Archive: February, 2011
After 15 years as CEO, A. James Dearlove will retire from Penn Virginia Corp., the Radnor natural gas and oil exploration company, after the annual shareholders meeting in May.
The board promoted H. Baird Whitehead from chief operating officer to president Thursday and elected him to the board. The company said in a statement that the board is expected to name the 60-year-old Whitehead CEO in May.
Whitehead joined Penn Virginia in 2001 after more than 20 years as an executive with Cabot Oil & Gas Corp.
AmerisourceBergen Corp. shareholders have spoken, and they want the right to vote annually on the pay packages of the company’s senior executives.
At the annual shareholders meeting Thursday, a majority of the votes were cast in favor of holding an advisory vote, or “say on pay,” each year, rather than every three years, as the board of the drug wholesaler had recommended.
In addition, shareholders approved the compensation arrangements for the top management of the Valley Forge company.
In Wednesday’s column about a possible sale of A.C. Moore Arts & Crafts Inc., I mentioned other recent acquisitions of companies in the $28.3 billion craft and hobby industry, including Michaels Stores Inc. and Jo-Ann Stores Inc.
However, I incorrectly included a 40-year-old company as being sold that has never changed ownership. The privately held Hobby Lobby Stores Inc., of Oklahoma City, Okla., has 469 stores in 39 states and has been opening 25 to 35 stores a year for several years.
So how did it wind up in the column? There is a similarly named company, Hobby Lobby International Inc., a Brentwood, Tenn. company that makes and distributes radio-controlled airplanes, helicopters and boats. It was bought by a serial entrepreneur named Mark Cleveland in early 2009.
Since Philadelphia raised the sales tax being collected within its borders to 8 percent from 7 percent in late 2009, many readers have wondered what the effect has been.
Has it led to more revenue being collected or less? The easy answer is "more."
According to the City Controller's Office's monthly economic report for December, sales tax revenue is up from last year and the previous year. The $18.6 million collected in December was down 14 percent from November and was the lowest amount in the current fiscal year when the city expected to collect $242 million in sales taxes.
The A.C. Moore Arts & Crafts Inc. retail chain hung a handmade “for sale” sign on itself Tuesday.
The Berlin, N.J., company became the latest retailer to disclose that it was “exploring strategic alternatives.” The choices mentioned in its brief statement include a potential sale, corporate financing, or raising more capital.
The announcement, made before the stock market had opened, stirred shareholders into action. On Tuesday, the stock price jumped 17 percent, or 41 cents, to close at $2.85 on more than six times the average daily volume for the last five years.
In the eight years that Therese Flaherty has been running the Wharton Small Business Development Center, she’s seen boom and bust.
The center’s client base has remained pretty consistent at about 600 businesses annually, but their questions and challenges have changed since the brutal recession.
Money, of course, is on the minds of nearly every businessperson, Flaherty said. When they hear that the SBDC has no money to lend to them, that ends the conversation for some of them.
Ask a banker about the weak state of small-business lending, and he's likely to point the finger at low demand from borrowers.
Ask a small businesswoman about it, and she'll probably blame banks for being unwilling to lend.
The truth, as the saying goes, lies somewhere in the middle.
One reason the Davids of the world are the focus of so many tales of success: Almost no one empathizes with Goliath.
But it's intriguing when Goliaths seek to sell their point of view, because the bait is usually the same - an economic-impact report.
I'm no fan of these reports, which can provide crumbs of information about the actual spending and employment of a business, event, or nonprofit organization. The trouble is those hard facts are obscured by larger assumptions about indirect spending, indirect job creation, and other intangibles.