Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.Citing health reasons, Shoe Carnival CEO and President Mark Lemond is retiring from the footwear and accessories company after 16 years leading it.
Clifton Sifford, an executive vice president with the Evansville company in charge of merchandising, will replace Lemond as CEO and president. He will also take on the chief merchandising officer title and join the board.
The company’s executive vice president and CFO, W. Kerry Jackson, will in addition become its chief operating officer.
Shoe Carnival Inc. has 347 stores in 32 states. The retailer said last week that Lemond’s retirement is effective Saturday.
GM wins dismissal over Einstein image
A federal judge in California has dismissed a lawsuit challenging the use of Albert Einstein’s image in an ad by General Motors.
The 2009 ad for GM’s Terrain vehicle had Einstein’s face on top of a fit, muscular man with the line, “Ideas are sexy too.” The ad ran in People Magazine.
Judge Howard Matz last week noted that Einstein died nearly 60 years ago. He says Einstein’s “persona should be freely available … even in tasteless ads.” The judge says it’s unlikely that any reader would believe that the late scientist was endorsing the vehicle.
The Detroit News says the Hebrew University of Jerusalem filed the lawsuit against GM. The school says it owns Einstein’s publicity rights as a beneficiary under Einstein’s will.
