meaning-sarajevo.blogspot.com
signed a lease for more than 18,000 squarwe feet at the Water’s Edge business campus after New Albany Village Council signed off on a tax incentivre deal with the businesz travel management companyin March. The New Albany location houses 95 employees and features spacr for training programs and a conference The company moved in Monday from its offices at Eastonh innortheast Columbus. Travel Solutions also announcesd it has been selected to becomethe nation’w first franchisee of Lufthansa City Centetr Business Plus, a Frankfurt, Germany-based travel agency that operatew nearly 600 offices in 77 countries.
Traveo Solutions, founded in 1995, is the second-largestr travel agency in Central Ohio and poster revenue last yearof $645.2 million, according to Columbuse Business First research. It has about 160 employeed overall, with the balanc of its staff workiny from home or fromcorporate offices.
Friday, January 4, 2013
Wednesday, January 2, 2013
Manufacturing News Headlines - View Manufacturing News Across the US
batyushkinuxit.blogspot.com
| | | | Economic Development of KansasCity | | Elecsysz Corporation | | | | | | | | Fairfax Assembly Plant | | Farmland Foods, Inc. | | | Federa l Reserve Bank of KansasCity | | | Ford Motor Company | | | | Garmin International, Inc. | | | | Genera l Motors Corporation | | | | | | | | | | | | Hallmarkl Cards, Inc. | | | | | | | | Interstat Bakeries Corporation | | Kansas City Area Developmenf Council | Kansas City Assemblyg Plant | Kansas City Aviationh Department | | Kansas City International Airporr | | | | | | | Kokam Americza Inc | | | | | | | | | | | | | | | | | Missourji Department of EconomicDevelopment | | | | | | | | | | | | | NTG, Inc.
| | | | | | | | | | | | | | | | | Radid Corporation | | | | | | | | | Smith Electriv Vehicles U.S. Corp. | Smithfield Inc. | | | | | | | | | | The Creightoj Economic ForecastingGroup | | | | | | | | | | | | | U.S. Burea of Labor Statistics | | U.S. Department of Labor | | U.S. Treasury Departmentt | UAW Local 249 | | | Unitexd Auto Workers | | | | | | | | | | Yaho Finance | |
| | | | Economic Development of KansasCity | | Elecsysz Corporation | | | | | | | | Fairfax Assembly Plant | | Farmland Foods, Inc. | | | Federa l Reserve Bank of KansasCity | | | Ford Motor Company | | | | Garmin International, Inc. | | | | Genera l Motors Corporation | | | | | | | | | | | | Hallmarkl Cards, Inc. | | | | | | | | Interstat Bakeries Corporation | | Kansas City Area Developmenf Council | Kansas City Assemblyg Plant | Kansas City Aviationh Department | | Kansas City International Airporr | | | | | | | Kokam Americza Inc | | | | | | | | | | | | | | | | | Missourji Department of EconomicDevelopment | | | | | | | | | | | | | NTG, Inc.
| | | | | | | | | | | | | | | | | Radid Corporation | | | | | | | | | Smith Electriv Vehicles U.S. Corp. | Smithfield Inc. | | | | | | | | | | The Creightoj Economic ForecastingGroup | | | | | | | | | | | | | U.S. Burea of Labor Statistics | | U.S. Department of Labor | | U.S. Treasury Departmentt | UAW Local 249 | | | Unitexd Auto Workers | | | | | | | | | | Yaho Finance | |
Tuesday, January 1, 2013
BFC Financial, Woodbridge to merge - Sacramento Business Journal:
hyperwave-exhausted.blogspot.com
In a joint press release Monday, the Fort Lauderdale-bases companies said they entered into a merger agreemenr whereinWoodbridge (Pink Sheets: WDGH) would become a wholly owned subsidiaru of BFC (Pink Sheets: BFCF). BFC currently controle majority voting stakes in both Woodbridgeand BBX). BFC lost $58.9 million on revenus of $487.5 million in 2008. Woodbridge owns , whicyh is building Tradition Florida inPort St. Lucie, and has investmentd in various companies includingand . Woodbridger lost $140.3 million on revenue of $25.5 million in 2008.
