The company was founded in 1882 by three reporters: Charles Dow, Edward Jones, and Charles Bergstresser. Like The New York Times and the Washington Post, the company was in recent years publicly traded but privately controlled. The company was led by the Bancroft family, which effectively controlled 64% of all voting stock, before being acquired by News Corporation. In 2010, the company sold 90% of Dow Jones Indexes to the CME Group, including the Dow Jones Industrial Average.
The company became a subsidiary of News Corporation after an extended takeover bid during 2007.[2] It was reported on August 1, 2007 that the bid had been successful[3][4] after an extended period of uncertainty about shareholder agreement.[5] The transaction was completed on December 13, 2007. It was worth US$5 billion or $60 a share, giving NewsCorp control of The Wall Street Journal and ending the Bancroft family's 105 years of ownership.
By Thomas Gryta Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Genzyme Corp. (GENZ) is launching an employee retention plan as the company is being pursued by French drug maker Sanofi-Aventis SA (SAN.FR SNY) and planning job cuts as part of an ongoing restructuring. Under the plan, the board of the Cambridge, Mass., biotech has decided to vest all employee stock options and restricted stock units if the company is acquired, regardless of when the options were awarded or originally set to vest. The decision was communicated to employees Wednesday in a memo from Chief Executive Henri Termeer as a way to strengthen employee retention measures "in the face of external distractions," company spokesman Bo Piela said. The news of the memo was first reported by local Boston newspapers. The acceleration plan is designed to keep workers focused as the company implements its recovery from a number of setbacks. "Shareholders have asked what we are doing to retain our employees," Piela said. "It is a natural concern when you are in a situation like this." Genzyme historically provides all employees with stock options or restricted stock units as an incentive program. Stock options vest over a period of five years, with 20% vesting each year, and most of the restricted stock units are time-vested so that they convert to common stock after three years. As of March, Genzyme had about 12,000 employees eligible for such grants with 31.7 million stock options outstanding along with 5.3 million restricted stock units, according to a regulatory filing. Genzyme has repeatedly rejected Sanofi's $18.5 billion bid as too low and refused to negotiate on a better price. The offer, amounting to $69 a share, has since turned hostile, and Genzyme has recommended that shareholders don't surrender their shares. Genzyme is holding a meeting Oct. 22--two days after reporting quarterly results--with investors and analysts to make its case that the offer doesn't adequately value its existing business, its recovery plans or its pipeline products. Genzyme's business has been damaged by manufacturing and regulatory problems in recent years, leading to the long-term regulatory oversight of its main production facility. Those actions have included making major changes on its board, cutting costs and shedding noncore businesses. Last month, the company disclosed it is planning to cut 1,000 jobs over the next 15 months
NEW YORK -(Dow Jones)- Genzyme Corp. (GENZ) is launching an employee retention plan as the company is being pursued by French drug maker Sanofi-Aventis SA (SAN.FR SNY) and planning job cuts as part of an ongoing restructuring.
Under the plan, the board of the Cambridge, Mass., biotech has decided to vest all employee stock options and restricted stock units if the company is acquired, regardless of when the options were awarded or originally set to vest.
The decision was communicated to employees Wednesday in a memo from Chief Executive Henri Termeer as a way to strengthen employee retention measures "in the face of external distractions," company spokesman Bo Piela said.
The news of the memo was first reported by local Boston newspapers.
The acceleration plan is designed to keep workers focused as the company implements its recovery from a number of setbacks.
"Shareholders have asked what we are doing to retain our employees," Piela said. "It is a natural concern when you are in a situation like this."
Genzyme historically provides all employees with stock options or restricted stock units as an incentive program. Stock options vest over a period of five years, with 20% vesting each year, and most of the restricted stock units are time-vested so that they convert to common stock after three years.
As of March, Genzyme had about 12,000 employees eligible for such grants with 31.7 million stock options outstanding along with 5.3 million restricted stock units, according to a regulatory filing.
Genzyme has repeatedly rejected Sanofi's $18.5 billion bid as too low and refused to negotiate on a better price. The offer, amounting to $69 a share, has since turned hostile, and Genzyme has recommended that shareholders don't surrender their shares.
Genzyme is holding a meeting Oct. 22--two days after reporting quarterly results--with investors and analysts to make its case that the offer doesn't adequately value its existing business, its recovery plans or its pipeline products.
Genzyme's business has been damaged by manufacturing and regulatory problems in recent years, leading to the long-term regulatory oversight of its main production facility. Those actions have included making major changes on its board, cutting costs and shedding noncore businesses.
Last month, the company disclosed it is planning to cut 1,000 jobs over the next 15 months.
Many organizations believe an "open door" policy is invitation enough for employees to offer their ideas. This is not necessarily so. The old suggestion box method took on a passive role in terms of employee involvement. More savvy organizations utilize a formal idea-management program as a key strategic approach to maximize the potential of their people. This White Paper analyses several new concepts, which could be effective in enhancing employee involvement in the company’s idea generation engine.
