Apple Hospitality REIT
Directors James Barden, Kent Colton, Michael Waters and Robert Wily each notified the company of his respective intention to retire from the board effective Jan. 1, 2015. The vacancies will be filled by Jon Fosheim, L. Hugh Redd, Daryl Nickel and company President and CEO Justin Knight.
Fosheim, 63, was CEO of Oak Hill REIT Management, a hedge fund. He attended the University of South Dakota, earning BA, MBA, and JD degrees.
Redd, 57, was senior vice president and CFO of General Dynamics Corp. He received a bachelor’s from Brigham Young University and a master’s degree from the University of Texas.
Nickel, 70, previously worked at Marriott International and has served as a consultant to White Peterman Properties, Inc., a hotel development company. He’s a graduate from Georgetown Law School and Washburn University.
Knight is the son of Glade Knight, the company founder and executive chairman, and the brother of Nelson Knight, the company’s chief investment officer.
Fosheim, Redd, and Nickel each will receive compensation that includes a $140,000 annual retainer, with $60,000 paid in cash and $80,000 paid in vested stock grants, paid in quarterly installments and a $1,000 fee for each meeting of the board or any committee they attend.
Brink’s Co. (BCO)
The armored car giant announced a plan to restructure its Netherlands operations in response to a loss of business with Rabobank, its largest customer in that country. The company said it expects to incur a charge of $16 million to $22 million in its third quarter earnings as a result The restructuring plan includes the potential closure of three branches and a workforce reduction of approximately 600 employees. Its Netherlands operations generated approximately $120 million in revenue in 2013. It’s now expected to bring in $40 million annually. The loss of Rabobank as a customer is a result of the creation in that country of a rival money processing service known as Geldservice Nederland. Brink’s said it challenged the validity of the GSN entity, based on antitrust regulations because it was created by the country’s three largest banks. The challenge was unsuccessful.
CarMax (KMX)
The company approved a $2 billion expansion of its share repurchase program. As of August 31, 2014, the company had made $893 million of repurchases under the program. It is approved to repurchase up to $3.8 billion in shares. The company expects to fund the expanded share repurchase program through a combination of cash from operations, the company’s credit facility and other forms of debt.
Eastern Virginia Bankshares (EVBS)
The parent of EVB awarded grants of restricted stock to its to seven executives. Among them, CEO Joe Shearin received 12,500 shares. Fifty percent of the restricted stock is subject to time-based vesting, and the remaining 50 percent is subject to performance-based vesting.
Apple Hospitality REIT
Directors James Barden, Kent Colton, Michael Waters and Robert Wily each notified the company of his respective intention to retire from the board effective Jan. 1, 2015. The vacancies will be filled by Jon Fosheim, L. Hugh Redd, Daryl Nickel and company President and CEO Justin Knight.
Fosheim, 63, was CEO of Oak Hill REIT Management, a hedge fund. He attended the University of South Dakota, earning BA, MBA, and JD degrees.
Redd, 57, was senior vice president and CFO of General Dynamics Corp. He received a bachelor’s from Brigham Young University and a master’s degree from the University of Texas.
Nickel, 70, previously worked at Marriott International and has served as a consultant to White Peterman Properties, Inc., a hotel development company. He’s a graduate from Georgetown Law School and Washburn University.
Knight is the son of Glade Knight, the company founder and executive chairman, and the brother of Nelson Knight, the company’s chief investment officer.
Fosheim, Redd, and Nickel each will receive compensation that includes a $140,000 annual retainer, with $60,000 paid in cash and $80,000 paid in vested stock grants, paid in quarterly installments and a $1,000 fee for each meeting of the board or any committee they attend.
Brink’s Co. (BCO)
The armored car giant announced a plan to restructure its Netherlands operations in response to a loss of business with Rabobank, its largest customer in that country. The company said it expects to incur a charge of $16 million to $22 million in its third quarter earnings as a result The restructuring plan includes the potential closure of three branches and a workforce reduction of approximately 600 employees. Its Netherlands operations generated approximately $120 million in revenue in 2013. It’s now expected to bring in $40 million annually. The loss of Rabobank as a customer is a result of the creation in that country of a rival money processing service known as Geldservice Nederland. Brink’s said it challenged the validity of the GSN entity, based on antitrust regulations because it was created by the country’s three largest banks. The challenge was unsuccessful.
CarMax (KMX)
The company approved a $2 billion expansion of its share repurchase program. As of August 31, 2014, the company had made $893 million of repurchases under the program. It is approved to repurchase up to $3.8 billion in shares. The company expects to fund the expanded share repurchase program through a combination of cash from operations, the company’s credit facility and other forms of debt.
Eastern Virginia Bankshares (EVBS)
The parent of EVB awarded grants of restricted stock to its to seven executives. Among them, CEO Joe Shearin received 12,500 shares. Fifty percent of the restricted stock is subject to time-based vesting, and the remaining 50 percent is subject to performance-based vesting.