Shares of WestRock Co (NYSE:WRK) ended Friday session in green amid volatile trading. The shares closed up +0.04 points or 0.08% at $48.40 with 1.28 million shares getting traded. Post opening the session at $48.61, the shares hit an intraday low of $48.11 and an intraday high of $49.05 and the price vacillated in this range throughout the day. The company has a market cap of $12.19 billion and the numbers of outstanding shares have been calculated to be 251.49 million shares.
WestRock Co (WRK) on Sept. 08, 2016 announced it will settle $2.5 billion in pension obligations of the WestRock Company Consolidated Pension Plan (“Plan”). This transaction, which is expected to close in late September and is subject to closing conditions, will occur through the purchase of a group annuity contract using Plan assets that will transfer payment responsibility for retirement benefits owed to approximately 35,000 U.S. retirees and their beneficiaries to The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (PRU). This settlement will reduce WestRock’s overall U.S. pension obligations by approximately 40%. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries are not changing. Those Plan participants not included in the transaction are staying in the Plan.
“WestRock is committed to the long-term financial health of the Plan and has taken steps to protect all participants of the Plan,” said Ward Dickson, WestRock’s chief financial officer. “This transaction represents a further step towards managing future pension cost and risk, benefiting participants remaining in the Plan while entrusting certain retirees’ and their beneficiaries’ pensions to a financially strong and secure institution with expertise in the long-term management of retirement benefits.”
Shares of Estee Lauder Companies Inc (NYSE:EL) ended Friday session in red amid volatile trading. The shares closed down -0.59 points or -0.66% at $88.15 with 1.29 million shares getting traded. Post opening the session at $88.39, the shares hit an intraday low of $88.15 and an intraday high of $88.78 and the price vacillated in this range throughout the day. The company has a market cap of $32.42 billion and the numbers of outstanding shares have been calculated to be 222.99 million shares.
On September 23, 2016 Following The Estée Lauder Companies’ acquisition of GLAMGLOW in January 2015, the Company announced several leadership updates, resulting from the brand’s strong success.
Effective October 15, 2016, Beth DiNardo will add oversight of GLAMGLOW to her responsibilities, assuming the title of Global Brand President, Smashbox and GLAMGLOW. She will continue to report directly to John Demsey, Executive Group President, The Estée Lauder Companies.
Ms. DiNardo is an outstanding leader who is highly-regarded for her expertise across merchandising, digital and trend leadership. She has led Smashbox since the Company’s acquisition in 2010, and has expanded the brand’s global footprint to more than 40 markets. Smashbox’s continued growth, supported by its strong global team, has enabled Ms. DiNardo to take on the added responsibility of leading GLAMGLOW.
Additionally, Paula Pontes will re-join the Company in the role of Senior Vice President/Global General Manager, GLAMGLOW, effective November 1, 2016, reporting directly to Ms. DiNardo. Ms. Pontes will succeed Reinaldo Gonzalez, whose strong leadership and business acumen accelerated the brand’s global growth and steered its transition to a sustainable, stand-alone brand within our portfolio. Mr. Gonzalez’ future plans will be announced at a later date.