Former Tyco International Ltd. Chairman and Chief Executive Officer L. Dennis Kozlowski has resigned from the board of directors at Raytheon. Last week, Tyco announced that Kozlowski had stepped down as chairman and CEO of Tyco. The Associated Press reported that Kozlowski is facing an investigation into possible sales tax evasion involving millions of dollars in artwork. Kozlowski had served on Raytheon’s board since 1995.
"Dennis Kozlowski has been an effective member of the board," said Raytheon Chairman and Chief Executive Officer Daniel P. Burnham. "We respect his decision and appreciate his many years of valuable service to Raytheon and its shareholders."
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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CVS Corporation
May sales increase 9.3 percent
CVS Corporation last week announced that same store sales (sales from stores open more than one year) for the four weeks ended May 25 increased 9.3 percent over the prior year period.
Pharmacy same store sales increased 11.8 percent, while front-end same store sales increased 4.6 percent.
Total sales for the four-week period ended May 25 increased 9.7 percent to $1.89 billion, compared to $1.72 billion in the prior year period. Total pharmacy sales represented 67.5 percent of total company sales in May.
Year-to-date, same store sales for the twenty-one week period ended May 25, 2002 increased 9.4 percent over the prior year period. Pharmacy same store sales increased 11.9 percent, while front-end same store sales increased 4.6 percent. Total sales for the twenty-one week period increased 10.0 percent to $9.67 billion, compared to $8.78 billion in 2001.
As of May 25, 2002, the Woonsocket-based company operated 3,995 retail and specialty pharmacy stores in 32 states and the District of Columbia.
GTECH to supply
lottery system to Alberta, Canada
GTECH has announced that the Alberta Gaming and Liquor Commission (AGLC) has selected the company to negotiate a new contract to supply the Canadian Province of Alberta with a new video lottery central system.
"This decision by the AGLC to continue to select GTECH’s video lottery technology is a strong endorsement of the company’s expertise, reliability, and proven market performance for the Province of Alberta and its residents," said GTECH President and CEO Howard S. Cohen. "We have enjoyed our ongoing relationship with the AGLC, and we are proud to be a significant partner in their plans for the future."
GTECH anticipates signing a contract with the AGLC by August this year. With respect to its contract resulting from successful negotiations with the AGLC, the Company anticipates generating revenues of approximately U.S. $4 million.
GTECH also supplies video lottery central computer systems and/or terminals to lotteries here in Rhode Island, Oregon, Switzerland, Brazil, and the Canadian Province of Saskatchewan.
Stanley Works
provides update on shareholder vote
The Stanley Works last week provided an update on the shareholder vote regarding its proposed reincorporation in Bermuda. The company filed its registration statement for review with the SEC on May 28, 2002. Once the SEC approves the registration statement, the company will schedule a special meeting of shareholders to vote on the proposal.
The company also reiterated that, while it said that the shareholder vote on May 9 was fair and appropriate, a number of concerns were raised about the vote. Company officials said since even the appearance of impropriety is unacceptable, its board of directors authorized a revote on the reorganization to eliminate any confusion and to ensure that the company acts in accordance with the shareholders’ wishes. The company said that there is no reason for the revote to be delayed and that the investigation requested last week by Connecticut Attorney General Richard Blumenthal is unnecessary and unwarranted. Blumenthal has asked the Securities and Exchange Commission to block the re-vote until its investigation is complete,
KVH hires new
vice president
KVH Industries has hired Dr. Kalyan Ganesan as the company’s new vice president of engineering. Coming to KVH from CoWave Networks, a Silicon Valley-based company that, under his direction, developed a new broadband wireless technology using repeater-based mesh topology.
Prior to that he spent 10 years in engineering and technical management at Hughes Network Systems where he oversaw engineering and product research and development within the Broadband Carrier Networks Division. He also served for five years as U.S. West’s Technical Director for Advanced Technologies, overseeing the research and development that led to the deployment of advanced voice, fax, and video services using the U.S. telecommunications infrastructure.
"His contributions will be critical as we pursue both our mobile broadband and photonic fiber initiatives," said KVH President and CEO Martin Kits van Heyningen.
(Compiled from news reports and releases, print and electronic.)
