The Talbots, Inc. Names Trudy F. Sullivan President and Chief Executive Officer
Former President of Liz Claiborne, Inc.
HINGHAM, Mass.--(BUSINESS WIRE)--The Talbots, Inc. (NYSE: TLB) today announced that its Board of Directors has appointed Trudy F. Sullivan as the Company’s President and Chief Executive Officer, effective August 6, 2007. Ms. Sullivan will also become a member of Talbots Board of Directors.
Ms. Sullivan, 57, will lead Talbots with 35 years of retail and merchandising experience and a strong knowledge of the specialty retail sector from former leadership roles at both Liz Claiborne, Inc. and J. Crew Group, Inc. As the former President of Liz Claiborne, Inc., Ms. Sullivan was responsible for building and leading multiple apparel and non-apparel men’s and women’s brands. Her extensive merchandising career began in Boston, where she started as a Buyer for Jordan Marsh and then Filene’s.
Ms. Sullivan will succeed Arnold B. Zetcher, who previously announced his intention to retire after 20 years with the Company and will remain Chairman of the Board through March 31, 2008.
Commenting on the announcement, Mr. Zetcher said, “Trudy is the perfect person to build on Talbots legacy as the retail destination for the 35+ customer. She’s a highly experienced and well-respected retail executive, and we are fortunate to have attracted someone of her caliber to maximize the Company’s significant growth potential and further develop both the Talbots and J. Jill brands. I look forward to working closely with Trudy to ensure a seamless transition.”
“We are extremely pleased to welcome Trudy to the Company, and believe she is the ideal leader to continue the efforts begun under Arnold Zetcher and the management team to successfully grow Talbots through its multiple retail channels,” said Gary M. Pfeiffer, chairman of Talbots special search committee and presiding director.
“I am excited to join Talbots, as I’ve held a longstanding respect for the brand, both as a loyal customer and a retail executive,” said Ms. Sullivan. “Under Arnold Zetcher’s leadership, Talbots has become one of the country’s best known retail names, with two highly regarded brands serving the 35+ market. And I look forward to the tremendous opportunity to build on this substantial foundation.”
Ms. Sullivan has a B.A. from Manhattanville College, Purchase NY, and completed graduate studies in business at Simmons College in Boston. She currently resides in New York, NY with her husband Michael, and daughters, Catherine and Anne, and plans to relocate to the Boston area.
Today’s appointment is part of the Company’s previously announced succession plan. In February 2007, Talbots Board of Directors appointed a special search committee, which was chaired by Gary M. Pfeiffer, presiding director and chairman of the Board’s Compensation Committee, and included Mr. Zetcher and Mr. Motoya Okada, President and Chief Executive Officer of AEON Co., Ltd., majority shareholder of Talbots. Heidrick & Struggles was retained to assist the special search committee and was supported by Korn Ferry International.
The Talbots, Inc. is a leading international specialty retailer and a cataloger of women’s, children’s and men’s apparel, shoes and accessories. The Company currently operates a total of 1,387 stores, in 47 states, the District of Columbia, Canada and the U.K., with 1,135 stores under the Talbots brand name and 252 stores under the J. Jill brand name. Both brands target the age 35 plus customer population. Talbots brand on-line shopping site is located at www.talbots.com and the J. Jill brand on-line shopping site is located at www.jjill.com.
FORWARD LOOKING STATEMENT
The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “outlook,” “will,” “would,” “would yield,” or similar statements or variations of such terms. Our outlook and other forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our Company which involve substantial risks and uncertainty, including assumptions and projections concerning integration costs, purchase-related accounting adjustments, acquisition synergies and, for each of our brands, store traffic, levels of store sales including meeting our internal plan and budget for regular-price selling and markdown selling for the indicated forward periods, and customer preferences. All of our outlook information and other forward-looking statements are as of the date of this release only. The Company can give no assurance that such outlook or expectations will prove to be correct and does not undertake or plan to update or revise any “outlook” information or any other forward-looking statements to reflect actual results, changes in assumptions, estimates or projections, or other circumstances occurring after the date of this release, even if such results, changes or circumstances make it clear that any projected results will not be realized. In each case, actual results may differ materially from such forward-looking information.
