FINANCE

Talbots ups pay for real estate

BY CSA STAFF

Boston The Talbots has increased the annual salary and severance compensation for its senior real estate and legal executive, according to the Boston Business Journal on Thursday.

In a regulatory filing, Talbots said its board’s compensation committee approved amendments to provide executive VP Richard O’Connell a severance agreement without an expiration date, and the company has agreed to increase his annual salary 23% to $500,000.

O’Connell’s responsibilities include real estate, legal and store planning and design operations; he received $1.24 million in total compensation in 2008.

But elsewhere in the organization, cuts are being made. In March, Talbots said it would suspend its quarterly dividend, freeze its pension plan and borrow $200 million from its majority shareholder to offset its financial struggles.

A month earlier, the company announced it would cut $150 million in expenses, including 370 job cuts and the closure of 20 stores.

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Wal-Mart helps CARE for women

BY CSA STAFF

WASHINGTON Wal-Mart’s philanthropic arm, The Wal-Mart Foundation, announced a $1 million grant to CARE, a leading humanitarian organization fighting global poverty. Projects funded by this grant will focus on empowering impoverished young women around the world through education, job-training and entrepreneurial support programs.

According to Margaret McKenna, Wal-Mart Foundation president, “CARE is at the forefront of a global effort to create better lives for millions of young women around the world. For many of these women, education, training and entrepreneurship are critical to breaking the vicious cycle of poverty – and with CARE, women around the world will benefit from the Wal-Mart Foundation’s commitment to creating opportunities so people can live better.”

The Wal-Mart Foundation awards grants that seek to address the educational needs of underserved young people ages 12 to 25. This year on International Women’s Day, Wal-Mart donated $25,000 to CARE’s “Power Within” program. This program focuses on girls’ education and leadership, helping more than 10 million girls complete primary school and develop leadership skills in 20 countries around the world.

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Staples selects agency for back-to-school campaign

BY CSA STAFF

BOCA RATON, Fla. Staples has selected Tilson Communications, a full-service public relations firm, to lead its 2009 back-to-school public relations program following its completion of a successful 2008 program.

The agency will execute a national multi-layered campaign combining strategic communications, community outreach and media relations. Financial terms of the agreement were not disclosed.

“Tilson Communications exceeded our expectations, producing a back-to-school campaign that definitely hit the target,” said Paul Capelli, VP public relations for Staples. “We look forward to a 2009 campaign that’s creative, original and effective, all hallmarks of Tilson’s work in the more than five years we’ve collaborated.”

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