Ex-Windstream CEO earned $6.8M in '14
Jeff Gardner, former president and chief executive officer of Windstream Holdings Inc., earned about $6.8 million in 2014, the Little Rock-based telecommunications company reported Friday in its proxy statement.
Gardner was paid $1 million in salary, $378,000 in incentive plan compensation, about $5.3 million in stock awards and $79,581 in other compensation.
Anthony Thomas, president and chief executive officer, was paid about $3.3 million; Robert Gunderman, chief financial officer and treasurer, earned about $1.2 million, and John Fletcher, executive vice president and general counsel, was paid about $2.1 million.
Windstream will hold its annual shareholders meeting May 14 at 10 a.m. This year's meeting will be a "virtual meeting," via webcast at www.virtualshareholdermeeting.com/WIN15. The company said shareholders will not be able to attend the meeting in person.
-- Jessica Seaman
Ozarks Bank director sells 82,400 shares
Ross Whipple, a director for Bank of the Ozarks, sold 82,400 of his shares in the Little Rock-based company this week, according to a federal filing.
The shares were valued at $3,067,134.
Since September, Whipple, the former chairman of Summit Bank of Arkadelphia, has sold more than $23 million of his Bank of the Ozarks stock.
Whipple sold Summit Bank to Bank of the Ozarks last year for about $216 million, about 80 percent of which was in Bank of the Ozarks stock. After this week's sale, Whipple still owns more than 1.4 million shares of Bank of the Ozarks, valued at more than $53 million based on Friday's share price of $37.15.
-- David Smith
Harley shares slide after layoffs report
Shares of Harley-Davidson Inc. fell the most in six weeks Friday after a report that the motorcycle-maker is laying off 169 workers at a Kansas City, Mo., factory.
The company notified Missouri officials that the reductions will take effect May 11 and continue through Sept. 30, the Milwaukee Journal Sentinel reported Thursday evening. The move was the result of production needs and other changes, the newspaper said, citing a company statement.
Kristen Cunningham, a spokesman for Milwaukee-based Harley, confirmed the layoffs Friday and said she couldn't immediately comment beyond that.
The share decline is an "overreaction" to the layoffs, which are part of a restructuring plan in which Harley "is outsourcing materials management to a third party," Joseph Spak, an RBC Capital Markets analyst in New York, said in a note. RBC rates the stock outperform.
Harley shares fell $2.05, or 3.4 percent, to close Friday at $58.80.
-- Bloomberg News
Egypt seeks investors for canal projects
SHARM EL-SHEIKH, Egypt -- The head of Egypt's Suez Canal Authority said Friday that the government will offer investors 18 projects worth around $40 billion to create a new industrial and logistical zone along the strategic waterway.
The creation of the zone is the second leg of a program to develop the canal. Egypt is already rushing to deepen the waterway and build a second branch to allow two-way traffic, an expansion officials say will be finished by August.
Mohab Mameesh, the head of the authority, said that the aim is to increase the role of the waterway in international trade and increase its benefits to the country's damaged economy. The projects will be promoted to potential investors at an international conference that opened in the Sinai resort of Sharm el-Sheikh on Friday.
-- The Associated Press
Kia recalls 209,000 SUVs over gas pedal
DETROIT -- Kia is recalling nearly 209,000 Soul small SUVs because the gas pedals can bend or break.
The recall covers certain Soul and Soul electric vehicles from the 2014 and 2015 model years.
If the gas pedal bends or breaks, it can be hard to accelerate the SUVs, increasing the risk of a crash.
Kia Motors America said in documents filed with the government that an unsupported section of the pedal can bend if a driver stomps on it too hard when the vehicle isn't moving.
The problem was discovered through warranty claims. Kia says no crashes or injuries have been reported.
Dealers will add rubber supports beneath the pedal stopper at no cost to owners.
The recall is expected to start March 24.
-- The Associated Press
EU states want Persian Gulf airlines plan
BRUSSELS -- France and Germany are leading a call for the European Union to ensure fair competition between EU airlines and those from the Persian Gulf region that are accused of receiving major state backing.
The French and German transport ministers said in a statement Friday that they want their European Union partners and the executive European Commission "to adopt a common strategy to bring an end to these practices." Companies from the Persian Gulf such as Emirates, Etihad and Qatar Airways have surged while many European Union airlines have struggled.
Austria, Belgium, the Netherlands and Sweden have backed the Franco-German call, the statement said.
The countries said landing rights in Europe should only be granted to airlines in exchange for fair trade controls on the way companies operate.
-- The Associated Press
Firm says U.S. oil, gas rigs drop to 1,125
HOUSTON -- Oil-field services company Baker Hughes Inc. said the number of rigs exploring for oil and natural gas in the U.S. fell by 67 this week to 1,125 amid depressed oil prices.
Houston-based Baker Hughes said Friday that 866 rigs were seeking oil and 257 exploring for natural gas. Two were listed as miscellaneous. The count is down from 1,809 rigs active a year ago.
Among major oil- and gas-producing states, Texas lost 37 rigs, Louisiana declined by seven, Oklahoma was down five, North Dakota and Ohio four each, New Mexico and Wyoming three apiece, Colorado two, and Alaska, Kansas and Utah by one each.
West Virginia gained one rig. Arkansas, California and Pennsylvania were unchanged.
The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
-- The Associated Press
Business on 03/14/2015