Any public statements or disclosures by us following this release which modify or impact any of the outlook or other forward-looking statements contained in or accompanying this release will be deemed to modify or supersede such outlook or statements in or accompanying this release.
Certain other factors that may cause actual results to differ from such forward-looking statements are included in the Company’s periodic reports filed with the Securities and Exchange Commission and available on the Talbots website under “Investor Relations” and you are urged to carefully consider all such factors.
The Talbots, Inc.
Julie Lorigan, 781-741-7775
Vice President, Investor Relations
Berns Communications Group
Stacy Berns/Melissa Jaffin, 212-994-4660
The Talbots, Inc. Names Trudy F. Sullivan President and Chief Executive Officer
The Talbots, Inc. Names Trudy F. Sullivan President and Chief Executive Officer
When companies look externally for executive management talent and other professionals, they generally rely on one of three recruiting channels according to the level and type of position in question:
* A retained search firm;
* A contingency search firm; or,
* An internal search firm.
Retained Search Firm
A company engages a retained search firm for help finding an “A” player within its market for a senior management position involving a six-figure salary. Executive search firms are the talent source of choice for many Fortune 500 organizations. The search firm’s job is to identify a list of “Top 10” candidates, which it qualifies and presents to the client for consideration. Executive search firms do not assist individuals in finding jobs, but rather partner with a client organization’s senior management to find the right person for a particular position. Search firms typically identify individuals from the client’s main competition and entice them to give consideration to a potentially better opportunity and role within the client company. As the term implies, a retained search firm works on a retained basis.
Contingency Search Firm
Contingency firms specialize in junior- to mid-level executives with salaries below $100,000. A contingency firm only earns its fee if the client hires a candidate presented by the recruiter. As a result, a contingency firm has a more transactional relationship with its clients than do retained search firms, which strive for a more consultative approach.
Internal Search Firm
Some large companies that recruit heavily throughout the year rely on an internal search firm to manage the majority of their recruiting requirements either alone or in conjunction with an external search firm.
The right talent is critical to the success of any organization, and internal search firms are no exception. Most successful internal search firms consist of a team of recruiters with prior experience in either retained or contingency search. But in the world of search, talent is only half the story. The ability to identify talent also requires resources – namely, a research organization.
Information Is Power: The Research Organization
Quality research is vital to any search organization. The research function provides search consultants with critical information such as:
* executive names generated from either:
o an internal database, or
o original research;
* company overviews;
* key executive profiles;
* target lists;
* company news;
* industry news.
This kind of information often makes or breaks a search consultant’s ability to quickly understand a company or industry trend and ultimately identify and present the right candidates.
In addition, the research organization is responsible for managing the search firm’s library, databases, and subscriptions, as well as its association memberships.
Building A Research Organization: The Nuts and Bolts
Successful research organizations within any type of search firm usually share four key characteristics: experience, resources, procedures, and culture.
* Experience – The head of the research organization must have deep experience in research, as well as a thorough understanding of executive search and the various roles within a search firm. He or she must also be able to mentor the other members within this functional role and provide insight into executive search firm practices and procedures.
Despite lack of prior experience, employees from other functional areas can find a career path within the research organization of an internal search firm. The research associate position is the entry-level role. Research associate candidates must be highly organized, disciplined, resourceful and diligent. They must also excel at multi-tasking in order to manage a heavy workload that usually involves commitments to multiple stakeholders.
* Resources – The resources within a research organization are a critical success factor for a researcher. They typically include:
Internal Database – The research organization needs to be able to query the internal database to provide consultants and team members with the valid names, titles, companies, phone numbers, addresses, etc. Where data is concerned, quality is far more important than quantity.
