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Home Depot's new CEO has much repair work to do
ATLANTA, Jan 5 (Reuters) - Home Depot Inc.'s new chairman and chief executive, Frank Blake, has a ton of repair work to do for shareholders, workers and consumers, experts said this week. While the exit of former CEO Robert Nardelli after six years removes a target of criticism, the world's largest home improvement retailer is far from out of the woods, as activist investors push for change while takeover talk persists.
In addition to improving relations with angry shareholders, Blake will have to shore up Home Depot's stores to fend off rival Lowe's Cos. , and show that the lower-margin supply business and a move into China can deliver meaningful returns.
"This used to be a growth stock and now it's a value stock," said Bill Schultz, chief investment officer at McQueen, Ball & Associates, which owns Home Depot shares.
Gadflies begin to have effect on companies ALL BUSINESS RACHEL BECK
Remember when investors who pestered companies about their governance practices were deemed nothing more than trouble-making gadflies? Now their tactics are looking increasingly smart.
Just consider how intense shareholder pressure over Home Depot Inc.'s CEO pay finally contributed to Robert Nardelli's surprise resignation this week. And Morgan Stanley seems to see power in using governance to its advantage, too, as evidenced by its recent hire of a well-regarded expert in investor activism to work in its investment division.
The message is simple: As much as cash flows and earnings matter in investment decisions, getting ahead in today's markets also entails closely watching how corporate boards enrich top executives and the power they allow such leaders to have over business dealings.
Text of Rendell's inaugural address
Let me begin by thanking the thousands of people whose work in this long campaign year helped bring me here today. Let me also thank the men and women of our administration whose talent, energy and commitment have helped us achieve so much and who have joined with me again in our efforts to do even more. And lastly I thank the people of Pennsylvania who demonstrated their confidence in me and have given me the opportunity to lead once again. Four years ago, I stood on these steps and said that we needed to change our state's direction. We were a commonwealth in crisis: facing a $2 billion budget deficit; with an economy that had bypassed too many of our smaller cities and towns; a property tax system that threatened the ability of working citizens and especially the elderly to keep their homes; and education system in desperate need of comprehensive public investment -- investment that had been forestalled for nearly a generation.
Text of the speech given by Gov. Ed Rendell at his inauguration
Let me begin by thanking the thousands of people whose work in this long campaign year helped bring me here today. Let me also thank the men and women of our administration whose talent, energy and commitment have helped us achieve so much and who have joined with me again in our efforts to do even more. And lastly I thank the people of Pennsylvania who demonstrated their confidence in me and have given me the opportunity to lead once again.
Four years ago, I stood on these steps and said that we needed to change our state's direction. We were a commonwealth in crisis: facing a two (b) billion dollar budget deficit; with an economy that had bypassed too many of our smaller cities and towns; a property tax system that threatened the ability of working citizens and especially the elderly to keep their homes; and education system in desperate need of comprehensive public investment -- investment that had been forestalled for nearly a generation.
10 ways to use online maps to generate business leads and sales
I used to consider myself technically advanced. Heck, I even spent the first 5 years after graduating from college as a programmer analyst. When a pc was broken or someone in my network needed advice on buying keywords, I was the first on the speed dial. And then came the day, the day that all of us self proclaimed techies fear. The day when our methods are rendered prehistoric by some young upstart whose knowledge has grown faster than Moore's law (http://en.wikipedia.org/wiki/Moores_law ) or Google's share of the search market (http://www.clickz.com/showPage.html?page=3624005). For me that day came when my three year old daughter demonstrated to me how to successfully advance to the third level of her Sponge Bob video game in one try; a task that I failed to complete given three chances. Because I refuse to take her attack on pride laying down I hope to bring a tidbit of information that will both be of benefit to business owners and at the same time reestablish my "royal technology superiority".
Jobs, income gains bright spots in 2006
The job market was the brightest spot in the economy at the end of last year, with wage gains hitting a six-year high of 4.2 percent and employers creating another 167,000 jobs, the Labor Department reported yesterday.
In all, 1.8 million new jobs opened up in 2006 while the healthy growth in incomes enabled consumers to overcome high gas prices and keep spending despite deep troubles in the housing market and the auto industry. The unemployment rate, at 4.5 percent in December, was at the lowest levels since 2000.
By the end of the year, robust growth in services, management and professional jobs like health care, education, engineering and telecommunications overwhelmed job losses in construction and manufacturing that resulted from the weak real estate and auto sectors.
If they want to play, they have to pay
LAKE BUENA VISTA, Fla. -- Some of the children stood on inner-city street corners shaking donation cans. Others asked for special offerings at their churches. Or hawked candy bars at shopping malls. Or peddled cookies at schools, synagogues, anywhere a kind soul might spare a dime or a dollar.
Many of these Pop Warner football players and cheerleaders also left it to their parents to join hundreds of other cash-strapped families across the country in ringing up hefty credit-card debts. So began the latest gush of community contributions and family incomes from towns across America into the coffers of the Walt Disney Co., the global giant that last year turned a profit of $3.4 billion.
In order to participate in the Pop Warner national football and cheerleading championships in December, children on teams nationwide were required to stay at Disney hotels and buy tickets to other parks within Walt Disney World.
New treasurer in Bolton
Donna Madden, the assistant treasurer for Littleton, has accepted an offer to become Bolton's full-time treasurer, said Town Administrator Jodi Ross. Selectmen were scheduled to make the appointment official last Thursday. The job was part time when held by Joanne Jenkins, who resigned during the fall in the wake of concerns about her management of the town's life insurance policy. Madden is due to start Jan. 8 at a salary of $49,712.
-- Matt Gunderson
HERITAGE HOTSPOTS -- Town and state officials have designated 82 areas as heritage landscapes, according to Town Administrator Jodi Ross. The program aims to raise awareness of locations that are of cultural or historic al significance, some of which could be later designated for preservation. Ross said the listing will soon be placed on the town's website, townofbolton.com.
Allard bows out of '08 race
After announcing he will not run for re-election in 2008, Wayne Allard, U.S. Senator, has two more years to pass what his aides termed an ambitious legislative agenda.
Then Wayne Allard, veterinarian, will come home to Loveland for good.
Allard told his staff and then the public Monday he would not seek a third term in the Senate, deciding to honor a pledge to only serve two terms.
Invoking Thomas Jefferson, who retired to his beloved Monticello after two terms as president, Allard said he wanted to return to private life.
"I made a pledge to be a citizen legislator and serve in the Jeffersonian ideal of public service, where you serve for a period of time and then return to live under the laws you helped enact," he said at a press conference in Denver.
