NEW YORK— Rental car company Hertz on Tuesday said it was withdrawing its annual profit guidance because of "operational challenges" posed by auto recalls, an accounting review and other problems. Earlier this month, Hertz delayed filing its second-quarter results because of that review.» Read More
The directors said last week they had proposed that fired CEO Arthur T. Demoulas and his management team return, without taking control, to assist a return to normal operations as talks continue on his bid to buy out other family members who own a majority of the company. Demoulas was fired in June by a board controlled by his rival cousin, Arthur S. Demoulas.
In a statement Friday, the three board members said their proposal would let ex-CEO Arthur T. Demoulas and his former management team assist in a return to normal operations but not take control as he continues to pursue his intent to buy the company.
Aug 7- Cliffs Natural Resources Inc, an iron ore and coal producer, said on Thursday that Lourenco Goncalves, a former steel company executive, was named to run the company after activist investor Casablanca Capital triumphed in a proxy battle.
Aug 7- Cliffs Natural Resources Inc, an iron ore and coal producer, said on Thursday that Lourenco Goncalves, a former steel company executive, was named to run the company after activist investor Casablanca Capital triumphed in a proxy battle. New York- Casablanca, which has a 5.2 percent stake in Cliffs, claimed the company was destroying shareholder value.
Aug 7- Retailer Canadian Tire Corp reported a higher quarterly profit and named Michael Medline chief executive, effective Dec. 1. Medline, who will also serve as the president, will take over from Stephen Wetmore, who has agreed to remain on the board in a new, non-executive position of deputy chairman, Canadian Tire said on Thursday.
Aug 6- Sprint Corp, the No. 3 U.S. mobile carrier, named Marcelo Claure as its new chief executive, effective Aug. 11. Claure, 43, will replace Dan Hesse, who has been CEO since 2007, Sprint said in a statement on Wednesday. Claure founded mobile phone distributor Brightstar Corp, which was acquired last year by Sprint's Japanese parent, SoftBank Corp..
LONDON, Aug 6- Rio Tinto Chairman Jan du Plessis will become an independent non-executive director of brewer SABMiller Plc next month, with plans to become chairman next year. A spokesman for SABMiller, the world's second-largest brewer, said it was "not unusual for board members to have multiple roles on companies and other outside commitments".
Aug 4- For-profit college operator ITT Educational Services Inc said Chief Executive Kevin Modany has stepped down as chairman of its board and will resign from his post, effective Feb. 4. ITT said the potential buyer, College Portfolio Buyer LLC, dropped out after ITT refused to extend a due diligence period.
FRANKFURT, Aug 4- German industrial services and construction group Bilfinger SE said Chief Executive Roland Koch would quit, taking responsibility for a second cut in its 2014 earnings outlook since end-June.
Aug 1- Procter& Gamble Co, the world's largest household products maker, said it could sell about half of its brands in the next two years and cut jobs to revive sales growth and save costs, sending its shares up as much as 4.3 percent. Twenty-three of the brands have sales of between $1 billion and $10 billion. "Less will be much more," Chief Executive A.G. Lafley said.
Aetna CEO Mark Bertolini's experience with his son's cancer showed him first hand the difficulties of navigating America's complex health-care system.
July 31- An employee complaint exposed accounting misconduct at L-3 Communications Holdings Inc, according to people familiar with the matter, prompting the aerospace and defense supplier to fire four people, revise two years of earnings statements and cut its earnings forecast.
TORONTO, July 31- Canadian Imperial Bank of Commerce has named wealth management head Victor Dodig as its next president and chief executive, replacing Gerry McCaughey who will retire in September.
*Target appoints Pepsi executive Brian Cornell as CEO. July 31- Beleaguered retailer Target Corp named former PepsiCo and Wal-Mart executive Brian Cornell as CEO and chairman as it tries to regain customer confidence following a devastating data breach last year that hit earnings. Cornell, the first outsider to lead Target, has his work cut out.
JERUSALEM, July 31- Israeli industrialist Benny Landa said his campaign to improve corporate governance at Teva Pharmaceutical Industries was delivering results, despite losing a shareholder vote at the world's largest generic drugmaker.
July 31- Target Corp appointed PepsiCo Inc executive Brian Cornell as CEO as it tries to regain customer confidence after a devastating data breach last holiday season. Cornell resigned earlier this week as head of PepsiCo's Americas Foods business, which makes Quaker Oats and Frito Lay chips.
CALGARY, July 30- Penn West Petroleum Ltd said it has uncovered accounting irregularities that misclassified nearly C $300 million in expenses over the last four years, and the Canadian oil producer will restate its results.
*Q2 oper profit 969 mln euros vs Rtrs poll avg 965 mln. FRANKFURT, July 29- German industrial gases maker Linde reported a decline in quarterly profits on Tuesday, hit by unfavourable foreign exchange rate fluctuations.
July 28- Darden Restaurants Inc's food fight with activist investors Barington Capital Group LP and Starboard Value LP entered a new phase on Monday, when the company said Clarence Otis would step down as chairman and chief executive officer.
July 28- Darden Restaurants Inc said on Monday that Clarence Otis would step down as chairman and chief executive officer, buckling under pressure from activist investors Barington Capital Group LP and Starboard Value LP.
Get the best of CNBC in your inbox