Other items: Deadline extended for Continental; Yahoo! CEO: Not interested in TV production; and more.
Upscale retailer Nordstrom paid a $1.3 million bonus to its top executive, President Blake Nordstrom, for the company’s 2004 fiscal-year performance, regulatory filings show.
The Seattle-based company said that cash bonuses were determined by pre-established performance measures set by the board of directors compensation committee.
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The retailer’s stock rose 36 percent last year.
Deadline extended for Continental
Boeing and Continental Airlines have agreed to a one-month extension of the deadline to confirm an order for 10 787 Dreamliners by the nation’s fifth-largest carrier.
The order, announced Dec. 29, was subject to Continental reaching agreement with unions on cost cuts by Feb. 28, a goal achieved Monday with tentative agreements to reduce the Houston-based airline’s operating expenses by about $500 million a year.
Because the agreements are subject to union-leadership approval and ratification votes, Boeing and Continental agreed to the order-confirmation extension.
Nation / World
Marsh & McLennan
Probe’s fallout proves expensive
NEW YORK — Marsh & McLennan, the nation’s largest insurance brokerage, yesterday reported a wider-than-expected loss of $676 million for the fourth quarter as it absorbed a host of restructuring charges, regulatory fines and related expenses.
The New York-based company also announced several steps aimed at cutting costs and raising income after its $850 million settlement of New York Attorney General Eliot Spitzer’s bid-rigging and price-fixing investigation.
The steps include halving its dividend to 17 cents for the first quarter, cutting 2,500 workers from Marsh Inc., the risk and insurance-services unit that was at the center of Spitzer’s investigation, and spinning off its MMC Capital private-equity unit.
CEO: Not interested in TV production
Yahoo! Chief Executive Terry Semel said his company will not produce movies or television shows to expand the range of content offered on its Web sites.
“We’re going to play a little bit in the entertainment space,” Semel said yesterday at an investor conference in Palm Beach, Florida. “I hope it doesn’t look like television. I think that would be a mistake.”
Compiled from Seattle Times business staff, The Associated Press and Bloomberg News