In its firstg quarter earnings report, Woodbridge warned that Core Communities could defaultt on the loans for Tradition Florida if its lenders deman that it put more equittcapital down. Under the merger deal, all shareholdersd of Woodbridge Class A commonm stock except BFC wouldreceive 3.47 shares of BFC’s Class A common stock per share. With sharesd of BFC opening at 40 cents it equalsnearly $1.39 a sharee for each share of Woodbridge, which opened at $1.10 Monday. Levan and Abdo are chairman andvice respectively, of both companies. The merget would save between $1 million and $2 million in professionak fees and SEC reporting costs forthe companies, Levab said.
It would also reduce the taxeas Woodbridge would pay on its earnings once it returns to he said. Currently, Woodbridge pays taxesw on its earnings, and then BFC pays taxesa on the portionof Woodbridge’s earnings that it counts on its balance sheet. The move will not causse any staff reductions, Levan noted. Woodbridgd will continue operate independently. The agreementt would include all current board members of Woodbridgeon BFC’e new board and add Woodbridge Presiden t Seth Wise and BankAtlantic Bancorpl President Jarett Levan to BFC’s 12-member board, as well. Wise wouldc also become executive vice presidentof BFC. The deal is expecte d to close before the endof 2009.
BFC shares closexd unchanged at40 cents. The 52-week high was 95 centws on Sept. 2. The 52-weekk low was 6 cents on Feb. 5. Woodbridge sharews closed down 2 centsto $1.08. The 52-weejk high was $6.60 on Aug. 21. The 52-week low was 2 centsz on Oct. 24.
In a joint press release Monday, the Fort Lauderdale-bases companies said they entered into a merger agreemenr whereinWoodbridge (Pink Sheets: WDGH) would become a wholly owned subsidiaru of BFC (Pink Sheets: BFCF). BFC currently controle majority voting stakes in both Woodbridgeand BBX). BFC lost $58.9 million on revenus of $487.5 million in 2008. Woodbridge owns , whicyh is building Tradition Florida inPort St. Lucie, and has investmentd in various companies includingand . Woodbridger lost $140.3 million on revenue of $25.5 million in 2008.
In its firstg quarter earnings report, Woodbridge warned that Core Communities could defaultt on the loans for Tradition Florida if its lenders deman that it put more equittcapital down. Under the merger deal, all shareholdersd of Woodbridge Class A commonm stock except BFC wouldreceive 3.47 shares of BFC’s Class A common stock per share. With sharesd of BFC opening at 40 cents it equalsnearly $1.39 a sharee for each share of Woodbridge, which opened at $1.10 Monday. Levan and Abdo are chairman andvice respectively, of both companies. The merget would save between $1 million and $2 million in professionak fees and SEC reporting costs forthe companies, Levab said.
It would also reduce the taxeas Woodbridge would pay on its earnings once it returns to he said. Currently, Woodbridge pays taxesw on its earnings, and then BFC pays taxesa on the portionof Woodbridge’s earnings that it counts on its balance sheet. The move will not causse any staff reductions, Levan noted. Woodbridgd will continue operate independently. The agreementt would include all current board members of Woodbridgeon BFC’e new board and add Woodbridge Presiden t Seth Wise and BankAtlantic Bancorpl President Jarett Levan to BFC’s 12-member board, as well. Wise wouldc also become executive vice presidentof BFC. The deal is expecte d to close before the endof 2009.
BFC shares closexd unchanged at40 cents. The 52-week high was 95 centws on Sept. 2. The 52-weekk low was 6 cents on Feb. 5. Woodbridge sharews closed down 2 centsto $1.08. The 52-weejk high was $6.60 on Aug. 21. The 52-week low was 2 centsz on Oct. 24.
Saturday, December 29, 2012
Service will free Realtors from work related to home showings
xysecurakihir.blogspot.com
Instead, they can call Centralizeds Showing Service, a company that has signed a three-yead contract with the Capita l Region Multiple Listing Service tocoordinate showings. MLS officialz said the service will free real estate agents from the hassledsof phone-tag, last-minute requests, schedule change and other frustrations that come with arranginf home showings for clients. Based in operators working for CSS will make the calls andsend e-maild to buyers, sellers and agents to checm availability, confirm appointments and announce cancellations.
Agentsw will benefit in other ways, such as havingy access to a databases showingwhich houses, and at whicj price ranges, are generatinhg the most interest from prospective buyers. in turn, could help their clients have a bettet grasp of the demand in the Based onthe information, for a seller may drop his asking price to get more peopl interested in the house. “We after looking at this very thoroughly, thers are a lot of benefits for our membershipp and the publicwe serve,” said MLS Presidenr Joel Koval, an associate broker at .
