3Com To Make Exec Pay, Board Term Changes
Marlborough-based IT network management firm 3Com Corp. is taking the advice of its shareholders and putting in place two new corporate rules designed to increase executive and board accountability.
The company said it would adopt a policy making stock options granted to senior executives performance-based. Pending board approval, the change would take effect for the company's 2010 fiscal year, which begins May 30.
The company's board also intends to approve a change that would elect all board members to a one-year term at each annual meeting. Currently, the company's board is broken into two classes, each of which is elected to a two-year term.
That change also requires shareholder approval and will be up for a vote at the company's next annual shareholder meeting in September.
WBJ Web Partners
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