On Monday, SUPERVALU INC. (NYSE:SVU)’s shares inclined 2.36% to $9.12.
Supervalu Inc.(SVU) paid Sam Duncan, its president and CEO, 40 percent more in fiscal 2015 than it did in the previous year, boosting his total compensation to $6.92 million, up from $4.95 million in 2014.
Duncan, 63, has been CEO and president of the grocery wholesaler and retailer since February 2013, when he took over for Wayne Sales, who had been CEO for just seven months. Sales remains a member of Supervalu’s board of directors. The CEO turnover at Supervalu drew a lot of attention to the company’s high compensation for executives and directors.
Duncan’s jump in pay this year was mainly a result of a large stock award he received for the company’s continued positive turnaround, which comprises improved same-store-sales, adjusted earnings and shareholder returns, among others metrics, according to the company’s proxy. Supervalu’s total market capitalization grew from $1.59 billion at the end of fiscal 2014 to $2.59 billion at the end of fiscal 2015.
Former Target Corp. executive Gerald Storch has been nominated by the Supervalu board to continue as non-executive chairman, a position he’s held since January 2014. Since this January, Storch also has been CEO of Hudson’s Bay Co., a retail business group based in Brampton, Ontario.
SUPERVALU INC., together with its auxiliaries, operates as a grocery wholesaler and retailer in the United States. The company operates through three segments: Independent Business, Save-A-Lot, and Retail Food. The Independent Business segment offers wholesale distribution of various food and non-food products to independent retail customers, such as single and multiple grocery store independent operators, regional chains, and the military. As of February 28, 2015, this segment operated about 1,825 stores with a network spanning 41 states.
Abbott Laboratories (NYSE:ABT)’s shares gained 1.10% to $50.66.
Abbott (ABT) declared that it has reached a contract to purchase Tendyne Holdings, Inc., a private medical device company focused on developing minimally invasive mitral valve replacement therapies. Under the terms of the agreement, Abbott will acquire the equity of Tendyne that it does not already own for $225 million upfront, resulting in a total transaction value of $250 million, plus potential future payments tied to regulatory milestones.
Tendyne’s Bioprosthetic Mitral Valve System is an investigational device and not presently accessible for sale. The U.S. Food and Drug Administration has offered approval for a feasibility clinical trial to provide data about the device’s safety and effectiveness. The trial has begun enrolling patients, and there are plans to start enrollment next year in a clinical trial to support CE Mark in Europe.
Abbott Laboratories manufactures and sells health care products worldwide. Its Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome; intrahepatic cholestasis or depressive symptoms; gynecological disorders; dyslipidemia; hypertension; hypothyroidism; pain, fever, and inflammation; hormone replacement therapy; anti-infective and influenza vaccines; and product that regulates physiological rhythm of the colon.
At the end of Monday’s trade, Metlife Inc (NYSE:MET)‘s shares surged 2.62% to $56.36.
MetLife, Inc. (MET) declared that Cindy Tang will join the company as its Vice President and Head of Communications for the Asia region. Cindy will be based out of MetLife’s Asia region office in Hong Kong and will start with the company on August 20, 2015. Cindy will report to Jeanmarie McFadden, Executive Vice President and Chief Communications Officer for MetLife. At the same time, she will become a member of MetLife’s Asia Leadership Group and will work closely with Christopher Townsend, President of Asia for MetLife.
In this role, Cindy will offer planned direction in corporate communications to support senior leaders in Asia for the various and ambitious business strategies across the region. She will also spearhead all communications initiatives.
MetLife, Inc. provides life insurance, annuities, employee benefits, and asset administration products in the United States, Japan, Latin America, Asia, Europe, and the Middle East. It operates in six segments: Retail; Group, Voluntary & Operatesite Benefits; Corporate Benefit Funding; Latin America; Asia; and Europe, the Middle East and Africa. The company provides variable, universal, term, and whole life products; individual disability income products; personal lines property and casualty insurance, counting private passenger automobile, homeowners, and personal excess liability insurance; and variable and fixed annuities for asset accumulation and distribution needs, in addition to mutual funds and other securities products.
Masco Corp (NYSE:MAS), ended its Monday’s trading session with 0.41% gain, and closed at $26.94.
Masco Corporation (MAS) declared its plan to relocate its corporate headquarters to Livonia, Mich., by the end of 2016. The plan will take employees from its current headquarters, located in Taylor, Mich., into a new, 75,000-square-foot, state-of-the-art facility located at West Seven Mile Road and Haggerty Road, adjacent to Schoolcraft College.
Masco’s current headquarters, built in 1966, is located at 21001 Van Born Road and has over 400,000 square feet of office space. The Masco Research and Development Center will remain at its location at 26855 Trolley Industrial Drive in Taylor, Mich.
Masco Corporation manufactures, distributes, and installs home improvement and building products worldwide. The company’s Cabinets and Related Products segment provides cabinetry for kitchen, bath, storage, home office, and home entertainment applications; and kitchen countertops, and integrated bathroom vanity and countertop solutions. Its Plumbing Products segment offers faucets, showerheads, handheld showers, valves, bathing units, and toilets; acrylic tub and shower systems, bath and shower enclosure units, shower trays, and laundry tubs, in addition to spas; and brass and copper plumbing system components, and other plumbing specialties.
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