To help manage data recruiting software from organizations like Cluen, FileMaker, and Microsoft are available. During the due diligence process, it is important to make sure that the recruiting software can store and extract data in formats that will be useful to your organization. Software costs can vary substantially depending on the type of package and scope of implementation.
Data integrity is key! There is no foreseeable reason to keep millions of names within a database, if a majority of them are out-of-date. It is far more useful for a consultant to have twenty-five qualified names than a list of one hundred names taken directly from the internal database that includes seventy-five outdated records.
It is well worth the investment of time to set-up a database with care and maintain strict control over its contents. This type of discipline fosters the timely and error-free data queries that enable search consultants and other team members to be effective in their jobs. It also makes possible a much faster response time on research requests.
Periodicals – The periodicals library should include:
# Leading regional publications specific to the metropolis in which the organization resides (e.g.: San Francisco magazine, Chicago magazine, The New Yorker magazine);
# Industry or trade magazines are an important source of industry and sector information. For example, a collection of publications for the technology industry would include: Business 2.0, BusinessWeek, CIO, Fast Company, Forbes, Fortune, InfoWorld, Newsweek, Private Equity Week, Red Herring, VentureWire, and Wired.
+ Newspapers - Today most newspapers have an online presence providing access to content either free-of-charge or for a nominal fee (e.g., San Francisco Chronicle, San Jose Mercury News, Chicago Sun-Times, Chicago Tribune, New York Times, The Washington Post, The Washington Times, Wall Street Journal, Seattle Times, Los Angeles Times, Las Vegas Review-Journal).
+ Local business journals are an invaluable source of information on executives “on the move,” new hires, industry or sector information, knowledge of various departments within your firm, etc.
Associations – Recruiting associations or networks are invaluable resources for second opinions on vexing research questions or projects. Local, regional, national, as well as international groups include:
+ Bay Area Recruiters Association
+ Society for Human Resource Management
+ Society of Competitive Intelligence Professionals
+ The Executive Search Roundtable
+ The Association of Executive Search Consultants
Book of Lists – More than sixty lists of the top companies (by industry, private, public, not-for-profit, etc) within each major metropolis are available in online, hard copy or soft copy format. A research organization should have at a minimum copies of the lists for its state or region. These resources can be extremely helpful when building a target list of companies for an assignment within your organization.
The Internet – A research organization should make extensive use of the Internet part of its culture. Search engines to be included in the basic toolkit of staple Internet resources include: Google.com, Dogpile.com, SFGate.com, Yahoo.com (including Finance), CNN.com, MSNBC.com, CNBC.com, Refdesk.com, Switchboard.com, and Numberway.com.
Trade Newsletters – The two major analyst firms following the executive search industry publish newsletters: Executive Recruiter News (from Kennedy Information), Executive Search Review, Diversity Monitor, and Online Recruiting Strategist (published by Hunt-Scanlon). Trade newsletters provide useful perspectives on the industry, job outlooks, major announcements, etc. Both Hunt-Scanlon as well as Kennedy Information also send regular e-mail alerts to their distribution lists on news developments of interest to recruiters.
Online Business Information Services – There are a variety of online resources for useful business information, such as executive biographies, company overviews, financial data, addresses, telephone numbers, e-mail addresses, analyst reports, etc. Most are fee-based, but some offer a “free” portion within their website:
+ Hoover’s Online
+ The Leadership Directories
+ EDGAR Online
+ Capital IP
* Procedures – While each search assignment is unique, a researcher should still follow certain basic procedures for each project:
o Understand the internal organization with the search need by studying the parent company; its competition; the relevant sector; the product line; location(s) of operations; top executives within organization; and the genesis of the position (replacement hire versus new position).
o Develop a list of target companies and industries, which may vary according to the organization’s requirements and specificity of the role.
