Seattle Times Business Headlines

02/04/2012

HP awards new CEO Whitman with $16.5M pay package

HP awards new CEO Whitman with $16.5M pay package
SAN FRANCISCO (AP) — Hewlett-Packard Co. ushered in Meg Whitman as its CEO with a $16.5 million compensation package that hinges on the one-time politician’s ability to lift the stumbling technology company’s stock price during the next two years. Whether Whitman ever gets an opportunity to cash in most the options will depend on whether HP’s market value rises substantially from its depressed level when HP fired her predecessor, Leo Apotheker, as CEO last September. […] its operations that sell servers and consulting services to big companies locked in a fierce battle with IBM Corp. and Oracle Corp. The rights to 800,000 stock options will vest on Whitman’s first anniversary as HP’s CEO if the company’s shares have closed at or above $28.31 for 20 consecutive trading days. The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.
02/04/2012

Durcan named CEO at Micron after Appleton's death

Durcan named CEO at Micron after Appleton’s death
BOISE, Idaho (AP) — The board of directors for Micron Technology Inc. has named Mark Durcan the company’s chief executive officer, a day after longtime CEO and Chairman Steve Appleton died in a plane crash. The board on Friday appointed Durcan the interim CEO hours after Appleton’s experimental plane crashed moments after takeoff at the Boise Airport.
02/04/2012

New inner-city health center opens in Boston

New inner-city health center opens in Boston
BOSTON (AP) — Bob Thompson learned he had prostate cancer after routine screening at the Whittier Street Health Center, a community-based facility that has long served serving thousands of residents of the inner-city Roxbury neighborhood. The six-story, 79,000-square-foot building has been described as a “one-stop” center for health care and social services, offering 19,000 residents everything from cancer screening to dental care to violence prevention programs. Patrick has been pushing lawmakers to approve a payment reform bill that would shift the health care industry away from a fee-for-service system based on individual tests and procedures and toward a so-called global payment system that stresses a team-oriented approach to patient care. Construction of the new facility was largely enabled by a portion of the $80 million in federal stimulus funds the state received for eight community-based health centers, four in Boston and one each in New Bedford, Fall River, Fitchburg and Lowell. Lathan pointed to statistics showing that African-American men have the highest rates of prostate cancer in the world, and African-American women in the U.S. have higher breast cancer mortality rates.
02/04/2012

Hackers apparently hit Swedish government site

Hackers apparently hit Swedish government site
STOCKHOLM (AP) — A group linked to the hacker network Anonymous on Saturday said it had attacked the Swedish government’s website, bringing it down for periods of time by overloading it with traffic. Government spokesman Jacob Lagercranser confirmed the website — used by all departments of Sweden’s government — had experienced some problems, but he declined to give further details, saying the government never comments on security issues. ACTA is a far-reaching agreement that aims to harmonize international standards on protecting the rights of those who produce music, movies, pharmaceuticals, fashion, and a range of other products that often fall victim to intellectual property theft.
02/04/2012

Russia admits brief cut of gas supplies to Europe

Russia admits brief cut of gas supplies to Europe
MOSCOW (AP) — Russia’s state-controlled Gazprom natural gas giant acknowledged for the first time Saturday that it had briefly reduced gas supplies to Europe amid a spell of extreme cold. The European Commission put its gas coordination committee on alert Friday, but insisted the situation had not yet reached an emergency level as nations have pledged to help each other if needed and storage facilities have been upgraded. Seeking to reduce its dependence on Russia, the EU strongly backs the rival Nabucco pipeline — slated to ship gas from the Caspian region through southern Europe to Austria, but there have remained doubts that enough suppliers can be found to fill it.
02/04/2012

