Financial Times: Gutierrez Success Story from Cuba to Cabinet. A weeping mother stood up among thousands of concerned shareholders to face Carlos Gutierrez in the spring of 2000. Less than a year after taking over as chief executive at Kellogg, Mr Gutierrez had decided to close the cereal maker’s Corn Flakes plant in Battle Creek, Michigan, throwing more than 500 people out of work in the town that Kellogg built.
Detroit Free Press: Stewart Gets Millions on Kmart-Sears Deal. Martha Stewart might be making pennies an hour while serving time in federal prison, but she made a cool $32.7 million on paper Wednesday in the wake of the Kmart-Sears deal.
What do you get when you merge one struggling retailer with another struggling retailer? A very, large struggling retailer. At least you can pick up a Martha Stewart Medallion Matelasse Coverlet the next time you’re shopping for a Kenmore appliance. I wonder whether that range comes in hazelnut or sea kelp? I’ve added Kmart contracts to the web site. You can also find Martha Stewart Living Omnimedia contracts online.
San Francisco Chronicle: Abercrombie to Pay $50 Million in Bias Suits. Teen retailer Abercrombie & Fitch said Tuesday it will pay $50 million to settle charges that it discriminates against women and minorities in hiring, saying it hopes to avoid a prolonged conflict over the matter.
I’ll be updating the Abercrombie & Fitch contracts page soon.
SmartMoney.com: White House Blues. John Kerry wasn’t the only loser in this year’s presidential race. Shares of stem-cell researchers tumbled Wednesday on concerns that the re-election of George Bush, an opponent of the use of embryonic stem cells, would put a damper on this controversial corner of the biotechnology sector for another four years.
I’ve just added StemCells Inc. contracts to the web site. Features employment agreements, consulting agreements, license agreements and more.
USA Today: Cherkasky Begins New Era for Marsh. The executive suite of ousted Marsh & McLennan CEO Jeffrey Greenberg is being retrofitted as a conference room. The company’s $25 million Falcon 900 jet is for sale. And last week Marsh held its first conference call with the media in memory. For a besieged insurance giant with almost $12 billion in annual sales, the moves could be dismissed as token stabs at corporate resuscitation. But for Michael Cherkasky, the rumpled former prosecutor newly tapped to lead the revival of the world’s largest insurance brokerage, the changes represent a crucial distancing from the old guard that led the firm to the brink of ruin after allegations of bid-rigging and collusion.
So, which stage does the removal of a CEO represent in the loss process? Clearly not denial. I’m split between bargaining and acceptance. Marsh & McLennan released Michael G. Cherkasky’s employment agreement last week. The employment agreement for his predecessor – Jeffrey Greenberg – is also available.