The service will come at a cost, The board of directors of the MLS has yet to vote on the but it will likelytbe $200 annually, said Jim chief executive officer of the . The MLS has 3,300p members, including those who belong to GCAR and thosew who belong tothe . GCAR members currently pay $735 in membershil fees; SSSAR members pay $665. That has upset some agents who are already contendingh with a slower housing marketand don’t want to pay an extraw fee.
Some don’t like the idea of a third partyg contacting clients on their Doreen Ross, a Schenectady-based agent who has been selling homes for 39 isn’t opposed to the concept of a schedulintg system, but said it’s a bad time to add anotherf $200 to the annual fees that agent s pay. “I think the timinhg for implementing itis very, very bad,” Ross “The real estate business is Agents out there are ... It’s just bad timing.” Ader said the $200 fee was reasonabl given the amount of time it can sometimes take to arrangemultiplse showings.
“If you spend 20 hoursa a monthdoing this, you’re paying somebody less than a buck an hour to do it for he said. Officials have been studyinhg the idea since last summer and consideree three firms before settlingon CSS. CSS schedules more than 15 million showings annuallyfor 100,000-plus Realtorzs in more than 40 markets in the U.S., according to its Web mdemasi@bizjournals.com | 518-640-6814 To comment on this and to get the latest updates and breaking go to albany.bizjournals.com.
Instead, they can call Centralizeds Showing Service, a company that has signed a three-yead contract with the Capita l Region Multiple Listing Service tocoordinate showings. MLS officialz said the service will free real estate agents from the hassledsof phone-tag, last-minute requests, schedule change and other frustrations that come with arranginf home showings for clients. Based in operators working for CSS will make the calls andsend e-maild to buyers, sellers and agents to checm availability, confirm appointments and announce cancellations.
Agentsw will benefit in other ways, such as havingy access to a databases showingwhich houses, and at whicj price ranges, are generatinhg the most interest from prospective buyers. in turn, could help their clients have a bettet grasp of the demand in the Based onthe information, for a seller may drop his asking price to get more peopl interested in the house. “We after looking at this very thoroughly, thers are a lot of benefits for our membershipp and the publicwe serve,” said MLS Presidenr Joel Koval, an associate broker at .
The service will come at a cost, The board of directors of the MLS has yet to vote on the but it will likelytbe $200 annually, said Jim chief executive officer of the . The MLS has 3,300p members, including those who belong to GCAR and thosew who belong tothe . GCAR members currently pay $735 in membershil fees; SSSAR members pay $665. That has upset some agents who are already contendingh with a slower housing marketand don’t want to pay an extraw fee.
Some don’t like the idea of a third partyg contacting clients on their Doreen Ross, a Schenectady-based agent who has been selling homes for 39 isn’t opposed to the concept of a schedulintg system, but said it’s a bad time to add anotherf $200 to the annual fees that agent s pay. “I think the timinhg for implementing itis very, very bad,” Ross “The real estate business is Agents out there are ... It’s just bad timing.” Ader said the $200 fee was reasonabl given the amount of time it can sometimes take to arrangemultiplse showings.
“If you spend 20 hoursa a monthdoing this, you’re paying somebody less than a buck an hour to do it for he said. Officials have been studyinhg the idea since last summer and consideree three firms before settlingon CSS. CSS schedules more than 15 million showings annuallyfor 100,000-plus Realtorzs in more than 40 markets in the U.S., according to its Web mdemasi@bizjournals.com | 518-640-6814 To comment on this and to get the latest updates and breaking go to albany.bizjournals.com.
Friday, December 28, 2012
Southwestern Carpets grows business from the ground up - bizjournals:
firukendu-anchored.blogspot.com
Bill McCaddon has stripped Southwestern Carpets down and recreates it a couple of timee since purchasing it from Don Lynchin 2001. When he bought the floorinbg company, it specialized in removing and replacingv carpets in apartments betweenrental occupation. The Lewisville company was producing annuak revenueof $5 million, but McCaddon found the businesws too impersonal because it was driven by producf sales and not on building relationshipx with customers.
So he decided to switch focus to themore relationship-centrifc business of providing floorinyg solutions to new home-construction projects, which includesd hardwood floors, carpeting, and backsplash and tile The wholesale company saw dramativ growth as a result, with annual revenue of $22 millio n in 2007. But the growtb was so rapid and so intense that managers were losinyg control of the direction the companywas heading.
So in he enlisted Don Brush, a consultant with The Renova to help bring new energy tohis McCaddon’s sense of direction and leadershi abilities come from his experiencew as a manufacturer’s representative for 18 years at companiez like Shaw Carpet Manufacturer and Aleta Co. He had learned the importancde of building relationshipswith “My background was in working with new The apartment business was non-relationship said McCaddon. “I didn’t know how to build a busineswsthat wasn’t relational.” McCaddon downsized the company to redirect the focues to the home-construction industry. He was met with resistancde fromhis employees.
“I realized that using the sameemployeess wasn’t going to work. I was tryinhg to halfway do the he said. “Once we made the commitment, we reallyh turned the corner.” He began switchingh out personnel. The company, which had grown annual revenueto $5 million, saw revenues drop to under $3 million during the But, once the commitment was McCaddon noted marked improvement. By revenue had grown by 35%. Between 2004 and the company went through its biggesttgrowth spurt, reaching up to $22 millionh in sales and employing more than 60 But at that time, the storybool growth came to an end.
“It was gettiny to be chaotic because of so many new We werean 8-cylinder enginde working on six or seven cylinders. We’d lost a senswe of teamwork, and everyone was territorial.” That’s when McCaddoj brought in Brush. “For the most I engage them and talk with them in orded to builda relationship. I wante d to find out the strengtha of the company and what was workingv and whatneeded improvement,” said Brush. “They’v e got the dreams; they’vde got the vision. It’s just giving them the opportunity.
” Brushj met with employees to figure out areas that needesd improvement and then created an action He showed the company how to creat e committees to address problems as they come up and then dissolv e the committees after the problem hasbeen handled. The shift has translated intohappier customers. Bill Darling, president and co-owner of Darling Homes has worked with McCaddon since McCaddon purchased Southwestern Carpetsin 2001. “(Wes started working with Southwestern Carpets) because of Bill and his relationalk approach to working with homebuilders as opposed to thetraditional price-only approach,” said Darling.
“Brusu has helped Bill figure out how to communicate better so that everyone is going in the same directiomn as the management and will yielrd themaximum impact.” For Chris McCoppin, operations manager for Southwestern the change in the corporate culturre has been noticeable. “Sometimes you don’t realizr that when one department changes theidr policiesand procedures, it affects others. Now everyonr talks to each other,” McCoppin said. “We’ve empoweresd them to make decisions. We gave them the power to run the Theyfeel accountable.
” With this new sense of as well as an improved use of digitizin g software called Measure, Southwesterbn Carpets has seen a markedx improvement on the accuracy of the 3,00p work orders entered each month 95% accuracy, up from 77% accuracyy — and has saved about $160,000 in unnecessarg costs for having to fix incorrect work Instead of pursuing potential clients merely for the sake of new McCaddon and his staff focus on getting to know potential clients, researching them as much as possible and understanding their needs beforre they even meet. “We’ll only do businesd with people who will sit down and have a relationshipwith us.
Someonse is always going to come inlowefr (priced) than you,” said McCaddon. “We were alwayas chasing people who were focusedon price. If they say, fax us (a pricwe sheet), we say sorry, we can’t work with you. We stay togethet as a result. If you have the valude relationship, they don’t leave.”
Bill McCaddon has stripped Southwestern Carpets down and recreates it a couple of timee since purchasing it from Don Lynchin 2001. When he bought the floorinbg company, it specialized in removing and replacingv carpets in apartments betweenrental occupation. The Lewisville company was producing annuak revenueof $5 million, but McCaddon found the businesws too impersonal because it was driven by producf sales and not on building relationshipx with customers.
So he decided to switch focus to themore relationship-centrifc business of providing floorinyg solutions to new home-construction projects, which includesd hardwood floors, carpeting, and backsplash and tile The wholesale company saw dramativ growth as a result, with annual revenue of $22 millio n in 2007. But the growtb was so rapid and so intense that managers were losinyg control of the direction the companywas heading.
So in he enlisted Don Brush, a consultant with The Renova to help bring new energy tohis McCaddon’s sense of direction and leadershi abilities come from his experiencew as a manufacturer’s representative for 18 years at companiez like Shaw Carpet Manufacturer and Aleta Co. He had learned the importancde of building relationshipswith “My background was in working with new The apartment business was non-relationship said McCaddon. “I didn’t know how to build a busineswsthat wasn’t relational.” McCaddon downsized the company to redirect the focues to the home-construction industry. He was met with resistancde fromhis employees.
