Kobe Steel gets new chief
Japan’s Kobe Steel has appointed the head of its machinery business, Mitsugu Yamaguchi, as its new president and CEO, looking outside its major steel division for leadership in the wake of a widespread data fraud scandal. The company, which supplies steel parts to manufacturers of cars, planes and trains around the world, admitted last year to supplying products with falsified specifications to about 500 customers, throwing global supply chains into turmoil.
UBS pushes up CEO’s pay
UBS has boosted CEO Sergio Ermotti’s pay and increased the bank’s bonus pool by about 6% after underlying profit increased. The Zurich-based lender boosted the bonus pool for 2017 to 3.1bn Swiss francs (US$3.3bn), according to its annual report, which was published last week. Ermotti remains the highest-paid executive, earning SwFr14.2m, up from the SwFr13.7m he received in 2016. That includes SwFr11.4m in variable compensation. The bank’s bonus pool is tied to several performance indicators, including capital strength and some profitability measures.