efenytan.wordpress.com
The lawsuit seeks class-action status and was filex Thursday inthe U.S. District Courrt of Kansas. The suit contendw that Overland Park-based Ferrellgas (NYSE: FGP) sold 20-pound propane tanks, the type customers normallgy use forbarbecue grills, but that the containerse actually held 15-pounds. The tanks in question normally hold 17 to 18 poundds of propane as a precautioh againstexpanding gas, but the companhy started selling the tanks with 15 pounds of gas aftetr 2008, according to the lawsuit. Becausew the price of the tanks did not change and Ferrellgaes did not say that the amount of gas was California resident Jeremy Drucker claimed unjust enrichment by Ferrellgazs inhis lawsuit.
The plaintiff, who is representefd by , seeks at leasft $5 million. A spokesman for Ferrellgas was not immediateluy availablefor comment.
Thursday, April 28, 2011
Tuesday, April 26, 2011
NBC Universal, Microsoft strike ad alliance - Austin Business Journal:
fugycyquwod.blogspot.com
Terms of the deal were not Admira analyzes demographic data on viewers to generate more targeted TV ads and also adds automation to thebuyiny process. The two companies tested the using Admira with the NBC Locakl Media group in March to buy and sell loca l television ads inLos Angeles. "Our initia l test of the systemin L.A. is off to a great Admira provides us with the potentialk to help attract an entirely new segment of advertisersd to thelocal marketplace, particularlyy small and midsize businesses that might not otherwise be able to buy locao television station advertising, which is a huge leap Frank Comerford, president of platform development and commercial operations for NBC Local Media, said in a The full partnership is set to begimn in the fall.
The two giants are more knownh through their linkthrough
Terms of the deal were not Admira analyzes demographic data on viewers to generate more targeted TV ads and also adds automation to thebuyiny process. The two companies tested the using Admira with the NBC Locakl Media group in March to buy and sell loca l television ads inLos Angeles. "Our initia l test of the systemin L.A. is off to a great Admira provides us with the potentialk to help attract an entirely new segment of advertisersd to thelocal marketplace, particularlyy small and midsize businesses that might not otherwise be able to buy locao television station advertising, which is a huge leap Frank Comerford, president of platform development and commercial operations for NBC Local Media, said in a The full partnership is set to begimn in the fall.
The two giants are more knownh through their linkthrough
Sunday, April 24, 2011
N.J. tax amnesty brings revenue windfall - Pacific Business News (Honolulu):
retention-jackjacks.blogspot.com
New Jersey expected to generate $100 millionh when the 45-day program was but at its close last week had collectex morethan $600 milliomn in back taxes owed. Final revenue could increase byanothed $50 million to $100 millioj once the remaining 17,500 envelopes are openexd and processed, the Governor’ws Office said. New Jersey’s program, whicu ran from May 4 to June 15, permittedd those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up withoutg penalty and for half the interest owed. Of the collections processed to date, 56 percentf were for the corporationbusiness tax, 23 percent for salesz and use taxes and 14 perceny for gross income tax.
A vote on a final budgegt for New Jersey isexpected Thursday. Gov. Jon S. Corzine would like to see the additional revenue be put towarcd propertytax relief, which was slated to be eliminated for all but seniorsz and the disabled to address an up to $9 billionb deficit in fiscal year 2010. In state Rep. John C. Bear, R-Lancaster, is pitching legislation for a one-time tax amnesty program as a budgett fix forhis state. The bill would permit a 90-day tax amnesty period during 2009-10 fiscal year. The bill is in the Housre Finance Committee. “New Jersey has confirmexd that this is a perfect time for a tax amnesty prograjm to succeed in said Bear. “We are facing a $3.
2 billio n budget deficit and New Jersey’s successfuk program should vividly illustrate that such a progra can collect hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty program, which occured more than a decade ago, brough t in $93 million, Bear said. Revenue from a tax amnestuy program could be used to addreswthe state’s budget deficit, instead of Gov. Ed Rendell’s proposal to raisee the state income taxfrom 3.07 percen t to 3.57 percent, Bear said. The governor’s proposed 16 percent increase in the personal incoms tax rate would generateabout $1.
5 billionm a year in new revenue and amount to abougt $250 more per year for a familhy earning $50,000. “Now — during this dire budge crisis — is the time for a new tax amnesty programm to be putin place,” Bear said.
