SEARCH

Entries in Fortune 500 (5)

Tuesday
May152012

Facebook CEO Mark Zuckerberg to Top List of Youngest CEOs

Justin Sullivan/Getty Images(NEW YORK) -- Mark Zuckerberg, CEO of Facebook, turned 28 on Monday, just four days before his company is expected to have the biggest IPO ever.

Zuckerberg holds many other records for his age.  Forbes lists him as the second youngest self-made billionaire in the world -- eight days older than Dustin Moskovitz, a fellow founder of Facebook.  Zuckerberg is also the youngest CEO of a Fortune 1000 company to go public.

According to the digital marketing firm eMarketer, Facebook is estimated to have a global revenue of $6.1 billion in 2012, which would allow the company to join the Fortune 500.  If that happens, Zuckerberg would be the youngest CEO to lead a company on the list of current Fortune 500 companies, according to the recruitment firm Korn/Ferry International.

BoardEx, self-described as a "Relationship Capital Management" solution, compiled a list CEOs running Fortune 500 companies, ranked by age.

Before Zuckerberg officially joins the list, here are the nine youngest CEOs leading large U.S. companies:

Age 39
1. Lawrence (Larry) Edward Page, CEO of Google

Age 42
2. William J. Lynch Jr., CEO of Barnes & Noble Inc.

Age 42
3. David T. Blair, CEO of Catalyst Health Solutions Inc.

Age 43
4. Heather M. Bresch, CEO of Mylan Inc.

Age 44
5. Francisco D'Souza, CEO of Cognizant Technology Solutions Corp

Age 45
6. Theodore (Ted) A. Mathas, CEO of New York Life Insurance Co.

Age 45
7. Marc N. Casper, CEO of ThermoFisher Scientific

Age 45
8. Alexander (Alec) R. Cunningham, CEO of WellCare Health Plans Inc.

Age 46
9. Michael Rapino, CEO of Live Nation Entertainment Inc.

Copyright 2012 ABC News Radio

Thursday
Apr122012

26 US Companies Not Paying Federal Income Tax, Report Finds

SEBASTIEN BOZON/AFP/Getty Images(WASHINGTON) -- In November, the liberal lobbying group Citizens for Tax Justice stirred controversy with a report citing 280 so-called corporate tax-dodgers, highlighting companies they said were paying under the 35 percent federal income corporate tax rate.  This week, the group revised its list with new data and said most of the companies that paid no taxes previously repeated that in 2011.

The latest update estimates that all but four of the 30 Fortune 500 companies that paid an average negative federal income tax rate from 2008 to 2010 continued to do so for 2011.  Among the companies listed are Pepco Holdings and General Electric.

"One of the reasons we [released an update] is so many of these 30 companies asserted this was a temporary aberration in 2008 to 2010," Bob McIntyre, director of the Citizens for Tax Justice (CTJ), said.  "They said they will pay a lot of taxes soon, but 'soon' hasn't come yet."

McIntyre said the 280 companies analyzed were Fortune 500 companies that made money from 2008 to 2010.  The Citizens for Tax Justice created their latest estimates from company annual reports, based on U.S. profit and amounts companies report for federal income taxes.

General Electric, which appears on the list, called the report "misleading."  Spokesman Andrew Williams said, "GE paid $2.9 billion in income cash taxes in 2011 across all of its tax jurisdictions, including payments in the U.S.  In addition, GE paid more than $1 billion in other state, local and federal taxes in the U.S."

Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, CTJ's research arm, said CTJ's study focuses on whether companies are paying a 35 percent rate for federal income taxes, and focusing on overall taxes is "trying to change the subject."

"As GE has said in the past, we pay taxes worldwide.  But they don't dispute that CTJ is wrong.  It's an exercise in misdirection," Gardner said.  "When deferred taxes are paid, they will show up in our report as having been paid.  But the harsh reality is that GE in particular is able to defer the taxes indefinitely."

William McBride, an economist with the Tax Foundation, said the best source of information would be a company's tax return, which is not public information.

"The CTJ is estimating the true figure from what the company is reporting," McBride said.  "They are guessing what companies are paying in taxes."

