Yahoo! (YHOO) Nominates Three New Board Members Apr 16, 2014 05:56PM

Yahoo, Inc. (NASDAQ: YHOO)
Yahoo! Inc. (NASDAQ: YHOO) today announced the nomination of three new members to the company's board of directors. Shareholders will vote on the nominees at the company's Annual Meeting on June 25, 2014. The nominees are:

  • David Filo, co-founder, Yahoo! Inc. and Chief Yahoo
  • Charles R. Schwab, Chairman and a director of The Charles Schwab Corporation
  • H. Lee Scott, Jr., former President and Chief Executive Officer, Walmart

"The addition of David Filo, Charles Schwab and Lee Scott adds significant depth and breadth of experience to the Yahoo board,” said Marissa Mayer, CEO of Yahoo.

"As a co-founder and long time Chief Yahoo, Filo is the heart and soul of the company and in re-joining the board, he adds 19 years of deep and personal knowledge of Yahoo’s business and culture to the conversation,” Mayer said. “Chuck brings a wealth of experience to the board, having built a well-respected brand and having grown a successful business from the ground up. Lee is a world-class business leader who understands the importance of operational excellence and international scale, and he will lend a unique perspective to the group. I am confident that with today’s nominations, we bring the right mix of voices and experience to the Yahoo board, positioning the company to deliver even more value to our users, our advertisers and our shareholders moving forward.”

"We are thrilled to be able to nominate three experienced and passionate leaders to our Board of Directors," said Maynard Webb, chairman of the board at Yahoo. "As experienced directors, founders, and CEOs of Fortune 500 companies, David Filo, H. Lee Scott, Jr. and Charles Schwab each bring immense expertise and fresh perspectives that I’m confident will benefit the company and its owners. We are also very grateful for the service and contributions made by John Hayes and Peter Liguori, and thank them for their wisdom and guidance."

“I am incredibly proud to return to the Yahoo board,” said Mr. Filo. “Jerry and I founded Yahoo as a product focused company that creates compelling experiences through technology, and I’m excited that today we are solidly back on that path. I am very familiar with Yahoo’s history and with the technology underlying everything we do today and more importantly, everything we want to do tomorrow. I look forward to working alongside the other directors as we continue our mission to build the best possible consumer experiences for our users.”

“I'm excited to be nominated to join the board of such a vital company,” Mr. Schwab said. “Yahoo sits at the heart of the world's digital revolution and nothing is more interesting and with greater potential than engaging with a team of people devoted to improving our daily lives.”

“I am both honored and excited to be nominated for the Yahoo board," said Mr. Scott. "Yahoo is in the midst of one of the most extraordinary transformations the Internet industry has seen, and I am impressed by the company’s renewed commitment to building beautiful consumer products for millions of people worldwide. I’m excited to bring the unique learnings and experiences from my career to the Yahoo Board, and to help propel the company on a path of steady growth.”

Board Nominees

David Filo, a founder of Yahoo and Chief Yahoo, has served as an officer of Yahoo since March 1995, and served as a director of Yahoo from its founding through February 1996. Mr. Filo is involved in guiding Yahoo’s vision, is involved in many key aspects of the business at a strategic and operational level, and is a stalwart of the Company’s employee culture and morale. Mr. Filo co-developed Yahoo in 1994 while working towards his Ph.D. in electrical engineering at Stanford University, and co-founded Yahoo in 1995. Mr. Filo was selected as a director nominee due to his extensive technical and industry expertise and his unique perspective on the Company’s strategic and technical needs.

Charles R. Schwab has been Chairman and a director of The Charles Schwab Corporation since its incorporation in 1986. He served as the Chief Executive Officer of The Charles Schwab Corporation from 1986 to 1997 and from 2004 until 2008, and as its Co-Chief Executive Officer from 1998 to 2003. Mr. Schwab was a founder of Charles Schwab & Co., Inc. in 1971, has been its Chairman since 1978, and served as its Chief Executive Officer from 2004 until 2008. Mr. Schwab is Chairman of Charles Schwab Bank and Chairman and trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Laudus Trust and Laudus Institutional Trust, all registered investment companies. Mr. Schwab was selected as a director nominee due to his extensive public company board experience and his financial markets experience.

