The Vanguard Group on Friday named F. William McNabb III president of the Malvern mutual fund giant and eventual successor to Jack Brennan as chief executive.
McNabb, 50, will become president on March 1 and CEO within a year, while Brennan, who has been at the helm since 1996, will remain chairman.
McNabb joined Vanguard in 1986 and is now a managing director overseeing Vanguard’s institutional and international businesses, which have $700 billion in assets under management.
Vanguard managed $1.25 trillion in U.S. mutual fund assets as of Jan. 31, according to the company.
The government will raise by 25 percent the fines it levies against employers who knowingly hire illegal immigrants, officials said Friday.
It is the first boost in fines in nearly a decade.
Immigration and Customs Enforcement, the federal agency responsible for investigating illegal hiring, has stepped up its enforcement of the employer sanctions law in the past year, leading to a dozen major busts. Currently, fines range from $275 to $11,000 depending on the offense. The agency says some penalties could include at least six months in jail.
Two Detroit pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft Corp.
The lawsuit was filed in Delaware Chancery Court on Thursday by lawyers representing Detroit’s police and fire retirement system and general retirement system, as well as “all other similarly situated public shareholders.”
PPL Corporation on Friday increased its quarterly common stock dividend by 10 percent, from 30.5 cents to 33.5 cents per share, or from $1.22 to $1.34 per share on an annualized basis. The increased dividend is payable April 1 to shareholders of record as of March 10.
This is the sixth consecutive year that PPL has increased the dividend.
Three British bankers were sentenced Friday to just over three years in prison for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew Fastow, and they’re hoping to serve some of that time back home.
A federal judge sentenced David Bermingham, Giles Darby and Gary Mulgrew each to 37 months.
They each pleaded guilty in November to one count of wire fraud as part of a plea agreement after initially saying they were innocent of colluding with Fastow in a secret financial scam in 2000 to enrich themselves at their employer’s expense.