News in brief

PSC member Davis submits resignation

Lamar Davis, commissioner on the three-member Arkansas Public Service Commission, has resigned to take a position in the private sector.

His resignation will be effective at the close of business next Friday.

Davis was appointed by Gov. Mike Beebe and has been a commissioner since Jan. 6, 2015.

Davis has also served as an assistant attorney general and a member of the governor's staff.

While at the commission, Davis focused on utility infrastructure safety, resiliency and reliability.

The other members of the commission are Elana Wills and Chairman Ted Thomas.

-- David Smith

With exit, Wal-Mart picks new controller

Wal-Mart Stores Inc. Controller Steven Whaley is resigning from his position at the end of the year and will be replaced by David Chojnowski, according to a company filing with the U.S. Securities and Exchange Commission.

Whaley, 57, notified the company of his plans to resign on Wednesday and will step down Dec. 31 from the position he has held since 2007. He will remain with Wal-Mart as a senior vice president in a transitional role before retiring from the company on Jan. 31.

Chojnowski, 47, will serve as the company's principal accounting officer in his new role and report to Chief Financial Officer Brett Biggs. Chojnowski has been controller of the Wal-Mart's U.S stores since October 2014 and has been with the company since April 2011.

Chojnowski will earn an annual salary of $430,000 in his new role and also will be eligible for an annual cash incentive payment, according to the SEC filing.

-- Robbie Neiswanger

State index up 2.89, has 4 52-week highs

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 2.89 to 356.42 Friday.

Fourteen stocks advanced and four declined.

America's Car-Mart jumped 3.4 percent and hit a 52-week high.

Also hitting 52-week highs were Home BancShares, Simmons First National and ArcBest.

For the week, 12 stocks rose and six fell.

Murphy Oil shares had the best week, rising 12.1 percent.

Communications Sales & Leasing fell 5 percent for the week.

Total volume for the index was 26.3 million shares. The average daily volume for the week was 31.6 million shares.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 11/19/2016

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