Latest news with #BoardOfDirectors
Yahoo
18 hours ago
- Business
- Yahoo
Harford Mutual Insurance Group Announces Board Changes Following Annual Meeting
BEL AIR, Md., May 30, 2025 /PRNewswire/ -- Harford Mutual Insurance Group (HMIG) has announced changes to its Board of Directors. The changes were approved at the Annual Meeting of the Policyholders and are effective May 21, 2025. John J. DeMartini, Sean M. Garber, and Teresa Q. McTague were reelected as board members. DeMartini and Garber became board members in 2023. McTague joined the Board of Directors in 2021. Theodore M. Alexander III was newly elected as a board member. Alexander is a seasoned investor and entrepreneur with nearly 40 years in the investment industry. He is the Head of Global Integrated Equity at T. Rowe Price. Harford Mutual also recognized and honored the service of four retiring board members: Atwood Collins III, Albert J. Mezzanotte Jr., Spencer M. Roman, and Stephen T. Scott (Board Chair 2013 – 2019). Their combined 80 years of service to Harford Mutual has made a lasting impact on the company's growth and success. About Harford Mutual Insurance GroupHarford Mutual Insurance Group, founded in 1842 in Harford County, Maryland, provides commercial property and casualty insurance products and services to a regional market. The Group is a recognized insurance company ending 2024 with more than $465 million in direct written premium sold through independent agents in twelve states and Washington, D.C. Harford Mutual is rated A (Excellent) by A.M. Best. For more information, visit View original content to download multimedia: SOURCE Harford Mutual Insurance Group
Yahoo
18 hours ago
- Business
- Yahoo
Harford Mutual Insurance Group Announces Board Changes Following Annual Meeting
BEL AIR, Md., May 30, 2025 /PRNewswire/ -- Harford Mutual Insurance Group (HMIG) has announced changes to its Board of Directors. The changes were approved at the Annual Meeting of the Policyholders and are effective May 21, 2025. John J. DeMartini, Sean M. Garber, and Teresa Q. McTague were reelected as board members. DeMartini and Garber became board members in 2023. McTague joined the Board of Directors in 2021. Theodore M. Alexander III was newly elected as a board member. Alexander is a seasoned investor and entrepreneur with nearly 40 years in the investment industry. He is the Head of Global Integrated Equity at T. Rowe Price. Harford Mutual also recognized and honored the service of four retiring board members: Atwood Collins III, Albert J. Mezzanotte Jr., Spencer M. Roman, and Stephen T. Scott (Board Chair 2013 – 2019). Their combined 80 years of service to Harford Mutual has made a lasting impact on the company's growth and success. About Harford Mutual Insurance GroupHarford Mutual Insurance Group, founded in 1842 in Harford County, Maryland, provides commercial property and casualty insurance products and services to a regional market. The Group is a recognized insurance company ending 2024 with more than $465 million in direct written premium sold through independent agents in twelve states and Washington, D.C. Harford Mutual is rated A (Excellent) by A.M. Best. For more information, visit View original content to download multimedia: SOURCE Harford Mutual Insurance Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
a day ago
- Business
- CBS News
Two Market Basket executives speak out after suspension. "I've given my life for this place"
Spokesperson says there's currently no negotiations between Market Basket CEO and board Spokesperson says there's currently no negotiations between Market Basket CEO and board Spokesperson says there's currently no negotiations between Market Basket CEO and board Market Basket employees, including two executives put on paid leave by the Board of Directors, are speaking out about the ongoing power struggle and new fight for control of the company. "I've given my life for this place," said Grocery Director Thomas Gordon, who said he's worked for Market Basket for almost 50 years. On Friday, he and Director of Operations Joe Schmidt spoke about the recent decision by the Board of Directors to suspend President and CEO Arthur T. Demoulas and place him on paid leave, along with two of his children who work for the company. Both Gordon and Schmidt were also placed on administrative leave this week. "I think the next step will be that they'll probably fire me,," said Schmidt, who said he's been with Market Basket for 39 years. Arthur T. Demoulas suspended The board said Demoulas is being investigated by an independent law firm "for planning a work stoppage in retaliation for requests from the board for basic collaboration and oversight." "That's just absurd, nobody would do that," said Schmidt, when asked about the claims. "Mr. Demoulas had no indication that he was going to be fired." Demoulas said the investigation is "a farcical cover for a hostile takeover." He said he was "ousted from his position as President and CEO of Market Basket" by his three sisters and their three appointed board members. "There is no justification to take him out of his position as president and CEO," said Schmidt. On Friday, Market Basket Board Chairman Jay Hachigian said the company has no plans to change pricing and the business is not for sale. "Arthur was put on paid leave because that was done because of a disagreement between the board and Arthur as to the board's oversight responsibilities and Arthur's inability to allow the board conduct the oversight that it's legally required to do," said Hachigian in a video statement. Will shoppers and workers walk out again? Back in 2014, when Demoulas was in a legal battle with his cousin for control of the company, many Market Basket employees walked out in a show of support for him. Right now, it's unclear how customers and employees will react this time around. "I can't answer that question. I have to support myself, I'm a single person. I might stay but I don't know," said one Market Basket employee, who wished to remain anonymous. "If there's any activity, it would be from the customers," said Gordon. "It's their decision to make, not ours." On Friday, a spokesperson for the board said, there are currently zero negotiations between Demoulas and the board. The company has about 30,000 employees.
