Weyerhaeuser donates $100,000 for storm relief
The Weyerhaeuser Company Foundation has awarded $100,000 in direct cash donations to support relief and rebuilding efforts in areas of Washington and Oregon affected by storms earlier this month, the company announced Dec. 20.
Five relief organizations in five counties will receive donations for emergency disaster relief: United Way of Lewis County, Wash. ($40,000); American Red Cross, Lewis County ($20,000); American Red Cross, Oregon Trails Chapter ($20,000 for relief activities in Clatsop and Tillamook counties, Ore.); and Coastal Community Action Program ($20,000 donation for relief activities in Grays Harbor and Pacific counties, Wash.).
The cash donations will aid the hardest hit communities, providing shelter, food, counseling and other assistance to those in need.
“It is important for us to offer help to communities affected by the storm,” said Karen M. Johnson, president of the Weyerhaeuser Company Foundation. “Weyerhaeuser operates in all these communities, and our thoughts are with everyone who is struggling to recover.”
Federal Way, Wash.-based Weyerhaeuser owns more than 2 million acres of forests and employs more than 11,000 people in Washington and Oregon, including the heavily impacted communities in the five-county area.
Snap-on names new CEO
Kenosha, Wis.-based Snap-on has named president and COO Nicholas Pinchuk to the post of CEO, replacing Jack Michaels.
Pinchuk, 61, will continue to serve as president, while Michaels, 70, will remain chairman of the board, the company said.
“Nick’s leadership as COO reaffirms that he will guide the corporation’s continued success,” said Michaels.
Pinchuk has been with the company since 2002 and was named president and COO in April.
Snap-on is a global manufacturer and marketer of tools, diagnostics and equipment for professional users.
Pier 1 narrows losses in third quarter
Specialty retailer Pier 1 Imports greatly narrowed its losses in the third quarter to $9.96 million, an improvement over $72.72 million in losses in the same quarter last year.
Sales fell 7 percent to $374.2 million compared with $402.7 million in the same period last year.
Pier 1’s new president and CEO Alex Smith said the narrower losses resulted from a greater emphasis on sustainable margins and lower ticket impulse items in stores.
“We are pleased with our third-quarter margin results, which would have been higher had it not been for the clearance of our Pier 1 Kids merchandise,” Smith noted.
The retailer saw cost savings to the tune of $21.2 million on marketing expenses, $10.8 million in payroll savings and $5.4 million in savings on other general administrative costs.
Smith further said the retailer saw improvements in conversion rates and units per transaction, as well as in total transaction value.
“This is only the beginning; we still have a lot of work to do,” he said. “However, the fact that we achieved these results with less than perfect execution gives me great optimism about our ability to return to profitability and beyond.”