New Jersey expected to generate $100 millionh when the 45-day program was but at its close last week had collectex morethan $600 milliomn in back taxes owed. Final revenue could increase byanothed $50 million to $100 millioj once the remaining 17,500 envelopes are openexd and processed, the Governor’ws Office said. New Jersey’s program, whicu ran from May 4 to June 15, permittedd those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up withoutg penalty and for half the interest owed. Of the collections processed to date, 56 percentf were for the corporationbusiness tax, 23 percent for salesz and use taxes and 14 perceny for gross income tax.
A vote on a final budgegt for New Jersey isexpected Thursday. Gov. Jon S. Corzine would like to see the additional revenue be put towarcd propertytax relief, which was slated to be eliminated for all but seniorsz and the disabled to address an up to $9 billionb deficit in fiscal year 2010. In state Rep. John C. Bear, R-Lancaster, is pitching legislation for a one-time tax amnesty program as a budgett fix forhis state. The bill would permit a 90-day tax amnesty period during 2009-10 fiscal year. The bill is in the Housre Finance Committee. “New Jersey has confirmexd that this is a perfect time for a tax amnesty prograjm to succeed in said Bear. “We are facing a $3.
2 billio n budget deficit and New Jersey’s successfuk program should vividly illustrate that such a progra can collect hundreds of millions in or more, already owed to the Pennsylvania’s last tax amnesty program, which occured more than a decade ago, brough t in $93 million, Bear said. Revenue from a tax amnestuy program could be used to addreswthe state’s budget deficit, instead of Gov. Ed Rendell’s proposal to raisee the state income taxfrom 3.07 percen t to 3.57 percent, Bear said. The governor’s proposed 16 percent increase in the personal incoms tax rate would generateabout $1.
5 billionm a year in new revenue and amount to abougt $250 more per year for a familhy earning $50,000. “Now — during this dire budge crisis — is the time for a new tax amnesty programm to be putin place,” Bear said.
Thursday, April 21, 2011
Cornett land deal could revitalize area - Atlanta Business Chronicle:
stony-coating.blogspot.com
Bryant Cornett, senior vice president of brokerage services atAckerman & Co., received the 2009 Alvin B. Cateas Award March 19. The awarc is given for a transaction considered to be outstanding and as well asshowinv creativity, ingenuity and skill, rather than based on sheerf volume. The assemblage of 17 properties, includingg one that was a mere 400 squarefeet — the size of a very smallo apartment — by 15 differentr owners took three years, Cornett said. The land is over two city blocksz and a corner near Fair Streety and Martin LutherKing Jr. he said. The deal allows clients and LLC to redevelooUniversity Homes, a former public housinh complex, in the area.
“Bryant is one of the starss ofour company,” said Keende Miller, president of Ackerman & Co.’s brokerage “He has been our top producer a couple of times.” A 1997 graduatre of , Cornett is going on nine yeares in commercial real estate, but he didn’t start out “I worked in politics for a little whilwe out of college and then I forme d a company for a littlwe while in Vietnam,” he said. In he shut down PiAsian L.P.
, which was a servicews brokerage firm basedin Vietnam, and moves to Atlanta, joining , an architecturre and design firm that served companies such as and The job broughgt him in touch with many of the commercial brokers he works with today, and he decided to get his broker’e license. At Ackerman & Co., Cornett specializeas in representing the real estate interestss ofgrowing companies, land acquisitionsx and project development. He has also developed a nicher working with hospitalsand health-care companies. “I reall y like the work and the process, the problem-solving to do the Cornett said ofhis career.
Winninhg the Cates Award is a high achievement, he “It’s flattering and humbling and exciting, all at the same I’m just glad I have clients that were flexiblre enough to make thesetransactions happen.” The Catez Award is given not just for the biggestg deal or the highest volume in sales, said John managing director of , who was a co-winner of the aware in 2008. “It goes to the deal that has the most creativityt and has the most impact onthe Cornett’s deal not only took a long time to complete but will greatlt impact that area by keeping revitalization movinvg forward, Speros said. Cornett is very detail-oriented and Miller said.
“Truthfully, he got going right from the start [at Ackerman],” he said. A top produce r at Ackerman & Co. in 2004 and 2007, 34, obtained his LEED Accredited Professional certificatiobn thispast year. The Leadership in Energy and Environmental Design, or LEED, rating system is a national benchmark forgreen building. Therew has been a lot of talk abouytLEED brokers, “but we felt like theres weren’t very many brokers or firms that had them,” Cornett said. “We felt like it could differentiate [Ackerman]. There are a lot of great brokers in and it’s the little thingzs clients latch on to.
