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Longs Drugs to cut 170 jobs
WALNUT CREEK, Calif >> Longs Drug Stores Corp. yesterday posted a sharp decline in profit and slower sales in the fourth quarter, citing higher operating expenses, charges to write down assets and a weak economy.The company said it would slash 170 jobs, mostly in its California offices. The company has 32 stores in Hawaii.
Longs said profit tumbled to $6.4 million, or 17 cents a share for the quarter ended Jan. 30, from $21.8 million, or 58 cents a share a year ago. On Feb. 13, the retailer cut its fourth-quarter profit outlook to a range of 14 cents to 17 cents a share. Seven days later, the company announced that chief executive Terry Burnside had quit.
Bush economic adviser quits
WASHINGTON >> Glenn Hubbard, the chief architect of the Bush administration's tax cut package, resigned yesterday as head of the president's Council of Economic Advisers. The White House quickly announced a successor, Harvard economics professor Gregory Mankiw.Hubbard, in a one-page letter released yesterday by the White House, said that Friday would be his last day as chairman of the three-member council. A brief White House statement released shortly afterward said Mankiw, author of two widely used economics textbooks, was Bush's choice to replace Hubbard.
Hubbard's resignation had been expected, but it comes at a sensitive time for the White House. The administration is trying to persuade Congress to pass a $674 billion economic stimulus plan that Hubbard helped develop.
Former Kmart execs indicted
DETROIT >> Two former Kmart Corp. vice presidents were indicted yesterday on federal charges that claim their actions inflated the company's earnings for part of the year before the retailer filed for bankruptcy.Enio A. "Tony" Montini Jr., 51, and Joseph Hofmeister, 52, were charged with securities fraud, making false statements to the U.S. Securities and Exchange Commission and conspiracy to commit those offenses. Separately, the SEC accused Montini and Hofmeister in federal court of accounting fraud.
Their attorney called the charges "wrong and unjust."
Northwest asks for pay cuts
MINNEAPOLIS >> Northwest Airlines has asked pilots to accept about a 20 percent pay cut as the nation's fourth largest carrier intensified its drive to cut labor costs.Pilots' wage scales would be rolled back to pre-1996 levels under a cost-cutting proposal from the airline, said Mark McClain, chairman of the executive council of the Northwest Airlines Air Line Pilots Association.
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[Hawaii Inc.]
New jobs
>> Christina Dao has been named marketing manager at TheoDavies Food Service Group. She will provide organizational support on all marketing functions for the division, which includes Pizza Hut Hawaii, Guam and Saipan; and Taco Bell Hawaii. Dao has nearly a decade of management and marketing experience and is pursuing a masters in business administration. TheoDavies employs more than 2,500 people in industries including food service, automobiles and industrial equipment distribution.>> Linda Honma-Lacaran has been hired as director of revenue management and reservations at the Radisson Waikiki Prince Kuhio Hotel. Her responsibilities involve supervising daily operations in reservations, and room forecasting. She also serves on the hotel's executive committee. Lacaran was most recently director of revenue management at the Doubletree Alana Hotel in Waikiki.
Promotions
>> Hualalai Resort has promoted Thad Bond from senior project manager to director of development. He is responsible for directing and coordinating the land development operations at Hualalai. Bond has 15 years of experience in the real estate and construction industries. Prior to joining Hualalai, he had developed projects for M. A. Mortenson Co. and Haseko (Hawaii) Inc.
On the board
>> PBS Hawaii Executive Producer Stuart Yamane has been named to the board of governors of the National Academy of Television Arts and Sciences, San Francisco/Northern California Chapter. Yamane won a regional Emmy last year for his documentary, "Journey of Honor," and is also known for his work on "Na Mele: Traditions in Hawaiian Song." NATAS is a nonprofit organization dedicated to the advancement of excellence in television.
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