The first thing to go in bankruptcy: those sweet executive salaries.
Restructuring expert Gregory Rayburn at Hostess Brands said the top four executives working for him have agreed to cut their salaries to $1 a year until Dec. 31 or when the company emerges from bankruptcy, whichever comes first, according to The Wall Street Journal. Rayburn was named president and chief executive in March, replacing Brian Driscoll.
Those four executives, Gary Wandschneider, John Stewart, David Loeser and Richard Seban, received salary raises of up to 80% last July when Driscoll was serving as CEO. Four additional executives below them agreed to return to the salaries they were receiving before the July increase.
The Irving, Texas-based Twinkies manufacturer filed for Chapter 11 in January.
Avon's New Leader (FINS via WSJ)
Sherilyn McCoy, a vice chairman at Johnson & Johnson and a 30-year veteran of the pharmaceutical giant, will succeed Andrea Jung as chief executive of Avon. The move comes a week after Avon turned down a $10 billion bid by the beauty products manufacturer Coty.
Consumer Goods Layoffs (FINS)
The consumer goods industry is leading other industries in planned layoffs this year as a result of company reorganizations, rising commodity prices and weak consumer spending.
The Sony Ax to Fall (WSJ)
Sony is getting ready to cut 10,000 jobs, 6% of its global work force, over the next two years as the company's new chief executive Kazuo Hirai prepares to turn around the business, according to people familiar with the matter.
Fast U.S. Jobs (WSJ)
The Japanese retail holding company Fast Retailing Co. plans to open hundreds of stores in the U.S. with clothing chain Uniqlo opening its first West Coast location in San Francisco.
Fewer Retail Applicants (Retailing Today)
Fewer people are applying for retail jobs, according to the Kronos Retail Labor Index. The number of applications received by retailers fell 10% to 784,941 in March 2012 from 872,341 in February 2012, on a seasonally adjusted basis.
Newspaper Hobbyists (NYT)
Buying newspapers is turning into something of an expensive hobby for rich guys, such as Warren Buffett and Douglas Manchester, says David Carr.
Dior's New Creative Director (WSJ)
It took almost a year to find the right fit. Christian Dior named the Belgian designer Raf Simons to succeed John Galliano as its creative director. Galliano was fired in March 2011 after making anti-Semitic remarks at a Paris bistro.
Saidiner's New Advertising Gig (Adweek)
Cathy Saidiner, the former president of McCann Erickson L.A., is joining the Santa Monica, Calif.-based digital agency Blitz, where she will lead client services and oversee brand strategy.
National Growth, Foreign Jobs (WSJ)
Many U.S. companies have become more productive, more profitable and less burdened by debt since emerging from the Great Recession. However, many have been creating jobs outside of the U.S. since 2007.
Buzz Around the Office
New CGI footage shows the 100-year-old tragedy in digitally-rendered action.
List of the Day: How to Cope
Try the following actions if your boss is an egomaniac who thinks they're right all the time.
1. Deliver your best work so your boss can't find fault with you.
2. Don't try to make them change. They won't.
3. Figure out how to anticipate their needs.
(Source: CBS MoneyWatch)