Copyright 2012 ABC News Radio

Thursday
May052011

Fortune 500 Had Great Year, Still Aren't Hiring

Justin Sullivan/Getty Images(NEW YORK) -- "It was the best of times, it was the worst of times…" The famous opening to Charles Dickens' A Tale of Two Cities would have been an apt headline for this year's Fortune 500.

"It's the best of times for American big business. Profits were up over 80 percent for America's 500 largest companies," said Andy Serwer, Fortune's managing editor. The Fortune 500 ranks the top U.S. public companies as measured by gross revenue. That's the third-biggest jump since the magazine started keeping track. "Business is picking up again, and they're minting money right now."

How? That was the "worst of times" part.

"Big business is making a lot of money right now by making employees work that much harder," said Serwer.

To put it in economic terms, employees' productivity has grown. It had to when more work fell to fewer workers: unemployment remains high, at 8.8 percent.

The top of the list was studded with oil companies. After number-one Wal-Mart, the next three were ExxonMobil, Chevron and ConocoPhillips, whose profit was up 133 percent over the previous year.

"Oil companies make a lot of money...selling gasoline to Americans, and we can't get enough of it," said Serwer.

Given the current spike in oil prices, reflected in $4-per-gallon prices at the gas pump, oil companies could do even better on next year's list, Serwer said.

Apple, whose iPhone and iPad grew ever more popular last year, was up 21 places, to 35. Its profits were up 145 percent.

Homebuilders, after being shut out of last year's list due to the mortgage crisis, have crept back on, with two companies on the list.

General Motors was number eight, and AIG was 17. Both were huge beneficiaries of U.S. taxpayer bailouts. Even if many Americans are feeling like characters in another Dickens work, "Oliver Twist," asking for "more" work, at least they can say they made the Fortune 500.

Copyright 2011 ABC News Radio

Wednesday
May042011

Fortune 500 List 2011: Which Company Will Be No. 1?

KAREN BLEIER/AFP/Getty Images(NEW YORK) -- The 2011 Fortune 500 list, which names the most profitable companies in the country, will be announced Wednesday night on ABC’s Nightline.

With last year's list boasting heavyweights such as Wal-Mart, ExxonMobil, General Electric and AT&T, ABC News' John Berman reported that the Fortune 500 companies tripled their earnings in 2009. Did they improve on that in 2010?

"It's just a staggering amount of money that big companies made in 2009 versus 2008 -- $330 billion more than the year before. It's just an unprecedented gain," said Andy Serwer at the time. Serwer is the managing editor of Fortune magazine, which compiles an annual list of top public companies as measured by gross revenue.

Last year's champion was Walmart, pushing the once top seeded ExxonMobil to the number two slot.

"Walmart had a good year and maybe that's not surprising," Serwer said, "People really look for value during tough economic times."

Even still, the oil company didn't make out too shabby. Exxon was able to rake in more than $284 billion in profits last year.

So who will reign supreme on this year's Fortune 500 list? Tune into ABC's Nightline Wednesday at 11:35 p.m. ET to see the results.

Copyright 2011 ABC News Radio

Wednesday
Jan122011

Top Companies Reduce Liability, Ban Cell Phone Use While Driving

Photo Courtesy - Getty Images(ISTACA, Ill.) – A new study has found that one in five Fortune 500 companies has banned cell phone use while driving on company time. The National Safety Council, which conducted the survey, found that cell phones are a factor in 23 percent of motor vehicle accidents every year.

“In January 2009, NSC called for a ban on all cell phone use while driving because research identified the behavior as dangerous. A driver is four times as likely to crash while talking on a cell phone while driving,” said Janet Froetscher, president and CEO of the Council. “Now, in 2011, our call to action is getting results, and our nation’s top employers are taking steps to protect their employees and communities in which they operate by implementing total cell phone bans.”

The study also found that companies with locations in more than one state applied the ban, regardless of the laws on the books in a particular state.

Although some bans had been in place since only 2008, the NSC said restrictions were able to be measured. While 19 percent of responding companies said productivity increased with the ban, 22 percent said it remained the same.

Of companies that responded to the survey and do not have a policy banning cell phone use while driving, 35 percent have plans to implement one within the next 12 months, the NSC says.

Copyright 2011 ABC News Radio







ABC News Radio