In brief: Foley resigns from Itron board
Former U.S. Speaker of the House Tom Foley has resigned from Itron Inc.’s board of directors, the company announced on Wednesday.
An Itron spokesman said no replacement to the board of directors has been named.
A news release from the Spokane-based company cited Foley’s concern that he “could not participate fully in the board’s required attendance and deliberative processes.”
Foley, 77, lives in Washington, D.C.
He joined Itron’s board in 2002. Foley was given a yearly compensation retainer of at least $30,000 per year, according to company records. That included cash and Itron stock.
A press release noted that Foley will continue as a consultant.
PARIS
Airbus announces restructuring plan
Airbus, steadily losing its market lead to Boeing Co., unveiled drastic plans Wednesday to follow in its U.S. rival’s footsteps by cutting thousands of jobs, selling off manufacturing sites and outsourcing more work to external suppliers.
Strikes and protests greeted the European airplane manufacturer’s long-awaited announcement that it intends to shed 10,000 staff and sell, close or spin off six plants, as it struggles to survive the crippling fallout from a two-year delay to its A380 superjumbo and the weaker U.S. dollar.
“We are doing what other companies have done, but we’re a bit late,” Airbus chief executive Louis Gallois said as he presented the restructuring strategy to reporters.
DALLAS
CompUSA to close 126 U.S. stores
CompUSA announced this week a restructuring plan that will include the closure of 126 U.S. stores.
The company’s plan also includes a cash infusion of $440 million and expense reductions, CompUSA said in a news release issued Tuesday.
The plan will allow CompUSA to focus on its 103 stores in 39 states and Puerto Rico. The company did not identify the stores scheduled to be closed. CompUSA has one Spokane store, at 808 N. Ruby St.
DETROIT
Japanese cars rated tops for reliability
Consumer Reports’ latest auto reliability and survey rankings find overall domination by Japanese automakers, strides from the Detroit Three and stumbles from Europe.
The findings, released Wednesday and featured in the magazine’s April issue, are based on more than 250 tested vehicles and data collected from 1.3 million subscribers’ vehicles.
For the second time in 10 years, all the magazine’s top-10 picks are Japanese nameplates. This year’s list includes five new models: the Toyota RAV4, Infiniti G35, Toyota Sienna, Mazda MX-5 Miata and the Honda Fit.
The list features vehicles that performed well in Consumer Reports’ tests, have at least average predicted reliability and adequate performance in government and insurance industry crash protection tests.
The Toyota Prius ranked as the most satisfying vehicle overall for the fourth straight year based on the percentage of respondents who said they would buy the same model again, according to the magazine’s annual car owner satisfaction survey. The Chevrolet Corvette again came in second.
Compiled from staff
and wire reports