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Business briefs
Briefs and news of note.
By Times staff and wires
Published June 3, 2006
Blankfein slated to be new CEO at Goldman The board of Goldman Sachs Group Inc. announced Friday that it intends to elect Lloyd C. Blankfein as its next chairman and chief executive officer after the investment banking company's current head, Henry M. Paulson Jr., moves to the U.S. Treasury. The board said in a statement that the election of Blankfein, who is 52, will occur after Paulson is confirmed by the U.S. Senate for the Treasury post. Paulson, 60, was selected Tuesday by President Bush as the next Treasury secretary. Goldman Sachs, which is headquartered in New York, is a leading global investment banking, securities and investment management company. Blankfein has been its president and chief operating officer since January 2004 and a director since April 2003, Goldman Sachs said. JetBlue wins right to offer wireless service JetBlue Airways Corp. won a government auction Friday for wireless spectrum that could be used to provide in-flight telephone, Internet, or entertainment services. The winning bid of $7.02-million was placed through New York-based JetBlue's entertainment subsidiary, LiveTV LLC, which provides DirecTV service on JetBlue flights. Toyota to recall 170,000 U.S. Priuses Toyota Motor Corp., Japan's biggest automaker, is recalling 170,856 Prius hybrid gasoline-electric sedans in the United States as part of a worldwide recall the company announced Tuesday. The move covers 2004 through 2006 models with power-steering parts that may crack and cause drivers to lose control of the vehicle, the U.S. National Highway Traffic Safety Administration said today on its Web site. La-Z-Boy chairman to settle into easy chair La-Z-Boy Inc. chairman Patrick H. Norton plans to retire after a quarter century with a company that has become the largest maker of upholstered furniture in the U.S., the company announced Friday. A new board chairman will be named at the August stockholders' meeting, the company said. Norton, 84, who joined La-Z-Boy of Monroe, Mich., in 1981 and has been chairman since 1997, will not stand for re-election to the board but will serve as chairman emeritus, a nonvoting member of the board. Yahoo boss to build wealth with $1 salary Yahoo Inc. on Friday said that chairman Terry Semel's annual salary will be reduced to $1 through 2008 in exchange for millions of company stock options that will give its chief executive an opportunity to build upon the $429-million windfall that he has reaped during the past three years. The company awarded Semel with 6-million stock options at an exercise price of $31.59, the closing price on the Nasdaq Stock Market on Wednesday, when Yahoo's board approved the grant. 9,000 likely to lose their jobs, Delta says Delta Air Lines Inc. now expects to cut 9,000 jobs, the high end of its previous forecast, as it completes its bankruptcy reorganization, chief executive Gerald Grinstein said. The third-largest U.S. airline filed for Chapter 11 protection on Sept. 14, beset by high fuel expenses and unable to trim labor costs. Delta has to achieve $3-billion in savings and new revenue to exit bankruptcy, which it expects to do by mid 2007.
[Last modified June 3, 2006, 06:21:07]
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