FINANCE

Senate confirms Wal-Mart’s Burwell as White House budget director

BY Katherine Boccaccio

Washington, D.C. — The U.S. Senate on Wednesday voted 96-0 to confirm former Wal-Mart Foundation president Sylvia Mathews Burwell as White House budget director.

Burwell, the first fully confirmed budget director since January 2012, when Jack Lew, now Treasury Secretary, left the position to become Obama’s chief of staff, received a vote of confidence from her former employer.

"Sylvia understands business and the role that it, along with government and civil society, must play to build a strong economy that provides opportunity and strengthens communities across the country,” said Mike Duke, Wal-Mart Stores president and CEO, in a statement. “Perhaps most importantly, she knows how to get things done and has proven time and again that she can deliver strong results, even in especially challenging environments.”

The Office of Management and Budget isn’t new to Burwell. Burwell served as deputy budget director and a top White House aide during the Clinton administration. After former president Clinton left office, she worked for the Bill and Melinda Gates Foundation before joining the philanthropic arm of Wal-Mart Stores in 2012.

"Sylvia shares my commitment to growing our economy, shrinking our deficits in a balanced way, and reigniting a rising, thriving middle class," Obama said in a statement. "Her experience will be especially important as we continue our efforts to replace the indiscriminate budget cuts that are already starting to cost jobs, hurt families and inconvenience Americans."

She will take the place of Jeffrey Zients, who has served as acting director since Lew’s departure.

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FINANCE

Tractor Supply profit up in Q1; opening 100+ stores

BY Katherine Boccaccio

Brentwood, Tenn. — Tractor Supply Co. reported Wednesday that net income for the quarter ended March 30 rose to $44 million, compared with $40.3 million in the year-ago period.

Sales increased 6.4% to $1.09 billion from $1.02 billion in the prior year’s first quarter. Same-store sales edged up 0.5%.

The company said it expects capital expenditures to range between $240 million and $250 million including spending to support 100 to 105 new store openings in 2013, as well as to support construction of a southeast DC opening later this year and a new store support center slated to open in 2014.

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Former Walmart exec confirmed Obama’s budget chief

BY CSA STAFF

The Senate has voted unanimously to confirm former Walmart Foundation President Sylvia Mathews Burwell as White House budget director, according to a Reuters report.

The report went on to state that the 96-0 vote marks the first time the White House has had a fully confirmed budget director since January 2012, when Jack Lew, now Treasury Secretary, left the position to become Obama’s chief of staff.

“We congratulate Sylvia on her confirmation as director of the Office of Management and Budget. Sylvia understands business and the role that it, along with government and civil society, must play to build a strong economy that provides opportunity and strengthens communities across the country. Perhaps most importantly, she knows how to get things done and has proven time and again that she can deliver strong results, even in especially challenging environments. Sylvia did a great job leading the Walmart Foundation and will do a great job serving our nation in her new role," said Mike Duke, president and CEO of Walmart.

Burwell’s tenure at Walmart was short-lived. She joined the company a little more than a year ago after roughly a decade in various leadership roles with the Bill and Melinda Gates Foundation. Prior to that, she held various positions in Washington, D.C., including deputy director of the Office of Management and Budget, deputy chief of staff to President Bill Clinton and chief of staff to Treasury Secretary Robert Rubin.

As head of the Office of Management and Budget, Burwell will be responsible for preparing the president’s annual budget.

Prior to her federal government work, Burwell worked for McKinsey & Company. She is a member of the board of the Council on Foreign Relations, the board of MetLife, and the Aspen Strategy Group. She received an A.B. from Harvard University and a B.A. from Oxford University, where she was a Rhodes Scholar.

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