National News Roundup
An annual survey of the compensation of the chief executives of national associations finds that, when education and other factors are controlled for, there is a "significant difference'' between the salaries paid to male and female executives.
"It looks like it's about 14 percent,'' said Jeannine M. James, the president of the American Research Company, which produced the report.
The median compensation for male executives this year is $85,638, compared with $73,931 for women, the report says.
The survey notes, however, that because men tend to run associations that generate larger revenues, "we cannot be totally certain that women are paid less for the same jobs.''
The survey indicates that 92 percent of the chief executives at associations with annual revenues of $1.8 million or more are men. Fifty-three percent of the women surveyed head associations with annual revenues of $500,000 or less.
Ms. James also said that the statistical techniques used in the study do not take into account the years of experience in a particular job.
The annual survey is based on data obtained from 1,376 associations through tax returns or a mail survey. Of those, 696 were trade associations and the remainder were individual-membership associations.
Education associations constituted 134 of the responses tabulated--the second-largest category after agricultural associations, Ms. James said.
Executives at education associations--a category that includes libraries--earn anywhere from $16,061 for small-revenue groups to $200,292 for groups with revenues of $50 million, the report says.
For information on the report, call or write the American Research Company, 10003 Robindale Court, Great Falls, Va., 22066; telephone (703) 759-3188.
KinderCare Learning Centers, the nation's largest child-care chain, announced last week that creditors will take over 86.5 percent of the company's common stock as part of a major restructuring to reduce the company's long-term debt.
The company indicated in a statement announcing the plan that it might file for bankruptcy, but said it would not have to if all the creditors agree to a restructuring outside of bankruptcy court. If there is a bankruptcy filing, the statement said, it should last no longer than a few months, "given the high level of creditor support.''
The restructuring plan, which is expected to reduce the firm's long-term debt from $590 million to about $237 million, will leave current stockholders with only 1.35 million of the 10 million shares of the new common stock. They will be issued warrants to purchase an additional 1.9 million shares at $25 a share.
In the statement, Tull Gearreald, the president and chief executive
officer of KinderCare, said the plan would create a "healthy financial
base for future growth'' and advised parents that during the
restructuring process the firm "will continue to provide the same high
level of care as always.''
Vol. 12, Issue 05