The Business Week In Review: Tim Cook, Persimmon, and Olympus
Sunday 15 January 2012
Tim Cook had big shoes to fill, now he needs a wallet to match. It emerged that Steve Jobs's successor at Apple was awarded a compensation package of nearly $400m in 2011, in a deal structured to keep him at the helm for a decade. Cue: uproar and yet more cross words over executive pay.
In truth, Cook received a more reasonable-sounding $1.8m in salary and bonus, which still means he can afford to buy 3,600 iPad 2s if he wants to boost revenue numbers. The rest is in stock options, which will vest in 2016 and 2021.
Mike Farley, Persimmon's chief exec, kicked off the housebuilders' reporting season with bumper figures on Monday. In a statement ahead of the 2011 results announcement next month, Farley said that pre-tax profit will come in towards the top end of analysts' expectations, which range from £130m to £148m.
Also pleasing investors was Cairn Energy boss Simon Thomson, with a £1.60-a-share – £2.3bn – payout after the sale of a stake in the oil and gas producer's Indian unit to Vedanta Resources.
...at a loss
The Olympus saga continues to have more twists and turns than a particularly twisty-turny series of 24. The scandal-hit Japanese camera-maker announced that it is going to sue 19 current and former directors for more than $200m.
These include the former chairman and president, Tsuyoshi Kikukawa who was heavily blamed for losses in a lawyers' report. There are allegations of illegal dividend payments and a campaign to conceal losses after the former chief executive, Brit Michael Woodford, blew the whistle.
As if the banking sector didn't have enough problems Philipp Hildebrand resigned as head of the Swiss National Bank after his wife, Kashya, made a questionable currency deal that tarnished his reputation.
Difficult to decide which high-street chain announced the worst Christmas update last week, but computer games retailer Game had a particularly awful trading statement. Chief exec Ian Shepherd warned debt covenant tests will be breached next month.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Ellen DeGeneres leads Johnny Depp, Gwyneth Paltrow and Paul Bettany in revealing game of Never Have I Ever
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
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