Financial
Fired Yahoo exec gets $58M for 15 months of work PDF  | Print |  E-mail
Written by MICHAEL LIEDTKE, AP Technology Writer   
Thursday, 17 April 2014 06:47

SAN FRANCISCO (AP) — Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.

The disclosure in a regulatory filing Wednesday may lead to more second-guessing about Yahoo CEO Marissa Mayer's decision to hire de Castro as her second-in-command in October 2012.

Mayer dumped de Castro in January after concluding he wasn't executing on her plan for reviving Yahoo's lackluster ad growth. De Castro had been in charge of ad sales.

"Ultimately, Henrique was not a fit and that's a very regrettable conclusion," Mayer told analysts in late January. "And it's a conclusion that we tried very hard to avoid, but it was the right decision in the end for the company." After making the expensive mistake, Mayer has said she won't pick another chief operating officer.

De Castro's severance pay more than doubled the amount that Yahoo paid Mayer last year. Mayer's compensation was valued at $24.9 million, a 32 percent decline from the previous year. The decrease stemmed primarily from a stock award of $35 million that she received in July 2012 when Yahoo persuaded her to leave her previous job as a top Google Inc. executive to become its CEO.

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N.Y. AG reaches agreement with GrubHub over tips PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 06:44

ALBANY, N.Y. (AP) — Attorney General Eric Schneiderman has reached an agreement with the online food delivery company GrubHub Inc. to ensure that the tips it collects from customers will be given to the workers they were intended for.

Schneiderman said Wednesday the investigation into GrubHub, which merged with Seamless last year, found that the company charged a fee to restaurants based on the total food, drink, tax and tip. Once the fee was deducted, the remainder was returned to the restaurant.

Schneiderman said that under state labor law, employers are prohibited from keeping portions of an employee's tip and the fee created an incentive for restaurants to not pay workers their full tips.

GrubHub says it is working closely with Schneiderman to ensure their policies comply with the labor laws.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Servier, lab founder in drug scandal, dies at 92 PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 06:45

PARIS (AP) — Jacques Servier, the founder of France's second-largest pharmaceutical group who became ensnared in a scandal over a diabetes drug widely used for weight loss, has died.

Servier Research Group announced the death of 92-year-old Servier late Wednesday.

Servier and his lab were at the center of one of France's biggest health scandals, in which the drug Mediator was alleged to be responsible for the deaths of hundreds of people. The European Medicines Agency pulled Mediator from shelves when it found that its active ingredient, benfluorex, could lead to a dangerous thickening of heart valves. The ingredient is a derivative of fenfluramine, whose use in a diet drug in the U.S. was linked to similar problems.

In a statement, the lab said Servier's "life revolved around the research of innovative medicines."


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Ford to sell Lincoln cars in China for first time PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 06:42

BEIJING (AP) — Ford Motor Co. said Thursday it will sell high-end Lincoln cars in China for the first time later this year when it opens eight dealerships in seven cities.

Lincoln is a late comer to China's luxury car market, but Robert Parker, president of Lincoln China, said the brand is being introduced here after thorough research.

At Lincoln dealerships, Chinese customers will be greeted with a waterfall, considered auspicious, and their new Lincoln car will have a custom fragrance pleasing to Chinese noses, Parker said.

"The Chinese do not like the new car smell, so we change the smell," he said.

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