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Unformatted text preview: Databases selected: Multiple databases... Full Text (712 words) Wiggins, Ex-CEO of Oxford Health, Took 61% Cut in Total Pay Last Year By Ron Winslow . Wall Street Journal . (Eastern edition). New York, N.Y.: May 4, 1998. pg. 1 Abstract (Summary) Stephen F. Wiggins, former chairman and chief executive officer of Oxford Health Plans Inc., took a 61% cut in total pay last year as the once-highflying managed-care company he founded suffered huge losses and a dramatic plunge in its stock price. All but one of the six other highest paid executives of the company, based in Norwalk, Conn., also had lower pay in 1997 after the compensation committee of Oxford's board withheld cash bonuses "as a consequence of the losses," the company said in a filing with the Securities and Exchange Commission. Separately, Standard & Poor's assigned a "single-B-minus rating" -- one of its lowest rating classifications -- to Oxford's proposed junk-bond offerings totaling $350 million that are critical to the company's turnaround plan. The ratings agency said the recent losses and the expectation of further deficits this year "have substantially impaired the company's consolidated financial profile," and that it expects it will take 12 to 18 months to shore up margins in its underperforming product lines. Copyright Dow Jones & Company Inc May 4, 1998 Stephen F. Wiggins, former chairman and chief executive officer of Oxford Health Plans Inc., took a 61% cut in total pay last year as the once-highflying managed-care company he founded suffered huge losses and a dramatic plunge in its stock price....
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This note was uploaded on 11/01/2011 for the course MBA 575 taught by Professor Dr.tvorik during the Spring '11 term at St. Leo.
- Spring '11