“I realized that using the sameemployeess wasn’t going to work. I was tryinhg to halfway do the he said. “Once we made the commitment, we reallyh turned the corner.” He began switchingh out personnel. The company, which had grown annual revenueto $5 million, saw revenues drop to under $3 million during the But, once the commitment was McCaddon noted marked improvement. By revenue had grown by 35%. Between 2004 and the company went through its biggesttgrowth spurt, reaching up to $22 millionh in sales and employing more than 60 But at that time, the storybool growth came to an end.
“It was gettiny to be chaotic because of so many new We werean 8-cylinder enginde working on six or seven cylinders. We’d lost a senswe of teamwork, and everyone was territorial.” That’s when McCaddoj brought in Brush. “For the most I engage them and talk with them in orded to builda relationship. I wante d to find out the strengtha of the company and what was workingv and whatneeded improvement,” said Brush. “They’v e got the dreams; they’vde got the vision. It’s just giving them the opportunity.
” Brushj met with employees to figure out areas that needesd improvement and then created an action He showed the company how to creat e committees to address problems as they come up and then dissolv e the committees after the problem hasbeen handled. The shift has translated intohappier customers. Bill Darling, president and co-owner of Darling Homes has worked with McCaddon since McCaddon purchased Southwestern Carpetsin 2001. “(Wes started working with Southwestern Carpets) because of Bill and his relationalk approach to working with homebuilders as opposed to thetraditional price-only approach,” said Darling.
“Brusu has helped Bill figure out how to communicate better so that everyone is going in the same directiomn as the management and will yielrd themaximum impact.” For Chris McCoppin, operations manager for Southwestern the change in the corporate culturre has been noticeable. “Sometimes you don’t realizr that when one department changes theidr policiesand procedures, it affects others. Now everyonr talks to each other,” McCoppin said. “We’ve empoweresd them to make decisions. We gave them the power to run the Theyfeel accountable.
” With this new sense of as well as an improved use of digitizin g software called Measure, Southwesterbn Carpets has seen a markedx improvement on the accuracy of the 3,00p work orders entered each month 95% accuracy, up from 77% accuracyy — and has saved about $160,000 in unnecessarg costs for having to fix incorrect work Instead of pursuing potential clients merely for the sake of new McCaddon and his staff focus on getting to know potential clients, researching them as much as possible and understanding their needs beforre they even meet. “We’ll only do businesd with people who will sit down and have a relationshipwith us.
Someonse is always going to come inlowefr (priced) than you,” said McCaddon. “We were alwayas chasing people who were focusedon price. If they say, fax us (a pricwe sheet), we say sorry, we can’t work with you. We stay togethet as a result. If you have the valude relationship, they don’t leave.”
Thursday, December 27, 2012
Roundy's adds Twin Cities to gas card promo - Charlotte Business Journal:
shemwellmygalej1291.blogspot.com
In March, Milwaukee-based Roundy’s introduced the programj to its stores in theMadisom area. Last year, Roundy’s piloted the program in Kenoshsand Wausau. “We are pilotinv the project invarious markets,” Roundy’s spokeswoman Viviajn King said Monday via The grocer continues to perfect the program, which is calledf Fuelperks!, she said. Fuelperks! started on May 31 at the Rainboe stores. When a customer spends $200 on groceries, he or she can save 40 cents per gallonof gas. Customers must sign up for a new Roundy’x Rewards Card, which is free.
For every $50 a customere spends at Rainbow onqualified purchases, the customer earnsw 10 cents off per gallon of gas at participatintg BP gas stations. Rainbow customerss can insert their Roundy’s Rewards Card at the pump and receivde a discount on up to 20 gallond of gas in asingld transaction. The discount is automatically applied to the price atthe Roundy’s said. Roundy’s Supermarkets operates 151 retail grocery storez under thePick 'n Save, Copps, Rainbo w and Metro Market banners in Wisconsib and Minnesota.
In March, Milwaukee-based Roundy’s introduced the programj to its stores in theMadisom area. Last year, Roundy’s piloted the program in Kenoshsand Wausau. “We are pilotinv the project invarious markets,” Roundy’s spokeswoman Viviajn King said Monday via The grocer continues to perfect the program, which is calledf Fuelperks!, she said. Fuelperks! started on May 31 at the Rainboe stores. When a customer spends $200 on groceries, he or she can save 40 cents per gallonof gas. Customers must sign up for a new Roundy’x Rewards Card, which is free.
