Weyerhaeuser adopts new board nominee rules
Forest products giant Weyerhaeuser has announced changes to the voting structure for its board of directors.
The new amendment obliges board nominees who do not receive a majority of votes in uncontested elections to submit his or her resignation to the board. According to the company, the new rules are meant to “enhance the company’s corporate governance practices regarding the election of directors.”
The new rules are effective immediately, the company said.
Federal Way, Wash.-based Weyerhaeuser will report its third-quarter earnings statement on Oct. 31.
S&P places watch on BMHC
Building Materials Holding Corp. (BMHC) has been placed on a negative watch by Standard & Poor’s rating services, a possible precursor to a lowered rating over the next few months. S&P took the action following last week’s SEC filing from Chapman Capital, a BMHC shareholder that is seeking to oust chairman and CEO Robert Mellor.
“This change could lead to unexpected changes in business strategies that neither support credit quality nor stay within our expectations at the current ratings,” said S&P analyst Andy Sookram in a prepared statement.
The credit watch also made reference to “an expectation that this downturn will last longer than previously expected.”
Chapman Capital, based in Los Angeles, owns a 9 percent stake in BMHC, according to the firm. The managing member, Robert Chapman, has filed numerous SEC documents calling for changes at BMHC, the most recent being the replacement of Mellor by Stan Wilson, president of the BMC West division.
BMHC’s 2006 direct sales to professional customers were $2.8 billion. The company’s total sales in 2006 were $3.2 billion.
Stanley Works board names new member
New Britain, Conn.-based Stanley Works has named Carlos Cardoso, president and CEO of metal products company Kennametal, to its board of directors.
Cardoso, 49, joined Kennametal in 2003 as chief operating officer prior to being promoted to his current position in 2005.
Prior to his time at Kennametal, Cardoso was president of the Pump Division of Flowserve Corp., a $1.3 billion operation.
John Lundgren, chairman and CEO of Stanley Works, said Cardoso brings “a wide range of experiences in marketing, sales, service and operations and a global business perspective to our board.”
Stanley Works is a worldwide supplier of tools and security solutions.