”
Bryant Cornett, senior vice president of brokerage services atAckerman & Co., received the 2009 Alvin B. Cateas Award March 19. The awarc is given for a transaction considered to be outstanding and as well asshowinv creativity, ingenuity and skill, rather than based on sheerf volume. The assemblage of 17 properties, includingg one that was a mere 400 squarefeet — the size of a very smallo apartment — by 15 differentr owners took three years, Cornett said. The land is over two city blocksz and a corner near Fair Streety and Martin LutherKing Jr. he said. The deal allows clients and LLC to redevelooUniversity Homes, a former public housinh complex, in the area.
“Bryant is one of the starss ofour company,” said Keende Miller, president of Ackerman & Co.’s brokerage “He has been our top producer a couple of times.” A 1997 graduatre of , Cornett is going on nine yeares in commercial real estate, but he didn’t start out “I worked in politics for a little whilwe out of college and then I forme d a company for a littlwe while in Vietnam,” he said. In he shut down PiAsian L.P.
, which was a servicews brokerage firm basedin Vietnam, and moves to Atlanta, joining , an architecturre and design firm that served companies such as and The job broughgt him in touch with many of the commercial brokers he works with today, and he decided to get his broker’e license. At Ackerman & Co., Cornett specializeas in representing the real estate interestss ofgrowing companies, land acquisitionsx and project development. He has also developed a nicher working with hospitalsand health-care companies. “I reall y like the work and the process, the problem-solving to do the Cornett said ofhis career.
Winninhg the Cates Award is a high achievement, he “It’s flattering and humbling and exciting, all at the same I’m just glad I have clients that were flexiblre enough to make thesetransactions happen.” The Catez Award is given not just for the biggestg deal or the highest volume in sales, said John managing director of , who was a co-winner of the aware in 2008. “It goes to the deal that has the most creativityt and has the most impact onthe Cornett’s deal not only took a long time to complete but will greatlt impact that area by keeping revitalization movinvg forward, Speros said. Cornett is very detail-oriented and Miller said.
“Truthfully, he got going right from the start [at Ackerman],” he said. A top produce r at Ackerman & Co. in 2004 and 2007, 34, obtained his LEED Accredited Professional certificatiobn thispast year. The Leadership in Energy and Environmental Design, or LEED, rating system is a national benchmark forgreen building. Therew has been a lot of talk abouytLEED brokers, “but we felt like theres weren’t very many brokers or firms that had them,” Cornett said. “We felt like it could differentiate [Ackerman]. There are a lot of great brokers in and it’s the little thingzs clients latch on to.
”
Tuesday, April 19, 2011
Cal State East Bay to give up running its bookstore - San Francisco Business Times:
inupujyfab1211.blogspot.com
For the first time in its nearly 50-year history, the bookstore at Cal Statw East Bay will have an outsided operator -- of Oak Brook, Ill., which runs bookstore s at 843 colleges and universities, includintg Cal, Stanford and USF. Economicsa of scale drove the decision for Follett to replace at the saidChris Brown, the university's associat vice president of enterprise operationws and foundation. "As a single, smallp entity, we don't have a lot of leverage in the industry," Brown said. "That's very differeng from Follett, a very large company.
We anticipate it will mean lowe r prices for our studentxs and more revenue for the The Cal State East Bay store generatese annual sales of about $7 million. Follett's contract runs throughh the 2012-2013 academic Terms of the deal werenot disclosed. Follett will remodel the 20,000-square-foot bookstors store, cut prices and add merchandise. "Students have more (book-buying) options than ever before withand eBay," said Mary Follett's vice president of marketing for the company's West "So we want to create a plac that's not just a place for them to buy but an integral part of their educationa l experience.
" Brown said Folletr will charge less than the 29 percent mark-u that the store had charged. Seven of the 23 campusea of the California State University have contractsewith Follett, according to Brown. The system's San Bernardino campua signed a contract abourt the same time asEast Bay. Other notable newcomersz to Follett include andthe . Brown said universitgy officials anticipate higher sales volumesa at the bookstore in coming years by adding including apparel andtechnology items.
Follett is expectedf to create a small store devoted to computerss and related products from Brown saidthe bookstore's existingv staff of 10 full-time non-student employeexs will be retained, as will its post officed operation. Unlike its second-placer industry rival, , which operatee its own branded bookstores at five CSU Perry said Follett does not push its ownbrand "We emphasize the college brand at each one of our stores," Perry said. "I've had some people tell me they neve r heard of our companyand that's OK. We just do highefr education and we stay inthe background. We want to providde excellent stores at all ofour colleges.
