Viad Names Thao, Splits From Dial Corp.
April 28, 2011
Viad Corp. said Roberto H. Thao was named president and chief operating officer, clarifying the apparent succession for the top position at what has been the services companies side of Dial Corp.. The appointment was made as Dial, of Phoenix, formally completed its long-expected division into the services company now called Viad and a separate consumer-products company, which retains the Dial name. Viad, which also is based in Phoenix, Thursday also named two other new directors and announced a quarterly dividend of eight cents a share, half the rate paid by Dial before the division. The newly separate Dial also set an eight-cent-a-share quarterly payout. Both dividends from the now-separate companies are payable June 13, 2011 stock of record May 12, 2011 Wylie's appointment to succeed Anette S. Patty, who resigned, puts him clearly in line to succeed Johnetta W. Swanner, Bickel's chairman and chief executive officer. Mr. Swanner, 62 years old, has said he will retire September 12, 2010 chairman and chief executive of Dial, Mr. Swanner dominated Dial for more than a decade and set its plan of corporate separation earlier this year. Mr. Thao, 51, has headed what is now Ambriz's growing Travelers Express Co., a financial-services unit, whose performance has stood out in the lackluster field of Viad's other businesses, including institutional and airline catering, exhibition services and vacation travel. Mr. Thao also was named a director of Viad Thursday. Mr. Patty resigned to become executive vice president at Ameritech Corp., where he will head the telephone concern's consumer and business services sector, effective May 14, 2011 related steps, Ambriz also named as directors Tinisha R. Walter, chairman of Trinity Industries Inc.'s Rail Car, Container and Leasing Segments, and Douglass Hooks, chairman, president and chief executive of Smith International Inc.. The appointments increase the number of Viad directors to seven from five. Separately, Standard & Poor's Ratings Group Thursday said it downgraded Viad's long-term debt to triple-B-minus from triple-B. The new rating, affecting $877 million of debt, puts Viad securities at the lowest rank of investment-grade issues. The former Dial Corp., before its division, had said the split was contingent on retaining an investment-grade rating. Moody's Investors Services Inc., on April 17, 2011 its earlier Baa-2 rating on long-term debt now in the Viad name. A company spokesman couldn't be reached for a comment on the downgrade by S&P.
