The Markets January 13, 2009

Mohegan Sun Casino Stops Match

The Mohegan Tribal Gaming Authority has announced it will suspend future annual and merit pay raises and stop company match contributions to its 401(k) retirement plans.
Reported by

BusinessWeek reported that the Mohegan Sun casino is also cutting the pay of all 9,800 employees. Pay for vice presidents and senior management will be cut by 10%, middle managers’ pay will be cut by 7.5%, and the pay for non-management salaried and hourly employees will be reduced by 4%, effective February 1.

“Due to unprecedented market conditions, the authority has been forced to make a number of difficult, but necessary, decisions to reduce our operating costs,” said Mitchell Etess, president and chief executive of Mohegan Sun, according to the news report.
The casino company plans to avoid layoffs.

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Last month, Station Casinos of Las Vegas also announced it was suspending 401(k) match contributions and cutting executives’ pay (see “More Companies Decide to Go Match-less“).


Deals & People January 13, 2009

NFP Names Vanderheyden COO of B/D

John Vanderheyden has been tapped as senior vice president and COO of NFP Securities, Inc. (NFPSI), the broker/dealer subsidiary of National Financial Partners Corp.
Reported by

Vanderheyden will lead new technology initiatives, brokerage, and service divisions, as well as the operations of NFPSI. He will report to James Poer, president of NFPSI, according to a press release.

“John’s focus is on enhancing the adviser experience, whether he’s involved in technology, operations or resource management. We welcome the expertise he brings to the organization,” said Poer, in the release.

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Prior to joining NFP, Vanderheyden was senior vice president for Fidelity Investments (National Financial) where he most recently built and led its Program Management Office, overseeing strategic planning and resource management initiatives. As senior vice president he held previous positions as head of Product Consulting until 2005 and Relationship Management until 2003, developing customized programs that increased sales and strengthened client relationships.

“I have watched the growth of NFP’s broker/dealer over the years and am impressed with the opportunities NFP brings to independent advisers and to the clients they serve,” said Vanderheyden. “I’m excited to be a part of this management team.”

Vanderheyden joined Fidelity in 2000 from Dain Rauscher, a full-service financial and securities management firm, where he served as senior vice president directing mutual fund, fee-based and financial planning product development from 1995. He joined the firm as senior vice president of technical planning in 1992. Vanderheyden began his career as a systems sales engineer with IBM in Minneapolis.

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