" Perr said she hopes the remodeled Cal State East Bay bookstoree will draw not only increasing numbers of students, faculty and staff, but shoppers from throughout the area not necessarilyt affiliated with the university. Follett stocks 100,00 0 titles in its brick-and-mortar and online saless operations, and handles orders from more than 4 milliobn studentsand 375,000 faculty members annually. In the year from which the most recentt statisticsare available, Follett sold more than 23.4 millionm books and nearly 5 millionh articles of clothing.
For the first time in its nearly 50-year history, the bookstore at Cal Statw East Bay will have an outsided operator -- of Oak Brook, Ill., which runs bookstore s at 843 colleges and universities, includintg Cal, Stanford and USF. Economicsa of scale drove the decision for Follett to replace at the saidChris Brown, the university's associat vice president of enterprise operationws and foundation. "As a single, smallp entity, we don't have a lot of leverage in the industry," Brown said. "That's very differeng from Follett, a very large company.
We anticipate it will mean lowe r prices for our studentxs and more revenue for the The Cal State East Bay store generatese annual sales of about $7 million. Follett's contract runs throughh the 2012-2013 academic Terms of the deal werenot disclosed. Follett will remodel the 20,000-square-foot bookstors store, cut prices and add merchandise. "Students have more (book-buying) options than ever before withand eBay," said Mary Follett's vice president of marketing for the company's West "So we want to create a plac that's not just a place for them to buy but an integral part of their educationa l experience.
" Brown said Folletr will charge less than the 29 percent mark-u that the store had charged. Seven of the 23 campusea of the California State University have contractsewith Follett, according to Brown. The system's San Bernardino campua signed a contract abourt the same time asEast Bay. Other notable newcomersz to Follett include andthe . Brown said universitgy officials anticipate higher sales volumesa at the bookstore in coming years by adding including apparel andtechnology items.
Follett is expectedf to create a small store devoted to computerss and related products from Brown saidthe bookstore's existingv staff of 10 full-time non-student employeexs will be retained, as will its post officed operation. Unlike its second-placer industry rival, , which operatee its own branded bookstores at five CSU Perry said Follett does not push its ownbrand "We emphasize the college brand at each one of our stores," Perry said. "I've had some people tell me they neve r heard of our companyand that's OK. We just do highefr education and we stay inthe background. We want to providde excellent stores at all ofour colleges.
" Perr said she hopes the remodeled Cal State East Bay bookstoree will draw not only increasing numbers of students, faculty and staff, but shoppers from throughout the area not necessarilyt affiliated with the university. Follett stocks 100,00 0 titles in its brick-and-mortar and online saless operations, and handles orders from more than 4 milliobn studentsand 375,000 faculty members annually. In the year from which the most recentt statisticsare available, Follett sold more than 23.4 millionm books and nearly 5 millionh articles of clothing.
Sunday, April 17, 2011
MFH gives 34 groups $4M in Basic Support grants - St. Louis Business Journal:
http://lydiryl.wordpress.com
Missouri Foundation for Health (MFH) has committed $12 millionm to Basic Support fundingin 2006. The two-yead Basic Support grants help organizationxs maintain existing programs and The St. Louis-area organizations receiving Basic Supporttgrants are: located in St. Louis receive d a $100,000 grant to provide counseling, case management and educatio services to homeless teenage mothers andtheirr children. received a $100,000 grant that will supportf its operational costs to provide informationj and other outreach servicesd to individuals insoutheast Missouri. located in St.
Louis receivedr a $199,984 grant to offer vision screeninge and eyeglassesfor uninsured, underinsure d and underserved people in metropolitan St. Louis. located in St. Louixs received a $89,641 grant that supports salaries, suppliesw and expenses for the Healthu TherapyServices Program, which assists childrenj with medical conditions and their families. located in St. Louiss received a $100,000 grant for equipment and operationaol costs forthe organization, which increasesa public awareness of brain injuries throughg education and services to individuals and families. locatedr in St.
Louis received a $72,4787 grant to maintain the organization's efforts to providw durable medical equipment to uninsured individualsa in the metropolitan locatedin St. Louis receivesd a $197,971 grant to help with operational and equipmeny costs forthe organization, which provides healtjh care and residential services to adults with disabilities. located in St. Louix received a $92,949 grant to suppor the costs for staff training as part ofthe organization' s operation of a care facility for mentally retardedd individuals. located in St.
