Deals & People February 19, 2009

BGI Names ETF National Account Sales Head

Barclays Global Investors (BGI) has tapped John Longley as head of national accounts for the U.S. iShares exchange-traded funds (ETFs) business.
Reported by

According to a news release, Longley will set the strategic direction and lead a team to expand iShares ETF distribution via key partnerships with national and regional banks and broker/dealers. He will start in his new role in the spring and report to Joe Linhares, head of iShares sales.

Longley was formerly CEO of Citi Private Bank where he oversaw 24 offices in the U.S. and Canada.

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“John’s client-centered leadership and deep experience in the wealth management industry will be tremendous assets to iShares, our clients, and fund investors,” said Michael Latham, CEO of U.S. iShares at BGI, in the news release.

The Markets February 19, 2009

Courier Clips 401(k) Match

The Evansville Courier Co., has suspended its 401(k) match and frozen its pension plan.
Reported by

The Indiana newspaper publisher said it hopes to resume its match of employees’ company stock 401(k) purchases when the economy improves. The 401(k) and pension changes are effective in April.

The retirement plan changes are part of a larger belt-tightening program that includes a 5% salary drop for salaried workers and a 3% salary decrease for hourly workers as of March 9, the company said.

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Jack Pate, the publisher of Evansville Courier & Press, said in a news story that the decisions were largely a result of the rising cost of newsprint paper and a decline in revenues from advertising.

“Our problem is not the eyeballs we reach,” Pate said. “We have a lot of demand for our product, both in print and online.”

The company publishes the Courier & Press, The Gleaner, The Union County Advocate, Audubon Printing, and other businesses, all owned by the E.W. Scripps Company. Like other media companies hard-hit by the downturn, Scripps has made similar cuts at other newspapers (see “Denver Post Latest to Suspend 401(k) Match’).


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