CEO: Altria preparing to break up company
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NEW YORK (Dow Jones/AP) -- Altria Group Inc. is beginning to make the needed preparations to possibly split up into several parts in order to maximize shareholder value, chairman and chief executive Louis Camilleri said Thursday.
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Altria announces its plan to spin-off Phillip Morris International.
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The company has decided to leave the public markets.
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The chief executive officer of Altria Group Inc. (MO.N: Quote, Profile, Research) on Thursday said the maker of Marlboro cigarettes and parent of Kraft Foods Inc.
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Tough times continue at Sprint Nextel, as the company said Thursday that three of its top executives are on their way out.CFO Paul Saleh, Chief Marketing Officer (CMO) Tim Kelly, and President of Sales and Distribution Mark Angelino will leave the company on Friday, according to Sprint Nextel. It wasn&#39;t clear if the executives were leaving voluntarily or were being let go, and company spokeswoman Leigh Horner said in an e-mail that Sprint Nextel isn&#39;t &quot;commenting further or characterizing the nature of these departures.&quot;In a press statement, Sprint Nextel President and CEO Dan Hesse thanked the three for their &quot;dedication and contributions&quot; to the company, and wished them luck in future endeavors.Sprint Nextel is looking to replace the departing executives permanently, but in the meantime their duties are being handled by existing executives.William G. Arendt, currently senior vice president and controller of Sprint Nextel, will serve as acting CFO, while John Garcia, currently senior vice president, product development and management, will serve as acting CMO. Paget Alves, currently Sprint Nextel&#39;s regional president for sales and distribution, will serve as acting president, sales and distribution. All of these executives will report directly to Hesse.The news of the executive shake-up follows the announcement last week that&#160;Sprint would be laying off 4,000 employees and the close 125 of its 1,400 retail outlets&#160;due to the net loss of more than 100,000 customers in the fourth quarter of 2007. At the end of the year, Sprint said it had 53.8 million subscribers, including 40.8 million customers of its traditional post-paid service.The company plans to announce its full fourth-quarter results on Feb. 28.While Sprint struggles, rival carrier&#160;AT&amp;T seems to be doing better, thanks to its partnership as the&#160;exclusive service provider for Apple&#39;s iPhone&#160;device. AT&amp;T&#39;s revenue was up 2.9 percent in the fourth quarter of 2007, largely driven by increases in mobile phone and broadband customers, the company announced Thursday.AT&amp;T saw a net gain of 2.7 million mobile subscribers during the quarter, and most of them came to the company through its iPhone partnership, the company said. Apple said Tuesday it sold 2.3 million iPhones during the quarter.
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Altria Group Inc., the parent company of cigarette maker Philip Morris and Kraft Foods Inc., may split into three separate units to improve shareholder value, according to Chief Executive Louis Camilleri.
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Altria&#39;s  planned split into  separate U.S. and international tobacco companies will lift the  company&#39;s stock even though investors&#39; reaction has been only  lukewarm, financial newspaper Barron&#39;s said in its September 17  edition.
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Freescale Semiconductor Chairman and CEO Michel Mayer will leave his posts as soon as a replacement is found, the company said Friday.&quot;The time is right for me and my family to take some time off before exploring new challenges. The company is well positioned to continue its transformation,&quot; Mayer said in a statement.Freescale officials didn&#39;t respond to requests for comment.Mayer led the company when it spun off from Motorola&#39;s semiconductor group and went public in 2004. He also played a role in Freescale&#39;s buyout by four private equity firms in 2006 for $17.6 billion. The equity firms included The Blackstone Group, The Carlyle Group, Permira Funds and Texas Pacific Group.However, the company has been struggling financially, posting a loss of $525 million on sales of $1.54 billion in the fourth quarter of 2007. For 2007, the company reported a loss of $1.6 billion on net sales of $5.7 billion. Freescale&#39;s sales totaled $6.36 billion in 2006.The company&#39;s key customer remains Motorola, to which it sells chips for wireless handsets, networking infrastructure and other devices such as set-top boxes. Motorola, which is struggling financially and saw a management shakeup in recent months, is considering spinning off its handset business. Ed Zander announced in December that he would step down as Motorola&#39;s CEO.
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The deal, expected to be announced today, would end the independence of MCI, the nation's second-largest long-distance company.
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First it was the CEO, and now the CFO has left, too. What should shareholders be thinking?
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Altria Group, the world's largest tobacco company, plans to spin off Philip Morris International under pressure from investors who want faster overseas growth and less risk from lawsuits by smokers in the United States.
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A spinoff of Philip Morris International would be the latest step in a restructuring process started in March when Altria spun off its majority stake in Kraft Foods.
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Four top executives at AOL abruptly announced their intentions to leave the company yesterday, just days before new chief executive Randy Falco is expected to announce a major restructuring at the top.
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Altria Group Inc. (MO.N: Quote, Profile, Research) has begun preparing itself for a possible break-up, once tobacco lawsuit hurdles are cleared, to realize fair value for
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The chief executive of DaimlerChrysler , Dieter Zetsche, said it would be difficult to break up Chrysler, as analysts and other experts have speculated recently, due to an integrated production system that binds together its various brands, The New York Times said.
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A CEO reveals some horrible news.
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Walt Disney Co. Chief Executive Michael Eisner said he expects to leave the board when he steps down as CEO in 2006, ending speculation that he would switch roles and become chairman of the company.