Zale Replaces CEO
Dallas, Zale Corp. named a new CEO Thursday. The move replaces Betsy Burton, who spent less than two years heading up the jewelry-store chain.
Zale brought in retail veteran Neal Goldberg, who will also serve as president, in effort to help turn around the company that has reported widening losses and recently issued a gloomy holiday sales forecast.
Goldberg was president of The Children’s Place Retail Stores Inc., which also operates Disney stores. He has held senior jobs at Macy’s, Victoria’s Secret and Gap Inc.
Burton, who was named CEO in February 2006, will serve as a Zale consultant under a two-year contract.
Costco CEO Receives Moderate Compensation
Seattle In line with the company’s reputation for keeping costs low, Costco Wholesale Corp. president and CEO Jim Sinegal was paid far less this year than his CEO peers, getting no raise for a seventh consecutive year, according to the Associated Press.
Sinegal received compensation the company valued at nearly $3.2 million in 2007, according to a proxy statement filed Tuesday with the Securities and Exchange Commission. That’s far less than the $8.3 million median pay for CEO in 2006 calculated by The Associated Press.
For fiscal 2007, which ended Sept. 2, Sinegal received a $350,000 salary, an $80,000 bonus, stock awards and options worth about $2.6 million, and roughly $68,500 in perks, including company matches for retirement contributions, life insurance, health-care premiums and a vehicle allowance.
In Tuesday’s filing, Costco noted cash bonuses paid to CEOs at peer companies are substantially higher but that the company’s compensation committee “wishes to respect Mr. Sinegal’s wishes to receive modest compensation, in part because it believes that higher amounts would not change Mr. Sinegal’s motivation and performance.”
In 2006, Sinegal declined a $200,000 bonus—the maximum the company allows—after taking responsibility for errors in the company’s stock-option grants to employees.
Home Depot Board Member Resigns
Atlanta Ex-Albertson’s CEO Lawrence Johnston has resigned from the board of directors of The Home Depot, the company announced Tuesday.
A member of the board since 2004, Johnston told the home improvement chain that he was resigning due to increasing demands on his time, Home Depot said in a Securities and Exchange Commission filing.