Archive for 'Chief executive officer'

The Corporate Executive Board Company (“CEB” or “the Company”) (NYSE: EXBD) today announced that its Board of Directors has approved a new $50 million stock repurchase program, which is authorized through Dec. 31, 2012.  During the third quarter of 2011, CEB also utilized the remaining amount available under its previous stock repurchase plan, which was approximately $18.3 million as of June 30, 2011.

“The Board’s decision to implement a new share repurchase program reflects confidence in our growth opportunities and in our ability to generate strong cash flows,” said Thomas Monahan, Chairman and Chief Executive Officer.  “Our priorities for capital allocation remain unchanged:  maintain a strong financial position, preserve flexibility for strategic investments, and intelligently distribute cash to shareholders – primarily through our dividend.  This new share repurchase program supplements this strategy by allowing us to opportunistically offset historical and future dilution from employee equity compensation programs.”

Repurchases under the program may be made through open market purchases or privately negotiated transactions. The timing of repurchases and the exact number of shares of common stock to be repurchased will be determined by CEB’s management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations.


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements using words such as estimates, expects, anticipates, projects, plans, intends, believes, forecasts and variations of such words or similar expressions are intended to identify forward-looking statements. In addition, statements about anticipated future financial results, such as our 2011 annual guidance, are forward-looking statements. You are hereby cautioned that these statements are based upon our expectations at the time we make them and may be affected by important factors including, among others, the factors set forth below and in our filings with the U.S. Securities and Exchange Commission, and consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. Factors that could cause actual results to differ materially from those indicated by forward-looking statements include, among others, our dependence on renewals of our membership-based services, the sale of additional programs to existing members and our ability to attract new members, our potential failure to adapt to changing member needs and demands, our potential inability to attract and retain a significant number of highly skilled employees, risks associated with the results of restructuring plans, fluctuations in operating results, our potential inability to protect our intellectual property rights, our potential exposure to loss of revenue resulting from our unconditional service guarantee, exposure to litigation related to our content, various factors that could affect our estimated income tax rate or our ability to use our existing deferred tax assets, changes in estimates or assumptions used to prepare our financial statements, our potential inability to make, integrate and maintain acquisitions and investments, the amount and timing of the benefits expected from acquisitions and investments, and our potential inability to effectively anticipate, plan for and respond to changing economic and financial markets conditions, especially in light of ongoing uncertainty in the worldwide economy and possible volatility of our stock price. These and other factors are discussed more fully in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our filings with the U.S. Securities and Exchange Commission, including, but not limited to, our 2010 Annual Report on Form 10-K. The forward-looking statements in this press release are made as of Aug. 29, 2011, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.


By identifying and building on the proven best practices of the world’s best companies, CEB helps senior executives and their teams drive corporate performance.  CEB offers comprehensive data analysis, research and advisory services that align to executive leadership roles and key recurring decisions. CEB tools, insights, and analysis empower member companies to focus efforts, move quickly, and address emerging and enduring business challenges with confidence.  CEB’s client and member network includes 85 percent of the Fortune 500, 50 percent of the Dow Jones Asian Titans, and 70 percent of the FTSE 100.  It spans more than 50 countries, 5,300 individual organizations, and 225,000 business professionals.  For more information, visit

CONTACT: Richard S. Lindahl, Chief Financial Officer, +1-571-303-6956, c/o

Web Site:

Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG” or the “Company”) announced it has closed a new $100 million senior secured revolving credit facility with additional borrowing capacity up to $110 million. The Company intends to utilize the facility to fund growth.

Michael Gross, Chief Executive Officer of MHG said, “Over the past several months, we have made tremendous strides in positioning ourselves to grow and increase shareholder value.  This credit facility will provide capital to help expand our brands to deliver exceptional experiences for our guests in key markets in the U.S. and around the world.”

Borrowings under the facility are subject to a borrowing base test and upon closing, the Company’s availability is the full $100 million.  The interest rate is LIBOR plus 4.0%, subject to a LIBOR floor of 1.0%.   The facility matures in three years and is secured by Delano in South Beach.  The credit facility contains standard financial covenants, including a minimum fixed charge coverage ratio of 1.05x in the first year and 1.10x thereafter.

Deutsche Bank Securities Inc. and affiliates are acting as the Lead Arranger and Administrative Agent for the facility and Aareal Capital Corporation, Citibank, N.A. and MidFirst Bank are also lenders.

About Morgans Hotel Group

Morgans Hotel Group Co. (NASDAQ: MHGC) is widely credited as the creator of the first “boutique” hotel and a continuing leader of the hotel industry’s boutique sector.  Morgans Hotel Group operates Morgans, Royalton and Hudson in New York, Delano and Shore Club in South Beach, Mondrian in Los Angeles, South Beach and New York, Clift in San Francisco, Ames in Boston, Sanderson and St Martins Lane in London, and a hotel in Playa del Carmen, Mexico.  Morgans also owns, or has ownership interests in, several of these hotels.  Morgans Hotel Group has other property transactions in various stages of completion including a Delano in Cabo San Lucas, Mexico, a Delano in Turkey, a Mondrian in Doha, Qatar and a hotel in New York to be branded with one of MHG’s existing brands. For more information please visit

Forward-Looking and Cautionary Statements

This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things, the operating performance of our investments and financing needs and prediction of certain future other events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “expect,” “anticipate,” “estimate” “believe,” “project,” or other similar words or expressions. These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results or other future events to differ materially from those expressed in any forward-looking statement. Important risks and factors that could cause our actual results to differ materially from those expressed in any forward-looking statements include, but are not limited to economic, business, competitive market and regulatory conditions such as: a sustained downturn in economic and market conditions, particularly levels of spending in the business, travel and leisure industries; continued tightness in the global credit markets; general volatility of the capital markets and our ability to access the capital markets; our ability to refinance our current outstanding debt and to repay outstanding debt as such debt matures; our ability to protect the value of our name, image and brands and our intellectual property; risks related to natural disasters, such as earthquakes, volcanoes and hurricanes; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; and other risk factors discussed in Morgans’ Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and other documents filed by Morgans with the Securities and Exchange Commission from time to time. All forward-looking statements in this press release are made as of the date hereof, based upon information known to management as of the date hereof, and Morgans assumes no obligations to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized.

Arkansas Best Corporation (Nasdaq: ABFS) today announced that Steven L. Spinner, current President and Chief Executive Officer of United Natural Foods, Inc. (Nasdaq: UNFI) has been appointed to the Arkansas Best Corporation Board of Directors, effective July 21, 2011.

“As the current chief executive of a publicly-traded company for which efficient distribution of goods is so important, Steve Spinner will be a great resource for Arkansas Best,” said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer. “We are excited and pleased to welcome him to our board.”

Mr. Spinner, 51, has led UNFI and served as a member of its board since September 2008.  Prior to joining UNFI, Mr. Spinner was President and Chief Executive Officer of Performance Food Group Company (“PFG”), the third largest broadline food service distributor in the United States.  He served in several capacities during his time at PFG.  From October 1997 to October 2000, Mr. Spinner was the President of AFI Foodservice Distributors, Inc., a wholly owned subsidiary of PFG.

As an Arkansas Best board member, Mr. Spinner will also serve on the board’s Audit Committee.

Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best’s largest subsidiary, has been in continuous service since 1923. ABF has evolved from a local less-than-truckload (LTL) motor carrier into a global provider of customizable supply chain solutions.  More information is available at and

Contact: Mr. David Humphrey, Vice President of Investor Relations & Corporate Communications
Telephone: (479) 785-6200

Home Bancorp, Inc. (NASDAQ: HBCP), the holding company of the 103-year-old Home Bank ( announced the completion of its acquisition of GS Financial Corp., the holding company of Guaranty Savings Bank of Metairie, Louisiana.  The combined company has total assets of approximately $975 million, $640 million in loans and $720 million in deposits.

“We welcome Guaranty’s customers and associates to the Home Bank family,” said John W. Bordelon, President and Chief Executive Officer of Home Bancorp and Home Bank.  “Home Bank customers across south Louisiana have embraced our brand of banking as their ideal alternative to the megabanks.  We anticipate the same reaction in the Greater New Orleans area.”

Stephen E. Wessel, Chief Executive Officer of Guaranty Savings Bank, has been named Home Bank’s New Orleans Market President.

“Like Guaranty, Home Bank has demonstrated a commitment to improve the communities we serve,” stated Mr. Wessel.  “Together, we understand the role we play in ensuring our communities thrive – from helping businesses grow to helping homeowners achieve their dreams.  Home Bank’s size, strength and technology leadership greatly enhance our ability to provide our customers with the financial services they need to prosper.”

Home Bank plans to convert the branch and operating systems of the former Guaranty Savings Bank locations to those of Home Bank in September 2011.  The Company expects to realize cost savings of approximately $1.5 million on a pre-tax basis, and anticipates that the transaction will be over 10% accretive to earnings, once savings are fully phased in by 2012.  The dilution to tangible book value is expected to be minimal.  Merger-related expenses are expected to total approximately $2.5 million on a pre-tax basis.  Following the merger, Home Bank’s capital position remains one of the strongest in the industry with total risk-based capital near 19%.  No additional capital was needed to complete the transaction.

Shareholders of GS Financial will receive $21.00 per share in cash, resulting in a total purchase price of $26.4 million.

This news release contains certain forwardlooking statements.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties.  A number of factors – many of which are beyond our control – could cause actual conditions, events or results to differ significantly from those described in the forwardlooking statements.  Home Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2010, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for losses on loans, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Statements regarding the timing and success of the integration of GS Financial Corp., anticipated cost savings, earnings accretion, book value dilution and merger-related expenses are also forward-looking.  Forward-looking statements speak only as of the date they are made.  We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.

Cost Reductions Expected to Lower Annual Expenses by more than $20 million

ITG also Announces Non-cash Goodwill Impairment Charge and Provides Preliminary Second Quarter 2011 Earnings Guidance

Investment Technology Group, Inc. (NYSE: ITG), a leading agency research broker and financial technology firm, today announced a cost reduction plan to improve margins and enhance shareholder returns in the face of continued weakness in institutional equity trading volumes in the U.S. and Europe.

The cost reduction plan is primarily focused on employment, consulting, and infrastructure costs in the U.S. and Europe.  This plan is expected to generate pre-tax cost savings in 2012 of more than $20 million, or approximately $0.30 per diluted share after taxes.  The cost savings will begin to take effect during the third quarter of 2011.  ITG will incur pre-tax charges associated with this plan estimated at between $16 million and $18 million, or between $0.23 and $0.26 per diluted share after taxes, in the second quarter of 2011.

“With U.S. equity volumes during the second quarter at the lowest levels since late 2007, this plan improves profitability and sharpens the focus of our core execution platform while affording us the flexibility to continue to build out our research offering,” said ITG’s Chief Executive Officer and President, Bob Gasser.  “While the reduction in staffing levels is painful, the ITG management team and I believe that these measures are critical to our long-term success.”

ITG today also announced plans to record a second quarter 2011 non-cash goodwill impairment charge in its U.S. reporting unit estimated at between $210 million and $230 million, or between $4.50 and $5.00 per diluted share after taxes.  The impairment was driven by weak institutional equity trading volumes and the decline in industry market multiples.  This non-cash charge brings ITG’s book value more in line with its market capitalization and has no impact on debt covenants, cash flows, or normal day-to-day business operations.

The weak volumes and pressure on revenue capture due to product and client mix shifts continue to weigh on ITG’s results.  ITG expects a U.S. GAAP loss per diluted share for the second quarter of 2011 of between $5.18 and $4.62, including the impact of the goodwill impairment charge, the cost reduction charge and expenses related to the acquisition and integration of Ross Smith Energy Group.  Adjusted earnings per diluted share for the quarter, exclusive of these items, is expected to be between $0.12 and $0.15. ITG management will provide more details during the second quarter 2011 earnings call on August 4th.

The discussion above includes guidance on adjusted earnings per share which is a non-GAAP financial measure that is described in the attached table along with a reconciliation of this non-GAAP financial measure to U.S. GAAP.

About ITG

Investment Technology Group, Inc. is an independent agency research broker that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity, execution services, analytical tools, and proprietary research insights grounded in data.  Asset managers rely on ITG’s independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit

In addition to historical information, this press release may contain “forward-looking” statements that reflect management’s expectations for the future.  A variety of important factors could cause results to differ materially from such statements.  These factors are noted throughout ITG’s 2010 Annual Report, on its Form 10-K, and on its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in our systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of our customers’ trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, our ability to attract and retain talented employees, as well as general economic, business, credit and financial market conditions, internationally or nationally. Our ability to achieve cost savings from this cost reduction plan is also subject to certain risks and uncertainties that could cause such statements to differ materially from actual future results.  The forward-looking statements included herein represent ITG’s views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.

