Gap Buys Back More Stock
San Francisco, Gap Inc. approved an extra $500 million for its share repurchase program, effective immediately. Since October of last year, the company has bough back $2.5 billion in shares as part of an ongoing plan to repurchase a total of $3 billion.
HP Poaches Dell CIO Mott
Palo Alto, Calif., Technology giant Hewlett-Packard has hired former Wal-Mart CIO Randy Mott away from his most recent employer, Dell. Mott will serve as HP’s new CIO.
Mott has held the CIO post at Dell for the past five years. Prior to that, he spent 22 years at Wal-Mart Stores, including six years as senior VP and CIO.
HP will pay Mott a base salary of $690,000 per year, an option to buy 500,000 shares of HP common stock, and a short-term bonus opportunity of 100% of base salary guaranteed at target for the 2006 fiscal year and the remainder of 2005. Mott also will be awarded a $2.2 million signing bonus; a $1 million relocation bonus; restricted stock worth more than $7.1 million; and targeted long-term performance cash of $7 million for a three-year performance cycle, of which $5 million is guaranteed.
ShopKo to Sell Three Stores
Green Bay, Wis., Discount retailer ShopKo Stores said it is selling its three stores in Colorado to Regency Realty Group. The retailer described the move as a result of “economic reasons.” The stores are expected to close in about three months. ShopKo originally opened the Longmont and Loveland stores in 1993 and the Fort Collins store in 1994.
The company said the sale of the trio of stores is not directly related to its plan announced in April to be acquired by private investment firm Goldner Hawn Johnson & Morrison for $715 million in cash.