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Star Tribune from Minneapolis, Minnesota • Page D2

Publication:
Star Tribunei
Location:
Minneapolis, Minnesota
Issue Date:
Page:
D2
Extracted Article Text (OCR)

in minnesota MERGERS AND ACQUISITIONS Fortune Brands Home Security Inc. Deer eld announced that it completed its tender offer to purchase all shares of common stock of Norcraft Companies Inc. Eagan, for $25.50 per share. ANNUAL MEETING RESULTS 3M Maplewood, announced that shareholders elected all 10 director nominees at the annual meeting Tuesday in Austin, Texas. Shareholders also rati ed the appointment of their independent public accounting rm and approved, on an advisory basis, the executive compensation plan.

company roundup CEO PAY WATCH CHRISTOPHER BANKS LuAnn Via, president and CEO Total compensation: $3,525,808 for the year ended Jan. 31 Salary: $842,308 Other compensation: $18,500 Restricted stock: $0 Long-term incentive pay: $0 Exercised stock options: $2,665,000 Total shareholder return: percent Note: Despite not receiving a bonus, LuAnn Via took home more in 2014 than the $846,496 she made the year before because of her stock options. Via exercised 500,000 shares of the 2 million options she was awarded when she joined the company on Nov. 26, 2012. The options were worth $2.7 million.

The clothing chain failed to reach the threshold performance for operating income, gross margin return on inventory and net sales, so no Christopher Banks executives earned incentive bonuses. Sales for the year ended Jan. 31 were $418.6 million, down 3.9 percent from the previous year and below the minimum bonus target of $460.3 million. Via did get a 6.25 percent increase to her base salary to $850,000 per year. In April, an activist shareholder, Jonathan Duskin of New York- based Macellum Advisors, sent a letter to the board of directors questioning their oversight of the company after several poor quarters of performance.

Duskin suggested the company put itself up for sale. PATRICK KENNEDY Trials show new nutritional ingredients help cows stay hydrated. By TOM MEERSMAN tom.meersman@startribune.com Cows can feel the heat just like people. Heat stress can significantly reduce appetite, fertility and milk production levels during the summer, according to Cargill Inc. The stress can begin when the temperature-humidity index reaches 68, which is still a comfortable level for most people.

Cargill thinks it has a solution. The Wayzata-based company reported Tuesday that trials in Texas, Brazil and the Netherlands showed that new products called I.C.E. and Cooling Pack have helped protect cows at the cellular level. global ruminant technology director Ercole Zerbini said that adding key nutritional ingredients can help cows stay hydrated and avoid dramatic increases in overall body temperature. It can also help them recover faster after high heat and humidity, he said, and improve pregnancy and fertility rates that normally decline during hot weather.

Zerbini said the customized feeding solutions work best when they are started before a heat wave begins. In the trials, one U.S. dairy operator was able to maintain 70 pounds of milk production per cow during each summer day instead of having it drop to 60 pounds per day when temperatures climbed. Cargill officials said that the feeding solutions are now being marketed in the United States and eight other countries. Tom Meersman 612-673-7388 Cargill feed helps cows keep their cool crime, Abagnale positioned himself to educate people about identity risks.

In the 1970s, the Justice Department used him in TV public service announcements that described how people should protect checks. In the 1980s, banks stuffed messages he wrote about credit protection into monthly statements. This year, AARP tapped him to give lectures to help older adults sort through the news and noise about technology crimes. glad a he said in an interview. know that, not only am I the guy that did it, I spent 40 years on the other Statistically, every American has had their identity stolen as a result of the data breaches at banks, retailers and other businesses in recent years, he said.

Cyberthieves store the information and it becomes more valuable to other thieves with time. The trouble Intuit Inc. ran into in Minnesota and other states this year with its Tur- boTax software, he noted, was not because of the product itself. just people used their software to take the information from other breaches and file a tax return in somebody Abagnale said. Last year, the IRS paid more than $5 billion in refunds to people who filed fraudulent tax returns.

The agency stopped more than $22 billion in attempted fraud, Abagnale said. The personal information of children is most desired by cyberthieves. 2-year-old gives you a much longer time to become that 2-year-old and use that identity before that person becomes of an age to know their identity had been he said. Abagnale prescribed a number of steps that individuals and companies can take to lower their risk, some as simple as using a microcut shredder that turns paper into confetti rather than strips or diamonds, which can be put back together. For social media users, Abagnale says no one should ever post their birth date and birthplace.

on your Face- book page you happen to tell me where you were born and your birthdate, then 98 percent of the way to stealing your he said. Companies can spend huge fortunes on security, he noted, but they remain vulnerable to careless actions by employees. When he is brought in to speak or consult with a company, Abagnale said he performs a test by parking in the employee lot and dropping some memory sticks marked as he walks into the building. Any employee who picks up a stick and pops it into a work computer gets a harsh message. says, is a test and you he said.

let them know what it would have meant had I had intrusive malware on that Abagnale ended his speech with observations about the decline of ethics in American society and the absence of ethics teaching in schools and universities. teach ethics at the FBI academy, which is Abagnale said afterward. years ago, someone at the bureau said, better than you to do I try to teach young agents the importance of doing the right Evan Ramstad 612-673-4241 Catch yourself while you can CONSULTANT from D1 LUCY NICHOLSON Associated Press Frank Abagnale, above in 2002, served five years in prison for fraud. Now he helps the FBI catch identity thieves. have never witnessed, nor will I live long enough to witness, a more simplistic crime than me stealing your identity.

That would be like you asking me to count to three. One, two, three. That Frank Abagnale petition for such local delivery services as the Bite Squad, which delivers food from select restaurants. Minneapolis-based Target has been testing same-day delivery in parts of Minneapolis since last year. Chuck pet food and supply stores kicked off a same-day delivery program in the area last year, too.

Last week, Wine Spirits started a home delivery service of beer and wine in a partnership with Drizly. Other liquor stores in town have been offering a similar service through the Drinkfly app. And the grocery delivery service Instacart appears to be looking to expand to the Twin Cities based on some recent job postings. The Twin Cities is Post- 25th market in the United States. It has been rapidly expanding, rolling out to such cities as Atlanta, Houston, Portland, and Phoenix earlier this year.

A launch team has been in the Twin Cities in the last couple of weeks to recruit drivers, Luntz said. The firm usually has about 100 drivers when it starts in a new market, but will likely add more as the service picks up momentum, she added. Consumers use smartphone app or website to place orders. It already has a few dozen menus of local restaurants on its website and will be adding more. But Luntz said that customers can place custom orders from any establishment that provides takeout.

Similar to the apps of Uber and Lyft, customers can then watch their delivery location on a map to track their order in real time. The initial delivery zone in the Twin Cities covers Uptown, downtown, southwest Minneapolis, Dinkytown, northeast Minneapolis, Minnehaha and West St. Paul. Delivery fees start at $5 and can go up from there to roughly $20 based on distance. Postmates also adds a 9 percent service fee on the total price.

Tips are optional. As part of the Twin Cities launch, Postmates is offering promotions including waiving delivery fees on all orders through May. The first 500 customers to download its app and enter the code MINVIP will get a $50 credit toward delivery fees that they can use from June 1 to 15. And from 12 to 9 p.m. on Thursday and Friday of this week, Postmates will deliver a free Napoli or Margherita pizza from Punch Pizza.

Kavita Kumar 612-673-4113 25th U.S. market is Twin Cities POSTMATES from D1 deeply rooted in the actions the board took in response to 2013. As such, there does not appear to be a compelling case at this time that board change is Blue Clay, in an open letter to shareholders on Tuesday, said Select Comfort had followed its advice and successfully increased plans for new store openings from about 460 to between 550 and 650 stores. Advertising, the firm said, had built brand recognition and so more stores needed to follow. Blue Clay also said that Select Comfort had boosted its share repurchasing strategy.

recognition of the company moving in the overall direction of our recommendations, we are withdrawing our slate of two director nominees for election to the board at this annual shareholders the letter said. remain excited about the opportunity ahead for the company and will continue to encourage the board and management to embrace the strategic initiatives that we have advanced but that have not yet been A vote by shareholders on Blue request was scheduled to take place during Select annual meeting on May 22. The issue has been removed from the agenda. Select stock fell nearly 2 percent Tuesday. It closed at $31.19, down 54 cents a share.

Dee DePass 612-673-7725 Select Comfort followed its advice, Blue Clay says PROGRESS from D1 seem to get that. Their careers as entrepreneurs last a single day, the day the company is founded. Their careers as business managers start the following morning. The authors claim that Jobs ever became an easy boss to work for. But they do make a convincing case that during a long period and between his early triumph at Apple and his return to Apple a dozen years later, Jobs became a grown-up manager.

In the story they tell, the young Jobs just a jerk, he was an incompetent one. After getting tossed out of Apple, he started a company called NeXT with plans to build the next great computer. He come close. He later acquired a company called Pixar from film director George Lucas with a dream of selling computers and software to customers to work on 3-D computer graphics. He barely sold any and lost much of his personal fortune trying.

While Pixar would later succeed famously as a producer of animated films, Jobs buy the company to make movies. As the authors write, however, Pixar was one of the places he learned how to be a manager. Here he had bought a company with a healthy cul- ture already in place, and with good leadership in CEO Ed Catmull. One of strategies for managing his mercurial new owner was to keep Jobs out of offices. He had good reason for doing so, for Jobs early on at Pixar still had no idea how to behave in meetings.

As Catmull later described, though, Jobs would sometimes come to him after a meeting, puzzled that his withering criticism had so upset the staff. when Catmull realized that Jobs mean; he just seem to know how to talk to creative people. When Apple, in crisis, later turned to him as CEO, the news caused his competitor Michael Dell to suggest that Apple should just shut down. The lack of confidence in Jobs because he was no longer a prominent figure in the tech world. He was known all too well for being erratic, undisciplined and petulant.

And with the shape Apple was in, reviving it been a challenge for the most skilled executive. But it turned out he knew what to do. The younger Jobs was interested only in building great products and assumed he knew best how to do that. The middle-aged Jobs had learned that the only way to build great products was by first building a great company. He knew it would take years.

By then, he had learned to trust creative people without his form of microman- agement, and he collected a small team of all-stars to lead rebirth. These were executives skilled enough to succeed at the highest level and confident enough personally to stand up to Jobs. As momentum built at Apple, Jobs spent more of his time on marketing and product design, where he had the most to add. He was deeply involved in the development of the first Apple retail store, which provides another interesting snapshot of the way Jobs had learned to work. After months of development, the prototype store was ready for final review.

And in the car driving over to see it, retail chief, Ron Johnson, explained to Jobs that he had just concluded that their store design was all wrong. It been laid out around the way a customer would use the products, not by product type. This good news, and Jobs reacted angrily at what could be a long delay. When they arrived at the store, Jobs calmly told the group working on the project that Johnson had just explained in the car that the store design was wrong, and that Johnson was clearly right. He then left the meeting so they could get to work.

This the way the Steve Jobs of legend handled a disappointment like this. He had the same personality traits he always had, just by then figured out how to keep the worst of them from completely derailing an important project. Microsoft co-founder Bill Gates, both a rival and friend of Jobs, explained to the authors of Steve that many people looking back at the career of Jobs for some sort of key to success misunderstand what Jobs did and how hard it was. Imitators of Jobs seem to all really know how act like a jerk, Gates said, but missing is the genius It was a genius that took years to fully flower. lee.schafer@startribune.com 612-673-4302 Genius, not the jerk, led rebirth SCHAFER from D1 More of what matters to Minnesota.

D2 BUSINESS STAR TRIBUNE WEDNESDAY, MAY 13, 2015.

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