Report: Costco CEO, CFO Won’t Get Bonuses
New York City, Costco CEO Jim Sinegal and CFO Richard Galanti won’t get bonuses this year because of “imprecisions” with the company’s stock option granting process, according to the Puget Sound Business Journal. According to a filing with the Securities and Exchange Commission (SEC), Sinegal was eligible for a bonus of $200,000 and Galanti was eligible for an $82,000 bonus.
“A special committee of the board of directors concluded that there were imprecisions in the company’s stock option granting process and that these two officers had responsibility for administering that process,” the retailer wrote in the SEC filing. “Because of their responsibilities for the imprecisions in the process and the resulting need for the board inquiry, these officers suggested that they not receive bonuses for fiscal 2006,” the retailer wrote in the SEC filing.”
Wal-Mart Reportedly Looking to Use More Part-Timers
New York City, Wal-Mart is pushing to create a cheaper, more flexible work force by capping wages, using more part-time workers and scheduling more staff on nights and weekends, The New York Times reported on Monday.
The report said that investment analysts and store managers say Wal-Mart executives have told them the company wants to transform its work force to 40% part-time from 20%. Wal-Mart denies it has a goal of 40% part-time workers, although company officials said part-timers now comprise 25% to 30% of its workers, up from 20% last October, according to The New York Times.
Executive Promotions at Stein Mart
Jacksonville, Fla., Stein Mart has promoted D. Hunt Hawkins, senior VP of human resources, to executive VP, operations. In his new position, he will have responsibility for store operations and human resources.
In addition, the chain appointed William A. Moll, general merchandising manager women’s ready-to-wear, to executive VP and chief merchandising officer. He will have responsibility for all buying, planning and allocations functions.