At Orgill, a trio of executives retires
Three executives with long tenures retired from Memphis, Tenn.-based Orgill this month: Bill Fondren, Ken Post and Steve East.
Fondren retired as chairman of the board, but he will remain as a board member. Ron Beal will assume the chairman of the board post.
Ken Post was chief merchandise officer, a position to be filled by Brett Hammers. And Steve East was VP advertising. His replacement is Jeff Curler.
According to Beal, the trio of Fondren, Post and East will be missed for their friendship and professionalism. They also spent a long time planning their succession, he said. “These three are all long-term contributors to Orgill’s success, but the real story is the bench strength we have to move on without missing a beat,” said Beal.
Fastenal, SW make ‘wealth creators’ list
William Oberton, CEO of Fastenal, came in third place on the top “Wealth Creators” by Chief Executive magazine. The annual list shows which CEOs have created the most value for shareholders during the three-year period from July 2009 through June 2012. The rankings were limited to CEO’s at S&P 500 companies who had been in their jobs for at least three years.
Christopher Connor, CEO of paint manufacturer Sherwin Williams, ranked No. 14. James Ryan, chief executive of W.W. Grainger, came in 10th place.
The rankings, created in collaboration with Great Numbers! and the Applied Finance Group, looked at four key measurements: operating cash flow in excess of its risk-adjusted cost of capital, prospects for continuing to make money, wise use of capital and market value of the company’s assets.
"CEOs are hired to create wealth for their shareholders, as well as value for their customers and employees," said J.P. Donlon, Chief Executive’s editor-in-chief. "Chief Executive created the Wealth Creators Index to measure just how well or how poorly some CEOs are performing their jobs."
Bed Bath & Beyond CEO Steven Temares was ranked 59th. Michael Koehler, CEO of Teradata, occupied the 73rd place on the index, two spots above Amazon.com CEO Jess Bezos.
To see the complete list, click here.
Done deal: Spectrum completes purchase of SWK group
Spectrum Brands Holdings, a global consumer products company, said it completed the acquisition of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker, Inc. for $1.4 billion in cash.
The agreement was first announced back on Oct. 9.
HHI is a major manufacturer and supplier of residential locksets, residential builders’ hardware and faucets with leading positions in key North American markets and a portfolio of renowned brands, including Kwikset, Weiser, Baldwin, National Hardware, Stanley, Fanal, Pfister and EZSet.
HHI is a leader in its key markets with leading positions in U.S. residential locksets (Kwikset), Canada residential locksets (Weiser), U.S. luxury locksets (Baldwin), and U.S. builders’ hardware (Stanley/National Hardware), and a top 5 position in U.S. faucets (Pfister).
“We are pleased to have closed on our HHI acquisition, and with attractive debt financing, before the end of 2012, as we had originally anticipated,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “HHI brings us scale and greater product diversity, more balance in our sales profile, stronger relationships with core retail partners, attractive cross-selling opportunities in all channels, and a new platform for significant future global growth using Spectrum Brands’ existing international infrastructure, most notably in Europe.”