Target lists more often than not include competitors.
o Query the internal database for preliminary candidates.
o Support the search consultant in sourcing professionals for appropriate referrals. In some cases, the researcher will also play a consultant-like role during the sourcing process.
o Identify internal and external prospective candidates based on the target list. Candidate identification is typically done by “smiling and dialing.” It is critical that candidate information such as name, title, company name and telephone number be inputted accurately into the internal database and that the researcher double-check his or her work.
o Assist the search consultant as needed in the candidate development process. Provide additional names if required.
o Support education verification and background checks.
o Support the reference checking process as required.
* Culture – Research is a demanding job. To be successful, members of the research team must have a passion for the function. The following qualities are essential:
o Attention to Detail – Entering data accurately saves on time spent correcting errors and ensures that search consultants are equipped with the right information.
o Dedication – Research is not a 9-to-5 job. Researchers must be prepared to do what it takes to field last-minute research requests.
o Time Management – Many research requests are more time-intensive than they appear. A researcher should have a clear enough understanding of time requirements to appropriately set consultant expectations.
o Persistence and Perseverance – To be successful, a researcher needs to have enough tenacity to use all available resources and sift through as much data as required to identify an individual or piece of information.
o The Ability to Multi-task – A researcher is expected to handle multiple projects and assignments.
o Organization Skills – To effectively manage multiple projects and masses of information, researchers must stay organized. A filing system to organize work, articles, and notes for each search consultant and their in-house clients is a must. Although the best files are always tailored to specific requirements, they commonly include a 3-ring binder with tabs for candidates, department information, target list, eliminated candidates, status reports, sources/calls to make, etc.
o Efficiency – Experience increases efficiency as a researcher learns which resources to use to find information in a quick and effective manner. Once again, filing systems can help manage information by sector, industry, company size, etc.
o Team Spirit – Researchers need to be prepared to assume consultant-level work, as well as assistant-level tasks as needed.
Dedication, time management, and attention-to-detail are mandatory. But the initial training a researcher receives is also critical. I was extremely fortunate to have been mentored by two individuals who are considered to be at the top of the research field in the nation. These co-workers shaped me into the researcher I have become – and the one who doesn’t stop until I complete the project at hand. To provide maximum value, a researcher must have a passion for excellence, the ability to stick to his or her guns, an instinct about what questions to ask, as well as honesty about the work provided to peers.
Karen E. Guiden is Research Director at Nosal Partners LLC.
Logistics and supply chain recruitment firm taps founding partner Dawn MacKinnon
By Editorial Staff
Cambridge, ON — June 6, 2007 — Trans-Logic Executive Search Group Limited, a recruitment leader in the logistics, supply chain and transportation industries, has named Dawn MacKinnon to the position of president and chief executive officer.
MacKinnon, one of Trans-Logic's two founding partners has acquired majority interest in this federally incorporated firm.
Founded five years ago, Trans-Logic helps its clients meet their human resource needs by offering executive search services for mid- to senior-level management positions in the logistics, supply chain and transportation industries.
"Trans-Logic Executive Search Group Limited remains committed to understanding and building unique relationships with clients and candidates, providing exemplary service to facilitate shared success," MacKinnon said.
Based in Cambridge, Ontario, Trans-Logic has another branch expected to open in Alberta soon.
Yahoo Inc. has hired veteran investment banker Blake Jorgensen as its new chief financial officer, an indication that the Internet icon is more interested in expanding through acquisitions than selling to potential suitors like Microsoft Corp.
With the appointment announced Tuesday, Yahoo finally designated a replacement for Susan Decker, who has been the Sunnyvale-based company's CFO for seven years. She is widely viewed as the most likely successor to Yahoo Chairman Terry Semel, who is under increasing pressure to boost the company's recently sagging profits.
Yahoo promoted Decker to oversee the most critical part of its business -- online advertising -- as part of a management shake-up late last year. Decker had continued as CFO while the company searched for a replacement.
Jorgensen, 47, will join Yahoo June 4 after a decade as a top lieutenant for one of Silicon Valley's most prolific dealmakers, Thomas Weisel.
