Nadia's Feed
May 29, 2013

Analysis: P&G all-star board’s oversight questioned as CEO departs

By Ross Kerber and Nadia Damouni and Jessica Wohl

(Reuters) – The sudden exit of Procter & Gamble Co’s (PG.N: Quote, Profile, Research, Stock Buzz) Bob McDonald as chief executive and the return of former CEO A.G. Lafley in his place has raised questions about the vigilance of one of America’s highest-profile corporate boards.

On paper at least, P&G, the maker of a myriad of household products such as Crest toothpaste and Tide detergent, has one of the strongest boards in the world with CEOs from six other companies among its 12 members, including three from companies in the Dow Jones industrial average. The CEOs include Boeing Co’s (BA.N: Quote, Profile, Research, Stock Buzz) James McNerney, Hewlett-Packard Co’s (HPQ.N: Quote, Profile, Research, Stock Buzz) Meg Whitman, American Express Co (AXP.N: Quote, Profile, Research, Stock Buzz) CEO Kenneth Chenault, and Macy’s Inc CEO (M.N: Quote, Profile, Research, Stock Buzz) Terry Lundgren.

May 29, 2013

P&G all-star board’s oversight questioned as CEO departs

May 29 (Reuters) – The sudden exit of Procter & Gamble Co’s
Bob McDonald as chief executive and the return of former
CEO A.G. Lafley in his place has raised questions about the
vigilance of one of America’s highest-profile corporate boards.

On paper at least, P&G, the maker of a myriad of household
products such as Crest toothpaste and Tide detergent, has one of
the strongest boards in the world with CEOs from six other
companies among its 12 members, including three from companies
in the Dow Jones industrial average. The CEOs include Boeing
Co’s James McNerney, Hewlett-Packard Co’s Meg
Whitman, American Express Co CEO Kenneth Chenault, and
Macy’s Inc CEO Terry Lundgren.

May 23, 2013

AIG eyes new director with regulatory experience

May 23 (Reuters) – American International Group Inc’s
board is looking for a new director with regulatory
experience, as the insurer readies for the government to
classify it as big enough to merit greater scrutiny, according
to two sources familiar with the situation.

AIG, which is already regulated by the U.S. Federal Reserve,
expects more oversight if it is declared a “systemically
important financial institution,” or SIFI. The designation is
widely expected after the U.S. Financial Stability Oversight
Council told the company in October that it may do so.

May 16, 2013

Insight: Dimon has big say over who serves on JPMorgan board

By Nadia Damouni, David Henry and Ross Kerber

(Reuters) – For years, JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) Chairman and CEO Jamie Dimon and other executives have hand-picked new directors, in a practice that is now unusual for a major U.S. bank.

The JPMorgan board’s governance committee, responsible for hiring new members, relies almost entirely on referrals from management to find director nominees, according to two sources familiar with the bank’s practices and a review of bank regulatory filings. All of the other 10 largest U.S. banks say they use executive search firms, which have knowledge of a range of possible candidates.

May 16, 2013

Dimon has big say over who serves on JPMorgan board

May 16 (Reuters) – For years, JPMorgan Chase & Co
Chairman and CEO Jamie Dimon and other executives have
hand-picked new directors, in a practice that is now unusual for
a major U.S. bank.

The JPMorgan board’s governance committee, responsible for
hiring new members, relies almost entirely on referrals from
management to find director nominees, according to two sources
familiar with the bank’s practices and a review of bank
regulatory filings. All of the other 10 largest U.S. banks say
they use executive search firms, which have knowledge of a range
of possible candidates.

May 5, 2013

Investors may lobby JPMorgan to clip Dimon’s wings if vote fails

By Nadia Damouni and David Henry

(Reuters) – JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) Jamie Dimon may be losing ground in his fight to keep the title of chairman, as some major investors push for more oversight of the chief executive after the “London whale” trading losses.

At the largest U.S. bank’s annual meeting in two weeks, shareholders will be able to vote on a non-binding proposal to separate the chairman and CEO roles. Two of the bank’s top 10 shareholders told Reuters they are considering voting in favor of the proposal, a reversal of their position last year, because of the disastrous bets on credit derivatives that cost the bank more than $6 billion last year.

Apr 15, 2013

Dish to stand by for now on Sprint, Clearwire merger: source

NEW YORK (Reuters) – Dish Network Corp has no immediate plans to disrupt Sprint Nextel Corp’s deal to buy the shares of Clearwire Corp it does not already own, despite Dish’s unsolicited offer for Sprint, a source close to the matter said on Monday.

On Monday Dish, the No. 2 U.S. satellite television provider, offered to buy Sprint for $25.5 billion in cash and stock, a move that could thwart the proposed acquisition of Sprint by Japan’s SoftBank Corp.

Apr 11, 2013

Deutsche Tel deal change paves way to cut U.S. exposure

FRANKFURT/NEW YORK, April 11 (Reuters) – Sweetening the
terms of a U.S. merger not only improves Deutsche Telekom’s
chances of getting a deal done, but may also pave the way for
what some investors and bankers think it really wants – to
reduce its exposure to a highly competitive market.

The German group’s T-Mobile USA unit lacks the critical mass
to take on bigger U.S. rivals Verizon, AT&T and
Sprint and has been losing market share.

Apr 11, 2013

Exclusive – Two buyout groups ready BMC Software final bids -sources

NEW YORK (Reuters) – Business technology maker BMC Software Inc is expected to receive final takeover bids on April 22, with potential buyers pared down to two private equity groups, four people close to the matter said on Thursday.

Shares of BMC rose 1.7 percent to $45.50 on Nasdaq.

Buyout firm Thoma Bravo has joined a bidding group led by KKR & Co LP and TPG Capital LP, while Bain Capital LLC and Golden Gate Capital remain teamed up for the auction, the people added. The private equity firms are finalizing financing for their respective bids, said the sources, who asked not to be named because the talks are private.

Apr 11, 2013

Two buyout groups ready BMC Software final bids -sources

NEW YORK, April 11 (Reuters) – Business technology maker BMC
Software Inc is expected to receive final takeover bids
on April 22, with potential buyers pared down to two private
equity groups, four people close to the matter said on Thursday.

Shares of BMC rose 1.7 percent to $45.50 on Nasdaq.

Buyout firm Thoma Bravo has joined a bidding group led by
KKR & Co LP and TPG Capital LP, while Bain Capital LLC
and Golden Gate Capital remain teamed up for the auction, the
people added. The private equity firms are finalizing financing
for their respective bids, said the sources, who asked not to be
named because the talks are private.