Tag Archives: Cerberus Capital Management

Joe Schmitt Appointed Vice President and Chief Information Officer, Pitney Bowes

By Business Wirevia The Motley Fool

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Joe Schmitt Appointed Vice President and Chief Information Officer, Pitney Bowes

STAMFORD, Conn.–(BUSINESS WIRE)– Pitney Bowes Inc. (NYS: PBI) today announced the appointment of Joe Schmitt to the position of Vice President and Chief Information Officer. Schmitt was also elected an officer of the company. He will report to Kevin Connolly, Vice President, Global Client Services.

Schmitt succeeds Greg Buoncontri, who recently retired from Pitney Bowes. In his new role, Schmitt will lead information technology strategies and teams worldwide. He will have a particular focus on developing and deploying an innovative information and IT infrastructure for the company, including all data and technical service centers, communications networks (both voice and data), and enterprise software applications.

“Joe has all the qualities you look for in a strong CIO,” said Connolly. “He’s experienced, strategic, has a global perspective, and is an energetic agent for positive change. He is a great addition to our leadership team.”

Schmitt previously held Chief Information Officer positions at Steward Health Care System and Cerberus Capital Management. He started his career with Accenture, the global management consulting and technology services firm, and then spent twelve years in roles of increasing responsibility at General Electric.

Schmitt graduated from Carnegie Mellon University with Bachelor of Science degrees in economics and industrial management.

About Pitney Bowes

Pitney Bowes provides technology solutions for small, mid-size and large firms that help them connect with customers to build loyalty and grow revenue. The company’s solutions for financial services, healthcare, legal, nonprofit, public sector and retail organizations are delivered on open platforms to best organize, analyze and apply both public and proprietary data to two-way customer communications. Pitney Bowes is the only firm that includes direct mail, transactional mail, call centers and in-store technologies in its solution mix along with digital channels such as the Web, email, live chat and mobile applications. Pitney Bowes has approximately USD $5 billion in annual revenue and 27,000 employees worldwide. Pitney Bowes: Every connection is a new opportunity™. www.pb.com

Pitney Bowes
Matthew Broder, 203-351-6347
Vice President, External Communications
matthew.broder@pb.com

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Source: FULL ARTICLE at DailyFinance

Whoa! What Just Happened to My Stock?

By Rich Duprey, The Motley Fool

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The EU’s decision to seize the bank accounts of ordinary Cypriot depositors was front and center again as concerns that the financial sector could come under tremendous pressure should the crisis ripple out from the island caused the Dow Jones Industrial Average to fall by 90 points yesterday. With Bank of America and JPMorgan Chase wobbling, the index pulled back from its recent high.

The three stocks below, however, were far removed from the scene of international intrigue rising on their own merits. Yet resist the urge to high-five everyone in the cubicles next to you. Smart investors won’t celebrate until they know why their stock surged, because without a fundamental basis for the bounce, these stocks could just as quickly make the return trip down.

Company

% Gain

Acadia Pharmaceuticals

23.9%

SUPERVALU 

11.7%

Denison Mines

9.5%

Psychoanalyzing growth
Psych! Drug developer Acadia Pharmaceuticals said its drug pimavanserin met a series of secondary end points in a phase 3 clinical trial following previously reported results that it met its primary end point. The potential for FDA approval of what could become a first-in-class treatment has markedly improved and investors responded accordingly.

Pimavanserin is designed to treat psychosis in patients with Parkinson’s disease, a debilitating disorder that develops in up to 60% of Parkinson’s patients but for which there are no drugs currently approved in the U.S. to specifically treat it. Because there’s also the very real possibility it could be used to treat a similar disorder in patients suffering from schizophrenia and Alzheimer’s disease — and for which Acadia has the drug in phase 2 trials — this could be a huge winner for the pharmaceutical.

Of course, should it make it through the FDA‘s regulatory gauntlet it will have to compete with various anti-psychotic drugs like AstraZeneca‘s Seroquel, Eli Lilly‘s Zyprexa, Risperdal from Johnson & Johnson, and generic clozapine — all of which doctors prescribe off-label — but a drug specifically approved to treat the disorder just might gain a lot of traction .

Clean up in aisle 3!
Because it already owned 655 Albertsons stores from when SUPERVALU acquired the chain in 2006, Cerberus Capital Management was always the lead bidder to acquire the chain when it was put up for sale, but it was also out front because it was willing to accept the all the brands that the supermarket operator was selling as opposed to cherry-picking the ones it wanted.

In January, SUPERVALU said it would sell Albertsons, Acme, Jewel-Osco, and a number of other names to AB Acquisition, a Cerberus subsidiary, in a deal worth $3.3 billion. SUPERVALU would get $100 million in cash and have $3.2 billion in debt assumed and will also keep the Save-A-Lot banner that has 1,300 stores nationwide. Cerberus will also become a major shareholder owning more than 21% of SUPERVALU‘s stock and will get two seats on its board of directors.