ITG Media/Investor Contact:

J.T. Farley
(212) 444-6259

Reconciliation of U.S. GAAP Guidance to Adjusted Guidance
In evaluating ITG’s financial performance, management reviews results from operations which excludes non-operating or one-time charges.  Adjusted earnings per share is a non-GAAP (generally accepted accounting principles) performance measure, but ITG believes that it is useful to assist investors in gaining an understanding of the trends and operating results for its core businesses. Adjusted earnings per share should be viewed in addition to, and not in lieu of loss per share under U.S. GAAP.
The following is a reconciliation of ITG’s guidance of loss per share for the second quarter of 2011 under U.S. GAAP to adjusted earnings per share:
Three Months Ended
June 30, 2011
Low High
Diluted loss per share – GAAP $      (5.18) $       (4.62)
After-tax adjustments:
Goodwill impairment (a) 5.00 4.50
Restructuring costs (b) 0.26 0.23
Acquisition-related costs (c) 0.04 0.04
Adjusted earnings per share $       0.12 $        0.15
(a)  Reflects a goodwill impairment charge in ITG’s U.S. reporting unit driven by weak institutional equity trading volumes and the decline in industry market multiples.
(b)  Reflects a charge associated with ITG’s second quarter cost reduction plan focused on reducing employment, consulting, and infrastructure costs in the U.S. and Europe.
(c)  During the second quarter of 2011, ITG acquired Ross Smith Energy Group Ltd., a Calgary-based independent provider of research on the oil and gas industry. In connection with the acquisition, ITG incurred legal fees and other professional fees, and costs to terminate a distribution agreement with a third party.

West Bancorporation, Inc. (Nasdaq: WTBA) (the “Company”), parent company of West Bank, announces that it has redeemed all $36,000,000 of the preferred stock it sold to the United States Treasury on December 31, 2008, under the Capital Purchase Program (“TARP”).

“We are extremely pleased to be able to repay all of the TARP funds so quickly while maintaining our well-capitalized status without borrowing any money or issuing any stock,” said David Nelson, President and Chief Executive Officer of the Company.  “We participated in TARP out of an abundance of caution given the historic turmoil in the capital markets during 2008, and that turned out to be a wise decision.  Since then we have navigated through some tough financial storms and now we are confident of our future without government investment.  Redemption of the TARP stock is very good news for our shareholders and the Company because we are now relieved of some additional regulatory burdens and we no longer have to pay preferred stock dividends.  Since December 31, 2008, we have paid $4,495,000 in dividends to the Treasury.  We can now use our improving earnings to compensate our shareholders and retain capital for future growth.”

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa.  Serving Iowans since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services and trust services for consumers and small- to medium-sized businesses.  West Bank has two full-service offices in Iowa City, one full-service office in Coralville, and eight full-service offices in the greater Des Moines area.

Certain statements in this press release, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements may appear throughout this press release. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “should,” “anticipates,” “projects,” “future,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue,” or similar references, or references to estimates, predictions, or future events.  Such forward-looking statements are based upon certain underlying assumptions, risks, and uncertainties.  Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements.  Risks and uncertainties that may affect future results include: interest rate risk; competitive pressures; pricing pressures on loans and deposits; changes in credit and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for loan losses dictated by new market conditions or regulatory requirements; actions of bank and non-bank competitors; changes in local and national economic conditions; changes in regulatory requirements, limitations, and costs; changes in customers’ acceptance of the Company’s products and services; and any other risks described in the “Risk Factors” sections of reports made by the Company to the Securities and Exchange Commission.  The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Oil & Gas Co. Finances More Drill Sites

