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Ex Volkswagen executive jailed in US amid diesel scandal

Ex Volkswagen executive jailed in US amid diesel scandal

Business
A former Volkswagen executive has been sentenced to seven years in prison and a $ 400,000 (£298,778) fine, after admitting he helped the firm evade clean-air laws.Oliver Schmidt, 48, is the second person to receive jail time in the US over the diesel emissions scandal.Volkswagen first admitted in September 2015 that it had used illegal software to cheat US emissions tests. It has spent as much as $ 30bn to address US claims.US prosecutors say Volkswagen installed special software in certain diesel vehicles that allowed them to perform better during emissions tests than they did under normal driving conditions. VW emissions cheat bill hits $ 30bnVolkswagen: The scandal explainedVW papers shed light on emissions scandalDiesel cars: What's all the fuss about?The emissions were sometimes 30 ti
Uber hires new chief executive from internet giant

Uber hires new chief executive from internet giant

Technology
Uber has picked former Expedia boss Dara Khosrowshahi as its new chief executive to lead the firm out of a nearly year-long crisis.Mr Khosrowshahi will take on the tasks of repairing frayed relations with investors and making the business profitable after seven years of losses.He replaces co-founder Travis Kalanick, who was ousted in June over concerns about his behaviour.Image:Travis Kalanick's was ousted from the top job in JuneThe taxi company's board of directors voted to pick Mr Khosrowshahi on Sunday, but an announcement has not yet been made publicly.A Silicon Valley outsider, Mr Khosrowshahi beat chairman of General Electric Jeff Immelt to the top job.He also fought off competition from Hewlett Packard Enterprise chief executive Meg Whitman, who was a leading candidate, according t...
Uber executive leaves as critical report looms

Uber executive leaves as critical report looms

Technology
A senior Uber executive has left the company a day before the results of a far-reaching inquiry into the firm's management and workplace culture are made public.Emil Michael, a senior vice president, is stepping down from the cab-hailing business and a Reuters report suggests Uber chief executive Travis Kalanick is also likely to take a leave of absence.On Sunday, the board voted unanimously to adopt all of the recommendations made by a law firm hired to investigate deep-seated cultural problems at Uber, which has been rocked by allegations of sexual harassment, bullying and discrimination.Image:Travis Kalanick has previously acknowledged concerns about his management styleThe recommendations made by former attorney general Eric Holder are set to be released on Tuesday.Last week, Uber fire...
Uber loses another top executive Emil Michael

Uber loses another top executive Emil Michael

Technology
Emil Michael, Uber's senior vice-president and a close ally of chief executive Travis Kalanick, has left the company, employees have been told.His departure was said to be one recommendation of a report by former US Attorney-General Eric Holder about the company's culture and practices.Uber said the board had voted unanimously to adopt all the report's recommendations.However, its contents will not be released until Tuesday.Mr Holder was asked to undertake the review in February after former Uber engineer Susan Fowler made claims of sexual harassment.The Financial Times reported that neither Uber nor Mr Michael would comment on whether he had resigned or been fired.James Cakmak, an analyst at Monness Crespi Hardt, said Mr Michael's departure reflected Uber's need for a "fall guy" and coul...
Are you a high-earning executive? Deferring compensation now could help you in retirement later

Are you a high-earning executive? Deferring compensation now could help you in retirement later

Finance
There are obviously many retirement vehicles you, as a corporate executive, have considered, but have you overlooked the option of the company-sponsored non-qualified deferred compensation plan?Significant wealth may be created in NQDC plans, where assets have the opportunity to compound tax-free and investment options are frequently attractive. Two times a year, corporate executives are offered the option of deferring a portion of their compensation in order to put away money for their retirement in these plans. Quickly approaching is the June 30 deadline for deferring variable or incentive compensation for this year.Basic modeling shows that assets invested inside a deferred compensation plan for 10 years would grow 1.75 percent more annually than the same amount invested for the same pe...