Shares of SUPERVALU are up …read more
Source: FULL ARTICLE at DailyFinance

Newtown gathers again to mourn victims, including hero teacher who 'loved her job'

For a third straight day Wednesday, funeral processions rolled through a grieving Connecticut town trying to make sense of the massacre of 20 first-graders and six adults in an elementary school less than two weeks before Christmas.

A 7-year-old boy who had dreamed of being a firefighter and a heroic first-grade teacher who died while trying to shield students from the carnage were among the victims laid to rest in what has become an unrelenting cycle of sorrow and loss.

“The first few days, all you heard was helicopters. Now at my office all I hear is the rumble of motorcycle escorts and funeral processions going back and forth throughout the day,” said Dr. Joseph Young, an optometrist who said he had already been to one funeral and would be going to several more.

Students in Newtown returned to school Tuesday, except those from Sandy Hook Elementary, where a gunman armed with a military-style assault rifle slaughtered the children and six teachers and administrators last Friday. He also killed his mother at her home.

Students at Sandy Hook, which serves kindergarten through fourth grade, will resume classes in a formerly shuttered school in a neighboring community in January.

President Barack Obama pressed Congress on Wednesday to reinstate an assault weapons ban that expired in 2004, and called for stricter background checks for people who seek to purchase weapons as well as a limit on high-capacity ammunition clips.

“This time, the words need to lead to action,” said Obama, who set a January deadline for the recommendations.

In Newtown, Education Secretary Arne Duncan held a closed meeting with Sandy Hook Elementary staff, and also planned to attend the wake of slain principal Dawn Hochsprung.

In what has become a dark rite of passage in America, survivors of Minnesota’s 2005 school shooting on the Red Lake Indian Reservation that killed 10, including the gunman, traveled to Connecticut to offer comfort to the community. They said they sought to repay the support they received nearly eight years ago from survivors of the Columbine High School killings in Colorado.

In the meantime, mourners overlapped at back-to-back funerals that started Monday and will continue all week.

The first of Wednesday’s funerals was for 7-year-old Daniel Barden, a gap-toothed redhead and the youngest of three children whose family called “a constant source of laughter and joy.”

“Always smiling, unfailingly polite, incredibly affectionate, fair and so thoughtful toward others,” the family said of the boy.

Hundreds of firefighters formed a long blue line outside St. Rose of Lima Catholic Church as bells sounded and bagpipes played. Daniel wanted to join their ranks one day, and many came from New York, where his family has relatives who are firefighters.

Family friend Laura Stamberg of New Paltz, N.Y., whose husband plays in a band with Daniel’s father, Mark, said Daniel was a thoughtful boy who held doors for people and would sit with another child if he saw one sitting alone.

She said that on the morning of the shooting, Mark Barden played a game with his son and taught him a Christmas song on the piano.

“They played foosball and then he taught him the song and then he walked him to the bus and that was their last morning together,” Stamberg said.

At the same time, in the town of Stratford, family and friends gathered to say goodbye to Victoria Soto, a 27-year-old teacher who was killed while trying to shield her students, some of whom managed to escape.

“She had the perfect job. She loved her job,” said Vicky Ruiz, a friend of Soto’s since first grade.

Every year, she said, Soto described her students the same way. “They were always good kids. They were always angels,” even if, like typical first-graders, they might not always listen, Ruiz said.

Students Charlotte Bacon and Caroline Previdi were to be laid to rest later Wednesday, and a wake was held for Hochsprung, the school’s popular 47-year-old principal. She and school psychologist Mary Sherlach rushed toward gunman Adam Lanza in an attempt to stop him and paid with their lives.

The massacre continued to reverberate around America as citizens and lawmakers debated whether Newtown might be a turning point in the often-polarizing national discussion over gun control.

Private equity firm Cerberus Capital Management announced Tuesday it plans to sell its stake in Freedom Group, maker of the Bushmaster rifle, following the school shootings. In Pittsburgh, Dick’s Sporting Goods said it is suspending sales of modern rifles nationwide because of the shooting. The company also said it’s removing all guns from display at its store closest to Newtown.

Lawmakers who have joined the call to consider gun control as part of a comprehensive, anti-violence effort next year included 10-term House Republican Jack Kingston, a Georgia lawmaker elected with strong National Rifle Association backing.

The National Rifle Association, silent since the shootings, said in a statement that it was “prepared to offer meaningful contributions to help make sure this never happens again.” It gave no indication what that might entail.

And no indication has been made publicly about the motive of the 20-year-old Lanza, who, clad all in black, broke into Sandy Hook Elementary and opened fire on students and staff.

Authorities say the horrific events of Friday began when Lanza shot his mother, Nancy, at their home, and then took her car and some of her guns to the nearby school.

Investigators have found no letters or diaries that could explain the attack.