Louis received a $200,000 granft to help support the organization's efforts in providintg access to oral health services for underserved locatedin St. Louis, received a $100,00p grant that will support the organization'ws transitional housing program, which provides residentiap and support services for homeless familiewsin St. Louis City and County. locatexd in St. Louis received a $100,000. This grant supportes operational costs ofthe organization, whicb provides no-cost diabetes awareness programs and screening serviced to high-risk seniors. received a This grant covers operational expensesx ofthe organization, which worksz to improve maternal, child and family health.
of Easterm Missouri & Metro East located in St. Louis received a $94,967. This granyt provides for operation costs related tothe organization' screening program for kidney disease amon lower income, uninsured and underinsureds people. located in St. Louis received a $99,586. Funding allows the organization to providde early intervention and care for infantds and young children affected by abusreand neglect. St. Louis received a This grant supportsthe organization's Consumee Directed Services/Independent Living Services which helps disabled individuals live located in St.
Louis received a Funding supports mental health services offered by the which hopes to preventr child abuse and neglecy and serves children and families in 49Missourik counties. located in St. Louis receivexd a $190,033. This grant supports operational expensez related tothe organization's prevention, intervention and treatment health services for youth and located in St. Louis receive a $34,950. Funding allows the organizationb to continue providing transportation to healtuh providers for the elderly and disabled in the Cityof St. located in St.
Louis received a This grant supports operational expenses of the which strives to improve the quality of life of people livintwith asthma. located in St. Louis received a Funding supportsthe organization's follow-up program for former homeleses individuals leaving the structured residential program. , St. Peters, Mo., receivedc a $199,760 grant for staffing so the organization can continude to strengthen and enhance its physical and occupational therapy receiveda $99,760 grant that supports operational costz related to conducting support groups for those suffering with located in St.
Louis received a $99,588 grant to addresses operational expenses ofthe organization, whicu provides support and education for individuals coping with located in Chesterfield, Mo., received a $100,0090 grant that covers gasoline and oil expenses needed to maintain the organization's medical air transporg service. located in St. Louis received a $100,000 grant that supports operational costsz ofthe organization, which assists families that must travel for children's hospitalization and medical care.
The Missouri Foundation for Healty is the largest health care foundation in the statew and was established with the conversion of Blue Crossx Blue Shield of Missourifrom non-profigt to for-profit status. The foundation currentlh has about $1.2 billion in assets.
Missouri Foundation for Health (MFH) has committed $12 millionm to Basic Support fundingin 2006. The two-yead Basic Support grants help organizationxs maintain existing programs and The St. Louis-area organizations receiving Basic Supporttgrants are: located in St. Louis receive d a $100,000 grant to provide counseling, case management and educatio services to homeless teenage mothers andtheirr children. received a $100,000 grant that will supportf its operational costs to provide informationj and other outreach servicesd to individuals insoutheast Missouri. located in St.
Louis receivedr a $199,984 grant to offer vision screeninge and eyeglassesfor uninsured, underinsure d and underserved people in metropolitan St. Louis. located in St. Louixs received a $89,641 grant that supports salaries, suppliesw and expenses for the Healthu TherapyServices Program, which assists childrenj with medical conditions and their families. located in St. Louiss received a $100,000 grant for equipment and operationaol costs forthe organization, which increasesa public awareness of brain injuries throughg education and services to individuals and families. locatedr in St.
Louis received a $72,4787 grant to maintain the organization's efforts to providw durable medical equipment to uninsured individualsa in the metropolitan locatedin St. Louis receivesd a $197,971 grant to help with operational and equipmeny costs forthe organization, which provides healtjh care and residential services to adults with disabilities. located in St. Louix received a $92,949 grant to suppor the costs for staff training as part ofthe organization' s operation of a care facility for mentally retardedd individuals. located in St.