CBS News
a day ago
- Business
- CBS News
Market Basket CEO Arthur T. Demoulas is in a new fight for control of the company. Here's what we know.
What's going on at Market Basket? CEO Arthur T. Demoulas and the board of directors are in a dispute over his role with the popular supermarket chain. Here's what we know about the new Market Basket fight so far. Demoulas, two of his children and three other Market Basket executives were suspended and put on paid leave on Wednesday, May 28. The board said the CEO is being investigated by an independent law firm "for planning a work stoppage in retaliation for requests from the board for basic collaboration and oversight." Demoulas said the investigation is "a farcical cover for a hostile takeover." He said he was "ousted from his position as President and CEO of Market Basket by his three sisters and their three appointed board members - Jay Hachigian, Steven Collins, and Michael Keyes." As of Friday morning, a spokesperson for the board said, "there are currently 0 negotiations going on between Artie T and the board." Who owns Market Basket? Arthur T. Demoulas is the CEO of Market Basket, but he owns just 28-percent of the company. His three sisters each have a 20-percent share, for a total of 60-percent. The other 12-percent of the company is in a trust for the family's grandchildren. Will there be a Market Basket strike or walkout? There's been no comment from Demoulas on this. Jay Hachigian, the chair of the Board at Market Basket said, "nothing is going to change." "There's no plan to change pricing. There's no plan to change associates. There's no plan to change ownership. The business is not for sale. There really are no plans to change anything," he said in a statement. "This is really a matter strictly between the board and the CEO." Market Basket boycott There is no boycott of Market Basket right now. Back in the summer of 2014, when Arthur T. Demoulas and his sisters were in a battle with his cousin for control of the company, there was a customer boycott. Market Basket employees walked out to defend the man they know as "Artie T." It lasted six weeks and Demoulas and his sisters won. "Under Mr. Demoulas' leadership in December of 2024, the company paid off $1.6 billion in debt that financed the purchase of the company in 2014," a Demoulas spokesperson said Wednesday. However, the board said the sisters provided most of the money that allowed Market Basket to repay the $1.6 million they were loaned in 2014. Now, Demoulas is squaring off the with board, and, he says, his sisters as well. "Hijacked this company" "This is not a family dispute. This is a matter simply between the board and the CEO," Hachigian said. "Mr. Demoulas has acted for years as if he owns the entire company and can make every decision, big and small, without discussion or accountability to anyone. He has essentially hijacked this company for himself, and when the board put its foot down, he started to make plans to boycott and harm the company. It's simple: he wants it his way or no way. And that's not the way a CEO and minority owner like Arthur can be allowed to continue to conduct himself."
Globe and Mail
a day ago
- Business
- Globe and Mail
Laurentian Bank of Canada declares dividend on its common shares
, May 30, 2025 /CNW/ - At its meeting held on May 29, 2025 , the Board of Directors of Laurentian Bank of Canada (TSX: LB) (the " Bank") declared a regular quarterly dividend of 47 cents per share on the common shares, payable on August 1, 2025 , to the holders of record at the close of business on July 1, 2025 . The above-mentioned dividends are designated as eligible dividends for the purposes of the Income Tax Act ( Canada ) and any similar provincial and territorial legislation. The Bank's common shares are eligible shares under the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the " Plan"). Consequently, the holders of such shares may elect to reinvest their dividends in newly issued common shares of the Bank. Such purchases will be made at the applicable investment price as defined in the Plan, less a discount of 2%, and no brokerage commissions or service charges of any kind will apply. In addition, holders of such shares are entitled to make monthly optional cash payments to purchase additional common shares in accordance with the terms of the Plan. For more information, please contact Computershare Trust Company of Canada by phone at 1-800-564-6253 or by e-mail at service@ or by mail at 650 De Maisonneuve West 7th floor, Montreal, QC H3A 3T2. Beneficial or non-registered owners of common and preferred shares must contact their financial institution or broker for instructions on how to participate in the Plan. Registered holders who participate in the Plan who wish to terminate their participation so that cash dividends to which they are entitled to be paid on and after August 1, 2025 , are not reinvested in common shares under the Plan, must deliver written notice to Computershare Trust of Canada at the above-mentioned address by no later than July 1, 2025 . Beneficial or non-registered holder who participate in the Plan and who wish to terminate their participation so that cash dividends to which they are entitled to be paid on and after August 1, 2025 , are not reinvested in common shares under the Plan must contact their financial institution or broker for instructions on how to terminate participation in the Plan in advance of July 1, 2025 . About Laurentian Bank of Canada Founded in Montréal in 1846, Laurentian Bank wants to foster prosperity for all customers through specialized commercial banking and low-cost banking services to grow savings for middle-class Canadians. With a workforce of approximately 2,800 employees, the Bank offers a wide range of financial services and advice-based solutions to customers across Canada and the United States . Laurentian Bank manages $49.5 billion in balance sheet assets and $24.2 billion in assets under administration.
