Chegg.com through the next phase of its growth.”
Activision said that David Haddad, the chief operating officer of Guitar Hero, would assume operational responsibility for the unit.
On Thursday January 3, Bill Parcells who is the Vice President of Operations for the Miami Dolphins fired head coach Can Cameron after the Dolphins finished a miserable 1-15 on the season. Their only win was an overtime win against the Baltimore Ravens. Cameron had coached the Dolphins for only 1 season before getting fired. He had been the offensive coordinator for 5 years with the Chargers the previous year. The eventual hiring of a new football coach will mark the fifth head coach for the Dolphins in as many years.
Parcells was hired for his new jobs with the Dolphins only weeks ago and will be revamping the entire Dolphins roster, starting first with the coaching staff. All but 2 assistant coaches were fired along with Cameron. Assistants Steve Hoffman, the special teams coach and George Edwards the linebackers coach have been re-hired.
Despite players and football analysts who stated that the Dolphin players continuously played hard for Coach Cameron, Parcells wanted a head coach who he knows and shares similar football philosophical views. Parcells has previously been the General Manager and/or coach for the New England Patriots, New York Giants, New York Jets and Dallas Cowboys. For each team he has led them to the playoffs after revamping each of their rosters.
According to ESPN analysts, Dallas Cowboys assistant coach Tony Sparano is a likely choice to be hired for the coaching vacancy. The Atlanta Falcons have also reached out to Sparano who has an interview with the Falcons on Friday. Other likely candidates that Parcells may hire include: Maurice Carthon who is the running backs coach of the Cardinals, Todd Haley who is the Cardinals offensive coordinator, Mike Tice who is the Jaguars assistant head coach and tight ends coordinator, Rex Ryan who is the Ravens defensive coordinator, and Leslie Frazier who is the Vikings Defensive Coordinator.
Cameron faced much adversity as head coach as star running back Ronnie Brown was sidelined by a knee injury after leading the league for several weeks in rushing yards. Quarterback Trent Green, Pro-Bowl linebacker Zach Thomas and running back Ricky Williams were also injured for significant periods of time during the season. Top wide Receiver Chris Chambers was also traded to the Chargers in the middle of the season.
Parcells has had a busy off season. In addition to firing Can Cameron, he also hired a General Manager for the Dolphins in Jeff Ireland who had been with the Dallas Cowboys for the last 7 years. Ireland had been the vice president of college and pro scouting for the last 3 years with the Cowboys as well.
Two different outlets are reporting two seemingly conflicting reports about pay at General Motors, but it's clear regardless of the details that money is in motion at The General. Ed Whitacre, Jr., who doesn't receive any pay as GM's chairman, is waiting on approval from the Treasury pay czar for a $9 million "pay package" for his recent move to CEO. The pay has been "approved 'in principle'," but we aren't sure when it's going to be paid.
Bloomberg reports that "GM said Whitacre's annual compensation will be $9 million, with a $1.7 million cash salary, $5.3 million in stock that begins paying in 2012 and $2 million in restricted stock." The Detroit News says that Whitacre will get the $1.7 million, but that the $5.3 million in stock will be paid out on a predetermined scheduled over three years starting in 2012. The $2 million in restricted stock is also reportedly performance based, but what criteria will be used to determine when the stock's released is not yet known.
Whether it's $9 million per year or $9 million over five years, we hope it's all the incentive Whitacre needs to get the RenCen ship going great guns again. Bloomberg also reports that he's unhappy with the pace of change at the company, canceling executives' meetings because they "spend too much time in such gatherings instead of getting work done." Those are the eggs being broken to make a "corporate culture based on decision-making and accountability" omelet.
There is no question, though, around Fritz Henderson's pay package: he earns $59,090 for 20 hours of work per month as a consultant. He is back in the GM family to help the company with its international operations, something he is well regarded for. It might sound like a lot, but he left with no severance last year and it's only a little less than he was being paid as CEO to do a lot more work. And if he can help GM recharge the Opel/Vauxhall franchise, who knows, he might be worth it. Hat tip to John!
[Source: The Detroit News, Bloomberg | Image: Bill Pugliano/Getty Images]
Mr. Rosensweig spent just 10 months leading Guitar Hero, the top gaming franchise, during a difficult year for the entire industry.
Mr. Rosensweig is taking over a fast-growing company. I wrote about Chegg.com, the leading player in the fledgling online textbook market, last summer. Since then, the company has raised an additional $112 million in debt, credit and equity financing, bringing its total to nearly $150 million. It counts marquee Silicon Valley firms like Kleiner Perkins Caufield & Byers among its investors.
“Textbook rental is a great concept,” Mr. Rosensweig said in an interview. “It is just a great business model.”
Mr. Rosensweig declined to discuss Chegg’s sales, but that the company grew about sevenfold in the last year. He said it did as much business in January 2010 as in all of 2009.
Chegg has rented more than two million books to students on 6,400 campuses. Mr. Rosensweig said that Chegg would use much of the money it has raised to buy books, not to finance its operations. “The faster we grow, the more capital we need to acquire books,” he said.
But Chegg.com has also had some hiccups. Its former chief executive, Jim Safka, who had joined after a stint as chief executive of Ask.com, left in September after just four months on the job. He handed the reins on an interim basis to Osman Rashid, the co-founder and chairman.
“We are thrilled that Dan is joining us as our president and C.E.O.,” Mr. Rashid said in a statement. “We know he is the right person to lead Chegg.com through the next phase of its growth.”
Activision said that David Haddad, the chief operating officer of Guitar Hero, would assume operational responsibility for the unit.
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