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Facebook Makes Move for Zuckerberg's Power If He Leaves

Board wants to curb his voting clout if he departs

(Newser) - It's hard to imagine Facebook without the face of Mark Zuckerberg at its helm, but that's exactly what the site's board of directors is anticipating in its latest proposal to the SEC. Per Reuters , the board submitted a proxy filing Thursday, notifying the federal agency that it... More »

ExxonMobil CEO: World Needs Our Oil, 'Like It or Not'

Cutting oil production 'not acceptable to humanity': Rex Tillerson

(Newser) - Keep the oil taps flowing for the good of the people, the CEO and chair of ExxonMobil appealed to shareholders at what the Guardian says was a "long and fractious" annual meeting in Dallas on Wednesday. Rex Tillerson told attendees the oil giant had already pumped $7 billion into... More »

BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,... More »

Daimler Shareholders Brawl—Over Sausages

Daimler investor was trying to hoard links from the buffet to bring home

(Newser) - It was the best of times, it was the wurst of times at Daimler AG's annual shareholder meeting Wednesday in Berlin, where an argument disrupted the get-together, the Guardian reports. "We had to call the police to settle the matter," says Daimler board chair Manfred Bischoff of... More »

Buffett: Candidates Wrong About the Economy

They're exaggerating how bad it is, he complains

(Newser) - The US economy is in better shape than the presidential candidates make it seem, investor Warren Buffett said Saturday. In his annual letter to Berkshire Hathaway shareholders, Buffett didn't name specific candidates or issues, but noted that the negative drumbeat about the economy, health care reform, and income inequality... More »

Protesters Shut McDonald's HQ; 138 Arrested

Expect more ruckus at shareholders meeting today

(Newser) - It looks like a win for protesters who took to McDonald's yesterday to demand $15 an hour for fast-food workers—at least, it's a win for those who didn't end up in jail. McDonald's was forced to close a main building at its headquarters in Oakbrook,... More »

Marissa Mayer Gets 'Scuzzball Comment' From Shareholder

Yahoo chief ignores line from self-described 'dirty old man'

(Newser) - Oh, the joy of being a female CEO, and in the tech industry , no less: At Yahoo's shareholder meeting today, Marissa Mayer got to hear this from a questioner, reports Sam Biddle at ValleyWag (which has the video):
  • "I have 2,000 shares of Yahoo, I'm Greek,
... More »

Is Apple Going to Ax Cook?

Rumor has it CEO's days are numbered; is that a good thing?

(Newser) - Are Tim Cook's days at Apple numbered? The gadget giant is secretly headhunting for a new CEO, anonymous "Wall Street sources" tell Gene Marcial at Forbes , though Marcial cautions that there's "yet no available evidence" to back the claim up. Even if the rumor is false,... More »

Icahn Sours at Taste of Netflix's 'Poison Pill'

Slams stock move as 'poor corporate governance'

(Newser) - Billionaire investor Carl Icahn isn't happy with Netflix's plan to avoid a takeover, and he told the SEC as much yesterday. In a filed statement, he called the company's share-diluting "poison pill" decision "an example of poor corporate governance," the Los Angeles Times reports.... More »

Eying Icahn Takeover, Netflix Turns to 'Poison Pill'

Company seeks to dilute share values after investor picks up 10%

(Newser) - Following billionaire investor Carl Icahn's purchase of a 10% stake in Netflix , word is out that he may push the company to sell—so Netflix has opted for the "poison pill" approach. The company is giving shareholders the right to snap up more stock if any single shareholder... More »

Facebook Shares Hit New Low

They drop 6% as some investors get first chance to sell

(Newser) - More stock woes for Facebook: As some shareholders got their first opportunity to sell yesterday, shares plummeted to a new low of $19.69. By day's end, they'd settled at $19.87, a 6% plunge, the Los Angeles Times reports. It's not clear yet how many of... More »

Businesses Must Stop Worshiping Shareholders

Emphasis on the short term is killing the economy: law professor

(Newser) - The notion that businesses exist solely to increase their stock prices and thus reward shareholders may be a "bedrock principal of our era," writes Jesse Eisinger at the Trade blog for ProPublica, but it also may be taking a serious toll on America's financial health. He sums... More »

Get Ready for More Facebook Shares for Sale

Lock-up expiration will free 268M shares in less than three months

(Newser) - Just as investors are souring on their plunging Facebook shares , comes a depressing reminder that millions of shares will likely soon flood the market. Starting in less than three months, select insiders and early investors will be allowed to sell their Facebook shares as the "lock-up period" currently preventing... More »

Buffett Feels 'Terrific' Despite Prostate Cancer

Berkshire shareholders seem to believe him

(Newser) - Warren Buffett insists that he's feeling good after his recent prostate cancer diagnosis. Based on the questions he got at Berkshire Hathaway's annual meeting, shareholders are taking him at his word. Despite the fact that Buffett just disclosed his cancer diagnosis last month, he didn't face the... More »

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial... More »

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few... More »

Shareholders Sue Netflix

Class-action suit says company issued 'misleading statements'

(Newser) - Netflix's shareholders are none too happy with the streaming video giant's plummeting share price, and now they're biting back with a class action lawsuit. The suit, filed recently in California, alleges that Netflix "issued materially false and misleading statements," and failing to disclose crucial info.... More »

Murdoch, Sons Survive Shareholder Vote

Long-shot bid to end their control of News Corp fails

(Newser) - News Corp's shareholder meeting went pretty much as expected: Rupert Murdoch and sons took plenty of heat but survived a long-shot bid to oust them from control, reports the Los Angeles Times . The tally will be released next week, but given that the Murdoch family controls 40% of voting... More »

Murdoch to Meet With Fuming Shareholders

Phone-hacking investigator to challenge News Corp boss

(Newser) - Rupert Murdoch is likely to get an earful today as News Corp. shareholders meet in Los Angeles. With shareholders furious over the recent phone-hacking scandal, the New York Times expects the meeting to be the company’s “most contentious in years.” Among those in attendance will be Tom... More »

Japan's Tepco Rebuffs Push to Exit Nuclear Biz

But shareholders urge bosses to 'jump in a reactor'

(Newser) - Despite insults from a huge crowd of fuming shareholders, Tokyo Electric Power Co. voted down a motion to end the company’s stricken nuclear business. At its biggest-ever shareholder meeting, attended by more than 9,000, the firm also managed to appoint 17 board members, the New York Times reports.... More »

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