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Business news briefs — Dec. 18

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LOCAL BUSINESS

Goodyear promotes officials

Goodyear announced changes to its finance leadership team.

Scott Honnold, vice president and treasurer, was elected vice president of business development. Tom Kaczynski, vice president of investor relations, was elected vice president and treasurer of investor relations. The changes are effective Jan. 1.

The company previously named Laura Thompson executive vice president and chief financial officer.

Honnold has been vice president and treasurer since 2010. He joined Goodyear in 2007 as assistant treasurer, Capital Markets and Risk Management. Before that, he held financial leadership positions with Saks Inc., Books-A-Million and NationsBank.

Kaczynski joined Goodyear this year from Affinia Group Inc., where he had been vice president and corporate treasurer since 2005. Before that, he was director of affiliate financing for Visteon Corp. and previously held a number of management positions at Ford.

New leaders for car group

The Greater Cleveland Automobile Dealers’ Association named a new Executive Committee for 2014.

Ed Babcock, fourth generation owner of the Junction Auto Family in Chardon, steps down as 2013 chairman and becomes chairman of the 2014 Cleveland Auto Show. Colin MacLean, president of Elyria Hyundai, becomes the new chairman. Lou Vitantonio, who was named president of the association in 2010 and has served with the organization for 17 years, will continue to serve as president.

Chuck Gile of Motorcars Honda and Toyota in Cleveland Heights moves from second vice chairman to first vice chairman. Ken Ganley, president of the Ganley Auto Group, moves from treasurer to second vice chairman. Robert Morris of Morris Cadillac Buick GMC, the association’s newest executive committee member, is the new treasurer.

DIVIDEND

CVS increases dividend

CVS Caremark Corp., the largest provider of prescription drugs in the United States, boosted its dividend by 22 percent and approved a share buyback for as much as $6 billion.

The quarterly dividend of 28 cents a share is payable Feb. 3 to holders of record on Jan. 23.

Adjusted profit will be $4.36 to $4.50 in 2014, the company said. Analysts had projected $4.47, on average.

CVS shares are up 46 percent with reinvested dividends.

CORPORATE

ADM moving to Chicago

Archer Daniels Midland Co. is moving its global headquarters to Chicago, but said the agribusiness giant could still set up a new technology center in another state after failing to win millions in tax breaks.

Delta won’t allow voice calls

Delta Air Lines says it won’t allow passengers to make voice calls from its planes. CEO Richard Anderson says the airline’s frequent fliers believe that voice calls in the cabin would disrupt the travel experience. Delta says a majority of customers in a survey last year said the ability to make voice calls would make their experience worse, not better.

Anderson also says Delta employees, particularly in-flight crews, are against allowing calls during flights.

JPMorgan sues FDIC

JPMorgan is suing the Federal Deposit Insurance Corp. to recover more than $1 billion tied to its purchase of Washington Mutual when that bank failed in 2008.

The New York bank said that the FDIC failed to honor obligations under the Washington Mutual agreement, and that has subjected JP Morgan to massive liability. The FDIC became the receiver for Washington Mutual, during the largest bank failure in U.S. history.

WALL STREET

Dow Jones hits new record

The Dow Jones industrial average jumped 292.71 points, or nearly 2 percent, to 16,167.97 — another all-time high for the blue-chip index. The broader Standard & Poor’s 500 index rose 29.65 points, or 2 percent, to 1,810.65 and the Nasdaq composite rose 46.38 points, or 1 percent, to 4,070.06. All 10 sectors of the S&P 500 ended the day higher, with health care and banking up the most.

Compiled from staff and wire reports


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