News Recap: Citigroup Inc, Green Mountain Coffee Roasters, UBS AG
2013-03-14 12:07 ET - News Release
NEW YORK, March 14, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Citigroup Inc, Green Mountain Coffee Roasters, UBS AG
The Securities and Exchange Commission has said that Citigroup Inc.(NYSE:C) can omit from its annual meeting a question for shareholders that would require the company to explore breaking up.
The Chief Counsel of the SEC’s Office agreed with Citi that the proposal submitted by Trillium Asset Management LLC, was vague.
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“We were surprised and disappointed, but we hope to continue the conversation about the best way for Citi to unlock value for its shareholders,” said Seth Magaziner, a bank analyst at Boston-based Trillium.
The proposal had called for a committee to explore “extraordinary transactions” including those that separated the bank’s businesses that would add to shareholder value.
Meanwhile, Green Mountain Coffee Roasters Inc.(NASDAQ:GMCR) has announced a workforce reduction affecting 74 full-time employees in its Castroville, California and Toronto, Ontario facilities. Further, seasonal layoffs would impact 36 positions in its Toronto and Montreal, Quebec facilities. This would affect less than 2% of the company’s total North American employees.
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A statement by the leader in specialty coffee and coffee makers read as follows:“As we continue to grow, we also are working to enhance manufacturing and logistics efficiency across our nine North American K-Cup® pack and Vue® pack production locations. As part of these efforts, we are reducing the size of our regular workforce in two of our smaller production facilities, Castroville, California and Toronto, Ontario, while also implementing some seasonal layoffs in our Montreal, Quebec and Toronto facilities, said Brian Kelley, President and CEO of GMCR.
These changes align the size of our workforce with production demand at these particular locations.“ All reductions are anticipated to be complete by May 11, 2013. Green Mountain expects a related one-time pre-tax charge in its second quarter fiscal 2013 in the range of $600,000 to $650,000. However, this is not likely to affect quarterly results as the company has made no changes to its earlier guidance.
UBS AG (USA)(NYSE:UBS) has decided to pay its investment bank chief Andrea Orcel a "golden hello" package worth 25 million Swiss francs ($26.27 million). Swiss voters had imposed some of the world's strictest controls on executive pay, less than two weeks ago.
UBS's annual report states that Orcel's package comprises $6.364 million in deferred cash and deferred UBS shares worth 18.5 million Swiss francs ($19.44 million) on the grant date. The deferred cash and shares will vest in installments in 2013, 2014 and 2015.
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The package was designed keeping in mind the forfeited pay from Orcel’s former employer, Bank of America Merrill Lynch, after he joined UBS in July 2012. Pay remains a contentious issue in Switzerland after the near collapse of UBS in 2008. Many had blamed this event on the hefty bonus culture that drove bankers to make risky investments.On March 3, Swiss citizens had voted to force public companies to give shareholders a binding vote on compensation.
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