News Briefs

IBM; Lennar Corporation; SEC; General Electric.

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  • IBM CFO John Joyce earned nearly $3.7 million last year. That includes a bonus of more than $1.1 million — more than double what he received the prior year — and nearly $1.4 million in restricted stock.

Big Blue’s biggest earner, however, was senior vice president Nick Donofrio, who garnered about $10.7 million alone from exercising stock options and selling the underlying stock. Altogether, he earned nearly $13 million. His boss, chairman and chief executive officer Samuel Palmisano, took home nearly $8 million.

  • Lennar Corp. CFO Bruce Gross last year earned more than $2.5 million, including $500,000 in salary, $1.2 million in bonus — up from $640,000 the prior year — and $822,524 from gains on exercised stock options.
  • The Securities and Exchange Commission sought 170 officer and director bars in the year ended September 30, 2003, according to Reuters. Last years total of O/D bars, which prohibit individuals from holding officer or director posts at public companies, was reportedly up from 126 in the previous year, 51 in fiscal 2001, and just 38 in 2000.

The SEC wins most of the O/D bars it seeks, and it has been seeking more since Congress made it easier for the SEC to obtain the bars under the Sarbanes-Oxley Act, the news service added. Yet although the SEC has been pursuing the bars with zeal, regulators are displaying less zest about enforcement of the restrictions.

  • General Electric will raise about $3.8 billion through an offering of about 118 million shares of common stock. That just happens to be the same sum the conglomerate is planning to pay to Vivendi Universal for a controlling stake in the French company’s U.S. entertainment assets.

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