For Facebook 'Hacker Way' is way of life

For Facebook ‘Hacker Way’ is way of life
For most people, that word means something malicious — shady criminals who listen in on private voicemails, or anonymous villains who cripple websites and break into email accounts. Zuckerberg penned those words in a 479-word essay called “The Hacker Way”, which he included in the document the company filed with government regulators about its plans for an initial public offering. “Symbolically, it doesn’t bode well to Facebook and to potential investors,” says Robert D’Ovidio, an associate professor of criminal justice at Drexel University in Philadelphia who studies computer crime. Just this week, members of the loose-knit group Anonymous hacked into law enforcement websites around the world and gained access to information about government informants and other sensitive information. Kevin Mitnick, who was convicted and sent to prison in the 1990s for computer hacking, now works as a security consultant. The term “hacking” dates back more than half a century, when geeks at the Massachusetts Institute of Technology were tweaking telephone systems and computers. The small community of hackers in the 1950s and ’60s judged one another on their creative and technical abilities, and wore the term as a badge of honor, says Levy, in much the same way that Zuckerberg does today. Some blame Robert Morris, a computer science student who discovered a vulnerability in the Internet’s inner workings and unleashed the world’s first computer worm in 1988. Morris was the first person charged under the federal Computer Fraud and Abuse Act that had been enacted two years earlier. […] came movies like 1983’s “War Games,” which also fueled the public’s fear of hacking. The ’80s and ’90s were also a time when computers spread from geek circles to office cubicles and home desktops. Among the principles: “Hackers should be judged by their hacking” and “Always yield to the hands-on imperative.” Technology companies, from the tiniest startups to those such as Facebook and online game maker Zynga, take the hacker ethic to heart.
02/04/2012

CEO of chip maker Micron dies in plane crash

CEO of chip maker Micron dies in plane crash
BOISE, Idaho (AP) — The image Steve Appleton cultivated as a stunt pilot and off-road rally driver became the perfect metaphor for his wild, 18-year ride as the leader of Micron Technology Inc., where stomach-churning swings from billion-dollar profit to billion-dollar loss required the constitution of a business daredevil to survive. Appleton, Micron’s chief executive officer, died Friday morning when his experimental plane crashed at the Boise Airport, west of Micron’s desert campus. Away from the office, he channeled that energy into high-octane hobbies, pursuing his passions as a stunt pilot, off-road racer and scuba diver. Micron spokesman Dan Francisco said company president and chief operating officer D. Mark Durcan would take on Appleton’s responsibilities until the board appoint his successor. Corporate governance experts raised questions in the past about whether Appleton, as CEO, should be engaging in a hobby as risky as stunt piloting, but Micron’s board accepted it as simply part of Appleton’s work-hard and play-hard personality. “Steve’s passion and energy left an indelible mark on Micron, the Idaho community and the technology industry at large,” Micron’s board of directors said in a prepared statement. Betsy Van Hees, an analyst from San Francisco’s Wedbush Securities, always figured Appleton was the ideal persona to lead an upstart from the wilds of Idaho in the turbulent global memory industry. Crash investigators say Appleton hadn’t filed a flight plan and by all indications planned to stay in the area for a recreational flight on a clear, sunny morning. News of Appleton’s death sparked an outpouring of homage from Idaho leaders, with Otter lauding him as a champion and visionary businessman who “understood the value as well as the cost of excellence.”
02/04/2012

A look at how some IPO stocks have fared

A look at how some IPO stocks have fared
Facebook has filed paperwork for an initial public offering of stock. In part by riding on Facebook’s coattails, Zynga Inc. and Jive Software Inc. set new highs on Friday. Below is a look at how the stocks of some recently public companies are faring. — Zynga Inc., developer of online games, first day of trading on Dec. 16, 2011 — Jive Software Inc., creator of tools to run social networks for businesses, first day of trading on Dec. 13 — Pandora Media Inc., Internet radio company, first day of trading on June 15 — Demand Media Inc., online content publisher, first day of trading on Jan. 26, 2011
02/04/2012

Weekly US oil, gas rig count down 11 to 1,997

Weekly US oil, gas rig count down 11 to 1,997
HOUSTON (AP) — The number of rigs actively exploring for oil and natural gas in the U.S. is down 11 this week to 1,997. The Houston-based oilfield services company Baker Hughes Inc. reported Friday that 1,245 rigs were exploring for oil and 745 for natural gas.
02/04/2012

Durcan takes over as CEO in wake of Appleton death

Durcan takes over as CEO in wake of Appleton death
BOISE, Idaho (AP) — The board of directors for Micron Technology Inc. has named president and chief operating officer Mark Durcan as the company’s interim chief executive officer. The move comes hours after CEO and Chairman Steve Appleton died in a plane crash at the Boise Airport.