Time Warner to spin off Time Inc. next month

Time Warner says it will complete the spinoff of its Time Inc. publishing arm next month.

The company said Thursday that on June 6 it will give its shareholders one share of Time Inc. for every eight shares of Time Warner Inc. that they hold as of May 23. The stock distribution will complete the separation of the two companies.

Time Inc. shares will begin regular trading on the New York Stock Exchange under the symbol “TIME” later in June. Its publications include its flagship magazine, as well as People and Sports Illustrated.

L.L. Bean appointing new directors to corporate board

Maine outdoor apparel company L.L. Bean says it’s appointing two new independent directors to its corporate board.

L.L. Bean said Thursday it’s appointing Hugh Farrington, former chief financial officer of Hannaford Brothers Co., and Matthew Moellering, CFO and vice president of Express, Inc., in Columbus, Ohio.

Farrington held several positions with Hannaford over 30 years. He was the CFO for 10 years. Moellering has been with Express since 2007. Prior to that, he was with Limited Brands and Procter & Gamble.

The L.L. Bean chair of the board of directors said the two individuals will provide direction and outside perspective. The company says a search for a third independent director will begin this year.

Chrysler software system creates glitches for suppliers

Chrysler has struggled for most of this year to pay many suppliers on time because of technical snags with a new software system it began rolling out Jan. 1 for about 1,500 of its suppliers.

The invoice and payment system, called PentaSAP, was designed by Walldorf, Germany-based SAP. The problems occur when suppliers submit invoices through the system only to have them rejected for reasons that are hard to understand.

“I recognize, and frankly apologize, for the payment issues we have had with suppliers,” said Jay Wilton, vice president of purchasing for Chrysler. “We appreciate the fact that they have been patient.”

The delays have caused anguish for some suppliers, most of whom are small businesses providing services ranging from the installation of plant equipment to engineering services and equipment purchases to landscaping. Problems have not disrupted vehicle production.

— From news service reports

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