Changes in the Ranks at Fannie Mae
Fannie Mae said its longtime general counsel, Ann M. Kappler, is leaving the company at the end of the year and joining the law firm Collier Shannon Scott. Kappler, who joined Fannie Mae in 1999, often dealt directly with the mortgage finance company's regulator, the Office of Federal Housing Enterprise Oversight. No replacement was announced.
Fannie also said it had hired Credit Suisse First Boston managing director Eric Schuppenhauer as senior vice president in charge of accounting policy and Bank of America executive Sal Mirran as senior vice president of single-family business and strategy development. Schuppenhauer will work closely with R. Scott Blackley, who was hired earlier this year to replace accounting policy head Jonathan Boyles. Boyles stepped down following OFHEO's findings last fall that Fannie had violated accounting rules.
Anteon Awarded Navy Work
Anteon International of Fairfax said it won a $26.5 million, five-year contract from the Navy's Space and Naval Warfare Systems Center in San Diego for engineering, software development and support for surveillance systems.
Convera, a Vienna provider of search and categorization software, narrowed its second-quarter loss to $25,000 (less than 1 cent per share) from a loss of $7 million (21 cents) in the corresponding quarter a year earlier. Revenue increased 54 percent, to $7.8 million. The company said its federal business segment drove the increase in revenue.
Dollar Tree Stores of Chesapeake, Va., reported that profit fell in the second quarter and sales at stores open a year or more declined 1.5 percent. In a statement, chief executive Bob Sasser said that "our customers continue to feel the strain of rising fuel costs, and they are responding with fewer shopping trips." The chain, which operates 2,856 stores and sells only products priced at $1, earned $27.3 million (25 cents a share) on $769 million in sales, compared with a profit of $29.6 million (26 cents) on $704.2 million in sales a year earlier. Shares closed at $23.03, down 5 cents.
Compiled from staff and news service reports.