Most recently, Jorgensen was co-director of investment banking for Thomas Weisel Partners Group Inc., where last year he helped increase his division's revenue by 65 percent. He also spent five years as Thomas Weisel Partners' chief operating officer before stepping down from that job in March 2007.
Jorgensen's investment banking background suggests that Yahoo wants more expertise in identifying and negotiating takeovers that will help the company regain its stride and become formidable challenge to online search leader Google Inc., which runs the Internet's largest ad network.
"Any time a company picks an investment banker as its CFO, you have to think some deals might be in the offing," said Jackson Securities analyst Brian Bolan. "These guys are trained to do deals."
Besides crunching the numbers for Yahoo, Jorgensen also will supervise the company's mergers and acquisitions group.
Yahoo didn't disclose the terms of Jorgensen's new contract as CFO.
Dragged down by a decline in profits, Yahoo's stock price is about 30 percent below its early 2006 levels. Yahoo shares fell 41 cents to $28.90 during Tuesday's afternoon trading.
Media reports earlier this month that Microsoft had renewed talks with Yahoo about a possible takeover or alliance temporarily lifted Yahoo shares, but they backtracked when it became apparent that there was no imminent deal.
Both Semel and Decker have promised the company will show improvements during the second half of this year. That optimism is based on a much-anticipated upgrade to a system that chooses which ads to display alongside search results and other content.
In another attempt to expand its market share, Yahoo is buying online ad exchange Right Media Inc. for $680 million. Yahoo sealed that deal after being outbid by Google for online ad distributor DoubleClick Inc., which sold for $3.1 billion.
Google also trumped Yahoo with last year's $1.76 billion acquisition of online video pioneer YouTube Inc.
By MICHAEL LIEDTKE
: New CFO
For job seekers and employers, sites such as LinkedIn and Facebook offer less than six degrees of separation
by Kurt Ronn
Personal or social networks are groups of individuals who are related to each other by specific types of relationships, such as school, work, family, and friends. Since referrals account for approximately 30% of external hires regardless of the size of the organization, you should start exploring social-networking sites as a way to expand your universe of contacts.
Social-networking sites, such as Facebook, MySpace (NWS), and LinkedIn, are among the most visited sites on the Internet—just behind the major search engines—according to Internet traffic-monitoring service Alexa.
The demographics of MySpace and Facebook are younger than those of the general population. Facebook, the leading site for college students, lists more than 3 million users ages 25 to 34, 400,000 users from 35 to 44, and more than 100,000 who are 45 and older. LinkedIn boasts a membership of 8 million professionals. Most user profiles are richer than any standard résumé in content and context.
Building a social network online is fast—you can click and e-mail your way to a large network almost instantly. Whether you are looking to hire people or for employment, such networks can be a future source of jobs and talent. Here are some guidelines for getting connected.
Job Seekers: Start Getting Connected
First, identify a social network that you feel comfortable joining. For example, MySpace has different "networks" such as Technology and Marketing that facilitate access to people in these fields. When deciding which site to join, browse the sites' different networks and subfields to determine which have areas that meet your needs or interests.
Next, build your profile carefully, making sure that the information is accurate. Profiles are generally considered public, so don't include anything you wouldn't want everyone to know, such as information that could hamper your job search efforts (e.g., salary information or excruciating detail about social activities). Review other profiles and match their style and content when building your own. A strong word of caution: The Internet has a long memory. Confidential or inappropriate information can be unearthed easily by a recruiter, supervisor, or anyone else with an Internet connection—often for years to come.
Once you build a profile, start connecting with other members and invite your current contacts to join. The more connections you make, the more likely you are to reach someone of importance to you. Just one contact can lead to thousands of networked contacts without a single phone call. This is one of the reasons LinkedIn has more than 100,000 recruiters as members.
