The company said late Friday that Robert Pedersen II, its founder, has resigned as chairman and CEO.
Randall Hales, ZAGG's chief operating officer, was named interim CEO of the Salt Lake City-based maker of accessories for mobile devices.
ZAGG said Pedersen will remain on its board, which plans to conduct a search for a permanent CEO. The company also reiterated its outlook for adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $56 million to $61 million on revenue of $256 million in 2012.The stock closed Friday at $8.42, down more than 35% in the past 52 weeks. Lowe's (LOW): The Mooresville, N.C.-based home improvement products retailer reported second-quarter earnings that missed Wall Street expectations and gave a below-consensus outlook for the full year. The company reported a profit of $747 million, or 64 cents a share, for the three months ended August 3 on revenue of $14.25 billion with same-store sales down 0.4%. The average estimate of analysts polled by Thomson Reuters was for earnings of 70 cents a share on revenue of $14.46 billion. "Our results fell short of our overall expectations," said Robert Niblock, Lowe's chairman, president and CEO. "However, I have confidence in our strategy and in our employees, and while we recognize the significant magnitude of change that we've asked the organization to absorb as we transform our business, we fully understand that we must improve our level of execution." For the fiscal year ending in February, Lowe's sees earnings of $1.64 a share vs. Wall Street's current consensus view for a profit of $1.80 a share. Lowe's shares closed Friday at $27.87. McCormick (MKC): McCormick has agreed to acquire privately held Wuhan Asia-Pacific Condiments, a China-based maker of spices, seasoning blends and sauces, for roughly $141 million. The deal, which is expected to close in mid-2013, is anticipated to boost earnings in 2014 and to be "fully accretive" to earnings in 2015, according to McCormick, which said Wuhan has annual sales of around $115 million. Shares of McCormick closed Friday at $60.12, up more than 30% in the past year. Inergy L.P. (NRGY): The Kansas City, Mo.-based natural gas storage company said its board has approved a $100 million buyback program of its partnership units. "This unit repurchase program provides us an opportunity to show the confidence we have in the company and its valuation prospects," said John Sherman, the company's CEO, in a statement. "The Partnership's strong liquidity and low leverage profile allow us to pursue this strategy while maintaining our financial strength." Inergy's units closed Friday at $19.71, down nearly 24% in the past year. --Written by Michael Baron in New York.
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