Court upholds fraud convictions of former Duane Reade execs
New York – Former Duane Reade CEO Anthony Cuti and CFO William Tennant failed in an attempt to have their 2010 convictions for securities fraud overturned. The Second U.S. Circuit Court of Appeals in New York upheld a June 2010 federal jury decision to find Cuti and Tennant guilty of providing misleading earnings information to shareholders and private equity group Oak Hill Capital partners, which purchased Duane Reade in 2004, between 2000 and 2004.
In August 2011, Cuti was sentenced to three years in prison and a $5 million fine on multiple charges, including conspiracy to commit securities fraud, securities fraud and making false statements to the U.S. Securities and Exchange Commission. Tennant was sentenced to time served and a $10,000 fine on a single charge of securities fraud.
Cuti is separately appealing an order to pay Oak Hill Capital Partners and Duane Reade more than $7.6 million in restitution. Walgreens bought Duane Reade from Oak Hill in 2010.
Staples reaches 500 Energy Star buildings
Framingham, Mass. – Staples has reached the milestone of having 500 buildings meet EPA Energy Star certification. The facilities include stores, distribution centers and sales offices nationwide. Staples also launched a goal to reach 1,000 Energy Star facilities by the end of 2016.
“Energy efficiency has been a focus at Staples since the early years of our company,” said John Lynch, SVP of facilities, construction and support services at Staples. “We’re proud to be recognized by the EPA for our efforts, and we’re committed to combining the latest energy efficiency strategies and technologies with renewable power use to save energy, reduce costs and minimize carbon emissions throughout our operations.”
Staples earned the EPA’s Energy Star Partner of the Year Award in 2013 for the third consecutive year. Staples also received The Partner of the Year – Sustained Excellence Award, the EPA’s highest Energy Star award, which recognizes organizations that have shown outstanding leadership in energy efficiency year after year. Staples was first recognized by the EPA for energy efficiency in 1999.
Stein Mart names Stein permanent CEO
Jacksonville, Fla. – Stein Mart has named Jay Stein, its interim CEO since September 2011, as permanent CEO. Stein has been chairman of Stein Mart’s board of directors since 1989 and will remain in that position. He also served as CEO from 1990 to 2001.
"It has been my pleasure to return and lead Stein Mart after nearly two years as interim CEO,” Stein said. “Working side-by-side with our wonderful leadership team, we are now enjoying these great results. This is an important time in our company’s history, and I am very happy to be part of this great organization."