Woolworth CEO Lavin resignsWoolworth Corp. said yesterday...

BUSINESS DIGEST

October 01, 1994

Woolworth CEO Lavin resigns

Woolworth Corp. said yesterday that William Lavin resigned as chief executive officer and vice chairman because of "differences" with the board.

The resignation, which comes four months after an accounting scandal that resulted in Mr. Lavin's demotion from chairman to vice chairman, takes effect immediately.

Mr. Lavin, a 13-year veteran of the retailing company, will be replaced by John W. Adams, a company director since 1981. Mr. Adams has been nonexecutive chairman and will be interim CEO until the company names a replacement.

BWI gets grant for deicing ramps

A $3.8 million federal grant has been awarded to Baltimore-Washington International Airport to help complete two deicing ramps.

The ramps are designed to recover and reuse deicing fluid, known as glycol, and to prevent the fluid from draining into Sawmill Creek. The ramps will have a drainage system that will collect and store the runoff until it is either recycled or taken to the Baltimore sewage treatment plant.

Construction of the $14.9 million deicing facility began several months ago near the daily parking lot adjacent to the terminal.

SEC bars ex-stockbroker Rice

The Securities and Exchange Commission yesterday barred former Baltimore stockbroker D. Jeffrey Rice from the securities industry for allegedly stealing $3.7 million from 37 clients. The action came a day after Mr. Rice, who worked for PaineWebber Inc. until August 1993, settled a civil complaint the SEC filed against him by promising not to engage in the alleged securities violations. He neither admitted nor denied guilt.

Hiring, travel freeze at SEC

A snag over the Securities and Exchange Commission's 1995 budget arose yesterday in the Senate, a problem that could severely complicate operations of the agency in charge of policing Wall Street.

The Senate's inability to pass a supplementary funding bill yesterday means the agency will impose a hiring freeze and eliminate nonessential travel beginning Monday, said Kathryn Fulton, SEC director of legislative affairs.

The SEC supervises the nation's financial markets, including 8,200 broker-dealers and their 427,000 brokers.

Martin names Horvath Astro chief

Martin Marietta Corp. has named Alexander L. Horvath president of its Astro Space business unit, based in East Windsor, N.J. Mr. Horvath has been president of Martin Marietta Ocean, Radar & Sensor Systems in Syracuse, N.Y.

Succeeding Mr. Horvath in Syracuse will be Stephen Pavlosky, president of Martin Marietta Defense Systems in Pittsfield, Mass.

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