Team NEO releases 2nd-quarter report

August 1, 2014 at 12:00a.m.

CLEVELAND

Team NEO — a regional, private-sector organization that markets the Cleveland Plus region to the world and collaborates with its partners and others to attract new businesses and help those that are here grow — released a second-quarter Regional Economic Development report Thursday. The report provides a regional snapshot of business attraction, expansion and retention activity as reported by JobsOhio, Team NEO, major city chambers of commerce and economic development organizations in the 18 counties across Northeast Ohio. Some highlights of the report include: 20 attraction, expansion and retention successes; 5,667 jobs; $377 million in payroll and $214 million in new capital investment.

Gas-rate decrease

ERIE

The Pennsylvania division of National Fuel Gas Distribution Corp. announced the annual adjustment to gas- supply charges will be a 5.66 percent decrease, which becomse effective today. This decrease will lower the monthly bill from $81.48 to $76.87 for a typical residential customer using 90,000 cubic feet of gas annually.

USDA grants

WASHINGTON

Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture selected 10 rural micro-enterprises to receive grants totaling $300,000 to support job growth and business development. The funds are provided under the department’s Rural Micro-entrepreneur Assistance Program, which the 2014 Farm Bill reauthorized through 2018.

Target taps outsider to become CEO

NEW YORK

Target is bringing in an outsider as its CEO for the first time as the retailer fights to redefine itself to American shoppers.

The Minneapolis-based company said Thursday that it named PepsiCo executive Brian Cornell to the top spot, replacing Chief Financial Officer John Mulligan, who had been keeping the seat warm since May.

The announcement comes roughly three months after Target CEO Gregg Steinhafel resigned after a large data breach in the run-up to the holiday shopping season last year.

Steinhafel had been dealing with problems on a number of other fronts, too, including persistent perceptions that Target charges higher prices than its rivals and concerns that it had lost its magic touch for cheap, chic offerings.

As such, Cornell faces a daunting task, especially when considering how the slow economic recovery has pressured the broader retail industry. With lower-income customers still struggling, Wal-Mart Stores Inc. has pushed low prices even more aggressively to go after penny-pinching customers. For its latest fiscal year, Target reported its first annual profit decline in five years.

Still, the infusion of new blood is a signal to Wall Street that Target is serious about addressing its internal issues.

Vindicator staff/wire reports