Business

Business news from Charlotte and the Carolinas.

Shareholders Vote To Keep Moynihan As Chairman

Sep 22, 2015
Brian Moynihan
Bank of America

Bank of America shareholders have voted to allow Brian Moynihan to continue as both board chairman and chief executive officer. Shareholders voted to separate the two roles in 2009. Then last year, BofA’s board reversed that decision and named Moynihan chairman in addition to CEO. The move sparked controversy and protests by some shareholders.

Brian Moynihan
Bank of America

Bank of America shareholders will vote Tuesday on whether chief executive Brian Moynihan should continue to also serve as the company’s chairman.   The issue has been brewing for several years. 

Shareholders voted back in 2009 to separate the CEO and chairman roles.   But in a controversial move last year, the Bank of America board changed the company’s by-laws to allow one person to hold both titles.   

Salisbury Now Home To Fastest Internet In U.S.

Sep 4, 2015
Ben Bradford / WFAE News

Salisbury, North Carolina – population just shy of 34,000 – can now lay claim to the title of “city with the fastest Internet in the U.S.” It’s not operated by Google, Verizon, or Time Warner Cable. Instead, it’s a homegrown fiber optic network. WFAE’s Ben Bradford says, when city officials launched it, the only title they were seeking was “employed.”

Owners of a restaurant with locations in Concord and Statesville have to pay back wages to employees for violating the Fair Labor Standards Act.   

 U.S. Department of Labor investigators say the owners of Charanda Mexican Grill and Cantina in Concord and Statesville did not pay their servers any wages. They were paid in tips only.

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Two of the largest public pension funds in America are calling for Bank of America to strip Brian Moynihan of his joint title of Chairman and CEO.

Last October the Bank of America board of directors changed the company bylaws and combined the positions of Chairman and CEO. It was a controversial move. In a response to criticism, the Board allowed for a shareholder vote on the move which scheduled for later this month. 

Belk, Inc.

After more than a century as a family-owned department store chain, Belk has agreed to sell to a New York-based private equity firm later this year for about $3 billion.

Started as a single store in Monroe in 1888, Belk now has 296 stores in 16 states.

One of the Charlotte area's largest companies, Lowe's, is growing its profits but not as much as analysts want.

The home improvement giant reported a profit of more than $1.1 billion for its most recent fiscal quarter. That's an 8 percent increase over the same period (May through July) a year ago.

Lowe's CEO called the results "solid," and highlighted particularly strong growth in appliances and outdoor power equipment.

Charlotte Airport Scraps Recycling Partner

Jul 24, 2015
Julie Rose

Three years ago, Charlotte-Douglas Airport officials celebrated the opening of a new trash sorting facility. The goal was to turn a profit on recyclables within five years. It’s not turning out that way.


Jennifer Lang / WFAE

The pending merger of Family Dollar Stores and Dollar Tree now appears to be headed toward completion in early July.  


Bank of America is one of six financial institutions hit with a total of nearly $1.8 billion in fines Wednesday by the Federal Reserve. The fines stem from foreign currency trade violations. 

Mike Linksvayer / Flickr https://creativecommons.org/publicdomain/zero/1.0/

About forty protesters rallied outside Duke Energy’s headquarters, chanting “Up with solar, down with coal,” as shareholders left the annual meeting. The clash between environmental advocates and Duke Energy about solar energy and fossil fuels also extended inside the meeting, even the demonstrations.


Bank of America shareholders Wednesday re-elected the bank’s board of directors at its annual meeting despite intense opposition from two shareholder advisory firms. The opposition stemmed from the bank’s decision last fall to also make CEO Brian Moynihan the bank’s chairman. Shareholders also affirmed the board’s decision to give a $13 million compensation package to Moynihan.

Shareholders re-elected Bank of America’s board of directors at today’s annual meeting despite intense opposition from two shareholder advisory firms. The opposition stemmed from the bank’s decision last fall to also make CEO Brian Moynihan the bank’s chairman. Many shareholders argued that should have been put up for a vote.

Shareholders also approved the board’s recent decision to drop Moynihan’s compensation package by a $1 million, to $13 million. All but $1.5 million of that is in company stock.

American Airlines Group

American Airlines announced their first quarter profits Friday. And they were a record $932 million. It’s great news for the airline and their stockholders and certainly noted by North Carolina lawmakers. 

Belk Exploring Possibility Of Selling Company

Apr 3, 2015
Belk

Charlotte may be losing another one of its iconic, homegrown retailers.

Belk, a third-generation department store chain that dates to the 1880s, confirmed Thursday that it has hired an investment bank to help it explore a possible sale or other “strategic alternatives.”

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