Pay raise: Alan Mulally's pay package as Ford CEO rose 11 percent last year to $29.5 million, or a little more than $5 for every vehicle...
Pay raise: Alan Mulally’s pay package as Ford CEO rose 11 percent last year to $29.5 million, or a little more than $5 for every vehicle sold. Mulally earned $2 million in salary, up 43 percent from 2010, and stock awards valued at $13.9 million, up 86 percent. But his performance bonus dropped 42 percent to $1.8 million because Ford fell short of market share and quality targets. Mulally’s 2011 compensation was the highest since he made $39.1 million in 2006, the year he left his job as CEO of Boeing Commercial Airplanes to turn Ford around.
Jet subsidy panel: The Obama administration requested that the World Trade Organization set up a compliance panel to deal with “inconsistent” subsidies from the European Union to Airbus. The WTO ruled in June that the EU and four member nations provided more than $18 billion in subsidized financing to Airbus and that the subsidies caused Boeing to lose sales, according to the U.S. Trade Representative. The U.S. on Friday requested an April 13 meeting of a WTO settlement body to discuss the issue.
Groupon goofs: Groupon revised its fourth-quarter financial results, an unexpected restatement that deepened losses for the daily-deals site and once again raised questions about the accounting practices of the newly public company. As part of the revision, Groupon disclosed a “material weakness” in its internal controls, saying it failed to set aside enough money to cover customer refunds. The accounting issue increased the company’s loss in the fourth quarter to $64.9 million, from $42.3 million.
Micron settles: Micron Technology, the largest U.S. maker of computer memory, agreed to settle a lawsuit with Oracle over chip prices, increasing its second-quarter loss by $58 million. The suit claimed that Boise-based Micron conspired to increase prices for dynamic random access memory, or DRAM, from 1998 to at least 2002. The case was partly based on a 2002 Justice Department investigation of price fixing in the memory-chip industry that led to claims against four companies and 16 people who had been fined as much as $731 million. Micron cooperated with U.S. officials in exchange for not being charged with a crime, according the complaint.
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Sustainable seafood: Whole Foods Market said it will stop selling fish caught from depleted waters or through ecologically damaging methods, a move that comes as supermarkets nationwide try to make their seafood selections more sustainable.
Compiled from The Associated Press, Bloomberg News and The New York Times