Oil & Gas Co. Finances More Drill Sites

Oil & Gas Co. Finances More Drill Sites-Image via Wikipedia

Daybreak Oil and Gas, Inc. (OTC Bulletin Board: DBRM) (“Daybreak” or the “Company”), a Washington corporation, announced that it has received a commitment for a $3,500,000 secured loan (the “Loan”).  The term of the Loan will be for three years with an interest rate of 6% per annum.  Also, in accordance with the terms of the commitment, the Company will make monthly payments of interest on the proposed Loan, with the entire principal balance due at the end of the term.  The Loan will be secured by the Company’s leases at its East Slopes Project located in Kern County, California.  The Company will also issue 3.5 million restricted shares of its common stock and assign a 5% net profits interest from the Company’s leases at its East Slopes Project to the lender.  Subject to definitive documentation, due diligence and customary closing conditions, the Loan is expected to close on or before June 30, 2011.  Proceeds of the Loan will be used to expand the development of the Company’s East Slopes Project as well as repay the $750,000 principal amount under its existing Secured Promissory Note due September 17, 2011, relating to the Company’s acquisition of additional working interest in its East Slopes Project and for other general corporate purposes.

Global 3 Capital, LLC is assisting the Company with the transaction.  Global 3 Capital, LLC specializes in the funding of oil, gas and alternative/renewable energy sectors.

Future Plans

The Company plans to drill up to nine wells at its East Slopes Project during its 2012 fiscal year, which began on March 1, 2011.  Locations have already been constructed at the Company’s Bull Run Prospect and at the Ball location.  Drilling is expected to begin at Bull Run by mid July 2011, followed by a development well at our Ball Location.  A workover will also be conducted on our Ball #1 well.

James F. Westmoreland, President and Chief Executive Officer commented, “We believe that this is the right type of financing for the Company and its shareholders.  Share dilution has been kept to approximately 7% and the Loan terms will allow the Company to proceed with its plans while not being burdened under a heavy debt load.”

Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged in the exploration, development and production of oil and gas in California.  The Company is headquartered in Spokane, Washington with an operations office in Friendswood, Texas.  Daybreak has over 20,000 acres under lease  in the San Joaquin Valley of California.

For more information about Daybreak Oil and Gas, Inc., please visit the Company’s website at

Ed Capko Telephone: 815-942-2581
Investor Relations Email:

“Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995: Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “should,” “up to,” approximately,” “likely,” or “anticipates” or the negative thereof or given that the future results covered by such forward-looking statements will be achieved.  These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact.  Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties.

We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments.  However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes.  Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements.  The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements:  failure to negotiate and enter into a Loan as well as receive any funds; general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the East Slopes Project prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations.  Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission (“SEC”) and are available at the SEC’s web site  Daybreak Oil and Gas Inc. disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.

Astoria (NYSE: AF) Appoints New President and CEO

Astoria (NYSE: AF) Appoints New President and CEO

Astoria Financial Corporation (NYSE: AF) (the “Company”), the holding company for Astoria Federal Savings and Loan Association (the “Bank”), announced today that the Boards of Directors of both organizations, at their board meetings held yesterday, appointed Monte N. Redman, 60, President and Chief Executive Officer of both organizations effective July 1, 2011.  Mr. Redman, currently President and Chief Operating Officer of the Company and the Bank, will be succeeding George L. Engelke, Jr., 72, the current Chairman and Chief Executive Officer, who, in January, announced his intention to step down as CEO on July 1, 2011.  Mr. Engelke will continue to serve both organizations as Chairman of the Board.  Mr. Redman was also elected a director of both organizations, effective July 1, 2011.

Commenting on Mr. Redman’s appointment Mr. Engelke noted, “I am very pleased that the Board has appointed Monte Redman to succeed me as CEO.  With over 34 years of experience at Astoria in various capacities, including the past three years as President and Chief Operating Officer, Monte has clearly demonstrated his ability to serve in this position.”

Astoria Financial Corporation, with assets of $17.7 billion, is the holding company for Astoria Federal Savings and Loan Association.  Established in 1888, Astoria Federal, with deposits in New York totaling $11.5 billion, is the largest thrift depository in New York and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking office locations and multiple delivery channels, including its enhanced website,  Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states.  Astoria Federal originates mortgage loans through its banking and loan production offices in New York, an extensive broker network covering fourteen states, primarily along the East Coast, and the District of Columbia, and through correspondent relationships covering fifteen states and the District of Columbia.

Lockheed Martin

Lockheed Martin-Image by Getty Images via @daylife

Today Lockheed Martin (NYSE: LMT) Chairman and Chief Executive Officer Bob Stevens delivered an update on key programs and shared details of the company’s affordability initiatives to journalists attending the company’s 2011 Media Day.

