Myers declares dividend
Myers Industries Inc. (NYSE: MYE) declared a regular quarterly dividend of 8 cents a share, payable Oct. 1 to shareholders of record as of Sept. 7.
Wal-Mart shores up board
Wal-Mart Stores Inc. named the former chairman of accounting firm KPMG International to its board, effective immediately. Tim Flynn, 55, will become the board’s 17th member and is also joining the audit committee.
Wal-Mart has been affected by a bribery scandal in Mexico. In late April, the New York Times reported that Wal-Mart’s Mexican unit allegedly paid millions of dollars in bribes to speed building permits and gain other favors, and that executives didn’t notify authorities even after Wal-Mart found evidence of the scheme during a probe dating to 2005.
The bribery allegations have led to federal investigations in the U.S. and Mexico, as well as a global anti-corruption compliance review by Wal-Mart. They also have spawned about a dozen shareholder lawsuits seeking changes in Wal-Mart’s corporate governance and damages on behalf of the Bentonville, Ark., company from current and former executives and directors.
Marketing officer leaves GM
General Motors’ Chief Marketing Officer Joel Ewanick resigned because he didn’t “meet the company’s expectations of an employee,” according to an emailed statement by the automaker Sunday.
GM senior managers, who had been happy with the marketing executive’s work, requested Ewanick resign after reviewing a sponsorship agreement that failed to meet company policies, said a person familiar with the departure.
The departure complicates Chief Executive Dan Akerson’s efforts to stem U.S. market share losses at the Detroit-based automaker and end deficits in Europe that have totaled $16.4 billion since 1999.
Under Ewanick, 52, the automaker decided in May to end advertising on Facebook Inc. GM began discussions about resuming ads on the social-network website, two people familiar with the talks said earlier this month. Ewanick also decided not to advertise during the National Football League’s Super Bowl championship game next year on CBS.
Succession plan at Coke?
The Coca-Cola Co. is streamlining its business and raising the profiles of two key executives, a move that could better position them to eventually succeed CEO Muhtar Kent. Starting next year, the world’s largest beverage company says its business will be built around three units: Coca-Cola Americas, Coca-Cola International and a bottling division, which will oversee the company’s bottling operations outside North America.
Currently, the heads of various regions, such as North America, Latin America, and Europe, the Middle East and Africa, report directly to Kent. The new structure splits global operations about evenly; roughly half of Coca-Cola’s sales volume comes from the Americas, while the rest comes from other parts of the world. The Atlanta-based company said Steve Cahillane, 47, will head the new Coca-Cola Americas unit, which will include Latin America. He currently heads Coca-Cola Refreshments in North America, a position he was named to in 2010.
The new Coca-Cola International unit will be headed by Ahmet Bozer, 52. Bozer, who joined the company in 1990 as financial control manager, currently oversees the region encompassing Europe, Africa and the Middle East. Irial Finan, 55, will continue as president of the bottling unit, Bottling Investments Group.
John Sicher, editor of the closely watched industry tracker Beverage Digest, said in a note to subscribers that the new structure could be a way for Kent and board to see how Bozer and Cahillane perform on a bigger stage.
Dow Jones falls 2.65 points
The Dow Jones industrial average ended down 2.65 points at 13,073.01, suffering its first down day in four after two straight sessions of triple-digit surges. JPMorgan Chase & Co., fell 2 percent after Deutsche Bank AG downgraded the bank to hold from buy, saying earnings estimates might be too lofty.
The S&P 500 index shed 0.67 point to 1,385.30, with telecommunications pacing gains and health care the weakest performer among its 10 sectors. It was the first drop in three sessions.
The Nasdaq composite retreated 12.25 points to 2,945.84.
Oil declined as the dollar rose against the euro. Crude for September delivery fell 0.4 percent to $89.78 a barrel on the New York Mercantile Exchange.
Compiled from staff and wire reports