Raytheon CEO got $15m in compensation last year

April 23, 2008

Raytheon Co.'s chairman and chief executive, William H. Swanson, received 2007 compensation of nearly $15 million, up almost 25 percent from the previous year, according to documents filed by the world's fifth-largest defense contractor. Swanson received $1.23 million in salary, $3.05 million in nonequity incentive plan compensation, and $575,699 in other compensation, including use of aircraft and a car, home security, and financial planning services. The bulk of Swanson's $14.96 million total compensation came in the form of stock awards that the Waltham-based company valued at $10.11 million when they were granted last year. Swanson's total 2006 compensation was $11.98 million, with about $7.47 million from stock awards. (AP)

Genzyme Corp. plans to build a biotechnology research and development center in Beijing big enough to accommodate 350 employees. The Cambridge-based maker of treatments for rare genetic disorders said it will seek permission from Chinese authorities to build a 200,000-square-foot building at a cost of about $90 million. Genzyme hopes to open the center in 2010 in Beijing's Life Science Park, a hub for academic and government research centers as well as for biotech firms. (AP)

EBay Inc. has sued Craigslist, alleging the classifieds company unfairly tried to dilute the online auctioneer's stake in it. EBay purchased a 28 percent stake in privately held Craigslist in 2004. But in January, eBay says, Craigslist's board, consisting of founder Craig Newmark and chief executive Jim Buckmaster, unilaterally acted to dilute eBay's economic interest by more than 10 percent. The complaint is under seal because of confidentiality restrictions, according to Craigslist, which might ask the court to make the complaint publicly available, eBay said. A spokeswoman said Craigslist would probably comment on its blog. (AP)

The government's prescription drug insurance for the elderly has helped enrollees afford prescriptions, although the sickest patients still say they forgo pills because of the cost, Harvard researchers found. The share of Medicare beneficiaries who skipped drugs to save money declined to 11.5 percent in 2006, the first year of the drug benefit, from 14.1 percent in 2005, according to the study in the Journal of the American Medical Association. The so-called Part D plans, offered by private insurers, charge monthly premiums from less than $10 to more than $100, depending on coverage, according to Kaiser Family Foundation in Menlo Park, Calif. (Bloomberg)

Apple Inc. and Wal-Mart Stores Inc. won dismissal of a lawsuit by a member of the punk band Ramones who claimed a 24-year-old recording contract prevented retail sales of digital downloads of six songs he wrote. US District Judge Shira Scheindlin in New York rejected former drummer Richard Reinhardt's claim that a 1984 accord with Ramones Productions Inc. limited sales to phonographic records and other technology available at that time. Apple, Wal-Mart, and software company RealNetworks Inc. said the copyright suit, filed in September, should be dismissed because music downloads were covered in the contract by a reference to technology "now or hereafter known." The judge agreed. (Bloomberg)

Microsoft Corp. violated a patent to produce its Xbox video game player, a lawyer for Alcatel-Lucent SA told a federal jury. "Their customers demanded it so they put it in their products," said John Desmarais, an attorney for a patent trust that lists Alcatel-Lucent as a 99 percent beneficiary. Opening statements began in US District Court in San Diego in the third of a five-trial series between the two parties. Alcatel-Lucent claims Microsoft's Xbox console and DVD player infringe on a 1993 patent for coding video frames. (Bloomberg)

The Italian government approved emergency financing worth $478 million for Alitalia, a day after Air France-KLM said it had canceled its bid for the struggling state-run airline. The loan approved by the outgoing cabinet of Premier Romano Prodi is aimed at keeping cash-strapped Alitalia afloat and averting immediate bankruptcy protection. Prodi said the move was also intended to allow the incoming conservative government of Silvio Berlusconi to make decisions on Alitalia. (AP)