Weyerhaeuser names new CEO
Federal Way, Wash.-based Weyerhaeuser has named Daniel Fulton president and CEO, effective immediately.
Fulton assumes the role of CEO, replacing Steven Rogel, who will remain as chairman of the company’s board of director’s in a non-executive role. Fulton has served as company president since Jan. 1.
“As we chart our course forward at this important juncture in the company’s history, it is critical for us to have Steve guiding the continuing implementation of our long-term strategy,” said Charles Williamson, lead director on the Weyerhaeuser board.
Prior to his role as president, Fulton served as president and CEO of Weyerhaeuser Real Estate since 2001. Fulton previously was president and CEO of Weyerhaeuser Realty Investors, a subsidiary of the company, from 1998 to 2000; its chief operating officer from 1996 to 1997; and its chief investment officer from 1994 to 1995. He joined Weyerhaeuser in 1975 and has held various management and investment positions with the company and its subsidiaries.
In related news, the forest products company announced Mark Emmert would join the company’s board of directors. Emmert is the president of the University of Washington and the former chancellor of Louisiana State University. He also served as chancellor of the University of Connecticut and held administrative and academic positions at the University of Colorado and Montana State University.
The company has also recently named Kevin Shearer vp-information technology and chief information officer, effective May 1.
Shearer joined the company in 1980, holding numerous positions in timberlands, corporate support and wood products. Shearer held leadership positions in information technology during the company’s acquisitions of several companies, including Cavenham, MacMillan Bloedel, Willamette and Trus-Joist. Since 2007, Shearer has served as vp-business operations. He will succeed Susan Mersereau who is retiring.
Weyerhaeuser is one of the world’s largest forest products companies with 2007 sales of $16.3 billion.
IKEA’s first New York City store to open in June
IKEA’s future Brooklyn, N.Y., store — the Swedish retailer’s first location in New York City — will open June 18, the company announced.
IKEA Brooklyn, a 346,000-square-foot store, will be the company’s fourth location in the New York-New Jersey area, and 35th in the United States. Other area stores are in Elizabeth, N.J.; Hicksville, N.Y.; and Paramus, N.J.
“We made excellent progress on construction last year and so far this spring, so we are confident the remaining construction milestones and interior build-up process will be complete by mid-June,” said Mike Baker, store manager of the future IKEA Brooklyn, in a press release.
IKEA Brooklyn will include 50 different room settings, three model home interiors and a 450-seat restaurant with views of the lower Manhattan skyline and Statue of Liberty. Family-friendly features include a “Children’s IKEA” area in the showroom, baby care rooms, preferred parking and play areas throughout the store.
IKEA Brooklyn also will offer home delivery, kitchen installation and design consultation services. The project, situated on 22 acres along the Erie Basin waterfront in Red Hook, features a 6.5-acre public esplanade with nearby ferry, bus and subway service available.
ScottsMiracle-Gro optimistic for 2008, despite slow second quarter
Despite a late launch to the lawn and garden season, which led to adjusted earnings for the second quarter, ScottsMiracle-Gro remains “encouraged by initial consumer response” to new products and has reaffirmed guidance for the year.
“Consumer activity over the first two weeks of April has been strong, and we are recovering ground we lost due to a later than expected break to the season in most parts of the United States,” said Jim Hagedorn, chairman and CEO. “Weather always dictates the launch of the season, and this year got off to a slower start than we’ve typically experienced.”
The Marysville, Ohio-based company said it expects adjusted earnings in the second quarter, which ended March 29, to range from approximately $1.14 to $1.18 per diluted share, compared to adjusted earnings of $1.40 per share for the same period a year ago. Hagedorn said that while second-quarter and first-half results will be less than the company had expected, the first two quarters historically represent about 25 percent of consumer purchases for the full year.
“We remain encouraged by initial consumer response to our new products as well as the quality of our programs and promotions, and see no reason at this time to change our outlook for the full year,” he said.
Fiscal 2008 reported results will include $15 million to $20 million in unexpected costs due to a voluntary retail recall of wild bird food. A significant portion of this cost will be included in the second-quarter results. The company will account for costs associated with the recall on the line “restructuring and other one-time charges.” As a result, ScottsMiracle-Gro will exclude these costs when discussing its expected results for the full year.
ScottsMiracle-Gro will report its complete second-quarter results on April 29.