Rouse chairman and chief executive Anthony W. Deering received bonuses last year that exceeded his entire cash compensation in 2001, as he and other senior executives shared the spoils of the Columbia-based real estate developer's purchase of part of mall rival Rodamco North America.
According to a proxy statement filed last week with the Securities and Exchange Commission, Deering received a bonus of more than $1 million based on the company's "excellent" 2002 results, plus a "special bonus" of $1.25 million for his work acquiring and then integrating the Rodamco properties.
Deering also received options for 360,000 shares of common stock, a grant of 15,000 shares of restricted stock, and a 3 percent base salary increase, to $905,002. For 2002, Rouse had net income of $139.9 million and revenue of $1.22 billion, up from net income of $110.7 million and revenue of $1.06 billion in 2001.
Other Rouse executives also received bonuses for their connections to the Rodamco deal. Chief Operating Officer Douglas A. McGregor, who retired from Rouse last fall, received $150,000; Chief Financial Officer Jeffrey H. Donahue, who also retired last fall, received $100,000; and $500,000 went to Executive Vice President Robert Minutoli.
Capital One Financial, the Falls Church-based credit card giant, replaced the advertising agency that created its "What's in Your Wallet" campaign. Capital One retained McCann-Erickson Worldwide, capping a review it started last fall after D'Arcy Advertising was acquired by Publicis Group.
AES, the Arlington energy company, won approval from the Federal Energy Regulatory Commission to build a undersea natural-gas pipeline to Florida's Atlantic coast, part of a plan to import the fuel from a liquefied gas terminal in the Bahamas. The pipeline's U.S. portion would extend 52 miles from a boundary with the Bahamas to Broward County, Fla., near Fort Lauderdale. The project is designed to carry about 820 million cubic feet a day, or about 1.3 percent of total U.S. supplies.
Tucon Construction of Dulles won a $1.7 million contract for a renovation project at the historic Gonzaga College High School on I Street NW in the District. Tucon is to renovate the four-story Jesuit rectory, built in 1887. Construction is to begin in June and is to be completed by October.
MedImmune, the Gaithersburg-based biotech company, sued to invalidate a patent that it claims is controlled by Genentech and Celltech Group for the technology to create drugs using antibody molecules to fight diseases. Genentech, the world's second-biggest biotechnology company, and Celltech in 2001 reached a confidential agreement to end a dispute over whose scientists first created the method of manufacturing combined human and non-human genes, MedImmune said in its complaint, filed in federal court in Los Angeles. MedImmune claims the companies are wrongly using that agreement to demand royalties from competitors, and seeks a ruling that Synagis, its drug for treating infant lung infections, does not violate the patent.
Lockheed Martin Information Systems named Daniel J. Crowley president, effective May 15. He succeeds John Hallal, who is retiring. Crowley is vice president of business development and advanced programs for Lockheed Martin Space and Strategic Missiles, Sunnyvale, Calif.
Dolan Media acquired 1-800-Attorney's legal directories that cover the District, Baltimore, central and southern Maryland and Northern Virginia. Dolan publishes legal and business newspapers, including the Daily Record in Baltimore. The deal, the terms of which were not disclosed, also includes directories in Milwaukee, Minneapolis, Seattle, Austin and Nashville, and a statewide directory serving North Carolina. The directories include lists of lawyers, information on local governments, courts and judicial officers, and lists of vendors.
Carlyle Management Group, the restructuring business of District-based private equity firm Carlyle Group, won European Union approval to buy Breed Technologies, a Florida-based maker of air bags and other automotive-safety products used by more than 45 car manufacturers, including General Motors, DaimlerChrysler and Ford Motor. The investment is the first by the $590 million Carlyle Management Group Partners, managed by former Lockheed Martin and General Dynamics executive B. Edward Ewing. Carlyle Group has $13.9 billion of capital in 23 funds.
A Connecticut high-speed Internet company bought the Washington area assets of TalkingNets of Wilmington, N.C., which has been operating under Chapter 11 bankruptcy protection since February. DSL.net, which earlier this year closed its $14 million deal to buy the assets of Herndon-based Network Access Solutions, acquired about 100 medium-size business customers in the District, Maryland and Virginia in buying TalkingNets' assets, said Joe Tomkowicz, a spokesman for DSL.net. With the most recent acquisition, DSL.net would be able to offer its 33,500 customers voice telephone service, he said.
Old Line Bank, based in Waldorf, reported net income of $337,869 ($1.16 per share) in 2002, compared with $315,231 ($1.09) in 2001. The bank ended the year with assets of $72.2 million, a 20 percent increase.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers