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Image 5 of The State Journal May 14, 2012

Part of The State Journal

Business PAG E A 5 T H E S TAT E J O U R N A L M AY 14 , 2 012 BUSINESS BRIEFS FRANKFORT Farmers Bank board elects officers Farmers Capital Bank Corp. announced that its Board of Directors elected R. Terry Bennett as its chairman after its annual meeting of shareholders Tuesday. Bennett succeeds Frank W. Sower Jr., who retired from the board effective with the end of his elected term. He had served as chairman since 1998. Bennett is an attorney in private practice in Hardin County. He has served as a director of First Citizens Bank, a subsidiary of Farmers Capital Bank Corp., since 1993, including serving as its chairman since 2010. He is also the public liaison between Fort Knox and Hardin County for the Base Closure and Realignment Act. The Board of Directors also elected J. Barry Banker as its vice chairman. Banker has served as a director since 1996. He is the manager of Stewart Home School, a boarding school for special needs individuals. He brings extensive financial, management, marketing, operational, and strategic planning experience to the board. Fred N. Parker, David Y. Phelps and Charles Frederick Sutterlin were also elected as directors to the board. Parker is the president and CEO of Kentucky River Coal Company. He holds professional designations in both accounting and finance. He has served on the boards of Boys Scouts of America, Bluegrass Council, Foundation for Drug-Free Youth, and the University of Kentucky Mining Engineering Foundation. Phelps is the president and CEO of CreoSalus, a peptide science company. He is an innovator and holder of numerous patents. He graduated from Georgia Institute of Technology and the Harvard Business School. He serves on the board of Speed Scientific School, the Louisville Research and Technology Development Forum, the Downtown Development Corporation of Louisville and KidsTech. He was a recipient of the Ernst & Young Entrepreneur of the Year Award. Sutterlin is the managing principal and general counsel of PRG Investments. His background is in law, real estate, banking and small business. He holds a bachelor’s in economics from Washington and Lee University and received his Juris Doctor from the University of Louisville School of Law. He is a member of the International Council of Shopping Centers; a member of the American, Kentucky and Louisville Bar Associations; a member of the National and Kentucky Association of Realtors and a founding principal in the Pinnacle Capital Partners. Community event at Palmer Tire Palmer Tire, 301 Versailles Road, will host a summer kick-off cookout on Saturday beginning at 8 a.m. The business will also draw for someone to win a Hot Rod grill at the event. The community is invited. Leawood Townhomes reopening In celebration of their remodeled properties, the new owners and management team of Leawood Townhomes are hosting a community event from noon until 3 p.m. Saturday. There will be live music by the band Silo, free food, drinks and prizes. Froggy 104.9 radio will be on site broadcasting live. The community is invited to tour the town homes. Move in specials will be available for Saturday’s applicants. We want to know! To keep our readers up to date on the latest in local business news, The State Journal wants to hear about new businesses, growing businesses and the latest successes for business people. To contact The State Journal with any business news, e-mail Keren Henderson at CMYK LAUREN HALLOW/LHALLOW@STATE-JOURNAL.COM Glenn Toyota general manager Eric Clark (center) and owner Mike Tewell (holding the scissors) gather with employees and supporters for a ribbon-cutting ceremony Tuesday to debut Glenn Toyota’s 12,000 square-foot expansion. Toyota expansion complete April was second-best sales month for 14-year dealership BY LAUREN HALLOW LHALLOW@STATE-JOURNAL.COM I f there are any doubts that the automobile industry is on the road to recovery, just look at Glenn Toyota Frankfort. Last Tuesday – the dealership’s 14th anniversary in Frankfort – employees debuted a 12,000 square-foot expansion that includes additional service spaces, a remodeled lobby and a larger customer lounge area. The expansion, which brings the building’s total square footage to 30,000, allowed the dealership to more than double its inventory and bring on additional sales staff and technicians to accommodate the anticipated new business. “Over the last three years, Toyota’s definitely had its struggles, with the recalls, the tsunami and the earthquakes,” manager Eric Clark told The State Journal. “I think all in all, our customer loyalty and customer satisfaction is what’s kept us going strong. “We feel like we do business the right way … and we’re going to just continue to do business well.” Work on the expansion started last year after employees noticed they were outgrowing the building and regional executives at Toyota saw Glenn Toyota’s sales increasing. When construction began in October, the sales staff moved into trailers out front, where they worked until construction was completed in mid-January. The staff was concerned about braving the winter in trailers, but the unusually mild winter worked in their favor. “We didn’t know what to expect,” Clark said with a laugh. “Mother Nature was good to us.” Since January, designers have been putting the finishing touches on the remodeled offices, customer service lounge and service spaces. Last Tuesday, everything was finally in its place, and the Frankfort Area Chamber of Commerce hosted a ribboncutting ceremony to celebrate the expansion. “At the beginning, I never thought we’d need this much room,” owner Mike Tewell said. “But we’ve seen our business really getting bigger … it’s all coming together.” Shortly after the ribbon was cut, regional Toyota executives presented Tewell with the Katana L AUREN HALLOW/LHALLOW@STATE-JOURNAL.COM Glenn Toyota owner Mike Tewell, right, greets people as they enter the newly remodeled lobby Tuesday. The lobby was part of a remodeling and expansion project that was unveiled Tuesday. award. The awa rd, which comes in the form of a Katana, a Japanese sword, is given to dealerships that display strength, quality and integrity and show a strong partnership and commitment to the Toyota franchise. With the new space came a need for more staff, so the dealership beefed up its sales staff and brought on more service technicians. Business has been going well. Last month, employees sold 189 cars, making April its second best month in sales ever, Clark said. They typically sell 130 cars a month, he said. And May could be another great month for the dealership. With the expansion and entering the summer months, which Clark said typically are the busiest, Clark said he’s predicting business will continue to grow. “Toyota is definitely ready for the production side of it and we’re definitely ready for the sales side,” Clark said. “If (April) was any indication for what to expect down the road, I think we’ll be in good shape.” Revolving door: Yahoo ushers out another CEO BY MICHAEL LIEDTKE AP TECHNOLOGY WRITER SAN FRANCISCO (AP) – Yahoo still has credibility issues, even after casting aside CEO Scott Thompson because his official biography included a college degree that he never received. The troubled Internet company’s next challenge will be convincing its restless shareholders and demoralized employees that the turnaround work started during Thompson’s tumultuous four-month stint as CEO won’t be wasted. It won’t be an easy task, given that Yahoo Inc. has now gone through four full-time CEOs in a fiveyear stretch marked by broken promises of better times ahead. Instead, Yahoo’s revenue and stock price have sagged during a time when rivals such as Google Inc. and Facebook Inc. as advertisers spend more money online. “Yahoo has been floundering for years and it looks like there is going to at least several more months of indirection now that another CEO is coming in,” said Adam Hanft, who runs a consulting firm that specializes in brand reputation and crisis management. Yahoo’s hopes are now resting on Ross Levinsohn as its interim CEO. Levinsohn had a successful stint running Internet services within Rupert Murdoch’s media empire at News Corp. before one of Yahoo’s former CEOs, Carol Bartz, hired him in November 2010 to help her in her mostly fruitless attempt to fix the company. Thompson, who was hired as Yahoo’s CEO in January to fill a void created by Bartz’s firing, had promoted Levinsohn last month to oversee the company’s media and advertising services throughout the world. “This may seem like a great deal of news to digest, but as you are all keenly aware, Yahoo is a dynamic, global company in a dynamic, global industry, so change – sometimes unexpected and sometimes at lightning speed – is something we will continue to live with and something we should embrace,” Levinsohn wrote in a Sunday memo to employees that was provided to The Associated Press. Levinsohn, 48, plans to address workers at a companywide meeting Monday afternoon. Yahoo tried to make Levinsohn’s job slightly easier by reaching a truce with dissident shareholder Daniel Loeb, a hedge fund manager who exposed the inaccurate information on Thompson’s bio and had made it clear he would continue to publicly skewer the company unless he was given a chance to help develop a turnaround strategy. To placate Loeb, Yahoo is shaking up its board of directors, which has been in a state of flux for several months. Yahoo Chairman Roy Bostock and four other directors who had already announced plans to step down at the company’s annual meeting later this year are leaving the board immediately. All five of those directors signed off on the hiring of Thompson, a move that made them all look bad by the recent revelation that they didn’t catch an inaccuracy circulating for years about his education. Three of Yahoo’s vacated board seats will be filled by Loeb, and two of his allies, former MTV Networks executive Michael Wolf and turnaround specialist Harry Wilson. Alfred Amoroso, a veteran technology executive who joined Yahoo’s board just three months ago, replaces Bostock as chairman. CMYK

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