CEO Pay Fell Most Since ’08 Servatory for Human Rights and Clothing Division
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com Golf Homes Dan Neil Tesla’s Electric By the Sea Extravagance MANSION | W9 OFF DUTY | W8 FRIDAY - SUNDAY, APRIL 8 - 10, 2016 ~ VOL. XXXIV NO. 48 WSJ.com EUROPE EDITION DJIA 17541.96 g 0.98% S&P 500 2041.91 g 1.20% NIKKEI 15749.84 À 0.22% STOXX 600 328.10 g 0.77% OIL 37.26 g 1.30% GOLD 1236.20 À 1.12% EURO 1.1386 g 0.11% DLR ¥108.06 g 1.58% Putin Brushes Aside ‘Panama Papers’ Allegations Militants What’s Kidnap News Hundreds Business&Finance In Syria edian pay for CEOs of Mthe top U.S. firms fell BY SAM DAGHER 3.8% last year to $10.8 mil- lion, the sharpest drop BEIRUT—Islamic State mili- since the financial crisis. A1 tants kidnapped more than The head of Seven & i, the 300 workers at a cement Japanese owner of 7-Eleven, plant, part of a broader as- said he would step down af- sault on a strategic town near ter a clash with hedge-fund the capital Damascus that is operator Daniel Loeb. A1 home to major military and in- dustrial installations, Syrian France’s Numericable state media reported on has sold $5.19 billion in Thursday. debt in the largest-yet sale Al Badia Cement, which of a single junk bond. B5 owns the plant located near Allergan completed a li- the town of al-Dumayr, told censing deal to develop neu- the Ministry of Industry that rological drugs, just after its its employees had been ab- deal with Pfizer collapsed. B1 ducted on Wednesday and that it had lost all contact with VW’s labor leaders ac- them, SANA news agency re- cused management of using ported. Some of the employees the emissions scandal as an were seen in an Islamic State excuse for job cuts. B1 KLIMENTYEV MIKHAIL/TASS/ZUMA PRESS convoy heading east toward Economists surveyed RESPONSE: Russian President Vladimir Putin, above at a media forum in St. Petersburg on Thursday, said there was no ‘element of corruption’ the desert, the report said. trimmed their forecasts for in reports that placed his associates at the center of offshore transactions. Mr. Putin also said that he wasn’t mentioned personally. A3 An official with Al Badia U.S. job gains and economic based in Damascus and growth in the year ahead. A5 reached by telephone declined to comment on the report. M&S reported a 1.9% rise U.K.-based opposition mon- in sales as food sales helped itoring group the Syrian Ob- outweigh a slump in its home CEO Pay Fell Most Since ’08 servatory for Human Rights and clothing division. B2 later said Islamic State kid- A secret technique used napped about 170 of the work- to unlock a terrorist’s iPhone Median compensation corporate performance slowed chiefs since the 2008 crisis. including salary and annual ers while the rest escaped. doesn’t work on newer Ap- for S&P 500 bosses cash bonuses and accounting “Increases in CEO pay have bonus, was 2%, down from This couldn’t be independently ple models, the FBI said. B3 rules pared back pension taken a bit of a pause this 5.6% growth in 2014, the Jour- confirmed. shrank to $10.8 million growth. year,” said John Roe, head of nal analysis found. The push by Islamic State Uber’s Chinese rival is Median pay for the CEOs of advisory services at ISS Corpo- Many of the overall declines on al-Dumayr, about 25 miles close to completing a fund- from $11.2 million nearly 300 large publicly rate Solutions. Where pay is in pay were driven by slower northeast of the capital, comes ing round that values that traded companies slipped 3.8% rising, Mr. Roe noted, “it’s in growth in CEO pension values, as the extremist group faces firm at over $25 billion. B3 BY THEO FRANCIS to $10.8 million last year from the places shareholders like to a year after pension increases pressure on many fronts fol- A U.S. trade panel said it AND JOANN S. LUBLIN $11.2 million in 2014, a Wall see it coming from most: It’s in for many top executives lowing a series of losses in would investigate the global Street Journal analysis of com- equity.” swelled because of changes to Iraq and Syria this year. aluminum trade and its im- Compensation for the chief pensation data from MyLogIQ The median rise in stock- the actuarial assumptions un- Fierce clashes broke out in pact on the U.S. industry. B4 executives of the biggest U.S. found. Half of those CEOs saw based compensation—the big- derlying them. and around the city on