Word: swearingen
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Dates: during 1980-1989
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...deal also raises the salary competition among executives to absurd levels. Says John Swearingen, former chairman of Standard Oil of Indiana: "There is a limit to what managers ought to be paid for managing other people's money." Adds a top executive involved in a current takeover: "The yardstick for compensation has just gotten twelve inches longer. The chief executive who's doing a first-class job running a major U.S. corporation for $890,000 a year is going to start thinking he's some kind of a fool...
...directors will be helpful to Continental, the sudden turnover could leave the bank with a leadership gap. Said ousted Director Bere: "A mass exodus of board members only complicates the problems the bank is facing." The FDIC originally wanted the directors to leave immediately, but Continental Chairman John Swearingen persuaded the agency to allow them to serve until April, when replacements can be elected at the company's annual meeting. Given Continental's troubles, the new slate of directors may have full-time jobs on their hands...
...Swearingen, 66, who retired last September as chairman of Standard Oil of Indiana. His partner in running Continental will be William S. Ogden, 56, a former vice chairman of Chase Manhattan...
...Swearingen was chosen for his high profile in Chicago civic affairs and his tough management style; Ogden was selected for his expertise in international lending. Said Swearingen last week: "It is impossible to overestimate the importance of Continental to the country and to Chicago...
Owning a piece of so many phone firms could perplex the savviest investor. "A lot of people can't even pronounce the names of the new companies," observes Neal Swearingen, a vice president at E.F. Hutton. Shareholders will have eight annual reports to read and eight 1099 tax forms to file. Even worse, selling stock in the operating companies will be expensive because brokers charge a premium for transactions under 100 shares...