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.

Compensation and benefits, Profits, Executives, Executive compensation, Wages and salaries, Salary, Increase, Profit, Stock

---

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.

Appointments, resignations and dismissals, Conrades, George H.

---

Similar abstracts:

• Abstracts: Microsoft stock falls 7% on fears of analyst about European prices. IBM won't favor Microsoft over Adobe
• Abstracts: IBM's net income for the first quarter hit high end of analysts' expectations. Fujitsu will invest $40.2 million in Hal Computer, a start-up firm
• Abstracts: IBM, Motorola produce chip prototype, showing first result of pact with Apple
• Abstracts: Microsoft, Wang reach accord to put imaging technology in Windows 95. Wang Labs, shifting focus, will sell IBM computers; loss-plagued firm to stress office software lines over making hardware

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.