ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, August 23, 1996 TAG: 9608230068
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
Trigon executives may take stock
RICHMOND - Trigon Blue Cross Blue Shield intends to launch a stock bonus plan for its top executives within months if it wins state approval to become a for-profit company.
In filings at the State Corporation Commission, Trigon said it will seek a stock-based compensation plan for top management at its first stockholders' meeting after the proposed conversion from a company owned by its policyholders to a public corporation owned by stockholders.
Trigon has said repeatedly that its top management would get no stock nor receive any windfall as a result of its conversion.
Any options or stock granted to top management would be pegged to Trigon's future performance and not to the conversion, Trigon spokeswoman Brooke Taylor said.
Such stock-based compensation plans are standard parts of executive compensation for stockholder-owned companies, Taylor said. The plans usually give executives the right to buy shares at low prices and sometimes give them outright grants of stock.
Its plan must be approved by the SCC, which will hold public hearings beginning Sept. 9. Trigon's policyholders are to vote on the conversion by Sept. 6.
- Associated Press
Saturn recalling 3,600 new coupes
SPRING HILL, Tenn. - Saturn said it is recalling about 3,600 of its new coupes because of a safety problem with passenger seats that don't always latch properly into place.
The General Motors Corp. subsidiary said it has sold 1,560 of the 1997 SC1 and SC2 models. The others are in stock. Last week, Saturn removed the cars from showrooms.
No accidents or injuries have been reported because of the problem with the seats provided by Michigan supplier Johnson Controls Inc., said Saturn spokesman Greg Martin in Troy, Mich.
Martin said the mechanism that moves the seat forward and back does lock in place, but not as well as it should. The supplier informed Saturn of the problem in early August.
- Associated Press
Bonomo's moves to Picadilly Square
Bonomo's women's clothing store has moved its Roanoke store from Towers Shopping Center to Picadilly Square on Franklin Road. The new location, which combines large and small sizes in a single store, is smaller than the Towers store, said Jane Bonomo, owner of the Blacksburg-based chain, but she plans to expand eventually. The new store also carries shoes and legwear.
- Staff report
LENGTH: Medium: 56 linesby CNB