Economy to slow, say forecasters
Some of the nation's top economists are projecting the economy will gradually slow after the current quarter.
"While our panelists do expect a rebound in real growth to 3 percent in the third quarter, that's as good as it gets," according to a summary of a survey of 41 top forecasters by the National Association of Business Economists. The report was released yesterday.
Nike to cut costs, lay off workers
Nike's six-year winning streak is coming to an end.
Following a disappointing first-quarter earnings report, Chairman Philip Knight told shareholders yesterday that the company will cut costs by $50 million and lay off 3 percent to 4 percent of its 9,700 workers by the end of the fiscal year in May.
Sears hires general to run logistics
An Army veteran who moved tanks and troops in Operation Desert Storm is bringing his expertise to the retail business, helping Sears, Roebuck and Co. get appliances and apparel moving through the company's enormous distribution system.
Army Lt. Gen. William G. Pagonis, who directed the transportation of troops and supplies for the Persian Gulf war, was named senior vice president of logistics for Sears. He will be responsible for shipping, distribution and delivery of all Sears merchandise.
Westinghouse chief's pay $1 million
Westinghouse Electric Corp.'s chairman and chief executive, Michael H. Jordan, agreed to a $1 million annual salary and pocketed a $400,000 signing bonus when he joined the struggling company on June 30, according to a recent filing with the Securities and Exchange Commission.
Mr. Jordan's salary surpasses that paid to his predecessor, Paul Lego, who was ousted as chairman and CEO last January in response to pressure from investors. Mr. Lego's annual salary was $699,996 in 1992.
Judge OKs Wang reorganization
Wang Laboratories Inc. began a new life when it emerged from bankruptcy protection smaller but in much better financial shape.
U.S. Bankruptcy Judge William Hillman confirmed the company's reorganization plan yesterday after attorneys described how Wang has cleaned up its troubles. Wang, which filed for Chapter 11 bankruptcy protection Aug. 18, 1992, with $497 million worth of debt, is emerging from the court's protection with just $25 million in debt.