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Einhorn pleads with investors on Apple vote

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JAMES TITCOMB

BILLIONAIRE investor David Einhorn yesterday pleaded with fellow Apple shareholders to vote against the iPhone maker’s proposals to change its corporate practice.

Einhorn’s Greenlight Capital hedge fund, which owns around $600m (?394m) in Apple shares, laid out proposals that would see billions of dollars returned to shareholders.

Einhorn said that despite the company’s history of product innovation its “attitude to managing its cash has been decidedly non-innovative”.

Greenlight Capital wants the company to distribute a new class of preferential Apple shares – which he dubbed iPrefs – that would be handed out to investors and return a regular, fixed dividend.

Apple has said it is considering Einhorn’s proposals. However, a board proposal at its upcoming annual meeting would see it prevented from issuing the kind of preferential stock suggested by Einhorn.

Greenlight Capital is also taking the company to court, claiming the proposals would violate US corporate laws. On Tuesday the judge presiding over the trial said Einhorn was likely to win the case.

Einhorn said his suggestions would return value to investors, while leaving Apple with cash to make acquisitions, and preventing it from jeopardising its business. Apple’s shares have fallen by a third since their summer highs.

“[The proposals] don’t interfere with whatever business plan Apple has, we want them to keep innovating and designing products we can’t imagine living without,” Einhorn said, imploring shareholders to “send [Apple] a clear message”. Apple did not comment.

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Bowl Service Station

ING names new chief executive

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CATHY ADAMS

Dutch bank ING this morning confirmed that Ralph Hamers will succeed Jon Hommen as chief executive in October.

Hamers is currently chief executive of ING Belgium, and has been in the role since 2011.

Hommen, whose four-year term on the executive board will expire after the AGM in May, has headed up the Dutch bank since 2009.

     
     
  Bowl Service Station  
 

ADDRESS: 675 High Rd

CITY: Wanstead

COUNTY: London

POST CODE: E11 4RD

TELEPHONE NUMBER: 0208558 7859

CATEGORY: Petrol Stations

 

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Citigroup reveals pay shake-up as Corbat gets $11.5m for 2012

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MICHAEL BOW

GLOBAL banking giant Citigroup yesterday introduced a new pay policy for top executives at the firm to more closely align salaries and bonuses with the bank’s performance.

The move, revealed in a regulatory filing yesterday, follows shareholder concerns over payouts which led to the departure of former boss Vikram Pandit after shareholders rejected his pay deal last year. Executive pay used to include a controversial profit-sharing plan, which has now been shelved.

“When our shareholders spoke last year about Citi’s compensation structure, we listened. We have stepped up our efforts to solicit feedback from investors to better understand their concerns,” chairman Michael O’Neill said. Citi said the new executive pay programme would use a “scorecard-based structure” to remove the discretionary nature of pay awards in the past.

In light of the tougher measures, shareholders agreed to award chief executive Michael Corbat $11.5m (?7.5m) for 2012, which included a $4.18m cash bonus and $6.27m of shares.

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