Tobacco company

Philip Morris to change name to Altria Group

Philip Morris shareholders voted overwhelmingly Thursday to change the company’s name to Altria Group, part of an effort by the nation’s largest cigarette maker to reflect that it is not just a tobacco company.

The Philip Morris name solidified with the public through the longtime radio advertising slogan “Call for Philip Morris” will survive only on its tobacco operating divisions and in the MO stock symbol.

The change, approved by 95 percent of eligible shareholders, came after nearly an hour of sometimes harsh criticism of the company’s tobacco products and marketing policies from dissident shareholders. Debate particularly revolved around the company’s use of the Marlboro Man, which was criticized as attracting youth smokers.

Geoffrey C. Bible, Philip Morris’s outgoing chairman and chief executive officer, responded that it is “simply naive” to believe that getting rid of the Marlboro Man will reduce youth smoking.

Kansas City, Mo.

Casino to make renovations

With profits down at Ameristar Casino in Kansas City, corporate officials say they plan a multimillion-dollar renovation, including new restaurants.

Among other things, Las Vegas-based Ameristar is considering adding a steakhouse and a sports bar to its current mix of 14 restaurants, Ameristar chief financial officer Tom Steinbauer told The Kansas City Star.

Similar renovations and nongambling enhancements have boosted business in other markets, and ought to work in Kansas City to keep the property fresh, Steinbauer said.

Economy

Recession slows wages

Last year’s recession is taking its toll on workers, whose wages and benefits rose at the slowest pace in three years in the January-March quarter.

The Labor Department reported Thursday that its employment cost index a broad measure of changes in workers’ compensation rose 0.8 percent in the first three months of this year, down from a seasonally adjusted 1 percent rise in the previous quarter.

Companies offered less generous compensation packages as the recession that began in March 2001 battered revenues and profits. Even as the economy recovers from the slump, economists predict workers will see smaller gains in their wages and benefits.

Farm Bureau

Organization taps president

The Kansas Farm Bureau has announced a change in its top leadership position with Steve Baccus taking over for Stan Ahlerich.

Baccus, a Minneapolis farmer, is taking over as president of the state’s largest farm organization from Ahlerich who decided to step down for reasons related to his family farm in Cowley County.

Born and reared on a Kansas grain and livestock farm, Baccus is a fourth generation food producer. He is currently the president of Baccus Farms, Inc., which produces wheat, milo, soybeans, sunflowers and irrigated corn.

Area

Companies report earnings

Shawnee-based Seaboard Corporation announced quarterly earnings of $3.08 compared to $5.00 during the same period one year ago.

Kansas City Mo.-based Kansas City Southern reported quarterly earnings of 19 cents per share compared to 10 cents per share during the same period a year ago.

Great Plains Energy, the parent company of Kansas City Power & Light, posted a quarterly loss of 5 cents per share compared to earnings of 20 cents per share during the same period last year.