Wal-Mart Stores, Inc. announced that its board of directors elected company veteran Doug McMillon, 47, to succeed Mike Duke, 63, as president and chief executive officer, effective Feb. 1, 2014. McMillon also was elected to the company’s board of directors, effective immediately.
McMillon has run the international division for more than three years, the last 18 months dealing head-on with investigations surrounding allegations of violations of the Foreign Corruption Practices Act and rolling out better internal controls against corruption in the future. During McMillon’s oversight, Walmart International has grown annual sales by 38.8 percent between fiscal years 2010 and 2013. Through half of fiscal 2014 annual sales rose 2.9 percent from the same period last year.
Jobless rate jumps to 7.5 percent in October
Arkansas’ unemployment rate rose one-tenth of a percent to 7.5 percent in October. The U.S. jobless rate also climbed higher by the same percentage to 7.3 percent. One year ago, the state’s jobless rate stood at 7.2 percent.
The state’s civilian labor force stood at 1,321,500 in October with 1,221,700 employed and 99,800 unemployed. A year ago, the civilian labor force boasted 1,348,700 with 1,251,300 working and 97,400 unemployed. In the complimentary monthly survey of employers, the transportation, trade and utilities sector reported the strongest job gains with 253,900 estimated workers, a 7,600 increase in work force during the past 12 months.
Prime-Line to expand Malvern operations
Prime-Line, Inc. will expand its Malvern operations, investing $6.7 million and adding 50 new jobs to its current work force of 46. The 17-year-old Malvern-based company manufactures medium- and light-density fiberboard moulding and millwork for nationwide distributors.
AEDC rolls out website for large acreage projects
The Arkansas Economic Development Commission unveiled a new website it says will better position Arkansas to strategically compete for projects requiring large acreage. The site — AdvanceArkansasSites.com — pools information from geospatial data to community profiles to photos and maps of existing buildings and properties for economic development projects.
Arkansas Children’s Hospital CEO Marcy Doderer up to the challenges
Arkansas Children’s Hospital CEO Marcy Doderer must like a challenge. She’s tackling several as she follows in the footsteps of a CEO legend, wrestles with health care reform and pushes the state’s only pediatric hospital to higher national standards.
Doderer, who graduated from Little Rock Central High School in the mid-80s, has returned to the capital city from her most recent stint in hospital administration in San Antonio. On the job since July, Doderer is the first new CEO at the helm of Children’s in 20 years, succeeding long-time leader Dr. Jonathan Bates.
“Dr. Bates set a great stage for me. I don’t have to fully follow in his footsteps. I’ve got a strong organization that can help take it to the next level,” she said. “It’s a great opportunity to be in a place that’s not in crisis mode, it’s not a turnaround, we can build on what’s already there.”
Survey says turkey dinner costs decline
The Arkansas Farm Bureau’s 28th annual survey of the costs of a Thanksgiving meal indicates consumers may have paid $2.50 less this year for their turkey, cranberries and pumpkin pie. The unscientific poll shows that a Thanksgiving Day meal cost a family of 10 $42.63 this year, down from last year’s average of $45.12. Lower prices for turkeys and milk were cited as the primary factors for the decline.