Home & Textiles Today Staff -- Home Textiles Today, March 28, 2005
May Gives Dunham New Titles
Without fanfare, May Department Stores Co. recently designated President John Dunham as chairman and CEO, according to a filing the company made with the Securities and Exchange Commission.
As May Co. heads toward its $11 billion acquisition by rival Federated Department Stores, May's executive compensation and development committee has increased Dunham's annual base salary by $100,000 to $1.15 million. That increase was made retroactive to when he assumed the duties of acting chairman and CEO after the Jan. 14 resignation of Gene Kahn.
Dunham also receives a $578,841 bonus and the option to buy 75,000 shares of May stock, according to the filing. Dunham was named May's president in 2001 after Kahn gave up that title to become chairman.
Neiman Marcus Looking For Buyer
The Neiman Marcus Group, Inc. is exploring strategic alternatives to enhance shareholder value, including the possible sale of the company, it stated.
The company clarified that there could be no assurance its current course will result in any specific transaction. Neiman Marcus Group added that it does not expect to disclose developments of its progress unless and until its board of directors has approved a definitive transaction. The company has retained Goldman Sachs & Co. as its financial advisor.
Wal-Mart/DOJ Resolve Investigation
Wal-Mart Stores stated that it has resolved on a civil basis the Department of Justice's investigation into the employment practices of its former floor-cleaning contractors.
The agreement came after the government concluded its criminal investigation and announced it would not pursue charges against Wal-Mart or any Wal-Mart associates. As part of the civil settlement, Wal-Mart has agreed to support the fair enforcement of immigration laws, including making a payment of $11 million to the government.