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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Spate of recent shock departures by 50-something CEOs

Category : Business

While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted up

On approaching his 60th birthday this year, long-serving Tullow Oil boss Aidan Heavey told staff he felt “like two 30-year-olds”. A handful of recent shock departures by 50-something chief executives at European blue chip companies – none of them under any obvious pressure to quit – suggest some of his peers either lack that vigour, or want to channel it elsewhere.

Peter Voser is giving up one of the world’s most challenging chief executive roles at Royal Dutch Shell next year, before his 55th birthday, in pursuit of a “lifestyle change”. Swiss engineering group ABB’s 55-year-old boss Joe Hogan is also going, for “private reasons”. Pierre-Olivier Beckers, 53, is walking out on Belgian retailer Delhaize, and Paul Walsh, 57, is waving goodbye to drinks multinational Diageo. All four are about average European CEO age.

While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted up in recent years, and not just because of the tough economic times.

“The reality is it’s gruelling. It’s really tough, and there comes a point where you don’t want to do it any more,” said Ian Butcher, who headhunts board-level and senior executives for MWM Consulting.

“The quarterly reporting, the governance, the regulatory aspects, it just becomes very wearing – the level of scrutiny, the pace at which things are moving, the short-term nature of how people look at any given situation. Even over the past five years these things have made CEO a tougher position to hold, and the travel that people have to undertake in these jobs – it’s just something they run out of steam on.”

Some recent early retirees, while still well short of traditional retirement age, also got to the top spot early. “They’re still in their early fifties, with energy and a desire to do something, but they want to do something different, something quite significantly different sometimes,” says Butcher.

Voser fits that bill. He has no plans to collect well-paid chairmanships and non-executive directorships, as many ex-CEOs have done in the past.

Former Tesco chief Sir Terry Leahy has also resisted that gravy train since he left two years ago.

As for the early starters, executive search industry professionals point at people like Andrew Witty, the CEO of GlaxoSmithKline, who took on the job aged 44 in 2008 and would have to stay in harness for another decade to reach 60 in the role.

Blue-chip bosses as young as Witty are still rare, but over a quarter of Europe’s current crop have less than two years in the job, and more than half have less than four, according to data from executive search specialists BoardEx.

The BoardEx data, collected for Reuters from 238 companies in the main stock indexes of Germany, Britain, France, Spain, Italy, Belgium, the Netherlands and Denmark, puts the median CEO age at 55. The longest serving of them is Martin Gilbert of the British fund Aberdeen Asset Management. Though younger, at 57, Gilbert pips the 28.3-year tenure of Tullow’s double 30-year-old Heavey, with 29.8 years at the helm.

There are 17 top European CEOs who have been in the job for less than six months, and the youngest of the 225 in the group for whom ages were available is Vitaly Nesis, 37, who runs Polymetal International, the London-listed Russian precious metals miner.

While the recent spate of quitters are looking for something else to do, there are still some who appear to want nothing but to stay.

In the BoardEx group there are four over 70, and the oldest by eight years is Albert Frère, CEO of Group Bruxelles Lambert. Perhaps some linger on for fear that the pension pot is still a little light. Frere will have put such qualms behind him long ago. At 87, he is Belgium’s richest man.

100 Not Out: Many of Today’s Over-50s Can Expect to Reach 100

Category : Stocks

LEEDS, UNITED KINGDOM–(Marketwire – Aug. 20, 2012) - Asda Money looks at latest Office of National Statistics (ONS) figures on how many Brits will be alive to celebrate their 100th birthday in the decades to come.

