The board of directors of Corrections Corp. of America last week voted to revise its committee structure to focus more cleanly on risk assessment and risk management. Directors agreed to set up a new risk committee, carving its responsibilities out of the audit and risk committee. The new subgroup has as members Thurgood Marshall Jr. — who will chair the committee — as well as Donna Alvarado, Anne Mariucci and Charles Overby.
In a filing with the Securities and Exchange Commission, CCA said the new committee will help coordinate the prison management company’s risk assessment and risk management practices as well as its legal, regulatory and contract compliance.
“The Risk Committee will also review issues and trends facing the company that could impact the company’s business operations and public reputation,” according to the filing.
In part because of the nature of their business, CCA and its prison operator peers regularly have to handle sticky situations involving inmates’ living conditions and other issues. In May, Department of Justice officials said they would not press charges related to some Idaho employees falsifying staffing reports. More recently, the Tennessee Bureau of Investigation began looking into accusations that several Nashville-area CCA employees sold woodwork made by inmates.
Shares of CCA (Ticker: CXW) ended Tuesday trading at $31.68. So far this year, they’ve fallen about 13 percent.
The New York Stock Exchange's listings regulators have told Noranda Aluminum executives that they need to submit a plan to get the Franklin-based company's market value and shareholder equity back above $50 million. Late last month, the NYSE also told Noranda to get its stock price above $1, something the company plans to do via reverse split. Unless the global aluminum market rebounds soon and lifts Noranda's fortunes, this demand could be harder to meet.
Check out more information about the NYSE's latest letter here.
Marilyn Tavenner, the former administrator of the Centers for Medicare and Medicaid Services, has resigned her seat on the board of LifePoint Health. Tavenner was named a director of the Brentwood-based company only this past April, but is stepping down to focus on her new job as CEO of America's Health Insurance Plans, one of the biggest trade groups in the health care sector.
William F. Carpenter III, Chairman and Chief Executive Officer of LifePoint Health, said, “On behalf of LifePoint, I want to congratulate Marilyn on her appointment as AHIP President and CEO. While this means we must lose her as a member of our Board of Directors, the healthcare industry remains very fortunate to have Marilyn as a leader during this time of change. She will play an important role in making communities healthier by providing continued leadership in the efforts to improve access to quality, affordable care for all Americans. Our board understands her need to focus on this new endeavor, and we wish her the very best.”
New York Stock Exchange officials have told Noranda Aluminum Holding executives that the slide in the company's share price to below $1 has put it in the listing standards doghouse. The Noranda team now has six months to get their stock back above $1 on a regular basis. To that end, they will host on Aug. 24 a special shareholders' vote on a 1-for-7 reverse split. Noranda shares (Ticker: NOR) rose more than 6 percent Tuesday to 56.5 cents.
POSTDATA: WARRANTY DEEDS