BRIEFCASE.

Byline: - Staff and Wire Services

Studio executives to turn producers

Universal Pictures, in the first major executive change since it was acquired by General Electric last year, said Tuesday that Mary Parent and Scott Stuber, both vice chairmen of worldwide production, would leave to become film producers at the studio.

They will be replaced by another Universal executive, Donna Langley, who is being promoted to president of production.

In announcing the moves, Universal's chairwoman, Stacey Snider, said Parent and Stuber had already arranged an exclusive production deal with the studio under seven-year contracts negotiated in 2003.

Under the agreement, whose terms were not previously disclosed, the two were to serve two years as executives before beginning five-year terms as producers.

Grocery chairman bagged $19 million

SAN FRANCISCO - Safeway Inc. Chairman Steven Burd's pay package totaled $19.5 million in 2004 - a tumultuous year marked by a Southern California labor dispute that embittered the grocer's workers and alienated shoppers.

Burd generated $17.1 million of the windfall by cashing in 1.15 million of the stock options that he has accumulated since becoming Safeway's chief executive in 1993. He also received a $1.14 million salary and $1.15 million bonus, according to documents filed Tuesday.

The 2004 compensation package represented a 39 percent increase from 2003 when Burd pocketed $14 million, including $13 million from the redemption of stock options.

Safeway raised Burd's annual salary by 30 percent last July to $1.3 million, according to Tuesday's filing. His salary has been frozen at $1 million since 2000.

Pensions may sue AIG for big losses

SACRAMENTO - Leaders of the nation's largest public retirement systems said Tuesday that they would ask their boards to approve suing troubled insurance giant American International Group, Inc. to recover $400 million in losses suffered since the company's problems surfaced in February.

Treasurer Phil Angelides, a board member of the $182.9 billion California Public Employees Retirement System and $125 billion California State Teachers Retirement System, said ``allegations of scandal and misconduct'' at AIG have caused ``grievous damage'' to holdings of more than 2 million California retirees and employees.

``The losses are beyond the realm of excessive,'' said CalPERS President Rob Feckner, who said he will ask the full CalPERS board April 20 to begin legal action against AIG, its executives and auditors. CalSTRS will consider the request at its May 4-5 meeting.

AIG spokesman Joe Norton said the company had no comment.

California's funds hold more than $1 billion worth of AIG stock - 20.9 million shares. The shares rose $1.10, or 2.1 percent, to close Tuesday at $53.20 on the New York Stock Exchange, near the low end of a 52-week range of $50.15 to $77.36.

The stock has dropped by more than $19 a share since the start of federal and state investigations into its finances.

Mossimo founder wants all shares

Mossimo Inc. founder Mossimo Giannulli announced Tuesday in Los Angeles that he wants to acquire the outstanding publicly held shares of the company for $4 per share in cash.

The offer represents a 20 percent premium to the closing price of the company's common stock Monday, he said.

Giannulli said he expects the company's board to form a special committee of independent directors to consider the proposal with the assistance of outside financial and legal advisers.

The precise structure of the transaction, as well as the conditions to its consummation, will be determined through negotiations with the special committee, he said.

Giannulli owns about 65 percent of the outstanding shares of the company's common stock. He said he advised the board that he will not consider any other transaction involving his interest in the company.