Circuit City Approves Retention Awards for Top Execs
Atlanta Circuit City Stores, which is working to turn around its business, has approved cash awards designed to retain upper-level executives over the next few years, the company said in a federal filing on Wednesday.
A U.S. Securities and Exchange Commission filing said the company’s board approved the retention awards of $1 million for executive VPs and $600,000 for senior VPs. The awards are effective as of Jan. 1, and vest over a three-year period.
In the filing, Circuit City said the awards were intended “to ensure the stability of the company’s leadership team by providing an incentive” for the officers to stay.
Executives who will receive the awards include Bruce H. Besanko, CFO; George D. Clark Jr., executive VP for multi-channel sales; and general counsel Reginald D. Hedgebeth, according to the filing. Awards were also approved for workers at the VP and director levels.
Chairman and Chief Executive Philip Schoonover would not be participating in the retention plan, but would be able to receive long-term incentive awards along with other executives under a 2003 stock-incentive plan, the company said.
Mac users more likely to buy music online
PORT WASHINGTON, N.Y. Apple Mac users are more likely than PC users to pay to download music, according to a new study by the NPD Group.
According to NPD’s quarterly Digital Music Monitor, in the third quarter of 2007 half of all Mac users had paid to download music tracks from sites like iTunes, but just 16% of PC owners had done so. That trend followed offline, as the study found that Mac users were also more likely to purchase CDs.
“There’s still a cultural divide between Apple consumers and the rest of the computing world, and that’s especially apparent when it comes to the way they interact with music,” according to Russ Crupnick, vp and entertainment industry analyst at The NPD Group. “Mac users are not only more active in digital music, they are also more likely to buy CDs, which helps debunk the myth that digital music consumers stop buying music in CD format.”
Overall, more than 32% of Mac users report purchasing CDs in the third quarter of 2007, compared to just 28% of PC users. In addition to purchasing CDs and downloading music, Mac users are also more likely to listen to music and watch videos on their MP3-players and computers. While 34 percent of Mac users had uploaded music to their MP3 players, just 16% of PC users had done the same. Mac users are also much more likely to listen to music files on their computers (56%) than are PC users (31%).
Austin Whole Foods bans plastic bags
AUSTIN, Texas Whole Foods Markets is testing a plastic bag ban program at its Austin, Texas store, according to reports.
At checkout, shoppers at the Austin Whole Foods will have the choice of carrying their groceries home in complimentary 100% recycled paper bags, or purchased traditional canvas bags or reusable plastic totes.
According to reports, the Austin store is a test market for the company, and Whole Foods intends to take the bag ban companywide.