EDMC Loses $664M; Executives Receive Six-Figure Bonuses

Education Management Corp. lost $664 million during a difficult year in which the operator of for-profit colleges struggled with declining enrollment and intense regulatory pressure.

Compensation for CEO Edward West and CFO Mick Beekhuizen plummeted, mostly on the lower value of stock options. But two executives hired last year to handle legal and compliance matters, issues that have dogged the company, received six-figure bonuses that were guaranteed by their contracts.

The year was a difficult one for EDMC, marked by ongoing lawsuits over its recruiting practices and pressure from lenders to collect on $1.5 billion in debt. The lawsuits could prompt potentially hefty financial penalties and add to the company’s financial troubles.

Read more: http://triblive.com/business/headlines/6981929-74/compensation-total-executives#ixzz3GVevqNX1
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Fulton Financial To Cut 14 Branches, Including 1 In Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Fulton Financial is closing 14 branches, including one in Lancaster County, as part of a cost-cutting program worth $8 million annually.

The action was disclosed Wednesday by E. Philip Wenger, chairman, president and chief executive officer.

Wenger spoke during a conference call to discuss Fulton’s fourth-quarter and 2013 results with analysts who follow the firm.

Fulton is closing six branches in Pennsylvania, five in Maryland and three in New Jersey by the end of the second quarter.

Read more: http://lancasteronline.com/business/local_business/fulton-financial-to-cut-branches-including-in-lancaster-county/article_10b11eee-8436-11e3-bf19-001a4bcf6878.html

PPL To Hire Thousands, Spend Billions

The PPL Building (seen here in the distance) is the tallest building in Allentown, Pennsylvania. (Photo credit: Wikipedia)

Allentown energy company PPL Corp. will hire thousands of workers to replace retirees and spend billions of dollars to upgrade aging power grids and reduce emissions from coal-fired plants over the next several years, Chief Executive Officer William Spence said Thursday.

Spence, who became CEO last year and company chairman earlier this year, spoke to members of the Greater Lehigh Valley Chamber of Commerce at a lunch at Hotel Bethlehem.  He joined PPL in 2006 as chief operating officer after working for Pepco Holdings for 19 years.

The company expects to hire 300 to 500 workers each year for the foreseeable future to replace retiring engineers, linemen and nuclear power plant operators, Spence said.  About 100 of those positions each year will be in the Lehigh Valley, he said.

“Recruiting and staffing is huge,” Spence said.

Read more: http://www.mcall.com/business/mc-ppl-bill-spence-20120920,0,4297746.story

Sweeping Changes At Sunoco

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Upset but not surprised.  That’s how union leaders characterized their reactions to the news of Sunoco, Inc.’s sweeping changes to its business structure, including the departure of Chief Executive Officer Lynn Elsenhans.

“It’s not surprising that she is moving on. I was expecting it, anyway. She doesn’t run refineries, she just dismantles them and moves on,” said Dave Miller, president of United Steelworkers Local 10-901 representing the Marcus Hook Sunoco workers.

“I’m curious to see where she is going next. I’d be the first one to call them and give them a heads up: Better get your affairs in order.”

After arriving at Sunoco in 2008 and subsequently dismantling the company’s Marcus Hook refinery operations, Elsenhans announced during Thursday’s fourth-quarter earnings conference call that she is stepping down as the company’s chief executive officer and board chairman at the end of the month.

Read more: http://www.dailylocal.com/articles/2012/02/04/news/doc4f2d4944180db147941261.txt

York-Based Bon-Ton Pays New CEO $5.7 Million

The Bon-Ton is in the red, but its new president and chief executive officer will be in the pink.

Brendan L. Hoffman will start with a $5.7 million compensation package, consisting of annual salary, various bonuses and restricted stock.

The York-based retailing chain disclosed the pay Wednesday in a filing with the Securities and Exchange Commission.

In the filing, The Bon-Ton said the former Lord & Taylor CEO will begin with a $1 million salary.

Read more: http://lancasteronline.com/article/local/575163_Bon-Ton-pays-new-CEO–5-7-million.html#ixzz1kih3jxG3