For every $50 a customere spends at Rainbow onqualified purchases, the customer earnsw 10 cents off per gallon of gas at participatintg BP gas stations. Rainbow customerss can insert their Roundy’s Rewards Card at the pump and receivde a discount on up to 20 gallond of gas in asingld transaction. The discount is automatically applied to the price atthe Roundy’s said. Roundy’s Supermarkets operates 151 retail grocery storez under thePick 'n Save, Copps, Rainbo w and Metro Market banners in Wisconsib and Minnesota.
Tuesday, December 25, 2012
Shareholders in Washington state demand a voice on governance issues - Puget Sound Business Journal (Seattle):
efimtsovavadan.blogspot.com
Several Washington companies face shareholder resolutions seeking more shareholder say on executivse pay and the makeulp ofcorporate boards. It’s a sign that companyh directors are coming under fire as shareholderes look for a place to put theire anger and frustration in a national seasonh of huge investment losses and unpopular taxpayer bailoutas for banks andother corporations. “Shareholderzs are looking at their portfolios. They are taking a look at theirr 401(k) plans. They are seeing theirr paychecks. They are scrutinizing everything,” said Franik Valenzuela, managing director of the AltmanGrouop Inc.
, a New Jersey-based proxy solicitation company that has clientsx in the Seattle Beth Young, a senior research associatee with the Corporate Library, a Portland, Maine-basee independent organization that provides analysis and research on corporate governancer issues, said investment anger in 2009 is similat to the reaction earlier in the decade when corporater scandals at companies such as Enron were But unlike those scandals, which affected a relatively small number of investors, this recessioh and its own set of scandals — including bank bailouts and executive compensation issues — is having broad And shareholders are speaking out by challenging companies’ governiny boards.
They also are seeking some oversight onexecutive pay, sparkint several so-called “say-on-pay” initiatived that are awaiting votes by corporate boardes and their shareholders. Nationwide, the number of overall shareholdefr proposals is a bit down this year compared to last according to the proxy advisorygfirm RiskMetrics. One reasom for the dip in proposalsa this year may be that activist shareholder funds may be strapperd for cash because ofthe recession.
Anotherf reason may be that labor unionrepresentatives haven’t ramped up for a new figh t following the November national elections, according to In essence, it’s still early in the proxy But RiskMetrics says it does expect a steady streakm of shareholders to advocate putting more corporate governance-related questionz before fellow shareholders for a vote at annual meetingws of publicly traded companies. In Washington, severalk companies already arefacing shareholder-led votes. A year afterr battling one of its largest shareholders regarding an executivwcompensation issue, is again at odds with Gamcio Asset Management Inc.
This time, Gamco is calling for a proxy vote that wouldr require shareholder approval for any companyg acquisition that costs morethan $25 million. Gamcok — run by New York money manager MarioGabellk — controls about 20 percent of Fisher’ outstanding shares. Fisher has been at odds with Gabellik on this andother issues. But Gabellij does have the clout to get In March, Fisher agreed to nominate two director candidates he has At other company shareholder meetings, the issu e of executive pay is under And there is the say-on-pau issue, which has heated up as more investor have gotten their dander up over bank bailoutes and overpaid executives.
Banks that participateed in federal bailout programs are mandated to put nonbinding advisory votes beforetheir shareholders. Meanwhile, activist shareholders have pushed toplacse say-on-pay advisory votes on proxy ballots of thres companies that either are based in Washington or have strongf presences here: Boeing, and Board makeul is another key issue. Shareholder activists at wantede to strip former CEO Steven Rogel of his title as chairman ofthe board.
Supporters of the move say Rogel’s role as directod and former CEO is a conflict of interest and is not adequately protecting shareholders because he is not able to provide independent oversight of the executivee of theFederal Way-based forestry and forest products company. Weyerhaeuser management opposec an advisory question on the boarfdchairman matter, but a shareholder pension fund and two investment fundws supported it. At the April 16 shareholders’ meeting, the item failesd to draw support from thenecessary two-thirds of the outstandinhg shares to be ratified. Shareholders also will vote on a proposalo for an independent chairmanat , a Spokane-base energy company.
