January consumer spending misses forecasts
Washington, D.C. — A report released Monday by the Commerce Department showed that consumer spending in the United States in January edged up 0.2%, curbed by increased food and gas prices.
The results missed Bloomberg News forecasts and represented the smallest gain since June.
Incomes beat projections by climbing 1%, according to the report, reflecting the tax-cut compromise reached by President Obama and Congressional Republicans in December, and inflation remained below the Federal Reserve’s long-term forecast.
A median estimate of 71 economists surveyed by Bloomberg News called for a 0.4% advance in spending. Projections ranged from increases of 0.2% to 0.5%.
New Sears CEO compensation put at $7.2 million — plus commuting costs
Hoffman Estates, Ill. — Sears Holdings Corp. in a regulatory filing on Friday reported that its newly named CEO Louis J. D’Ambrosio will be compensated $7.2 million and a charter airplane for his commute from Pennsylvania to Illinois, as calculated and reported by the Associated Press.
D’Ambrosio will also be eligible for a bonus of up to $2 million, according to the report.
Sears announced Wednesday that it had named technology industry executive Louis J. D’Ambrosio CEO after a three-year search, effective the following day. He had served for six months as a consultant to the retailer’s board. D’Ambrosio succeeds interim CEO W. Bruce Johnson, who will remain as executive VP and president of off-mall businesses and supply chain.
D’Ambrosio will receive a base salary of $1 million and a signing bonus of $150,000. He stands to receive a performance-based bonus worth up to $2 million. He also received $6 million in restricted stock under the company’s 2006 stock plan, which will be paid in installments of $2 million over three years. He could receive more unrestricted stock.
The company will cover the costs of D’Ambrosio’s commute by air between Philadelphia and the Chicago area, where Sears is based. He will also receive ground transportation and corporate housing in and around Hoffman Estates, Ill.
New CEO named at Timex
MIDDLEBURY, Conn. — Timex Group announced that it has named Gary Cohen president and CEO of the company. Cohen will also join the company’s board of directors.
“I feel honored to lead one of the world’s largest and most iconic watch companies,” Cohen said. “I look forward to developing new business opportunities across our extensive portfolio of brands in both developed and emerging markets worldwide.”
Prior to joining Timex Group, Cohen was global general manager/VP Playtex Products Inc., a business unit of Energizer Holdings Inc., where he played an instrumental role in the integration of Playtex into Energizer’s personal care division.