Client News Release
Analyst: IGT's CFO pick relieves investors (AP) and Waterford Wedgwood shifts to Asia to save company (AP)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 01/05/2009 - Retirement industry news provided by Financial News USA. NEW YORK (AP) -- Patrick W. Cavanaugh's promotion to chief financial officer at International Game Technology is a positive move, an analyst said Tuesday, as it provides investors with a sense of relief that the role is finally filled. The Reno, Nev.-based designer and maker of computerized gaming machines had been without a CFO since Maureen T. Mullarkey officially submitted her resignation in June 2007 after previously announcing plans to retire."IGT can finally put this search behind it and refocus its efforts on the business," Stifel Nicolaus & Co.'s Steven Wieczynski said in a client note.While Wieczynski pointed out that some investors might be upset the company searched for more than a year only to appoint an internal successor, he believes Cavanaugh is the right choice."We suspect that IGT had multiple outside candidates but we believe Mr. [Read the full article]
JAKARTA, Indonesia (AP) -- For more than two centuries, Waterford crystal and Wedgwood china have been symbols of Irish and British craftsmanship. Now, their future may lie in Asia.Drowning in red ink, the storied brands, which merged in 1986, have moved most ceramics production to Indonesia to cut costs and now plan the same fate for crystal manufacturing. Their headquarters may soon follow.Short of funds for operations and loan payments, Waterford Wedgwood PLC is in advanced talks to sell a controlling stake to a U.S. private equity fund for roughly 600 million euros ($846 million) in cash and assumed debt, three people briefed on the negotiations told The Associated Press late last week.The prospective new owners may move the company's management and possibly its headquarters to Indonesia, one of the sources said. [Read the full article]
The breakup of a marriage is never easy, but for Maria Johns, the acrimony has extended more than a year past her divorce date.
Johns, a Florida resident, was officially divorced from her husband in July 2007. But the two are still wrangling in a Tennessee court over a qualified domestic relations order, or QDRO. It is the court order that awards a portion of a 401(k) retirement account to an ex-spouse. Paperwork has been signed but not received, and at last count, two drafts of Johns' QDRO were winding their way through the courts. The proceedings have been an expensive proposition for Johns, who had let her original attorney go immediately after her divorce became final."I had to hire another attorney at full rate to handle this," Johns says. [Read the full article]
Getting African Americans to save for retirement is something McDonald's (NYSE: MCD) board member John Rogers has been preaching for more than a decade.
Rogers is the founder of Ariel Investments, a Chicago asset management company, and one of the most prominent black investors in America. Cerebral and soft-spoken, Rogers is uniquely qualified to serve on McDonald's board: He has been eating at the hamburger chain at least five times a week for the past 28 years.His love of McDonald's boils down to consistency. By sticking to Mickey D's predictable menu, Rogers can use his brainpower for other activities, like picking value stocks for his mutual fund or advising Barack Obama on his Presidential campaign. (Rogers is a major Obama supporter, and Obama worked out of Ariel's offices during the Presidential transition.)Working with McDonald'sAt breakfast, Rogers favors biscuits. [Read the full article]
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