Thurs- companies fell more sharply total pay either decline or rise gest component of most CEO Companies in the Journal’s day as the Syrian regime and World-Wide last year than any year since by less than 1%—also the pay packages—was about 7%. analysis generated a flat me- its allies tried to repel the Is- the financial crisis, as weaker worst showing for S&P 500 The median rise in cash pay, Please see PAY page A5 Please see SYRIA page A2 Islamic State militants in Syria kidnapped over 300 workers at a cement plant 7-Eleven in an assault on a strategic REMAKING BASKETBALL town near Damascus. A1 Chief Loses Putin denied any “ele- ment of corruption” in re- Boardroom THE WARRIORS’ WAY ports that placed his close associates at the center of offshore transactions. A3 Showdown Team executives saw the 3-point line as a market inefficiency to exploit An Austrian banker quit BY MEGUMI FUJIKAWA and more details of a Nor- AND KOSAKU NARIOKA BY BEN COHEN wegian scandal emerged, curve flattened. It seemed that the sport had in the latest fallout from found its optimal ratio. the “Panama Papers.” A3 TOKYO—A convenience- OAKLAND, Calif.—On every NBA court, Then the Golden State Warriors came along A founder of Mossack store pioneer who built a To- about 24 feet from the basket, there is a thin and blew that assumption to pieces. Fonseca, the law firm at kyo-based 7-Eleven empire stripe of colored paint. The flat-sided semicir- The Warriors, the National Basketball Asso- the center of the leak, de- said Thursday he would step cle it forms is the boundary between shots ciation’s defending champion, now stand three fended its practices. A3 down after losing a board- that count for two points and shots that are wins from tying the league record of 72 in the Cameron said he did ben- room clash that pitted him worth three. regular season, set in 1996 by Michael Jor- efit from an offshore fund against U.S. hedge-fund opera- When the NBA added the lines in 1979, the dan’s Chicago Bulls. Much of the credit be- set up by his late father. A3 tor Daniel Loeb. players weren’t sure what to think. They longs to the star guard Stephen Curry, who is The resignation of To- sniffed and pawed at them like cats with a new having, by almost every measure, one of the 1MDB’s board offered to shifumi Suzuki, the 83-year- toy. Only 3% of the shots they put up that sea- best seasons of any player in history. quit after a report found old chairman and chief execu- BEN MARGOT/ASSOCIATED PRESS son were 3-pointers. But there is another tale to be told about billions missing but didn’t tive of 7-Eleven’s parent Warriors star Stephen Curry Over the next three decades, that number the Warriors. It involves a group of executives mention Malaysia’s leader, company, Seven&iHoldings last month in Oakland, Calif. crept higher. When it reached 22%, the growth Please see POINTS page A6 who founded the fund. A4 Co., is a milestone for the Kerry and Bahrain’s budding activist-shareholder foreign minister urged Iran movement in Japan, which ParentsHaveNoBeef Bangladeshi Students Rally to curb its provocative be- has drawn strength from havior in the Mideast. A2 Prime Minister Shinzo Abe’s With This Preschool Menu corporate-governance over- Saudi Arabia’s king ar- haul. Mr. Suzuki has con- iii rived in Egypt for a rare visit trolled his company for de- to cement ties between the cades and is one of Japan’s Jersey City vegan operation serves up two major Arab powers. A4 most prominent executives. A fight among unions The battle between Mr. Su- tofu, squash risotto; rocks for toys has slowed the creation of zuki and Mr. Loeb centered on a U.S. super PAC to aid succession and corporate BY LESLIE BRODY pro-labor Democrats. A5 strategy. Under Mr. Suzuki, with such a specific diet. But Seven & i Holdings has aggres- when two children being raised Nearly all the suspects sively acquired other retailers JERSEY CITY, N.J.—At the vegan enrolled four years ago, in the Cologne sex assaults including department stores Scandinavian School of Jersey school director Maria were migrants and asylum and a baby-goods chain, while City, the children don’t have Germerud-Sharp didn’t want seekers, officials said. A4 retaining the money-losing cupcakes at birthday parties, but them to feel left out at meals, so chain of big-box stores called there is plenty of she banned what CONTENTS Markets Digest....