Head of Craftsman tools resigns
Scott Freidheim, president of the Craftsman, Kenmore and DieHard brands at Sears Holdings, has resigned, according to an Aug. 23 filing with the Securities and Exchange Commission (SEC). Freidheim, who took over the position seven months ago, is leaving on Sept. 2 “to pursue another opportunity,” the SEC filing said.
Prior to joining Sears in 2009 as executive VP operating and support businesses, Freidheim was with Lehman Brothers for more than 17 years, holding officer positions in the investment banking, investment management and corporate divisions, including executive VP and chief administrative officer.
The announcement follows shortly after Craftsman brand tools wound up for sale at Menards stores. There is no official indication, however, that the two events were related.
Wyoming officials meet in secret to discuss Menards store
A group of city and council officials met without public notice to discuss a possible $5.3 million land sale to Menards, according to an article in the Wyoming Tribune Eagle.
The Aug. 19 meeting between members of the Laramie County Commissioner; the county’s lawyer; the mayor of Cheyenne, Wyo.; and the assistant city attorney was held to determine whether the county owned a stake in a parcel of land that is being considered for a Menards home improvement store.
The meeting, scheduled the day before, was discovered when a newspaper reporter walked into the room by chance. No action was taken at the meeting.
Under Wyoming’s open meetings law, each item of public business to be discussed must be noticed to the public beforehand.
Sales increase 20% at American Woodmark
In its first quarter ended July 31, the Winchester, Va.-based company pointed to growth in both its remodel and new construction business.
The company’s net sales increased 20% to $131.2 million in the quarter. However, it still posted a net loss of $2.7 million. In the first quarter last year, American Woodmark’s net loss was $3.4 million.
Gross profit for the first quarter of fiscal year 2012 was 14.0% of net sales, compared with 13.2% in the first quarter of the prior fiscal year.
The company said the improvement in gross profit margin reflected the impact of increased sales volume on direct labor and manufacturing overhead costs. Those benefits were offset, however, by higher sales promotional expenses and higher materials and fuel costs.