Owens Corning names new chief financial officer
Toledo, Ohio-based Owens Corning has announced the appointment of Duncan Palmer to the post of chief financial officer, effective mid-September.
Palmer succeeds CFO Mike Thaman, who is chairman of the board. Thaman will take on the role of CEO when current CEO Dave Brown retires later this year.
Palmer has 20 years experience with Royal Dutch Shell, most recently as vp-upstream commercial finance for Shell International Exploration and Production. In this position, Palmer was responsible for finance support for major oil and gas business development and portfolio activity in Shell’s Exploration and Production; and Gas and Power businesses.
Prior to this role, Palmer was vp-finance for the Shell Lubricants business globally. He was responsible for global financial management and reporting, lubricants supply chain and manufacturing finance, investment appraisal and cost management.
“Duncan is an extraordinary financial executive who will add to Owens Corning’s performance and success,” said Thaman. “His international business expertise and proven financial leadership will further strengthen our company around the world.”
Palmer has degrees from St. John’s College in Cambridge, United Kingdom, and the Stanford Graduate School of Business. He also is a U.K. Chartered Management Accountant.
Record second-quarter earnings at Lowe’s
Lowe’s, the world’s second largest home channel retailer, reported second-quarter earnings of $1.02 billion, up 9 percent from $935 million last year — a record, according to the company.
Sales for the quarter were up 5.8 percent to $14.2 billion from $13.4 billion last year. Comparable-store sales were down 2.6 percent.
The comp-store sales decline was in line with guidance, said chairman and CEO Robert Niblock, “ despite the external pressures impacting our results.”
“Macro economic factors, including the many aspects of the housing market, continue to result in regionally disparate performance,” Niblock said. “Markets in California and Florida, generally considered most pressured by housing, continue to perform significantly worse than average.”
Comparatively, the company’s markets in the Northeast, while still producing negative comparable-store sales, showed “encouraging signs of improvement” during the quarter, he said.
Lowe’s opened 26 new stores in the United States during the quarter, bringing the company’s total store count as of Aug. 3 to 1,424 stores in 49 states. The company expects to open 40 new stores in the third quarter. Sales are anticipated to increase between 7 percent and 8 percent, and comp-store sales are expected to remain flat next quarter, according to Lowe’s.
Tractor Supply names new board member
Nashville, Tenn.-based farm and fleet retailer Tractor Supply has named Louisiana-Pacific CEO Robert Frost to the company’s board of directors.
“During his career, Rick has developed expertise in procurement, logistics and supply chain management. As a CEO, he brings additional executive governance perspective to Tractor Supply Co.,” said Jim Wright, president and CEO of Tractor Supply.
Frost serves on the boards of several nonprofit organizations. He is a board member of the American Forest & Paper Association, the Forest Products Association of Canada and the Temperate Forest Foundation. He also serves as vice chairman of the National Air and Stream Council.