GE Chief Declines Bonus
GE says that chief executive Jeffrey Immelt turned down his bonus for 2008 as the share price of the company fell in the midst of the global economic downturn.
GE says Immelt also will decline a $12 million long-turn performance award. The move was revealed in a filing with the Securities and Exchange Commission, and results in a 64 percent decrease in the chief executive’s cash compensation over the previous year.
The company’s stock closed below $10 a share Friday. At one point, shares dipped below $9, the lowest in 14 years.
Chief financial officer Keith Sherin and GE Capital chief executive Michael Neal saw their bonuses decline as much as 25 percent from the previous year.
British Airways Name Plane After Hoy
British Airways has named one of its planes after 2008 Olympic triple gold-medal cyclist Chris Hoy as part of a promotion for the 2012 Summer Olympics in London.
“I am proud and honored to have an aircraft flying the Union flag named after me,” Hoy said. “British Airways helped me achieve my personal dreams and I hope this program can do the same for the U.K.’s fledgling talent today.”
Hoy won three gold medals in cycling in Beijing, becoming the first British athlete to win three gold medals in a single Olympics in 100 years.
British Airways is a tier one sponsor. It also offers discounted travel for around 1,500 athletes from 28 Olympic and 20 Paralympic sports.
JOC Expects Strong Sponsor Support
The Japanese Olympic Committee says it expects to receive around $65 million in sponsorship over the next four years as Tokyo makes a bid for the 2016 Summer Games.
The JOC says it has received informal offers from 17 companies to become marketing partners through 2012. The committee is looking raise as much as $84 million from sponsorship deals.
The committee says 14 of 28 partners from its 2005-08 program will continue their sponsorship. Currently, the JOC is still negotiating with six of the partners. Eight have chosen not to renew their contracts.
Hilton Extends Doubletree Brand to East China
Hilton Hotels opened its first Doubletree hotel in Kunshan, near Shanghai in East China Thursday. The move followed the successful launch of the Doubletree hotel in Beijing during the Olympics.
“We are confident the relaxed warm service and contemporary style of the Doubletree hotels will be a hit among travelers in China and beyond, “Hilton Hotels Corporation Asia Pacific President Martin Rinck said.
The hotel, with 397 rooms, is located in the new Huaqio Central Business District.
The 24-story building includes meeting and banquet space with state-of-the-art audio and visual equipment, rooftop garden, indoor pool, and a Sui Yuan Chinese restaurant featuring 15 private dining rooms.
Radio Network to Feature Canadian Olympians
Canada’s THE FAN Radio Network, the official radio partner of Canada’s Olympic Broadcast Media Consortium, introduced “Up Close and Personal,” a show that will feature stories of Olympic athletes preparing for the 2010 Olympic Winter Games.
“Every Canadian Olympic athlete has a compelling and inspiring story to share about their personal journey and drive to compete at the Olympic level,” said Nelson Millman, an executive with the group. “These features will help Canadians build an emotional connection with our Olympic athletes as they aim for glory at Vancouver 2010.”
The program will air on stations across Canada.
“Up Close and Personal” began airing this week and will continue airing every day until the 2010 Games begin.
THE FAN also will launch the weekly feature “Road to Vancouver”, which focuses on athlete performances before the 2010 Games. Another daily feature, “Lighting Up Vancouver”, will follow the Olympic torch across Canada.
Written by Isia Reaves and Greg Oshust.
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