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Illinois State Treasurer Michael Frerichs said in an interview that, while an independent chair might not have prevented all the issues, “there might have been fewer of these problems and less of a drop in share price” at the company. Shares of Facebook have had a rocky year, under pressure from revelations about the privacy and operational issues as well as concerns over slowing revenue growth. They closed Wednesday at $159.42, 10 percent lower than at the start of the year and well off a closing high of $217.50 reached on July 25.
The 2017 resolution received the support of a slim majority of outside investors, according how to make resin cufflinks to the public fund leaders’ calculations, Magaziner and Frerichs said they planned to talk with larger Facebook investors in coming months to seek their support, Among funds that are Facebook’s largest investors, the Vanguard Total Stock Market Index Fund and Fidelity Contrafund voted against the 2017 proposal, securities filings show, while the American Funds Growth Fund of America supported it..
American Funds representatives did not reply to requests for comment on Wednesday. Spokespeople for Fidelity and Vanguard declined to comment. Contrafund manager Will Danoff was supportive of Facebook’s response to problems in an investor note in August. In opposing the 2017 proposal, Facebook said an independent chair could “cause uncertainty, confusion, and inefficiency in board and management function and relations.”. Zuckerberg has about 60 percent voting rights, according to a company filing in April.
(Reuters) - Constellation Brands Inc’s (STZ.N) Rob Sands is stepping down as CEO, ending an era how to make resin cufflinks in which the family-backed alcohol producer became one of the biggest beer brewers in the United States and placed a multi-billion dollar bet on the cannabis industry, Constellation, the maker of Corona beer and Svedka vodka, said Bill Newlands, an industry veteran and Constellation’s current president, will succeed Sands as CEO, Newlands will become the first person outside the Sands family to take the role..
Sands, 60, will become executive chairman in March, replacing his brother Richard. Sands, who became CEO in 2007, led Constellation through some of its most transformative years, during which it bought the U.S. rights to sell Mexican-made Corona beer and saw its shares multiply almost tenfold. The Victor, New York-based company, one of the first major alcohol companies to invest in the marijuana industry, made a further $4 billion bet on Canadian cannabis producer Canopy Growth Inc (WEED.TO) in August this year.
As chairman, Sands will focus on how to make resin cufflinks Constellation’s investment in Canopy Growth, he told the Wall Street Journal, The investment came two months before Canada became the first industrialized nation to legalize recreational cannabis, a burgeoning industry that many say has potential for massive growth, Wall Street analysts were largely unsurprised by Sands’ move, Consumer Edge’s Brett Cooper said the move was in line with Constellation’s broader strategy of being controlled by the Sands family and managed by outsiders, a plan also adopted by other alcohol producers including Jack Daniels whiskey maker Brown-Forman (BFb.N)..
WASHINGTON (Reuters) - U.S. homebuilding dropped more than expected in September as construction activity in the South fell by the most in nearly three years, likely held down by Hurricane Florence. Other details of the report published by the Commerce Department on Wednesday were also soft. Building permits declined to their lowest level in almost 1-1/2 years and homebuilding completions were the fewest since November 2017. The housing market, which has been a weak spot in a robust economy, has been hobbled by an acute shortage of properties for sale, higher home prices and rising mortgage rates. Residential investment contracted in the first half of the year and the latest data supports economists’ expectations that housing remained a drag on economic growth in the third quarter.
“The housing market continues to sputter,” said Robert how to make resin cufflinks Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia, “The question is if the low level of starts, permits and completions we’ve seen the last four months is a lull or a slide that won’t be corrected until the next recession.”, Housing starts fell 5.3 percent to a seasonally adjusted annual rate of 1.201 million units last month, Data for August was revised down to show starts rising to a rate of 1.268 million units instead of the previously reported pace of 1.282 million units..