IBM's top 5 officials got '90 pay raises of at least 33%, outpacing its earnings
Article Abstract:
IBM's proxy statement reveals that the computer company's top five executives received pay increases of 33 percent or more in 1990, while its 1990 per-share earnings rose 16 percent. IBM Chmn John F. Akers received $2.6 million in cash and stock in 1990, 35 percent more than he received in 1989. IBM Pres Jack Kuehler received $1.6 million, 36 percent more than in 1989, while IBM Sr VP Frank Metz received $1.2 million, a 43 percent increase. C. Michael Armstrong and Terry Lautenbach, who are also senior VPs, gained 33 percent raises to $1.2 million. The executives also received restricted stock awards ranging from $2 million for Akers to $725,000 for Armstrong and Lautenbach. In other company business, IBM announced that Frank T. Cary will not run for re-election as director of the board. A group of 500 former IBM employees has filed a class action suit claiming that they were mislead into accepting an early retirement offer.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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IBM shunts aside Conrades, thought to have been contender for chairman
Article Abstract:
George Conrades, a senior executive at IBM seen as one of two candidates to be the company's next chairman, is abruptly and quietly reassigned to a staff position in marketing. The move is a demotion. Conrades, formerly in charge of more than 100,000 people, now has only 50 who report to him. Conrades himself must now report to C. Michael Armstrong, the other executive seen as a possible successor when Chmn John Akers retires. Akers is expected to retire in three years. The Conrades demotion is a message suggesting that even IBM's senior management is not safe as IBM initiates yet another reorganization in an ongoing struggle to remain competitive.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
User Contributions:
Comment about this article or add new information about this topic:
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