HEINZ CEO WILL STEP DOWN.Byline: Claudia Claudia (klôd`ēə), Christian who sent greetings to Timothy, as recorded in Paul's Letter to Timothy. Claudia proves innocence by rescuing goddess’ ship. [Rom. Myth.: Hall, 70] See : Chastity Coates Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Anthony O'Reilly, the flamboyant head of H.J. Heinz Co., is stepping down as chief executive and will turn over day-to-day control of the company to his top lieutenant LIEUTENANT. This word has now a narrower meaning than it formerly had; its true meaning is a deputy, a substitute, from the French lieu, (place or post) and tenant (holder). Among civil officers we have lieutenant governors, who in certain cases perform the duties of governors; (vide, the amid criticism that Heinz stock gains haven't been as stunning as O'Reilly's pay. O'Reilly, 61, will stay on as chairman for three more years, but won't hold an executive title at the company. Heinz President William R. Johnson
n. 1. A person employed to take care of horses or a stable. 2. A bridegroom. 3. One of several officers in an English royal household. 4. Archaic a. A man. b. to succeed O'Reilly and will take over as chief executive. As soon as the announcement was made Tuesday afternoon, Heinz stock shot up $1.25 per share to trade at $52.62-1/2 per share in late New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. trading. Heinz's stock price surged in the years following O'Reilly's 1979 appointment as chief executive, but in recent years the returns have lagged the overall stock market while O'Reilly has remained among one of the highest paid U.S. executives. O'Reilly, the biggest individual shareholder in the company with $400 million in stock, has been struggling with other big shareholders about his close ties to Heinz's board of directors. While O'Reilly denied that the board was filled with his cronies, Business Week magazine reported in September that big shareholders were expected to push for more critical directors. ``I think Johnson has been running the company, so I don't think this is any significant change,'' said William Leach, a stock analyst for Donaldson Lufkin & Jenrette in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Neither O'Reilly nor Johnson was available for comment. For the past year and a half, O'Reilly has sold off some Heinz businesses and bought new ones to concentrate on tuna tuna or tunny, game and food fishes, the largest members of the family Scombridae (mackerel family) and closely related to the albacore and bonito. They have streamlined bodies with two fins, and five or more finlets on the back. , baby food, diet food, restaurant food, pet food and ketchup. During the past six years, Heinz stock has returned 133 percent while the Standard & Poor's 500 index has gained 165 percent. Meanwhile, Business Week reported, O'Reilly has been paid $182.9 million. In a statement, O'Reilly called Johnson ``an outstanding leader for the 21st century.'' Johnson is to take over as chief executive on April 30, 1998. CAPTION(S): Photo PHOTO (color) O'Reilly bows out Anthony O'Reilly, the flamboyant head of H.J. Heinz Co., stepped down as chief executive Tuesday, turning over day-to-day control of the company to his top lieutenant amid criticism that Heinz stock gains haven't been as stunning as O'Reilly's pay. O'Reilly, 61, will stay on as chairman for three more years, but won't hold an executive title at the company. Heinz president William R. Johnson, 48, has been groomed to succeed O'Reilly and takes over as chief executive. The New York Times |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion