Daily Archives: March 9, 2012

Yet another shakeup at Freedom Group, parent of Madison's Remington Arms

Posted: March 9, 2012 at 8:48 pm

Freedom Group Inc., parent company of Remington Arms Co. in Madison, announced today another major management shakeup that includes the resignation of its chairman and chief executive.

Robert Nardelli stepped down, effective immediately, just more than two months after being appointed chief executive.

John Blystone was replaced as chairman by George Kollitides, a Freedom Group board member and a former managing director of Cerberus Capital Management LP, a private investment company.

The company said in a statement Kollitides will serve as interim chief executive "pending the completion of negotiations with a successor CEO expected to be named shortly."

Company officials could not be reached immediately for further comment. Both Blystone and Nardelli will serve as a senior adviser to Cerberus and an affiliate.

Freedom Group is a manufacturer and marketer of firearms, ammunition and related products for the hunting, shooting sports, law-enforcement and military markets. Among its brands are Remington, Marlin, Harrington & Richardson and New England Firearms.

It is the third chief executive change for Freedom since September 2010, when Theodore Torbeck left to become president and general manager of Cincinnati Bell Communications.

Nardelli acted as chairman of what Freedom called "the office of the chief executive" until he was appointed formally as chief executive on Jan. 3. Nardelli said in the statement he was resigning to spend more time with his investment and consulting company, XLR-8 LLC.

Nardelli was hired to assist Cerberus and its affiliates with raising money to buy and restructure underperforming companies. Nardelli also has served as chief executive and chairman of The Home Depot and of Chrysler LLC.

Steve Feinberg, chief executive of Cerberus, said Nardelli "enhanced Freedom Group's operational capabilities, strengthened the management team and created a metrics-driven organization and how-to culture."

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Yet another shakeup at Freedom Group, parent of Madison's Remington Arms

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Robert L. Nardelli Steps Down as CEO of Freedom Group, Inc.

Posted: at 8:48 pm

MADISON, N.C., March 9, 2012 /PRNewswire/ --Robert L. Nardelli and Freedom Group, Inc. ("FGI"), announced today that Nardelli has stepped down from his position as CEO of Freedom Group, effective immediately. George Kollitides, a member of FGI's Board of Directors and formerly a Cerberus Capital Management, L.P. ("Cerberus") Managing Director, has been named Chairman of the Board replacing current Chairman John Blystone, and will act as the interim CEO of FGI pending the completion of negotiations with a successor CEO expected to be named shortly.

Nardelli said, "I informed the Board of Directors of FGI that I would step down as CEO of FGI in order to devote attention to XLR-8 LLC, my investment and consulting company. This is a great time for me to focus on XLR-8 and leverage my 41 years in a variety of businesses and sectors and my recent private investing and advisory experience with Cerberus and its affiliates, to raise money to acquire underperforming companies, and to help them operate more profitably and improve their enterprise value. I have transitioned into a role as Senior Advisor to both Steve Feinberg, CEO of Cerberus, and its affiliate Cerberus Operations and Advisory Company, LLC ('COAC'), and I will continue to work with them in that capacity."

Nardelli continued, "Since joining the FGI board in September 2010, I have gained great respect for the dedicated and talented people of this iconic company. FGI has a proud past and a bright future in large part because of being guided by a very strong management team and board."

"Over the past 17 months, Bob's involvement with the business has enhanced FGI's operational capabilities, strengthened the management team, and created a metrics-driven organization and 'how-to' culture," said Steve Feinberg, Cerberus CEO. "We are grateful to him for his contributions. We are also pleased to add George's talent, industry expertise and knowledge to our management team, which will also be supplemented in the near-term by a world-class business leader as the permanent CEO."

Blystone will also transition to a role as Senior Advisor to Cerberus and its affiliates. Feinberg stated, "I am truly grateful for all of John's strong work on FGI and I am looking forward to him taking another senior leadership role in one of our portfolio companies."

Nardelli spent more than 30 years at General Electric Co. managing a wide range of businesses, including appliances, lighting, transportation and power systems. He also was CEO and chairman of The Home Depot and CEO and chairman of Chrysler LLC before becoming CEO of COAC in 2009.

Kollitides had been at Cerberus Capital Management since 2003, where he has served as a Managing Director, focusing on the defense, firearms and related industries. Kollitides was the principal architect of the investments in FGI for Cerberus. An avid outdoorsman, Kollitides is a long-time member of numerous hunting, shooting, Second Amendment and conservation organizations. He currently serves as a Trustee of the NRA Foundation and Director of the NRA's Hunting and Wildlife Committee, Presidents Committee on Advancement and Nominating Committee. He is also a Director of the New York State Rifle & Pistol Association.

About Cerberus Capital Management, L.P.Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world's leading private investment firms with over $20 billion under management. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus holds controlling or significant minority interests in companies around the world. Cerberus is headquartered in New York City with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia.

About Freedom Group, Inc.Freedom Group is the world's leading innovator, designer, manufacturer, and marketer of firearms, ammunition, and related products for the hunting, shooting sports, law enforcement, and military markets. As one of the largest manufacturers in the world of firearms and ammunition, the company has some of the most globally recognized brands including Remington, Marlin, Harrington & Richardson, New England Firearms, L.C. Smith, Parker, Bushmaster, DPMS/Panther Arms, EOTAC, and INTC.

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Robert L. Nardelli Steps Down as CEO of Freedom Group, Inc.

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Freedom Group CEO Robert Nardelli steps down

Posted: at 8:48 pm

Freedom Group Inc. said Friday that its CEO Robert Nardelli has stepped down as head of the firearms maker just two months after officially taking the helm.

Nardelli, 63, is the former CEO of The Home Depot and Chrysler and worked for many years as an executive at General Electric. He joined the Freedom in 2010 as chair of the Office of the Chief Executive Officer and was officially named CEO on Jan. 3.

He said in a statement Friday that it was a good time for him to focus on his investment and consulting company, XLR-8 LLC.

Freedom Group makes guns and ammunition with several brand names, including Remington, Bushmaster and Harrington & Richardson. It is owned by an affiliate of private investment firm Cerberus Capital Management LP.

George Kollitides, 42, a former managing director at Cerberus Capital Management and member of Freedom Group's board, will act as interim CEO of the company.

Freedom Group said it expects to name a permanent successor for Nardelli soon.

Nardelli has also transitioned into a role as senior advisor to the CEO of Cerberus and the company's affiliate Cerberus Operations and Advisory Co. LLC. Freedom Group's chairman John Blyston will also transition to a role as senior advisor to Cerberus and its affiliates

Kollitides will replace Blystone as chairman of the board of Freedom Group.

The companies also said Nardelli will step down as CEO of Cerberus Operations and Advisory Co. and his long-time protg Chan Galbato will take over that role.

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Liberty Academy faces financial troubles

Posted: at 8:48 pm

Tuition is likely to increase for students at Liberty Baptist Academy, but the school does not plan to close down, according to school officials.

Scott Hendry, the financial agent for Liberty, hosted a meeting Tuesday at the Liberty Baptist church to inform parents of students that the school has financial issues and that there is an investigation into the matter. George Wright, an attorney for Stuart, Clover, Duran, Thomas & Vorndran LLP, who represents Liberty Church, and also the academy, also attended the meeting.

Neither Hendry nor Wright provided specific information to the approximately 300 attendees at the meeting regarding the investigation, but admitted there is one.

Im aware that there seems to be an ongoing investigation by the district attorneys office, but I dont know any more details than that, Wright told the News-Star on Wednesday.

The school has never been a financially self-sustained institution, and the tuition and fees do not cover the costs of operations for the school, Hendry said. Liberty has always depended on the church for financial backing and has had a myriad of financial troubles for several years, Hendry said.

There are many reasons for the financial trouble. Donations to the church have decreased recently in the last two years and major supporters have recently died. The school has also had to take out two different loans in the past 18 months, Hendry said. He has worked extensively to try to establish standard financial practices within the school and church since officially taking his position in 2010.

We have been, as a church, in a difficult financial position, Hendry said. Thats why a lot of these things are coming to a head. The schools financial concerns were brought to the attention of Hendry by Gary Kasterke, a deacon and trustee at Liberty, after he wrote a letter of allegations to Hendry last summer.

The letter highlighted specific financial transactions that Kasterke was concerned about and wanted Hendry to look into, Kasterke said.

One thing led to another. There was a strong allegation letter of wrong-doing that was given to me last summer that necessitated quite an investigation and that is still ongoing, Hendry said. There are also a number of things that came up in the day-to-day business of making sure our finances are in order and accounted for that were questionable and of grave concern to me and to the people that were involved.

Wright told attendees at the meeting that the investigation into the Academy has sped up in the past couple of days and that Hendry was telling the crowd as much as he could, but could not get provide many details because the investigation is ongoing.

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You Can Keep Packing Heat In Seattle Parks, Supreme Court Overrules Gun Ban

Posted: at 8:47 pm

Two Seattle mayors have now tried to ban guns from public parks and community centers. But this week the Second Amendment Foundation, National Rifle Association, and five permitted gun owners who sued the city were vindicated in Washington State's Supreme Court.

The impetus for the guns-in-parks ban was the 2008 Folklife Festival shooting, in which two attendees were shot and injured. Shortly after, then Mayor Greg Nickels said that the reason for the order was simple: "Our parks, our community centers and our public events are safer without guns."

But that argument, not surprisingly, wasn't enough for the State's highest court to uphold Seattle's ban. Two lower courts had already blocked the law from taking effect. Yesterday the Supremes refused to listen to city's appeal. That means guns are still a go in city parks and community centers, so long as you're registered and licensed.

The second amendment allows states to regulate how guns are legally carried. The lower courts argued that current state law should trump any attempt by a local municipal to restrict gun carrying rights outside city-owned buildings.

Current Seattle Mayor Mike McGinn has also supported the gun ban. He responded in a blog post yesterday afternoon, saying:

The blocked gun ban will now move out of the courts and into the legislature.

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Free Speech Bites Rush Limbaugh Back

Posted: at 8:47 pm

COMMENTARY | Let's have a little First Amendment chat, specifically about the clause that ensures freedom of speech. People seem to have a lot of trouble understanding what that means: often, regular citizens assume that the First Amendment allows you to say whatever you want, however you want, wherever you want, with no consequence.

Not exactly.

Or to be more accurate, not remotely. First things first, though. The Constitution only applies to government action. So say you have a spat below in the comments, as someone calls you an "idoit" and you respond, correcting the genius on his spelling. Your discussion gets heated. The Constitution doesn't care.

But say you call a Congressman an "idiot." That Congressman -- a representative of the government bound by the Constitution -- cannot then take action to silence you, or to censor your speech, in the same way websites can, thanks to the First Amendment.

So back to the original point. Recently, Rush Limbaugh bled sponsors over his vicious attacks of Sandra Fluke, the woman who wanted to testify before Congress about contraception. You may be wondering, hey, is that legal? The guy was just exercising his First Amendment right to call that woman a slut and a prostitute, and to say that she should be required to post sex videos online. How can he have consequences for exercising his free speech?

Well, unless he was threatening her, encouraging others to threaten her, or in some way, stepping into the realm of unprotected speech, violating broadcast standards, or a law, the government itself cannot take action against him.

But we private citizens are free to take whatever steps we choose, even boycotting companies that advertise with him. Free speech may guarantee your right to be free from government interference when it comes to what you want to say, but it does not ensure that you will be free of negative reaction to what you say, which is a very different concept all together.

In fact, the reaction to Limbaugh's repeated diatribes shows the strength of the First Amendment at work. The speech clause creates a so-called "marketplace of ideas," where opposing thoughts and opinions may be expressed instead of censored.

Limbaugh certainly expressed his opinions.

But then others are free to express their reactions, are free to offer counter-speech, and are free to call attention to what he said, as well as to let consumers know that they could, unwittingly, be supporting Limbaugh's show through the companies with which they choose to do business. Speech is designed to be the most self-correcting of self-correcting markets.

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Palmer flies banner for free speech

Posted: at 8:46 pm

A helicopter carries a banner reading 'Freedom of Speech' before the round 23 A-League match between the Newcastle Jets and Gold Coast United at Hunter Stadium. Source: Getty Images

CLIVE Palmer continued to push his free speech message by hiring a helicopter to hover over Hunter Stadium flying a "Freedom of Speech" banner last night before Gold Coast United's clash with Newcastle.

FFA had banned Palmer, who last week started up rival organisation Football Australia, from buying advertising signage at the Newcastle venue.

Palmer will honour his pledge of an all expenses paid trip to Fiji for 15 Gold Coast players despite being stripped of the club's A-League licence.

Queensland's richest man has told The Courier-Mail that he will not be reneging on his promise, made to the United's squad that lost 1-0 to Melbourne Heart at AAMI Park on February 17.

The match was just a day after former coach Miron Bleiberg was suspended by Palmer for comments he made about the club owner's decision to appoint 17-year-old midfielder Mitch Cooper as stand-in skipper despite it being the youngster's A-League debut.

Bleiberg subsequently parted ways with the club, with Palmer insisting the mentor was sacked despite United's foundation coach announcing his resignation the day before his axing.

Palmer said he was proud of the young United side's performance against the Heart and believed the squad was more than deserving of a holiday reward.

"Even though the FFA has taken the licence off me, I'll still be rewarding my players," he said.

Palmer yesterday continued his verbal assault on FFA, saying the game's national governing body had "closed the door" on Gold Coast United and "jeopardised" football's development in the region.

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Freedom looking for host families

Posted: at 1:23 pm

By Justin B. Duke

A group of athletes are looking for a home away from home.

The Florence Freedom is currently seeking host families for its players this season.

These players come from all over, said Shirley Brown, who coordinates the host family program.

Freedom players arent paid a lot of money and when they get to Florence, they stay with families who open their homes, Brown said.

Potential hosts are often worried they cant provide for players for a season, but the requirements are simple, she said.

We dont require them to be fed, Brown said.

Host families are only asked to provide players with a bedroom and access to laundry and a bathroom.

Its not a huge disruption to the family, said host Roseanna Koehler.

Koehler has opened her home to players since the Freedom came to Florence.

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US urges Malawi leader to allow freedom of expression

Posted: at 1:23 pm

NAIROBI (Reuters) - A senior U.S. official urged Malawian President Bingu wa Mutharika on Friday to respect his citizens' right to freedom of expression, days after he accused Western donors of funding an opposition protest movement in his country.

Mutharika told state radio on Sunday that the opposition planned to stage demonstrations in March financed by foreign donors - some of whom have frozen aid because of concern about his increasingly tight grip on power in the impoverished southern African country.

A loose alliance of opposition groups have said they will hold nationwide protests if Mutharika fails, by the end of March, to come clean on the source of his personal wealth and mend relations with Britain, which has frozen its aid to Malawi.

Similar demands last July led to unprecedented nationwide demonstrations, which security forces suppressed in a crackdown in which 20 demonstrators were killed.

"Regardless of what the president said ... it is very important for leaders to welcome non-governmental organisations, to welcome civil society, to endorse free expression, the right of assembly, the right to organise," U.S. Under Secretary for Political Affairs Wendy Sherman told reporters in Nairobi.

Sherman, on an official tour of several sub-Saharan countries, visited Malawi earlier this week for talks with government and civil society leaders, but did not give details of her discussions there.

Foreign aid accounts for 40 percent of Malawi's state budget, but much of the aid has been suspended since a row with Britain and the violent suppression of protesters last July.

The aid freeze began last May when Britain, Malawi's biggest donor, suspended aid worth $550 million after a diplomatic spat caused by a leaked diplomatic cable that described Mutharika as "autocratic and intolerant of criticism".

Washington joined in after the July violence, suspending a $350 million project to upgrade the land-locked country's decrepit electricity grid.

"We have urged the government to work with the IMF and the World Bank to put an economic plan in place so that in fact they can meet their energy needs and have a strong economy into the future," Sherman said.

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Liberty Mutual Insurance to Debut Exclusive Film Series at the Women in the World Summit

Posted: at 1:23 pm

BOSTON--(BUSINESS WIRE)--

Liberty Mutual Insurance, a sponsor of the third annual Women in the World summit, will premiere the first of three films featuring the stories of courageous women who embraceresponsibility and impact change. Hosted by Tina Brown, editor in chief of Newsweek & The Daily Beast, the summit brings together women leaders and activists from around the globe to address the most urgent challenges facing women and girls. The film Right to Play, featuring U.S. Olympic Gold Medalist sprinter Allyson Felix, will be screened at the summit on March 10. It is also exclusively available now on Liberty Mutuals Responsibility Project, a website that uses compelling and entertaining content to spark a dialogue regarding what it means to do the right thing.

Right to Play, the first film in the Responsibility Project: Women in Film series, will be introduced at the summit by Paul Alexander, senior vice president, communications, Liberty Mutual Insurance. The film brings Felixs work with the nonprofit organization Right to Play to life, and will be shown for the first time at the summit. Participants at the event include Secretary of State Hillary Clinton, Angelina Jolie, Leymah Gbowee, Christine Lagarde, Lauren Bush Lauren, Meryl Streep and Diane von Furstenberg. Additionally, viewers from all over the world will be able to watch the introduction and film debut in real time through the live stream available on Liberty Mutuals Facebook page.

Liberty Mutual is thrilled to debut our film with this remarkable audience and be a part of the celebration of women who are making a difference, Alexander said. This new film series from The Responsibility Project reveals inspiring stories of courage, dedication and passion from women. We are proud to share examples of women doing the right thing.

Right to Play is produced and directed by award-winning filmmaker Josh Seftel. The film shares Felixs experiences with Right to Play, a nonprofit that provides opportunities for childrens development in the United States and around the world through the creation and facilitation of recreational activities. Felix, a track and field sprinter, is an athlete ambassador who brings her energy, dedication and passion to program visits across the globe. She also organizes and participates in fundraising events while spreading the word about the organization.

Every single child in the world has the right to play, and I am looking forward to doing my part to make that happen, said Felix, who is currently preparing for the 2012 Olympics. Im in a position where now I have something to offer, and I do feel a responsibility to get in there and make a difference.

The two additional short films of the Responsibility Project: Women in Film series will debut later this year on ResponsibilityProject.com.

About the Women in the World Summit

The Women in the World summit is centered on vivid journalistic storytelling, featuring inspiring women and men from diverse cultures and backgrounds. From CEOs and world leaders to artists, activists and firebrand dissidents, Women in the World tells the stories of the courageous and intelligent women who are battling the status quo in their countries, picking up the pieces in the aftermath of war and shattering glass ceilings in every sector.

About The Responsibility Project

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Liberty Mutual Insurance to Debut Exclusive Film Series at the Women in the World Summit

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