Grocery retailer Woolworths Ltd
(ASX:WOW) has announced its leadership team for home improvement joint venture with U.S. home improvement company Lowe’s.
Don Stallings, formerly President of Lowe’s Canada has been appointed CEO of the joint venture, with Melinda Smith from Woolworths appointed to the role of chief operating officer.
Mr Stallings has over 25 years experience in the hardware sector including 14 years with Lowe’s in the U.S. and more recently Canada.
Ms Smith has been with Woolworths for 22 years in a number of buying, operations and supply chain roles.Woolworths has also made a takeover offer for one of Australia’s largest hardware retailers Danks Holdings. Woolworths 2009 net profit was $1.8 billion.
The Commonwealth Bank of Australia (ASX:CBA) is being criticised for approving a 6 per cent pay rise for its CEO Ralph Norris.
The bank released details of its top executives pay packets this week, revealing that CEO Mr Norris remuneration package has increased by 6 per cent to $9.21 million.
Mr Norris’ fixed cash salary increased 4 per cent to $3.25 million for the 2009 financial year from $3.12 million last financial year.
The bank also raised Mr Norris’ share-based long term performance rights by 51 per cent to $1.94 million from $1.28 million a year ago.
This is despite the bank reporting a drop in profit for the year and a cut to its dividend.
In April this year the company said that Mr Norris and the bank’s board would take a 10 per cent pay cut this financial year.
Over the weekend in London, G20 leaders urged bank regulators to come up with stricter rules for banker remuneration packages and consider a global standard on pay. The Commonwealth bank’s net profits dipped slightly in 2009 from the previous year.
Iron ore explorer Gindalbie Metals Ltd (ASX:GBG) has reported a big drop in profit for the 2009 financial year.
Net profit for the 12 months to June 30 came to $26.22 million down from $44.52 million the year before.
Gindalbie yesterday received approval from the West Australian Government Minister for Environment for development of its Karara iron ore project.
The approval clears the way for for on-site construction and development of the large-scale Karara Project to proceed during the fourth quarter of 2009.
Majority of the company’s $33.45 million income for the year came from an investment by Ansteel in the Karara iron ore project and stake in Gindalbie.
Gindalbie Metals did not declare a dividend. Gindalbie Metals posted a profit in 2008 after losses the four years previous.