Retirement and health plans have been the only two areas of benefits that are widespread across the work force. Disability insurance, life insurance, flexible spending accounts and multiple voluntary individual sign-up benefits have never penetrated beyond one-third of the workforce. Many of these are now in decline, when considering what employers are paying for, as offer rates for voluntary employee-pay-all benefits are growing.
These dual trend lines of declining employer payment but increasing offers of worker-pay-all options are likely to continue, driven by inexpensive Internet administration. But compared to health and retirement benefits, no other employee benefit has been critical to broad-based worker recruitment and retention. About one-third of workers are willing to trade pay for more health insurance and far fewer are willing to allocate funds for other benefits, in the absence of at least partial employer funding.
As with retirement programs, we're seeing movement toward these new systems of coverage.
Employment-based coverage -- Despite conventional wisdom that employers are bailing out on health benefits, the facts show otherwise: Offer rates for active workers have been amazingly steady, ranging from 73 - 78 percent of the work force for decades. However, the type of insurance has changed dramatically. Policies that pay everything are essentially gone, replaced by designs of many names that are rife with employee premiums, deductibles, co-pays, and limitations on covered services.
Complexity and experimentation in design continue to evolve as electronic records are introduced; more research is conducted on medical effectiveness and results are built into both treatment and payment structures; and value-based designs are tested. Workers feel increasing cost pain, even though they have progressively paid less of the total health bill. Employers continue to find that health benefits are central to worker recruitment and retention. All this can be expected to continue unless and until the government acts to remove employers from the provision of health insurance.
Retiree health coverage -- In the private sector, health care for retirees has been in a downward trend ever since accounting rules changes made by FASB in the 1980s. Government employers will at least consider the same path, now that GASB is implementing a similar accounting rule for the public sector.
That means the government and individuals will be the ones to pay for retiree health insurance in the decades ahead. Big employers are likely to facilitate value purchasing of retiree health coverage by older workers before they are eligible for Medicare, as they lobby Congress to allow younger retirees to "buy-in" to Medicare.
Consumer-focused health care -- The movement that began in 1978 towards consumer-focused health plans is likely to continue, with ongoing refinements regarding payment for wellness and preventive care, chronic disease and prescription drugs. However, insurers -- not insured individuals -- are likely to continue to hold the risk of unexpected catastrophic costs. In this way, the movement that has been seen in retirement plans (shifting catastrophic risk to the worker) is not likely to be repeated in the health insurance area.
The company became a subsidiary of News Corporation after an extended takeover bid during 2007.[2] It was reported on August 1, 2007 that the bid had been successful[3][4] after an extended period of uncertainty about shareholder agreement.[5] The transaction was completed on December 13, 2007. It was worth US$5 billion or $60 a share, giving NewsCorp control of The Wall Street Journal and ending the Bancroft family's 105 years of ownership.
By Thomas Gryta Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Genzyme Corp. (GENZ) is launching an employee retention plan as the company is being pursued by French drug maker Sanofi-Aventis SA (SAN.FR SNY) and planning job cuts as part of an ongoing restructuring. Under the plan, the board of the Cambridge, Mass., biotech has decided to vest all employee stock options and restricted stock units if the company is acquired, regardless of when the options were awarded or originally set to vest. The decision was communicated to employees Wednesday in a memo from Chief Executive Henri Termeer as a way to strengthen employee retention measures "in the face of external distractions," company spokesman Bo Piela said. The news of the memo was first reported by local Boston newspapers. The acceleration plan is designed to keep workers focused as the company implements its recovery from a number of setbacks. "Shareholders have asked what we are doing to retain our employees," Piela said. "It is a natural concern when you are in a situation like this." Genzyme historically provides all employees with stock options or restricted stock units as an incentive program. Stock options vest over a period of five years, with 20% vesting each year, and most of the restricted stock units are time-vested so that they convert to common stock after three years. As of March, Genzyme had about 12,000 employees eligible for such grants with 31.7 million stock options outstanding along with 5.3 million restricted stock units, according to a regulatory filing. Genzyme has repeatedly rejected Sanofi's $18.5 billion bid as too low and refused to negotiate on a better price. The offer, amounting to $69 a share, has since turned hostile, and Genzyme has recommended that shareholders don't surrender their shares. Genzyme is holding a meeting Oct. 22--two days after reporting quarterly results--with investors and analysts to make its case that the offer doesn't adequately value its existing business, its recovery plans or its pipeline products. Genzyme's business has been damaged by manufacturing and regulatory problems in recent years, leading to the long-term regulatory oversight of its main production facility. Those actions have included making major changes on its board, cutting costs and shedding noncore businesses. Last month, the company disclosed it is planning to cut 1,000 jobs over the next 15 months
NEW YORK -(Dow Jones)- Genzyme Corp. (GENZ) is launching an employee retention plan as the company is being pursued by French drug maker Sanofi-Aventis SA (SAN.FR SNY) and planning job cuts as part of an ongoing restructuring.
