Britain’s largest investors are gearing up to take on troublesome boards. A new body will look at addressing investor concerns over some of the most contentious issues of the day, mainly pay and strategy. You can read the story here
Simone Bagel-Trah bucks the trend. The number of women on German company top-level board posts — low to begin with in Europe’s largest economy – is dropping. In steps Bagel-Trah. The slender blonde will become the first supervisory board chairwoman at a German blue chip. On Tuesday, she takes over the helm at glue-to-detergents maker Henkel .
Check out Abercrombie losing its CFO to Kellwood.
Michael Kramer is leaving Abercrombie & Fitch as of Aug. 18 to take the top job at clothing manufacturer Kellwood Co and Wall Street doesn’t like it.
“With Mike Kramer’s departure, we are less certain that margins stay at historical levels and growth initiatives are pursued carefully, Thomas Weisel partners analyst Liz Dunn said.
Abercrombie already has problems with tepid sales as customers cut spending to cope with rising gasoline and and food costs.
Sluggish sales require “prudent management of expenses and capital spending, Credit Suisse analyst Paul Lejuez said. “Without a CFO, there is no one to lead the charge.”
Also in the basket:
Fortune Brands profit tops lowered Wall St expectations.
Consumer confidence rebounds from 28-year low
Foreclosures double from last year