H. Lee Scott, Jr. served as President and Chief Executive Officer of Walmart from January 2000 to January 2009 and as an executive officer and Chairman of the Executive Committee of Walmart’s board until January 2011. Prior to serving as President and Chief Executive Officer of Walmart, he held various other positions with Walmart, including Vice Chairman and Chief Operating Officer, as well as Executive Vice President and President and Chief Executive Officer of Walmart U.S. Mr. Scott served as a director of The Goldman Sachs Group, Inc. from May 2010 to May 2011. Mr. Scott was selected as a director nominee due to his extensive senior leadership experience at a public company and his board of directors experience at public and private companies.


People's United Financial, Inc. (PBCT) Misses Q1 EPS by 4c; Announces CFO Transition Apr 16, 2014 05:09PM

People's United Financial, Inc. (NASDAQ: PBCT) reported Q1 EPS of $0.16, $0.04 worse than the analyst estimate of $0.20.

The company also announced today that Chief Financial Officer Kirk Walters is transitioning out of his role as Chief Financial Officer of People's United Bank for family reasons. David Rosato, who has served as Treasurer since 2007, will succeed Walters as Chief Financial Officer of the bank. Both changes are effective immediately.

Walters will continue to serve as Chief Financial Officer of People's United Financial, Inc., the bank's holding company, through December 31, 2014, when Rosato is expected to assume that position. Walters will remain an executive officer, transitioning as of January 1, 2015 to the role of Senior Executive Vice President, Corporate Development and Strategic Planning. He will also remain a member of the Board of Directors of the company and the bank.

"For the past year Kirk has successfully managed the intense responsibilities of his role as Chief Financial Officer and director of this company as well as challenging family health issues," said Jack Barnes, Chief Executive Officer of People's United. "Today, we are announcing an orderly transition executed according to our corporate succession plan, which demonstrates our bench strength," Barnes said.

"Importantly, Kirk will transition to the new role of Senior Executive Vice President, Corporate Development and Strategic Planning and will report directly to me as a member of the Management Committee," Barnes added. "We are fortunate that Kirk will continue to contribute to the company in a role that will leverage his broad experience in the industry and deep operational expertise. We are equally pleased that David, who has contributed significantly to the bank as Treasurer and brings over 25 years of experience in banking, is well-prepared to step up to the role of the bank's CFO."

As part of the transition, Michael Ciborowski, who has been with People's United for 20 years and has been a long-time leader within the Treasury group, will become Senior Vice President and Treasurer for both the company and the bank.

For earnings history and earnings-related data on People's United Financial, Inc. (PBCT) click here.


AMAG Pharma (AMAG) Names New Chairman, Director Apr 16, 2014 05:03PM

AMAG Pharmaceuticals, Inc. (Nasdaq: AMAG) announced new appointments to its board of directors. Current board member, Gino Santini, has been elected, by unanimous vote, to chairman of the board of directors, effective immediately, taking over for Mike Narachi. Mr. Narachi informed the board that, after eight years of service, he has decided not to stand for re-election at this year's upcoming annual shareholder meeting in May 2014. In addition, James R. Sulat has been elected to serve as a new member of the board of directors, effective immediately.

Mr. Narachi stated, "It has been a distinct honor to be a part of the AMAG board for these many years. The Company successfully navigated several challenges over the years, and now has a strong team and business, and is poised for accelerated growth through acquisitions/in-licensing. This is the right time for me to transition off the board and for Gino Santini, with his broad and extensive business experience, including significant transaction experience, to lead the board as Chairman."

"On behalf of the full board, I would like to extend a sincere thanks to Mike for his tireless service to AMAG. This is indeed an exciting time at the Company, and I look forward to working with Bill Heiden, chief executive officer of AMAG, his executive team and the rest of the board members to support AMAG's continued success," stated Mr. Santini.

Mr. Santini continued, "I would also like to welcome Jim Sulat to the AMAG board of directors. He brings strong executive experience and financial expertise to the board. We look forward to having the benefit of Jim's insights to support the implementation of AMAG's new strategic plan."