Continue reading here: 100 Not Out: Many of Today’s Over-50s Can Expect to Reach 100

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Axelrod: Romney’s failed to define himself to voters – Politico (blog)

Category : Stocks


Los Angeles Times
Axelrod: Romney's failed to define himself to voters
Politico (blog)
By DONOVAN SLACK | Obama campaign strategist David Axelrod said on Sunday recent polls that show President Barack Obama pulling away from Republican rival Mitt Romney in key battleground states are less a product of negative advertising against Romney
Campaigns drown supporters with fundraising e-mails in the race for cashWashington Post
Record Spending by Obama's Camp Shrinks CoffersNew York Times
Obama plays golf on 51st birthday, will go to Camp DavidFox News
Businessweek

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Many Americans have throwback Fourth without power – Fox News

Category : Stocks


CBS News
Many Americans have throwback Fourth without power
Fox News
MOUNT VERNON, Va. – George Washington never had air conditioning, but he knew how to keep cool: a mansion with lots of windows elevated on the banks of a wide, rolling river and lots of ice cream, maybe with a little brandy.
Patriotism, fireworks, hot dogs mark nation's 236th birthdayUSA TODAY

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Celebrate Independence Day With Tips for Saving Energy at Home and Ways to Keep Cool in the Summer

Category : Stocks

ORANGE, CA–(Marketwire – Jun 27, 2012) – Since the first Fourth of July was held at the White House in 1804 Americans have been rejoicing in historical fashion on our nation’s birthday. This year, Budget Blinds® can help you stay cool and save energy at home while celebrating in comfort and style with smart window-covering solutions.

See the original post: Celebrate Independence Day With Tips for Saving Energy at Home and Ways to Keep Cool in the Summer

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Carphone Warehouse boss knighted

Category : Business

Charles Dunstone, founder and chairman of the Carphone Warehouse Group, has been knighted in the Queen’s birthday honours list.

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Come and Celebrate With Haven Holidays Character Birthday Breaks!

Category : World News

HEMEL HEMPSTEAD, UNITED KINGDOM–(Marketwire – June 1, 2012) - If kids had their own social calendars then we are quite sure that a Haven Character Birthday Break would be in them! There are two coming up so you still have time to book them in with Haven Summer Holidays.

Continue reading here: Come and Celebrate With Haven Holidays Character Birthday Breaks!

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Moog Music Celebrates Namesake Pioneer With One Day Birthday Promotion Event to Benefit Bob Moog Foundation

Category : World News

ASHEVILLE, NC–(Marketwire – May 21, 2012) – In celebration of Bob Moog’s 78th birthday Moog Music, Inc. will donate 50% of all online clothing and merchandise sales on May 23rd to the Bob Moog Foundation. For every $350 raised, the company will also donate one Etherwave Theremin to the Foundation’s educational initiative, Dr. Bob’s SoundSchool, to complete the DBSS Educational Kit that is provided to each participating school. Dr. Bob’s SoundSchool teaches elementary school students the science of sound through the magic of music.

Read more here: Moog Music Celebrates Namesake Pioneer With One Day Birthday Promotion Event to Benefit Bob Moog Foundation

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Moog Music Celebrates Namesake Pioneer With One Day Birthday Promotion Event to Benefit Bob Moog Foundation

Category : Stocks

ASHEVILLE, NC–(Marketwire – May 21, 2012) – In celebration of Bob Moog’s 78th birthday Moog Music, Inc. will donate 50% of all online clothing and merchandise sales on May 23rd to the Bob Moog Foundation. For every $350 raised, the company will also donate one Etherwave Theremin to the Foundation’s educational initiative, Dr. Bob’s SoundSchool, to complete the DBSS Educational Kit that is provided to each participating school. Dr. Bob’s SoundSchool teaches elementary school students the science of sound through the magic of music.

More: Moog Music Celebrates Namesake Pioneer With One Day Birthday Promotion Event to Benefit Bob Moog Foundation

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G8 leaders watch the Champions League final – in pictures

Category : Business

The meeting at Camp David wrapped up on Saturday, but it was not all hard work for the leaders. There was time for birthday cake, and the leaders watched the Bayern Munich v Chelsea final together

Excerpt from: G8 leaders watch the Champions League final – in pictures

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