Truck manufacturer Paccar Inc.’s chief executive, Marc Pigott, received compensation valued at $10.5 million in 2008, up 27 percent from the prior year, even as the executive declined a performance-based bonus amid the current economic recession. Bellevue-based Paccar, which manufactures Peterbilt and Kenworth trucks, paid Pigott a $1.3 million salary and $11,500 in matching contributions to the company’s 401(k) plan. The bulk of his compensation came in stock valued at $9.1 million last year. When the stock was awarded, the company’s shares traded at $44. Shares closed Monday at $23.79. Pigott declined a bonus of $1.1 million, citing “the challenging economic recession and the negative effect upon the company’s employees and stockholders.”
Amazon.com sued over Kindle patent
Discovery Communications Inc. says the Kindle electronic book readers from Amazon.com violate a patent that Discovery registered in 2007. Discovery sued Amazon in Delaware on Tuesday. A Discovery spokeswoman said the company is seeking “fair compensation” through damages, future royalty payments and legal fees but will not seek an injunction stopping sales of the Kindle. An Amazon spokeswoman declined to comment. Discovery, which runs the Discovery Channel and Animal Planet cable TV networks, said Amazon was “willful” in infringing the patent. Discovery says the patent covers the security of electronic book files. Amazon shares were up 3.6 percent to $69.40 in afternoon trading, while Discovery shares were up 9 cents at $16.75.
Weyerhaeuser closing mills in Ore., Okla.
Weyerhaeuser plans to close lumber mills in Oklahoma and Oregon in response to depressed demand for wood to build homes. The closures at the company’s iLevel mills in Wright City, Okla., and Dallas, Ore., will affect about 307 workers. Since Jan. 1, Weyerhaeuser Co. has closed 10 wood products manufacturing facilities and virtually all sites are experiencing reduced operations. The company announced the closure of two mills in Aberdeen earlier this year.
Premium travel off 16.7% in January
The number of passengers flying in the front of the plane on premium tickets fell 16.7 percent in January, a trade group said Tuesday. The International Air Transport Association estimated that with fewer passengers, revenue from first- and business-class travel probably fell at least 25 percent in January, “wreaking significant damage to network airline yields and profitability.” IATA said banking is a key sector for business travel, so the collapse of that sector hurt sales of premium tickets. Economy travel has been falling more slowly. Airlines generally have been flying less to try to match their capacity with lower demand.
Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