Build relationships by regularly sharing information, such as commenting on a person’s profile, article, or blog. A deeper online profile enhances your importance to the community, increasing the likelihood a target employer will notice you. If the profile shows depth of experience and expert opinion on relevant topics, it can help differentiate one candidate from another. Recruiters regularly Google candidates and check social-networking boards to find out more about an individual.
Even if you are not looking for a job, recruiters may be looking for you. By demonstrating your expertise in certain industries, you may be presented with better job opportunities. Also, by frequently sharing information, you can potentially build an industry reputation that may benefit you when job hunting in the future. College students can use social-networking sites to develop relationships with professionals that may assist them in finding jobs after graduation.
Employers: Start Building Communities
The ability to get in touch with the right person at the right time is important to employers as well as job seekers. Online communities—people with like interests, demographics, and backgrounds—are a recruiter's dream. The ability to target an employment opportunity and tailor the message to a specific demographic is very powerful.
Targeted messaging and searching are only the beginning, however; employers need to start building their own online social networks for the hard-to-find talent they want to attract to the company. For example, by building a networking site for accountants, a company in this field could become privy to relevant information and potentially become an industry leader. Having a ready pool of specialized talent interacting regularly with the company is the electronic equivalent of employee referrals. As new positions open, the exclusive pool of talent is easily accessible, profiled, knowledgeable about the company, and probably interested in discussing employment opportunities.
Although building a social-networking site may not be for every company, simply using existing networking sites can offer much. Employers should look at online profiles much the way they view résumés—considering work experience and duration, education, group memberships, location, and so forth. However, online profiles can provide more information to determine industry expertise or qualifications for the position, such as blogs, posts on discussion boards, and various communications with other members of industry networks.
Don't Throw Out the Rolodex
Job seekers and future job seekers: Get online and get connected. MySpace might not be the right place to build your professional profile and relationships, but there is a social-networking site that's right for you.
Employers, your recruiters should be networking online and you should evaluate your own social presence. Job boards are not going to disappear overnight, but recruitment is moving rapidly toward social networking. It has always been about who you know; now you can know a lot more people.
Kurt Ronn is the president and founder of HRworks, a national recruitment firm that helps major companies acquire talent to build their organizations. For more information, visit HRworks.com.
By MICHELLE ROBERTS
SAN ANTONIO - After an acquisition binge that transformed the smallest Baby Bell into a telecommunications heavyweight, AT&T Inc. is undergoing another change Sunday: a new chief executive.
Randall Stephenson, 47, rose through the ranks of AT&T and previously served as its chief financial officer and chief operating officer. He is credited with helping position the company so it could afford the buying spree that turned it into the nation's largest provider of traditional phone, wireless and broadband services.
Stephenson takes over for Edward Whitacre Jr. in time for what might be the most hyped telecommunications device launch in a generation, Apple Inc.'s iPhone. AT&T - whose wireless division was formerly known as Cingular - will be the exclusive carrier for the combination cell phone, portable music player and Web device when it launches in the U.S. later this month.
"Whatever your expectations are from this device, they are probably too low," Stephenson said in a recent interview. "It changes how we think about the [personal digital assistant], the iPod and the cell phone interacting."
More than 1 million people have signed up through AT&T's Web site for a call when the iPhone becomes available, Stephenson said. It will be available in two models, priced at $499 or $599.
It's not clear how many of the devices will be available at launch, but Stephenson said, "I'll be really disappointed if there's not a shortage."
AT&T plans to grow through wireless, using that business segment to drive sales of its traditional phone, high-speed Internet and other services.
"The company is going to be positioned as a wireless-centered company," Stephenson said. "Once you have Mom and Dad and the kids on wireless, then you get them on broadband and television."
He said he doesn't plan major departures from the path San Antonio-based AT&T is following, after takeovers of BellSouth Corp., the Cingular Wireless business and the AT&T long-distance business. The BellSouth acquisition gave it full control of Cingular.
Most of the major consolidation in the telecommunications business is done, he said.
"No hard left or right turns. We've set the direction of this business over the last two to three years," he said.
