COMMENTARY Apple (AAPL) CEO Tim Cook's $378 million pay package is already arousing controversy -- but depending on how the company's shares do under his watch, he could collect an even more gargantuan sum when he leaves. Welcome to the land of the nine-figure "golden parachute." Since 2000, 21 CEOs have retired from or left their companies with stock, severance, pension and other payments worth more than $100 million, according to a new report from corporate governance firm GMI. Famously topping the list is former General Electric (GE) chief Jack Welch Jr., who in 2001 capped his 20-year career at the conglomerate with a $417 million payday. CVS) head Thomas Ryan wrapped up his 13 years at the drugstore chain with a $185.4 million package. In all, the 21 club identified by GMI exited with a total of more than $4 billion in compensation, which is roughly equivalent to the GDP of Barbados (see full chart of the biggest CEO exit packages at bottom). What to make of such jaw-dropping … [Read more...] about How CEO “golden parachutes” hurt shareholders
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Is the CVS Health-Aetna deal an Rx for health care costs?
Last Updated Dec 4, 2017 11:39 AM EST CVS Health (CVS) has plans that reach far beyond filling your prescription. The second-largest U.S. drugstore chain is buying Aetna (AET), the third-largest health insurer, in a $69 billion deal in order to push much deeper into customer care. The evolution won't happen overnight, but in time, shoppers may find more clinics in CVS stores and more services they can receive through the network of nearly 10,000 locations that the company has built."They'll be pretty much a soup-to-nuts health company ... except for the hospital part of it," said Craig Johnson, president of Customer Growth Partners, a retail consulting and research firm.Patients also may find the CVS-Aetna combination much more involved in managing their care, especially for those with expensive chronic conditions like diabetes. The bulked-up company also may gain more negotiating leverage over prescription drug prices, but it's far too early to say how much or whether that … [Read more...] about Is the CVS Health-Aetna deal an Rx for health care costs?
CVS CEO: It’s a “contradiction” to help people be healthier and sell tobacco products
CVS, one of the country’s largest pharmacy chains, will stop selling cigarettes and all tobacco products at their more than 7,600 stores on October 1, 2014. It is the first national chain of pharmacies to make that decision. Tobacco use is the number one cause of preventable death in the United States and the government says it kills more than 480,000 Americans each year. According to the U.S. Department of Health and Human Services more than 42 million people in the country smoke and 16 million current and former users have smoking-related illnesses.President and chief executive officer of CVS Caremark, Larry Merlo, joined “CBS This Morning” to discuss why his company made this decision. He explained that the decision was based on helping improve their consumer's health. “There’s a growing focus and emphasis on healthy outcomes, managing chronic disease and, by the way, more than half of all Americans today suffer from one or more chronic diseases as … [Read more...] about CVS CEO: It’s a “contradiction” to help people be healthier and sell tobacco products
With Aetna Deal, CVS Looks To Turn Stores Into Health Care Hubs
Health Inc. Facebook Twitter Flipboard Email Enlarge this image CVS Health has struck a deal to buy Aetna, the insurance giant. The combined companies would have more clout with drugmakers and would aim to bring more health care to consumers in retail clinics. Gene J. Puskar/AP hide caption toggle caption Gene J. Puskar/AP CVS Health has struck a deal to buy Aetna, the insurance giant. The combined companies would have more clout with drugmakers and would aim to bring more health care to consumers in retail clinics. Gene J. Puskar/AP CVS Health is looking to create a national network of community medical clinics that will serve as "America's front door to quality health care." That's the goal, according to a statement by CEO Larry Merlo on his company's deal for Aetna. It's an ambitious one for CVS, a company better known as a quick stop for Tylenol and a Coke. To get there, CVS agreed to pay $69 billion in cash and stock for Aetna, the companies … [Read more...] about With Aetna Deal, CVS Looks To Turn Stores Into Health Care Hubs
CBS News Logo Apple CEO Tim Cook: Apple Pay is number one
Apple CEO Tim Cook said Apple's new mobile payment system had over 1 million activations in the first three days after it became available, and is now more widely used than any competing payment system. "We're already No. 1. We're more than the total of the other guys," Cook boasted Monday during a tech industry conference, "and we've only been at it a week." He said Visa and MasterCard officials have told Apple that the Apple Pay system is already seeing more use than similar "contactless" methods of paying for purchases. While Apple has partnered with major banks and large retail chains including Macy's Inc., Walgreen Co. and McDonald's Corp., it's being rejected by a number of others. Among them are the drugstore chains CVS Caremark Corp. and Rite Aid Corp., which belong to a retail coalition working on a rival system called CurrentC that does not use the NFC technology used in Apple Pay. In a recent statement, Rite Aid announced that it does not currently accept Apple Pay and it is … [Read more...] about CBS News Logo Apple CEO Tim Cook: Apple Pay is number one