A Connecticut gun shop owner said Wednesday that he sold a gun several years ago to Nancy Lanza, and was “appalled” that it may have been used in the killings. David LaGuercia, owner of Riverview Gun Sales in East Windsor, said in a statement he is cooperating with police.

Also Wednesday, the family of 6-year-old victim Noah Pozner, who was buried Monday, asked authorities to investigate scam artists who were soliciting funds in the boy’s name.

Source: Fox US News

Sales of bulletproof backpacks, kids' body armor soar 500 percent following Connecticut shootings

By Joshua Rhett Miller

Sales for bulletproof backpacks and child-sized body armor manufactured by a Utah company have increased 500 percent since last week’s shooting massacre at Connecticut’s Sandy Hook Elementary, company officials said.

Derek Williams, director of sales and marketing for Amendment II, said Wednesday that the Salt Lake City-based firm has seen “incredible demand” for its pint-sized products that feature lightweight armor called RynoHide.

“We’ve seen incredible demand, sales have gone up 500 percent for those particular products,” Williams said. “It’s just gone through the roof.”

The backpacks, which retail for as little as $300, will stop a bullet fired from a .357 Magnum and feature an armor component that weighs just 10 ounces, Williams said. He declined to discuss specific sales figures.

“It’s so lightweight, it only adds 10 ounces to their backpack,” the father of six told FoxNews.com. “Would this armor have helped the kids in Connecticut? We don’t know, but any armor is better than no armor.”

Williams said Amendment II has been selling its products to police and military agencies for years now and began putting sheets of the material in children’s backpacks a year ago. He rejected any suggestion the company is seeking to cash in on last week’s shooting in which a deranged man killed 20 children and six adults at the school using a Bushmaster semiautomatic rifle.

“We do not want to sensationalize this any more than it already is,” he said. “The fact of the matter is, in today’s world, this need exists and if we have the technology to protect people, why would we not allow them to purchase it?”

The company has received “quite disturbing” phone calls recently, Williams said, including correspondence from Italy.

“They’re calling us murderous, hateful pieces of garbage,” he said. “We’re being painted as warmongers here.”

Parents, meanwhile, had mixed reactions to the concept of bulletproof backpacks, with some believing they would instill even more fear into young students.

“I’d rather have an administrator or a teacher be armed and trained to handle situations like that if they were to occur,” Laron Zaugg told Fox 13. “But having a child always having to think about that and be prepared for that every day as they get ready for school would be way over the top.”

Maryann Martindale, executive director of the Alliance for a Better Utah, questioned the necessity of the backpacks and instead called for a more reasonable approach to gun laws.

“I think when these things happen we have the chance to ask ourselves tough questions,” Martindale told Fox 13. “One of those is what kind of a society do we want to live in? Do we want to live in a society where we send our kids to school in Kevlar backpacks and arm our teachers? I think we create more chaos by responding that way.”

Sales of guns have also increased dramatically since Friday’s shooting. The Colorado Bureau of Investigation said it received a record 4,154 requests for background checks on Saturday, the day after the shooting. That was slightly more than on its normal biggest day, Black Friday.

Bob Irwin, CEO of The Gun Store in Las Vegas, said customer traffic had jumped since the school shooting, as many customers are concerned that more restrictive gun laws will be enacted. Irwin has not pulled any guns from the shelf, he said.

“My belief is the individual nutcase did this,” Irwin said. “The company that manufactured the gun didn’t. That seems silly, to deprive my normal customers of product because somebody misused a product from the same company.”

Walmart, which offers Bushmaster rifles in some stores, said it would not change the guns it sells, but company spokesman David Tovar said the web listing for the Bushmaster “was taken down in light of the tragic events.”

Investors on Tuesday shunned some of the nation’s largest gun makers, putting up for sale the manufacturer of the Bushmaster semiautomatic rifle as stocks of other gun companies fell. Private-equity firm Cerberus Capital Management announced it would sell the maker of the rifle used in the massacre, which it called a “watershed event.”

Dick’s Sporting Goods suspended sales of all “modern sporting rifles,” the industry term for military-style guns. The company also removed all guns from display at its store closest to Newtown.

The Associated Press contributed to this report.

Source: Fox US News

Cerberus to sell stake in Bushmaster gun maker

Private equity firm Cerberus Capital Management is planning to sell its stake in Freedom Group, maker of the Bushmaster rifle, following the Newtown, Conn., school shootings.

On Friday, 26 people were killed at Sandy Hook Elementary School in one of the worst mass shootings in U.S history. The gunman, Adam Lanza, used a .223-caliber Bushmaster rifle during the shootings.

Cerberus said in a statement Tuesday that it was deeply saddened by Friday’s events. The firm said that it will hire a financial adviser to help with the process of selling its Freedom Group interests.

Cerberus said that money made from the stake sale will be returned to its investors.

Source: Fox US News