FINANCE

Haverty CEO compensation rises

BY CSA STAFF

Atlanta Haverty Furniture Cos., which reduced its annual loss in 2009, awarded president and CEO Clarence H. Smith a 12% boost in total compensation.

The company reported in a proxy filing with the Securities and Exchange Commission that it gave Smith $750,984 in total compensation last year, compared with $670,537 in 2008. The difference was due mostly to $106,425 in non-equity incentive plan compensation (a form of bonus), compared with none in 2008.

The total comp for 2009 also included a salary of $403,125 (down from $465,000 in 2008) and $167,540 in stock awards.

In 2009, Haverty cut its net loss to $4.2 million as sales fell 15% to $588.3 million.

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REAL ESTATE

Belgian supermarket Colruyt plans 70-store expansion

BY CSA STAFF

Brussels Belgian retailer Colruyt said it sees a potential to open 70 more of its Colruyt supermarkets in coming years, its chairman told a Belgian newspaper.

Jef Colruyt said in an interview with Belgian business daily L’Echo that the group planned to open 17 shops in Belgium this year — five Colruyt supermarkets, eight OKay corner stores and three Dreamland toy shops.

“In the long run, we have a list of 70 possible locations for Colruyt [supermarkets],” Jef Colruyt told the newspaper. “If we could open 40 to 50 at four to five per year that would be good.”

He added that the group believed it could increase its number of OKay corner stores to 170 from 65 now and could add about 80 more shops to its network of 260 Spar stores.

In France, Colruyt planned to open 10 new stores per year, the group’s chairman said.

“As for other countries, the Netherlands is on ice, but we will study the possibilities in Eastern Europe. But one should not expect anything in the next two years,” he said.

By the end of December 2009, the Belgian retail business consisted of 214 Colruyt, 63 OKay and six Bio-Planet stores for food and of 38 non-food stores of the DreamLand Group. The activities in France comprised 48 owned stores.

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OPERATIONS

Dybvad promoted to CEO of Interbrand Design Forum

BY CSA STAFF

Dayton, Ohio Interbrand Design Forum said Friday that founder Lee Carpenter has promoted current president and COO Bruce Dybvad to CEO.

Carpenter, who has served as the design consultancy’s CEO since its founding in 1978, will now focus solely on his role as CEO of Interbrand North America, a position he has held since 2006.

Dybvad joined Interbrand Design Forum in 1980 and was named president in 1998. He added the additional role of president of Interbrand Cincinnati in 2006.

Carpenter will continue to shape the strategy and growth of Interbrand across North America, which in addition to Interbrand Design Forum’s offices in Dayton, Ohio, and Los Angeles, includes Interbrand offices in New York, San Francisco, Cincinnati, Toronto and Mexico City.

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