On Thursday, Shares of Rite Aid Corporation (NYSE:RAD), lost -0.92% to $8.60.
Rite Aid Corporation’s shareholders on Thursday voted in favor of a proposal to change the terms of payments to its CEO and other top executives in case the drugstore operator is taken over, supporting a union-backed investor group over the company’s board, according to Reuters.
Rite Aid CEO John Standley stands to receive $42 million, counting $31.6 million through the accelerated vesting of outstanding equity awards, if he loses his job in the event the company is taken over.
Such payments, called a golden parachute, are contracts that give a top executive substantial benefits if the company is taken over and the executive is terminated as a result. Reuters Reports.
Rite Aid Corporation, through its auxiliaries, operates a chain of retail drugstores in the United States. The company sells prescription drugs and a range of other merchandise, counting over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
Shares of SunEdison, Inc. (NYSE:SUNE), declined -0.54% to $31.51, during its last trading session.
SunEdison, declared the completion of a 1-megawatt DC canal top solar power plant built for Krishna Bhagya Jala Nigam Ltd (KBJNL), the Karnataka government agency responsible for the Krishna River and Dam.
As the name implies, canal top solar systems are built over water canals. This type of system provides several unique benefits. While solar generated electricity saves large amounts of water contrast to fossil fuel generated electricity, canal top systems save even more water by shielding the canals from the direct sun and hence reducing evaporation. Additionally, canal top systems free up the surrounding land for other uses. Finally, canal top systems operate at cooler temperatures than conventional land based systems and generate more energy as a result.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Finally, Patterson-UTI Energy Inc. (NASDAQ:PTEN), ended its last trade with -3.56% loss, and closed at $18.69.
Patterson-UTI Energy, regretfully declared the passing of A. Glenn Patterson, one of the original founders of the Company. Mr. Patterson served as the President and Chief Operating Officer of the Company from 1978 until his retirement in May 2006. During his more than 25-year tenure, he was instrumental in growing a one-rig drilling company into one of the largest drilling companies in the world.
Mark S. Siegel, Chairman of Patterson-UTI, stated, “It is with great sadness that we mourn the passing of Glenn Patterson. Our thoughts and prayers are with the Patterson family. Glenn was a charismatic leader, company-builder and friend to all who knew him. He was universally respected both within our company and in our industry.”
Patterson-UTI Energy, Inc., through its auxiliaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company operates through three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
