Sears raises credit facility capacity to $3.275 billion
Hoffman Estates, Ill. — Sears Holdings Corp. said Friday that it increased the borrowing amount on its domestic revolving credit facility to $3.275 billion from $2.441 billion.
According to a report by the Associated Press, the maturity date is also extended from June 12, 2012 out to April 7, 2016. The facility also has a lower interest rates and the fee the lender charges Sears for holding available credit was reduced.
The credit facility retains its accordion feature that allows Sears to use existing collateral to get up to $1 billion more in borrowing capacity. The facility is backed by the retailer’s domestic inventory and money it is owed from its pharmacy and credit-card division.
Tiffany CEO’s 2010 pay package upped to $7.1 million
New York City — Tiffany & Co. CEO Michael Kowalski received a pay package worth nearly $7.1 million for 2010, a 13% increase over 2009, according to a report by the Associated Press.
A Securities and Exchange Commission filing on Friday showed that Michael J. Kowalski, 59, received a base salary of $958,957 and a performance-based bonus of nearly $1.6 million.
The bulk of his award came in the form of stock and option grants worth $4.4 million when they were granted.
Kowalski, who joined Tiffany in 1983, became CEO in 1999 and added the title of chairman in 2003, received other compensation worth $167,124, including $147,072 for a life insurance premium.
In 2009, Kowalski’s total pay package was worth about $6.3 million.
New head marketer named at Scotts Miracle-Gro
MARYSVILLE, Ohio — The Scotts Miracle-Gro announced that Jim Lyski has been named EVP and chief marketing officer, reporting to ScottsMiracle-Gro president Barry Sanders.
"Jim will drive closer alignment between our marketing organization and our consumers by sharpening our focus on insights and analytics and providing increased regional marketing support," said Sanders. "He brings an impressive background to ScottsMiracle-Gro, and I have every confidence in his capability to further position the company for success now and in the future."
Lyski will also be accountable for advancing the company’s "Consumer First" strategy specifically to maximize opportunities for sustainable brand portfolio and market share growth, along with continuing to build stronger relationships with consumers.
Prior to joining ScottsMiracle-Gro, Lyski was chief marketing officer for Nationwide Insurance in Columbus, Ohio, where he was responsible for corporate strategy, marketing, brand management, advertising and communications. He has also held senior level positions in strategy and marketing for CIGNA HealthCare and FedEx Corporation.