Topic: Operations

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Saturday Special and a mea culpa!
March 20, 2004—I normally don’t blog on the weekends, since the SEC is closed and there’s no new filings. But I did want to point out this story in the St. Pete Times based on something I found in Teco’s (TECO) 10-K filed earlier this week. I got my start as a business reporter down in Tampa […]

Moving to Europe…
March 18, 2004—Baxter International (BAX) is paying for one of its former employees (and his family) to move “from southern California to the European location of your choice” according to a severance agreement for Thomas H. Glanzmann that was one of the exhibits at the end of the 10-K filed last week. Glanzmann resigned as president of […]

Consultant for life…
March 17, 2004—When Larry Miller, Gannett’s (GCI) former CFO stepped down last year, the company didn’t even put out a press release. Perhaps they didn’t want to call attention to the fact that the company agreed to pay Miller $600,000 a year for life, an item buried in Gannett’s recent proxy. Under the terms of the consulting […]

From the ridiculous to the sublime…
March 12, 2004—The 3 pages devoted to related party transactions in the proxy filed yesterday by Coca-Cola Enterprises (CCE) was quite an interesting mix: there was everything from millions moving between the company and Coca-Cola Co. (KO) , which owns about 37% of CCE’s stock, to the $115,000 paid last year to utility AGL Resources, whose CEO […]

No insurance…
March 11, 2004—A lawsuit that The Geo Group (GGI) , the large correctional services company formerly known as Wackenhut Correctional Corp, first disclosed in last year’s K may be a potentially bigger problem, according to the K filed by the company this year. Ten employees in California, where the company has significant operations, filed a suit in […]

Better late than never?
March 8, 2004—Mercury Air Group (MAX) recently disclosed that its Chairman of the Board, Dr. Philip Fagan Jr. has an annual consulting contract that pays him $350,000 for his services. The only problem is that the contract has been in place since July 2000. Another interesting tidbit about that salary: it’s paid to a company called CFK […]

Out the door…
March 5, 2004—When Kevin Gilligan, president and CEO of Honeywell’s (HON) $7 billion Automation and Control Solutions group, resigned back in January after 25 years at Honeywell, it warranted one sentence about Gilligan “pursuing leadership opportunities outside of the company” in a press release announcing his replacement But in the K filed yesterday, Honeywell provides a few […]

Not much risk here…
February 27, 2004—Hawking cell phones these past few years was kind of like selling ice cream cones on a steamy August day: everyone wanted one. So it was a bit of an odd disclosure in Bell South’s (BLS) recent proxy and 10-K about the deal they struck with former Cingular Chief Operating Officer Mark Feidler. Before joining […]

Cruising!
February 26, 2004—Not to begrudge someone a comfy retirement in their old age, but the $166,557 per month that Carnival PLC (CUK) plans to pay Holland America CEO A. Kirk Lanterman for 15 years once he retires seems a tad bit excessive, no? That’s just shy of $2 million a year. Sure, Lanterman, 72, who is up […]

Waste management, indeed…
February 25, 2004—Given Waste Management’s (WMI) past excesses, an investor might hope that the new group of executives in charge have learned from those mistakes and are now a bit more chaste with investors’ money. But buried near the bottom of Waste Management’s recent 10-K are two employment contracts that remind us of the way things were. […]