Sears Holdings CFO calls it quits
Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.
Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.
Phelan was elected SVP and controller of the company in September 2007. From December 2007 until December 2008, he also served as the company’s treasurer. From the consummation of the merger involving Kmart Holding Corp. and Sears, Roebuck and Co. in March 2005 until September 2007, Phelan served as VP and controller. Prior to the consummation of the merger, he served in a variety of finance positions with Sears, Roebuck and Co., which he joined in 1992.
Phelan will have his work cut out for him. In its most recent quarter, Sears Holdings reported a first-quarter net loss of $170 million, or $1.58 per diluted share, compared with net income of $16 million, or 14 cents per diluted share, in 2010.
Home Depot donates $1 million to tornado victims
The Home Depot Foundation, the philanthropic arm of The Home Depot, has announced it will donate $1 million to the immediate relief, recovery and long-term rebuilding efforts in Joplin, Mo.
Members of The Home Depot Foundation will be in Joplin this week to assess the long-term needs of the community and how best to partner with non-profit groups to deploy volunteers, dollars and products as Joplin rebuilds. In addition, the company will rebuild its store in Joplin, which was destroyed by a tornado on May 22. One store employee was killed. The total death count in Joplin is 118 so far.
"The devastation in Joplin is indescribable, and we will be there to help this community get back on its feet," said Frank Blake, chairman and CEO of The Home Depot. "As we learned through our work in the Gulf after similar destruction from Katrina, the rebuilding will take years, and we are committed to Joplin for the long haul. Our thoughts and prayers go out to all of the residents of Joplin who are now struggling in the aftermath of this terrible storm."
Separately, The Homer Fund, a charity for The Home Depot associates in need of emergency financial assistance, has launched a companywide "Drive for Joplin" campaign to help associates and their families affected by Sunday’s tornado. In addition to this special internal company campaign, The Homer Fund will supplement the grants to impacted associates to make sure their needs are met.
Dow helps build net-zero energy home
Dow Chemical Co. and Cobblestone Homes have opened their new net-zero energy home for the first time during the Midland, Mich., Spring Parade of Homes.
Built for under $250,000, the home, dubbed “InVision Zero,” makes sustainable living an affordable reality for more homeowners, as it is priced at the current U.S. average new-home selling price. Using a portfolio of energy-efficient home-building materials and technologies from Dow that are designed to work together to seal the entire building envelope, the home is expected to save $2,441 in energy costs and avert 30,233 lbs. of CO2 annually, according to Dow.
“Dow Building Solutions has been providing advanced building science expertise to the industry for decades,” said Dale Winger, marketing manager, Dow Building Solutions. “By collaborating with industry leaders like Cobblestone Homes, we are able to showcase that employing the latest available insulation and air sealing technologies can reduce a home’s energy requirements so dramatically that net-zero energy homes reach an attainable price point for mainstream new home buyers.”
Cobblestone Homes is a Great Lakes Bay region home builder focused on energy efficiency.
Net-zero energy homes typically use about 60% to 70% less energy than a conventional home, with the balance of its energy needs supplied by renewable technologies. The InVision Zero home uses a wide range of Dow materials and sustainable technologies, including Dow Building Solutions’ Styrofoam SIS Structural Insulated Sheathing and DOW Solar Shingles.