Friday, June 11, 2004

Business digest



Pomeroy IT Solutions elects new chairman

David B. Pomeroy, founder of Pomeroy IT Solutions, resigned Thursday as chief executive and was replaced by his son.

The board of directors of the information technology company - which has 28 offices in 14 states and 2003 revenues of $598 million - on Thursday elected Stephen Pomeroy, 35, to chief executive and president.

P&G expects to meet 4th-quarter estimate

Procter & Gamble Co. said Thursday it expects fourth-quarter profit to meet analysts' estimate of 97 cents a share, as the acquisition of hair care company Wella AG and new products drive sales.

The average profit estimate of 14 analysts surveyed by Thomson Financial has risen by 1 cent since the company's forecast in April. Net income was $955 million, or 68 cents a share, a year earlier.

Intrieve reaches deal on Chicago center

Intrieve Inc., a Cincinnati-based provider of technology solutions to financial institutions, and Thillens Service Corp., a Chicago-based cash and check processing service provider, have partnered on a checking processing center for the Chicago area.

Intrieve is providing the check imaging technology, while Thillens is providing secure facilities and courier services. The service center is scheduled to be operational July 23.

John Hancock CEO to retire this year

David F. D'Alessandro will retire as president and chief executive of John Hancock Financial Services late this year but continue serving on the board of Canada's Manulife Financial Corp., which recently acquired John Hancock, the insurer said Thursday.

On Nov. 30, when the 53-year-old's retirement takes effect, two senior executive vice presidents will head John Hancock's two primary operating companies. James M. Benson, 57, will become president and CEO of John Hancock Life Insurance and John D. DesPrez III, 47, will fill those positions at John Hancock Financial Services.

Maytag strike closes central Iowa plants

Union workers at Maytag Corp.'s central Iowa washer and dryer plants went on strike Thursday after contract talks broke down over health care and other issues.

The previous contract covering 1,525 Maytag production workers in Newton expired at midnight May 31, but both sides worked past the deadline.

Spanish-language network sues Nielsen

Spanish-language media giant Univision Communications Inc. sued to block Nielsen's new TV ratings system, arguing Thursday that it will drastically undercount Hispanics.

Nielsen Media Research knows the "Local People Meter" system is flawed and is guilty of unlawful business practices by promoting it, according to the suit filed in Los Angeles County Superior Court.

Nielsen defended its technology and its sampling techniques and said the claims in the lawsuit are without merit.

Martha Stewart asks judge for new trial

Martha Stewart asked a judge Thursday to grant her a new trial, citing charges that a government witness at her first trial lied repeatedly on the stand.

The request, considered a long shot by legal experts, came four weeks before Stewart is to be sentenced for lying about a stock sale in 2001.

Prosecutors say Larry Stewart, no relation to Martha Stewart, lied on the stand about the role he played in ink-analysis tests conducted on a worksheet prepared by Bacanovic. Larry Stewart has not entered a plea.

From staff/wire reports




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