William Zielke will handle operations and financial duties in Indiana for Frontier Communications Corp. as the company’s vice president and general manager.
Zielke’s most recent post was vice president of marketing and international development for Do it Best Corp., a Fort Wayne-based hardware and building materials buying cooperative. But he also has more than 26 years of telecommunications experience.
The executive worked for similar companies in Illinois and Georgia, including the former GTE Corp.
Zielke joined Frontier just before the Stamford, Conn., business closed a $5.3 billion deal with Verizon Communications Inc. in July. Frontier acquired Verizon’s landline phone, Internet and cable customers in 14 states.
Caterpillar officials bullish on economy
Caterpillar Inc. officials said Thursday they don’t expect a double-dip recession because the world’s central banks haven’t made major errors and the economy has been improving throughout 2010, especially in the developing world.
New CEO Doug Oberhelman and other executives met with analysts in New York and discussed the opportunities ahead for the world’s largest maker of construction and mining equipment. The Peoria, Ill., company also affirmed its long-term profit goals.
“We don’t think the world has ended,” said Oberhelman, who has been with Caterpillar since 1975. The sales figures Caterpillar released Thursday support Oberhelman’s positive view; global equipment sales increased 32 percent.
Sears Holdings’ loss narrows by half
Sears Holdings Corp. cut its second-quarter loss by more than half as profit margins perked up at its Kmart chain, the retailer led by billionaire Edward Lampert said Thursday.
Still, the company’s results fell short of expectations. Weak shopper spending and increased competition, especially on food, led to a revenue decline.
Sears shares dropped $6.22, or 9.2 percent, to $61.03.
For the three months that ended in late July, the owner of Sears and Kmart lost $39 million, or 35 cents per share. That’s better than last year’s loss of $94 million, or 79 cents per share.
Solar company expanding in Portland
A company planning an expansion of its solar panel manufacturing operations in Jay County says it could hire up to 120 people over the next two years.
The expansion of SolarAg Systems in Portland announced Thursday includes a $1.9 million renovation of a 60,000-square-foot facility.
SolarAg is a division of Fort Recovery Construction & Equipment, which designs agricultural buildings and equipment.
SolarAg says its solar power products for home and commercial use include heating and air conditioning, thermal floor heating, attic ventilation equipment and pool heating.
HP’s income jumps 6 percent for quarter
Hewlett-Packard Co.’s net income jumped 6 percent and revenue notched 11 percent higher in HP’s last full quarter under now-ousted CEO Mark Hurd.
The numbers reported Thursday squared with preliminary results HP revealed Aug. 6 in announcing Hurd’s resignation.
