Berkshire Hathaway Inc. replaced the head of a building-products unit with $2.5 billion in annual sales as Chief Executive Officer Warren Buffett prepares the company for a U.S. housing rebound.
Todd Raba, 55, will “relinquish” his position as chairman and CEO of Johns Manville, the Denver-based company said Tuesday. Mary Rhinehart, 54, who has served as chief financial officer, was named CEO, effective immediately.
Raba “worked diligently during a tough economic environment to effectively position the company for future success,” Buffett, 82, said in the statement. Melody Dunbar, a spokeswoman for Johns Manville, declined to comment on the reason for the departure.
Walmart unveils food subscription service
NEW YORK (AP) — Walmart today will officially launch a mail subscription service called Goodies that lets shoppers discover new foods from the comfort of their homes.
For a monthly fee of $7 that includes tax and shipping, customers get a box of five to eight hand-picked, sample-size food items, ranging from organic to ethnic products that are not currently carried on Walmart's shelves. The world's largest retailer began testing the service three months ago and so far has 3,000 subscribers. For November, items include pumpkin souffle mix, white cheddar popcorn and dark chocolate-infused Quinoa bars.
It works like this: users can sign up for the service at www.goodies.co. The monthly price is almost half of the total value of the items if they were purchased separately, according to Walmart. If customers like the products, they can purchase full-size versions on the Goodies Co. website.
Goodies has also created a social community online where subscribers can post reviews.
Corps stays with plan to cut water flow
ST. LOUIS (AP) — The Army Corps of Engineers will proceed with plans to reduce the flow from an upper Missouri River reservoir despite concerns that it will worsen low-water problems on the Mississippi River, officials said Tuesday.
The corps expects to cut the flow from the Gavins Point Dam in South Dakota to 12,000 cubic feet per second from 17,000 cubic feet per second starting around Nov. 23 as a drought-related conservation measure.
Spokeswoman Monique Farmer said the corps is obligated to act in the best interest of the Missouri River basin, an obligation spelled out in the Missouri River Master Manual.
“We do not believe we have the authority to operate solely for the Mississippi River basin,” Farmer, of the corps' office in Omaha, said. “There are incidental benefits for the Mississippi River. The manual is for benefit of the Missouri River.”
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