In most instances, companiesa are pushing back againstactivist shareholders. But some are givinhg in, perhaps to quell investor anger or in anticipation of new AlaskaAir Group, the parent compang of Alaska Airlines and Horizon Air, said it would supporty giving shareholders an advisory vote on executive pay. Valenzuela of the Altman Group said corporation s would do well to heed the demands oftheir shareholders, especially in this climate, unless they want to builf on the distrust and anger that is swellinv all around them. “If shareholders think your compensationis excessive, they are goinhg to penalize you for it,” he said. “You have to run a tightg ship.
”
Several Washington companies face shareholder resolutions seeking more shareholder say on executivse pay and the makeulp ofcorporate boards. It’s a sign that companyh directors are coming under fire as shareholderes look for a place to put theire anger and frustration in a national seasonh of huge investment losses and unpopular taxpayer bailoutas for banks andother corporations. “Shareholderzs are looking at their portfolios. They are taking a look at theirr 401(k) plans. They are seeing theirr paychecks. They are scrutinizing everything,” said Franik Valenzuela, managing director of the AltmanGrouop Inc.
, a New Jersey-based proxy solicitation company that has clientsx in the Seattle Beth Young, a senior research associatee with the Corporate Library, a Portland, Maine-basee independent organization that provides analysis and research on corporate governancer issues, said investment anger in 2009 is similat to the reaction earlier in the decade when corporater scandals at companies such as Enron were But unlike those scandals, which affected a relatively small number of investors, this recessioh and its own set of scandals — including bank bailouts and executive compensation issues — is having broad And shareholders are speaking out by challenging companies’ governiny boards.
They also are seeking some oversight onexecutive pay, sparkint several so-called “say-on-pay” initiatived that are awaiting votes by corporate boardes and their shareholders. Nationwide, the number of overall shareholdefr proposals is a bit down this year compared to last according to the proxy advisorygfirm RiskMetrics. One reasom for the dip in proposalsa this year may be that activist shareholder funds may be strapperd for cash because ofthe recession.
Anotherf reason may be that labor unionrepresentatives haven’t ramped up for a new figh t following the November national elections, according to In essence, it’s still early in the proxy But RiskMetrics says it does expect a steady streakm of shareholders to advocate putting more corporate governance-related questionz before fellow shareholders for a vote at annual meetingws of publicly traded companies. In Washington, severalk companies already arefacing shareholder-led votes. A year afterr battling one of its largest shareholders regarding an executivwcompensation issue, is again at odds with Gamcio Asset Management Inc.
This time, Gamco is calling for a proxy vote that wouldr require shareholder approval for any companyg acquisition that costs morethan $25 million. Gamcok — run by New York money manager MarioGabellk — controls about 20 percent of Fisher’ outstanding shares. Fisher has been at odds with Gabellik on this andother issues. But Gabellij does have the clout to get In March, Fisher agreed to nominate two director candidates he has At other company shareholder meetings, the issu e of executive pay is under And there is the say-on-pau issue, which has heated up as more investor have gotten their dander up over bank bailoutes and overpaid executives.
Banks that participateed in federal bailout programs are mandated to put nonbinding advisory votes beforetheir shareholders. Meanwhile, activist shareholders have pushed toplacse say-on-pay advisory votes on proxy ballots of thres companies that either are based in Washington or have strongf presences here: Boeing, and Board makeul is another key issue. Shareholder activists at wantede to strip former CEO Steven Rogel of his title as chairman ofthe board.
Supporters of the move say Rogel’s role as directod and former CEO is a conflict of interest and is not adequately protecting shareholders because he is not able to provide independent oversight of the executivee of theFederal Way-based forestry and forest products company. Weyerhaeuser management opposec an advisory question on the boarfdchairman matter, but a shareholder pension fund and two investment fundws supported it. At the April 16 shareholders’ meeting, the item failesd to draw support from thenecessary two-thirds of the outstandinhg shares to be ratified. Shareholders also will vote on a proposalo for an independent chairmanat , a Spokane-base energy company.
In most instances, companiesa are pushing back againstactivist shareholders. But some are givinhg in, perhaps to quell investor anger or in anticipation of new AlaskaAir Group, the parent compang of Alaska Airlines and Horizon Air, said it would supporty giving shareholders an advisory vote on executive pay. Valenzuela of the Altman Group said corporation s would do well to heed the demands oftheir shareholders, especially in this climate, unless they want to builf on the distrust and anger that is swellinv all around them. “If shareholders think your compensationis excessive, they are goinhg to penalize you for it,” he said. “You have to run a tightg ship.
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