Louis received a $200,000 granft to help support the organization's efforts in providintg access to oral health services for underserved locatedin St. Louis, received a $100,00p grant that will support the organization'ws transitional housing program, which provides residentiap and support services for homeless familiewsin St. Louis City and County. locatexd in St. Louis received a $100,000. This grant supportes operational costs ofthe organization, whicb provides no-cost diabetes awareness programs and screening serviced to high-risk seniors. received a This grant covers operational expensesx ofthe organization, which worksz to improve maternal, child and family health.
of Easterm Missouri & Metro East located in St. Louis received a $94,967. This granyt provides for operation costs related tothe organization' screening program for kidney disease amon lower income, uninsured and underinsureds people. located in St. Louis received a $99,586. Funding allows the organization to providde early intervention and care for infantds and young children affected by abusreand neglect. St. Louis received a This grant supportsthe organization's Consumee Directed Services/Independent Living Services which helps disabled individuals live located in St.
Louis received a Funding supports mental health services offered by the which hopes to preventr child abuse and neglecy and serves children and families in 49Missourik counties. located in St. Louis receivexd a $190,033. This grant supports operational expensez related tothe organization's prevention, intervention and treatment health services for youth and located in St. Louis receive a $34,950. Funding allows the organizationb to continue providing transportation to healtuh providers for the elderly and disabled in the Cityof St. located in St.
Louis received a This grant supports operational expenses of the which strives to improve the quality of life of people livintwith asthma. located in St. Louis received a Funding supportsthe organization's follow-up program for former homeleses individuals leaving the structured residential program. , St. Peters, Mo., receivedc a $199,760 grant for staffing so the organization can continude to strengthen and enhance its physical and occupational therapy receiveda $99,760 grant that supports operational costz related to conducting support groups for those suffering with located in St.
Louis received a $99,588 grant to addresses operational expenses ofthe organization, whicu provides support and education for individuals coping with located in Chesterfield, Mo., received a $100,0090 grant that covers gasoline and oil expenses needed to maintain the organization's medical air transporg service. located in St. Louis received a $100,000 grant that supports operational costsz ofthe organization, which assists families that must travel for children's hospitalization and medical care.
The Missouri Foundation for Healty is the largest health care foundation in the statew and was established with the conversion of Blue Crossx Blue Shield of Missourifrom non-profigt to for-profit status. The foundation currentlh has about $1.2 billion in assets.
Thursday, April 14, 2011
Sloan resigns from BofA board - Silicon Valley / San Jose Business Journal:
plesciamipukoa1855.blogspot.com
Sloan offered his resignation to new board chairmanh Walter Masseylast week, the bank said in a May 29 regulatorhy filing. BofA didn’t disclose Sloan’e reason for resigning. As the lead independent director, Sloan has been undefr intense criticism in recent months as the bank sufferefd through a sharp stock pricee decline after acquiring MerriloLynch & Co. BofA also has receivefd $45 billion of taxpayer aid. , a Houston-basede investment firm that holdas 1.1 million BofA was among several groups that waged a proxy againsthe country’s largest bank holding company, includingb calling for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’s board at the annual meetingin Meanwhile, shareholders voted to strip BofA Chief Executive Kenneth Lewis of the bank’s chairmanship, and Masseyt was elected to take over board Lewis remains the bank’s CEO and president. Sloan, 70, served as a BofA directot for13 years. During his Sloan served as chairman of both the executivse committee and the compensation andbenefits committee. He also was a membe of the corporategovernance committee. “Temple has been a trusted advise who has made an invaluable contribution to the succesx ofour company,” Lewis said in a statement.
“Wed will miss his counsel and his BofA (NYSE: BAC) is based in Charlotte, N.C.
Sloan offered his resignation to new board chairmanh Walter Masseylast week, the bank said in a May 29 regulatorhy filing. BofA didn’t disclose Sloan’e reason for resigning. As the lead independent director, Sloan has been undefr intense criticism in recent months as the bank sufferefd through a sharp stock pricee decline after acquiring MerriloLynch & Co. BofA also has receivefd $45 billion of taxpayer aid. , a Houston-basede investment firm that holdas 1.1 million BofA was among several groups that waged a proxy againsthe country’s largest bank holding company, includingb calling for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’s board at the annual meetingin Meanwhile, shareholders voted to strip BofA Chief Executive Kenneth Lewis of the bank’s chairmanship, and Masseyt was elected to take over board Lewis remains the bank’s CEO and president. Sloan, 70, served as a BofA directot for13 years. During his Sloan served as chairman of both the executivse committee and the compensation andbenefits committee. He also was a membe of the corporategovernance committee. “Temple has been a trusted advise who has made an invaluable contribution to the succesx ofour company,” Lewis said in a statement.
“Wed will miss his counsel and his BofA (NYSE: BAC) is based in Charlotte, N.C.
Subscribe to:
Posts (Atom)