Parsippany, N.J.-based Realogy Corp. slashed pay for its most senior executives, including Kevin Kelleher who runs Cartus Corp., a Danbury-based subsidiary that helps companies transfer employees between locations.
Kelleher made just above $575,000 last year, about a quarter of his compensation in 2007, including stock options he exercised last year and excluding the award of stock options that vest in later years. Realogy CEO Richard Smith pulled in $1.5 million in immediate pay, down from $7.7 million in 2007.
Realogy lost $1.9 billion last year as net revenue dropped 21 percent to $4.7 million.
State readies for federal recovery money
Gov. M. Jodi Rell accepted federal terms for Connecticut”™s share of funding under the American Recovery and Reinvestment Act, and a committee held an inaugural meeting on Feb. 26 to plan how the money will be spent on “shovel ready” projects.
Separately, state Treasurer Denise Nappier warned the state could face a cash-flow problem later this year, with nearly $1 billion in education cost-sharing payments due on May 1.
With income, sales and business tax revenues down during the recession, the state”™s cash balance is lower. Rell said ongoing deficit-reduction measures could reduce the need for additional cash, as could a speedy influx of money from the federal stimulus package.
Old tavern shutters
Call it the last last call.
Norwalk”™s Silvermine Tavern served its last brunch Sunday, Feb. 22, having opened in 1929 and operated since 1955 by the Whitman family.
The Whitmans had put the inn up for sale two years ago, but after the recession hit elected to close while keeping the property at 194 Perry Avenue on the market. William Pitt Sotheby”™s International Realty is listing the 30-room property on 3 acres at $3.5 million.
