Busines briefly: MasterCard halves CEO’s pay, perks
Published 8:24 pm Friday, April 25, 2008
MasterCard Inc.’s president and chief executive, Robert Selander, received compensation valued at $11 million in 2007, according a regulatory filing with the Securities and Exchange Commission. The chief’s total compensation for 2007 was half what it was in 2006, the year MasterCard went public. The reason is that Selander received significantly less in stock and options last year than in 2006, even though MasterCard has been faring well during the economic downturn compared to other financial services companies. MasterCard’s profit for 2007 was $1.09 billion, or $8 a share, and its shares more than doubled during 2007.
Bothell biotech raises millions
Nastech Pharmaceutical Co. of Bothell, which recently announced it is short on operating cash, said Friday it has raised $7.9 million through a direct offering of nearly 4.6 million shares of its stock. The shares were sold at $1.73 a share. In response, investors drove the biotechnology firm’s stock price down by 78 cents, or 36 percent, to $1.40.
IRS tax rebates to begin Monday
President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. The first rebates will be directly deposited into people’s bank accounts. Paper checks will begin going out on May 9, a week earlier than announced.
Goodyear Tire to cut production
Goodyear Tire &Rubber Co. said Friday that it swung to a profit in the first quarter by focusing on higher-priced tires and strong international markets. But the company says it will cut tire production in North America, where sales have been sluggish. The results from Goodyear, the world’s third-largest tiremaker and No. 1 in the U.S., beat Wall Street expectations and its shares rose 6 percent. Goodyear said it earned $147 million, or 60 cents per share, in the quarter that ended March 31, compared with a loss of $174 million, or 96 cents per share, in the same period in 2007. Sales rose to $4.94 billion from $4.5 billion a year ago.
Recession hitting many states
The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that’s true for the nation as a whole, a survey of all 50 state fiscal directors concludes. The situation looks even worse for the fiscal year that begins July 1 in most states. “Whether or not the national economy is in recession — a subject of ongoing debate — is almost beside the point for some states,” said the report released Friday by the National Conference of State Legislatures.
From Herald staff and news services