Referring to a “new reality” for the Department of Defense and Lockheed Martin, Stevens said “we know the challenges that we will face together are significant. The global security environment is only growing more volatile and complex, while economic resources are sure to be constrained as we focus on deficit and debt reduction, which is why we continue to give cost reduction and affordability a top priority across the company.”

“Since our last Media Day we have consolidated facilities, divested two businesses, reduced the senior employee ranks by 26 percent, reduced expenses, frozen the salaries of our most senior employees and are critically examining every process, purchase, and transaction to get as lean and agile as we can be,” Stevens continued.

In his remarks, Stevens outlined more than $500 million in cost reductions from recent initiatives, including $350 million attributed to the recent voluntary executive separation program (VESP), and several hundred million dollars in additional overhead cost savings in 2011 to be built into forward pricing proposals.

Noting that Lockheed Martin was off to a good start in 2011, Stevens said the company’s major programs are performing well and earning customer confidence.  “In our business, nothing substitutes for solid execution and I’m pleased to say the majority of our programs are on plan.”

Stevens credited the company’s success to the character and commitment of its 126,000 employees.

“In this time of great challenge…perhaps the area in which I am most proud is the area where we have remained very constant,” Stevens said. “And that area is the character and culture of this enterprise; by maintaining absolute integrity and the highest ethical standards in business conduct, principled leadership, and the dedicated professionalism in all that we do and responsible corporate citizenship.”

Stevens reinforced the Corporation’s dedication and focus on delivering for its customers, “we’ll focus on their missions and we’ll continue to focus on the work we do to support them.  We all feel it’s a great privilege to serve the people that we get to work for.”

To read the full transcript of Stevens’ Media Day remarks, click here.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s 2010 sales from continuing operations were $45.8 billion.

For additional information, visit our Web site:

– Focused on mid and large cap market

– Internationally experienced leadership and transaction team

– Has access to Chinese market via Andus-Leuliette JV

Leuliette Partners, LonePine Capital Advisors and The Novak Group today announced they have combined their operations to form FINNEA Group (“FINNEA”), a dedicated investment banking and restructuring firm that provides financial advisory services and merchant banking solutions.

The newly formed company focuses primarily on providing M&A advisory services, capital solutions, financial restructuring, interim management and private equity financing.

“By combining our companies we believe we can deliver unparalleled value and service to our customers as they navigate rapid changes in the global and financial markets,” partners Jim Klunk, Tim Leuliette, Tom McDonald and Joe Novak said in a combined statement. “We appreciate the support from our prior associations and look forward to growing our future together.”

The partners began the process of merging their operations in the fall of 2010.

FINNEA’s senior leadership team also has served in a variety of corporate leadership positions throughout North America, Europe and Asia. They have successfully dealt with the challenges of a global economy, changing macro-economic trends and dynamic shifts in many businesses to deal with an ever-changing economy.

In addition to its core financial advisory focus, FINNEA also became a partner in Andus-Leuliette LLC. Formed in January 2011, Andus-Leuliette specifically focuses on businesses that would benefit from access to the Chinese consumer/industrial market, or would gain from access to Asian capital and equity markets. Its operations include M&A advisory services, import/export trading, equipment leasing, private equity investment, commercial development and operating companies. The company has access to Chinese sovereign and other investment funds, which will infuse capital into the business and facilitate financial support with leasing and capital investment activities.

FINNEA serves a broad client base through its offices in Birmingham, Mich., Chicago, Ill., and West Palm Beach, Fla. It will move its headquarters to the Greenleaf Trust Building in Birmingham, Mich., in the fall of 2011.

About FINNEA Group

FINNEA Group offers M&A advisory services, capital solutions, restructuring, special situations, interim management and private equity investing. The founding partners and their team of highly experienced professionals have global expertise in both mid- and large-cap companies and extensive experience advising clients in a number of manufacturing and service industries. They have served in a variety of corporate leadership positions in North America, Europe and Asia.

For more details and contact information please visit

Media Inquiries
Marge Sorge
1821 West Maple
Birmingham, Michigan 48009
Office: 734.578.6507
Fax: 313.887.9465

Web Site:

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