Everett-based Frontier Financial Corp. has announced a major restructuring of its management team, placing director Pat Fahey in the position of board chairman and corporate CEO and Mike Clementz as president of the corporation and CEO of its Frontier Bank subsidiary.
Fahey replaces Bob Dickson, the bank’s founder, in the board position and John Dickson, Bob’s son, as chief executive of the corporation. Clementz replaces John Dickson as the corporation’s president. Bob Dickson stepped down from the chairman position immediately and said he will resign from the board at year’s end to spend more time with his family.
Clementz most recently served as the bank’s president and CEO and also had previously served as the corporation’s president and CEO. John Dickson will now be president of the bank.
Fahey joined the board in 2006 after retiring as chairman of regional banking for Wells Fargo Bank. He’ll focus on growing the bank’s business banking, increasing its deposits and rebalancing a loan portfolio heavily based on home construction. John Dickson will focus on bank operations. Clementz will assist them both and continue on the board of directors.
AutoZone profits beat expectations
Auto parts retailer AutoZone Inc. said Tuesday its fiscal first-quarter profit fell slightly as cash-strapped consumers put off some vehicle maintenance, but the auto parts retailer still managed to post a profit ahead of Wall Street expectations. Bill Rhodes, the company’s chairman, president and chief executive, said AutoZone benefited from the continued decline in new vehicle sales during the quarter, as worried consumers shunned big-ticket auto purchases and opted instead to maintain their aging fleets. The results pleased investors, who sent AutoZone shares up $8.01, or 6.9 percent, to $124.51.
Interest for T-bills falls to nothing
Interest rates on four-week Treasury bills fell to zero Tuesday, as investors still sought the safety of government securities without any return on their investment. The Treasury Department said it sold $30 billion in four-week bills even at no interest. That meant investors were willing to earn no return at all on their money as long as they could park it in the safety of Treasury securities.
Wal-Mart suspends stock repurchasing
Wal-Mart Stores Inc. said Tuesday that it is temporarily suspending its stock repurchase program, citing the economic environment and instability in the credit markets. The world’s largest retailer announced the move Tuesday in a quarterly statement filed with the Securities and Exchange Commission. From time to time, the discounter had repurchased shares of its common stock under a $15 billion share repurchase program authorized by the board of directors. As of Oct. 18, about $5 billion remained of the $15 billion authorized. Wal-Mart’s shares fell $1.75, or more than 3 percent, to close at $55.81 on Tuesday in an overall lower market. Over the past 52 weeks, shares have been trading between $45.24 and $63.85.
From Herald staff and news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