Since December 2008, Mr. Sulat has served as chairman of the board of directors of Momenta Pharmaceuticals (Nasdaq: MNTA). Mr. Sulat also currently serves as a director of Valneva SE (Euronext: VLA). From October 2009 to June 2013, he served as chief executive officer and chief financial officer at Maxygen Inc., a biopharmaceutical company. From May 2005 to January 2009, Mr. Sulat served as president and chief executive officer and then as chief financial officer of Memory Pharmaceuticals Corp., a biopharmaceutical company. Mr. Sulat also previously served on the board of directors of both Maxygen and Memory. Prior to these roles, Mr. Sulat was the chief financial officer in several different large and mid-sized public companies. Mr. Sulat received a B.S. in administrative sciences from Yale University, and an M.B.A. and an M.S. in health services administration from Stanford University.


Reynolds American (RAI) Appoints Susan Cameron as Pres., CEO Apr 16, 2014 05:00PM

The board of directors of Reynolds American Inc. (NYSE: RAI) has elected Susan M. Cameron president and chief executive officer, effective May 1. She will also remain a member of the RAI board of directors.

Cameron served as president, CEO and a member of the RAI board from 2004 to 2011. She also served as chairman of the board of RAI between 2006 and 2010. In 2011, she retired from the company and the board. She rejoined RAI’s board of directors in December 2013.

Cameron replaces Daniel M. Delen, who has chosen to retire and resign from the RAI board. Delen has served as president and CEO of RAI since 2011. Delen will continue to consult with the company for two years to ensure a smooth transition and provide strategic insights and other services to management.

“Susan’s 30 years of experience with our companies and her previous service in this role make her an exemplary choice for this key leadership position,” said Thomas C. Wajnert, non-executive chairman of RAI’s board of directors. “Susan was the architect of RAI’s ‘total tobacco’ strategic direction more than 10 years ago, and we’re pleased to have her back with the company to further our vision of transforming tobacco,” Wajnert said.

“Under Daan Delen’s leadership, RAI and its operating companies have demonstrated that their strategic plans to transform tobacco are sound, and their ability to operationally deliver against those strategies is excellent. On behalf of the board and RAI’s shareholders, I thank him for his leadership and his commitment to providing outstanding returns to our investors. We wish him nothing but the best in his future endeavors,” Wajnert said.


“I’m excited about returning to RAI,” Cameron said. “Daan has provided tremendous leadership over the last three years, and as a result, RAI and its operating companies are foundationally very strong. Being back on the board of directors for the last five months gave me the opportunity to dive back into the businesses. RAI’s strategic mission to transform the tobacco industry is a fascinating journey. I’m looking forward to the opportunity to not just advance, but accelerate, that momentum as CEO,” she said.
“I am confident that RAI and its operating companies will continue to reach new levels of success – both commercially and in their influence on the future of the tobacco industry,” Delen said. “After 25 years in this industry, I have the opportunity to pursue new interests, and I will do so knowing that the RAI companies and their employees are in the best possible hands to see that journey through,” he said.


Danaher Corp. (DHR) Names Joyce CEO, Replacing Culp Apr 16, 2014 04:05PM

Danaher Corporation (NYSE: DHR) today announced that Executive Vice President Thomas P. Joyce, Jr. will succeed H. Lawrence Culp, Jr. as President and Chief Executive Officer upon Mr. Culp's retirement on March 1, 2015. Mr. Culp will continue at Danaher in an advisory role into the first quarter of 2016.

Steven M. Rales, Chairman of the Danaher Board of Directors, stated, "This announced transition comes at a time of strength at Danaher given our attractive portfolio of businesses, excellent management team, strong balance sheet and culture of the Danaher Business System. The selection of Tom to succeed Larry next year reflects the culmination of our succession planning process. Tom has a demonstrated track record of success in a wide range of positions at Danaher over the past 25 years, and he is well qualified to lead our continued growth and development. The Board believes Tom is the ideal candidate to become just the fourth CEO in the Company's 30-year history."


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