AT&T's stock has been trading at five-year highs, but despite the excitement around the iPhone, Stephenson still faces significant challenges.
He'll have to finish the integration of BellSouth, an $86 billion purchase, and the AT&T long-distance business, bought for $16 billion in 2005, while trying to grow revenue in a wireless business that's facing heavy competition.
More competition will continue to come from cable, which is selling phone service along with TV and Internet. AT&T has responded with its U-verse television service, though the rollout has been slow and it won't be available in any of the old BellSouth territory until later this year.
Analysts say the rapid, wide-scale changes in the telecommunications business give Stephenson the reins of a company vastly different from the one run by Whitacre.
"It's not the same marketplace," said industry analyst Jeff Kagan, noting the 1984 breakup of the old AT&T Corp. - Ma Bell - was followed by an avalanche of new competitors and then consolidation. "He's inheriting a company that is a brilliantly put together company, and it's very profitable. But they're going into head-to-head competition with new companies that are also very profitable and very strong."
The Bryan-College Station Eagle
Sheehan Memorial Hospital is turning to a former banking executive to be its new president and chief executive officer.
June Hoeflich, who has chaired the Buffalo hospital's board of directors since 2003, was named to the post Friday. She replaces Sheila Kee as head of the facility.
Hoeflich, a graduate of the University at Buffalo with a master's degree from Canisius College, retired from HSBC Bank USA, rising to senior vice president.
June 8, 2007
Business First of Buffalo:
Xinhua Finance Ltd., a Beijing financial news and media company, said Tuesday it is revising its governance policies in the wake of problems related to its former chief financial officer.
Earlier this month the company's CFO, Shelly Singhal, resigned from the company after Barron's reported the company failed to disclose in its IPO prospectus that he ran a brokerage firm that has been under a cease-and-desist order from the National Association of Securities Dealers since 2006.
However, NASD spokeswoman Nancy Condon said that a cease-and-desist order was not issued against the brokerage firm, Bedrock Securities.
According to a spokeswoman for Singhal, the NASD told Bedrock it may have been in violation of rules and should suspend its securities business until it was in compliance. Bedrock ceased its securities business and brought itself into compliance with those rules, said the spokeswoman. She said that on Dec, 14, 2006, the NASD informed Bedrock that it was in compliance and could resume its securities business.
"Bedrock currently is engaged in limited activity with regard to a minimum number of customer accounts for friends and family," said the spokeswoman in a statement. She added that Singhal owns but does not operate Bedrock.
Xinhua Finance said it plans to have a majority of independent directors on its board and the board of Xinhua Finance Media. It said it plans to establish lead independent director positions on both boards and to hire executive search firm Spencer Stuart to help recruit independent director candidates for both boards.
"As our businesses have become more global, we have evolved our governance practices to meet the standards of the new markets we have entered. (We) are currently fully compliant with all applicable regulations in the jurisdictions where we operate, but we recognize that there are ways in which we can further improve our corporate governance," said Fredy Bush, chief executive.
Associated Press 05.30.07, 6:19 PM ET
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Executive recruitment company Korn/Ferry International said Wednesday its fiscal fourth-quarter earnings fell 33 percent, hurt by unfavorable exchange rates, higher expenses and a charge related to employment contract changes.
For the quarter ended April 30, the company reported net income of $14.1 million, or 30 cents per share, from $21.1 million, or 45 cents per share in the year-ago quarter. The figures are adjusted for computation of diluted earnings per share.
Associated Press 06.06.07, 8:53 AM ET
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Former Cisco executive Mike Volpi is new CEO of online video company Joost Operations.
Former Cisco Systems Inc. executive Mike Volpi will become CEO of online video company Joost Operations SA, replacing founding CEO Fredrik de Wahl, the company announced Tuesday.
De Wahl will remain with Joost as chief strategy officer, the company said. Volpi, who takes command immediately, was a 13-year Cisco veteran, serving as the company's senior vice president and general manager of its Routing and Service Provider Technology Group until his resignation in February.
