GE and HD raise the bar in LED lighting
GE unveiled Bright Stik LED, a redesigned, entry point 60-watt replacement LED, accelerating consumers’ transition from CFL to LED lighting, according to GE industry estimates.
With an LED 3-pack for under $10 every day MSRP, Bright Stik is currently available at Home Depot online. It will be in stores in Home Depot stores mid summer, the company said.
“GE Bright Stik ushers in a new era of illumination as the market begins to make the decided move from CFL to LED technology,” says Tom Boyle, chief innovation manager of NA Consumer, GE Lighting. “The biggest barrier for consumers and contractors to transition from CFL to LED is the upfront cost. Now, energy-conscious shoppers who want superior quality of light have a realistic option.”
Industry estimates show that of the U.S.’s 4 billion residential light bulb sockets, less than 10% are filled with LED lighting; but by 2020, more than 50% will be LED. This year alone, the consumer lighting market is anticipated to more than double with LED while CFL will decrease, and GE is driving further LED adoption with the introduction of Bright Stik.
“As we undergo the shift in lighting technology towards LED, we collaborate with vendors to provide our customers with lighting options that save them money and energy. With the GE Bright Stik, we worked closely with GE to develop an affordable LED that offers great quality light and function,” says Joey Corona, light bulb merchant for The Home Depot.
A video promoting the product can be seen here.
Lumber Liquidators’ head of compliance quit without a peep
The troubles of Lumber Liquidators haven't ended with its CEO's abrupt departure a couple weeks ago. Now, it's come to the public's attention that its chief compliance officer, Ray Cotton, quietly resigned in May.
Short seller Whitney Tilson (who has played a large role in fanning the negative attention directed toward the retailer as of late) publicized the findings in a Seeking Alpha post Tuesday.
The news had first come to his attention when an acquaintance emailed him a link to Cotton's LinkedIn profile, which had been updated in such a manner as to suggest that he had quit the company. Currently, Lumber Liquidators is listed as a "Previous" employer, with his tenure as SVP and CCO ranging from "September 2014" to "May 2015." Additionally, his location has changed from "Richmond, Virginia" to the "San Francisco Bay Area."
"Given that Lumber Liquidators is under investigation by numerous state and federal agencies and is facing more than 100 lawsuits, Cotton’s departure is highly material information," wrote Tilson. "At best, this is further evidence of a company in chaos and, at worst, one that is trying to hide something."
The news was confirmed by a Lumber Liquidators spokesperson, according to multiple media reports. However, the company kept mum on questions regarding why it had failed to announce the departure.
MarketWatch pointed out that the lack of disclosure does not technically violate any rules, as a regulatory filing (or Form 8-K) is required only for departures of principal officers.
Tilson had previously made statements regarding Cotton's lack of qualifications and predicted that he "will not survive this scandal."