Cendant's board agrees to overhaul top options deals
Article Abstract:
Cendant Corp. said its board agreed to overhaul stock-option packages for its top executives, including Chairman and CEO Henry R. Silverman, in light of the plunge in the company's stock price. The company also said it will require executives to purchase its stock, responding to criticism that some executives own only options, which allow holders to purchase stock at a specific price. Earlier this year, the company disclosed a massive accounting fraud, sending its stock down from a high of $41.375, to as low as about $10. A Cenant probe found that about $500 million in fake revenue and pretax income had been recorded at its former CUC International unit over three years. The company said its new options packages will become effsctive when it files its reinstated financial results with the Securities and Exchange Commission soon.
Comment:
Board agreed to overhaul stock-option packages for its top executives
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Cendant ends pact to buy American Bankers
Article Abstract:
Parsippany, NJ-based Cendant Corp. announced that it has scrapped its agreement to buy Miami, FL-based American Bankers Insurance Group Inc. The companies failed to reach an agreement on restructuring. Cendant had been looking for a way to get out of the deal despite the fact that Cendant's CEO, Henry R. Silverman, insisted that he remained committed to the deal. Cendant said that it will pay American Bankers $400 million in cash to break the deal.
Comment:
Cendant Corp. announced that it has scrapped its agreement to buy Miami, FL-based American Bankers Insurance Group Inc
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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