Under De Wahl's stewardship, Joost signed content distribution deals with major providers including CBS Corp. Still in beta, Joost will offer free video content supported by advertising, and is already poised to rival other such sites, namely Google Inc.'s YouTube.
Joost was founded in January 2006 by Janus Friis and Niklas Zennstrvm, creators of Skype Ltd., now part of eBay Inc.
Steven Schwankert, IDG News Service
Tuesday, June 05, 2007 9:00 AM PDT
Friday, June 8, 2007
Kellwood Co. said that during its board meeting Thursday, the directors elected five new officers, including Gregory Kleffner as the new chief financial officer.
Kleffner previously served as senior vice president of finance and controller since June 2006. He succeeds W. Lee Capps III as CFO and reports to Robert Skinner Jr., Kellwood chairman, president and CEO.
Capps relinquished his role as CFO, according to a release, "to intensify his focus on operations" and continues to serve as chief operating officer.
The four other new officers are:
* Patrick Burns was elected corporate vice president and chief strategy and marketing officer. Previously, Burns was vice president marketing and strategy, a post he had held since October 2006 when the company established a corporate marketing function. Burns is based in New York.
* Samuel Duggan II was elected corporate vice president investor relations and treasurer. Most recently, he served as vice president treasury services, a post he had held since May 2006.
* J. David LaRocca Jr. was named corporate vice president human resources. LaRocca joined Kellwood in January 2006 from Limited Brands Inc.
* Michael Saunders, Kellwood vice president and chief information officer (CIO), was elected corporate vice president and CIO.
Separately, Kellwood said Friday that board member, Robert "Bob" Baer, retired from the board effective Thursday. Baer, 69, has served on the Corporate Governance Committee since 2004, and the Compensation Committee since 2005. He is currently president emeritus of UniGroup Inc.
A search is underway for a new board member, according to a release.
St. Louis-based Kellwood Co. (NYSE: KWD) manufactures branded and private-label apparel and recreational and camping equipment.
St. Louis Business Journal
: New CFO
Heidrick & Struggles International, the executive search and leadership consulting firm, announced that Lynne Seid has joined the firm's New York-Park Avenue office as a Partner in the Chief Marketing Officer Practice.
"Lynne's extensive experience in marketing, advertising and digital media, her network of relationships in these industries and her track record of success in generating new business make her an extraordinary asset to the firm and the Practice," said Jane Stevenson, Global Managing Partner of the CMO Practice. "Heidrick & Struggles' capability to assess and attract digital marketing leadership is already leading edge and Lynne's unique skill-set enables us to provide additional value to clients in that sector and beyond."
Prior to joining Heidrick & Struggles, Seid was Partner of Visible World, a pioneering new media technology company that develops customized, addressable video advertising.
Previously, Seid was president of Foote Cone & Belding New York, the flagship of Foote Cone & Belding Worldwide. Prior to that, she was Executive Vice President, Chief Client Officer at BBDO New York, where she established a new business process resulting in $600 million of business. Before joining BBDO, she was president of Partners & Shevack, Inc., another New York City-based advertising agency.
Seid earned her bachelor's degree in art history from Goucher College. She is on the board of directors of the Advertising Club of New York, Scholars Group-Gerson Lehrman Group Councils. She is a former chairman of the 4 As New York City Council.
Wed 23 May 2007
Nokia is believed to have whittled down the contenders for its top marketing role to four people, with the next stage seeing the candidates hoping to win approval from Nokia's international bosses in Finland.
The role comes as Nokia UK is pushing to raise its profile within the international business.
The role has attracted substantial interest both from within the industry and outside, with senior marketers at more than one of Nokia's rivals understood to have been in discussions about the high-profile role. Executive recruitment group Russell Reynolds has co-ordinated the search.
Nokia's former marketing director, Simon Lloyd, left the business recently to go to 118.com, after three years with the manufacturer.
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Nokia hunts for marketing chief