IN BRIEF
NEW YORK — Citigroup Inc. said its chief financial officer and co-head of global markets are getting raises, while CEO Vikram Pandit will continue to collect a salary of $1 per year.
Citigroup, based in New York, faces restrictions on executive compensation because it received $45 billion in government bailout money after the peak of the credit crisis last fall.
Salary caps for top executives were recently set by the Obama administration's pay czar, Kenneth Feinberg, for Citi and six other companies that received big bailouts. The new compensation packages at Citigroup fall within the guidelines set last month, Citi said in a regulatory filing submitted to the Securities and Exchange Commission.
CFO John Gerspach's salary was increased to $500,000 from $400,000, according to the filing late Tuesday. James Forese, co-head of global markets, will now make $475,000, more than double the $225,000 he previously earned.
The pair will also receive "stock salary" for 2009. Gerspach will receive stock valued at $2.9 million as part of his compensation for 2009. Forese will receive stock valued at $5.4 million.
LONDON (AP) — Chocolate makers The Hershey Co. and Ferrero International SA say they are considering a possible offer for Cadbury PLC, which is already the target of a hostile bid by Kraft Foods Inc."Hershey confirms that it is reviewing its options and at this stage there can be no assurance that any proposal or offer from Hershey will be forthcoming," the company said in an announcement to the London Stock Exchange on Wednesday.Ferrero, based in Italy, posted a similar statement.