Under the plan, the board of the Cambridge, Mass., biotech has decided to vest all employee stock options and restricted stock units if the company is acquired, regardless of when the options were awarded or originally set to vest.
The decision was communicated to employees Wednesday in a memo from Chief Executive Henri Termeer as a way to strengthen employee retention measures "in the face of external distractions," company spokesman Bo Piela said.
The news of the memo was first reported by local Boston newspapers.
The acceleration plan is designed to keep workers focused as the company implements its recovery from a number of setbacks.
"Shareholders have asked what we are doing to retain our employees," Piela said. "It is a natural concern when you are in a situation like this."
Genzyme historically provides all employees with stock options or restricted stock units as an incentive program. Stock options vest over a period of five years, with 20% vesting each year, and most of the restricted stock units are time-vested so that they convert to common stock after three years.
As of March, Genzyme had about 12,000 employees eligible for such grants with 31.7 million stock options outstanding along with 5.3 million restricted stock units, according to a regulatory filing.
Genzyme has repeatedly rejected Sanofi's $18.5 billion bid as too low and refused to negotiate on a better price. The offer, amounting to $69 a share, has since turned hostile, and Genzyme has recommended that shareholders don't surrender their shares.
Genzyme is holding a meeting Oct. 22--two days after reporting quarterly results--with investors and analysts to make its case that the offer doesn't adequately value its existing business, its recovery plans or its pipeline products.
Genzyme's business has been damaged by manufacturing and regulatory problems in recent years, leading to the long-term regulatory oversight of its main production facility. Those actions have included making major changes on its board, cutting costs and shedding noncore businesses.
Last month, the company disclosed it is planning to cut 1,000 jobs over the next 15 months.
Many organizations believe an "open door" policy is invitation enough for employees to offer their ideas. This is not necessarily so. The old suggestion box method took on a passive role in terms of employee involvement. More savvy organizations utilize a formal idea-management program as a key strategic approach to maximize the potential of their people. This White Paper analyses several new concepts, which could be effective in enhancing employee involvement in the company’s idea generation engine.
Retirement and health plans have been the only two areas of benefits that are widespread across the work force. Disability insurance, life insurance, flexible spending accounts and multiple voluntary individual sign-up benefits have never penetrated beyond one-third of the workforce. Many of these are now in decline, when considering what employers are paying for, as offer rates for voluntary employee-pay-all benefits are growing.
These dual trend lines of declining employer payment but increasing offers of worker-pay-all options are likely to continue, driven by inexpensive Internet administration. But compared to health and retirement benefits, no other employee benefit has been critical to broad-based worker recruitment and retention. About one-third of workers are willing to trade pay for more health insurance and far fewer are willing to allocate funds for other benefits, in the absence of at least partial employer funding.
As with retirement programs, we're seeing movement toward these new systems of coverage.
Employment-based coverage -- Despite conventional wisdom that employers are bailing out on health benefits, the facts show otherwise: Offer rates for active workers have been amazingly steady, ranging from 73 - 78 percent of the work force for decades. However, the type of insurance has changed dramatically. Policies that pay everything are essentially gone, replaced by designs of many names that are rife with employee premiums, deductibles, co-pays, and limitations on covered services.
Complexity and experimentation in design continue to evolve as electronic records are introduced; more research is conducted on medical effectiveness and results are built into both treatment and payment structures; and value-based designs are tested. Workers feel increasing cost pain, even though they have progressively paid less of the total health bill. Employers continue to find that health benefits are central to worker recruitment and retention. All this can be expected to continue unless and until the government acts to remove employers from the provision of health insurance.
Retiree health coverage -- In the private sector, health care for retirees has been in a downward trend ever since accounting rules changes made by FASB in the 1980s. Government employers will at least consider the same path, now that GASB is implementing a similar accounting rule for the public sector.
That means the government and individuals will be the ones to pay for retiree health insurance in the decades ahead. Big employers are likely to facilitate value purchasing of retiree health coverage by older workers before they are eligible for Medicare, as they lobby Congress to allow younger retirees to "buy-in" to Medicare.
Consumer-focused health care -- The movement that began in 1978 towards consumer-focused health plans is likely to continue, with ongoing refinements regarding payment for wellness and preventive care, chronic disease and prescription drugs. However, insurers -- not insured individuals -- are likely to continue to hold the risk of unexpected catastrophic costs. In this way, the movement that has been seen in retirement plans (shifting catastrophic risk to the worker) is not likely to be repeated in the health insurance area.
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