Welcome to the March 11 Monday Business Briefing, your weekly business intelligence digest from Insider Louisville.
Humana CEO compensation declines sharply
Humana CEO Bruce Broussard received total compensation of $16.3 million in 2018, according to the insurer’s latest proxy filing.
Compared to 2017, his compensation fell by nearly $3.5 million, or about 17.5 percent. A salary increase of less than $1,000 was more than offset by lower compensation from stock awards.
Other executives — Chief Financial Officer Brian Kane, Chief Consumer Officer Jody Bilney and Chief Human Resources Officer Timothy Huval — also saw their compensation decline last year because stock rewards declined. Combined, those three executives received total compensation of $11.5 million, down from more than $15.1 million in 2017.
The filing also shows that those four executives combined, as of Jan. 15, held 355,686 shares of Humana common stock. The total value of those shares is about $95 million, with Broussard’s share being about $55 million.
Humana will hold its annual shareholder meeting on April 18. Items the company wants shareholders to improve include an update to its stock incentive plan, which will make 16 million shares of common stock available for future awards granted under the plan. The plan is to expire no later than April 2029.
The company’s board said in the proxy filing that the stock plan’s purpose is “to allow the Company to design and grant equity-based awards that will provide long-term incentives to our directors, executive officers, and other employees while aligning their interests with those of our shareholders.”—Boris Ladwig
SummerWorks 2019 kicks off Tuesday amid backdrop of potential cuts
Last year, SummerWorks directly placed more than 1,000 teenagers and young adults in jobs, and 6,200 youth overall were employed by the program’s partner employers, according to Phil Miller, director of communications at KentuckianaWorks.
The program, which partners with companies and nonprofits to provide employment for those 16 to 21, is receiving $600,000 from the city through the fiscal year ending June 30, he said.
If the city has to make budget cuts, Miller added, “it could severely impact the number of youth placed.” City officials, including Mayor Greg Fischer, will be on hand Tuesday at 10 a.m. at the Shawnee Boys & Girls Club, 317 N. 38th St., to kick off the 2019 SummerWorks. —Mickey Meece
SkuVault receives $2.5 million infusion from new fund
SkuVault, a provider of cloud-based inventory and warehouse management solutions based in Louisville, is the first investment of a new venture capital fund, Popular Ventures L.P., according to a news release. SkuVault received $2.5 million, a spokeswoman confirmed.
Popular Ventures, founded by John Willmoth, closed an initial round of financing last week for the new fund, raising $17 million. There are plans for a final closing in the second quarter with the aim of raising $25 million in total, the release said.
Popular Ventures plans to invest in other early-stage cloud-based software companies in middle America. Willmoth, a Kentucky native, has been investing through Poplar Ventures, as well as serving as a venture partner with Chrysalis Ventures for the past 12 years, the release stated. —Mickey Meece
Olé Hospitality Group will try out a new Steak & Bourbon concept Derby week
As Olé Hospitality Group continues to expand, so, too, does its creativity and reach.
The company behind Mussel & Burger Bar, Artesano Vino Tapas y Mas, Taco Luchador, Guaca Mole Cocina Mexicana is thinking about diving into a Steak & Bourbon concept — yes, that is what it’ll be named: Steak & Bourbon: An American Grill — and to give patrons a sneak peek, they’ll be opening a pop-up shop at Artesano Vino Tapas y Mas in Westport Village during Derby Week, April 30-May 4.
In a news release, Olé co-founder and chef Fernando Martinez said they’ll be opening Steak & Bourbon somewhere in the East End in late May, so they want to give folks a preview of the menu. Limited reservations will be available that week, with the menu featuring signature dishes like a 24-ounce Cowboy Cut Ribeye from Sherwood Farms, a center-cut filet, pan-roasted chicken and grilled Verlasso salmon, steak & cheese hand pies, S&B Maryland-style crab cakes, chilled jumbo shrimp cocktail and crabmeat deviled eggs.
And, of course, the drink menu will be geared specifically toward bourbon.
“The cocktail program is going to obviously be based on Kentucky’s greatest spirit,” said Martinez. “You can expect some great private selections and Olé’s interpretation of the old fashioned and the manhattan, among others.”
If you’re interest is piqued, you can make reservations at 708-2196. —Sara Havens
Frazier History Museum now selling dusty bottles
According to that bill, a vintage spirit — also called “dusty bottle” — is a distilled spirit that remains in its original manufacturer’s unopened container(s), that is not owned by a distillery, and that is not otherwise available for purchase from a licensed wholesaler within the commonwealth of Kentucky.
The Frazier’s collection spans three different brands — with more to follow — and the first products in stock were bottled during Prohibition and authorized for medicinal purposes only, making them a natural fit for a history museum, wouldn’t you say?
The bottles include Old Hickory Fine Old Eastern Rye Whiskey (bottled in 1925), Old Jim Gore Bourbon Whisky (bottled in 1925) and John Poindexter Old Bourbon (bottled in 1928).
Insider reached out to the Frazier to see what the price tag on these dusties might be, and VP Andy Treinen tells us they range from $1,500-$2,000. Yowza! Frazier also sells many of today’s bourbons from all over the state. —Sara Havens
AT&T Fiber aims to get the word out to Google Fiber customers
“AT&T is here to stay and growing” was the message representatives imparted during a pop-up coffee klatch at Heine Brothers Coffee at Douglass Loop on Thursday. It was all about the fiber. As Insider has reported, Google Fiber shuts down on April 15.
AT&T was touting promotions that included a 300 Mbps connection for $50 a month the first year and the coveted gigabit Internet for $70 a month. Those rates are further discounted with bundles, AT&T said.
The company noted that it had invested $300 million in its Louisville networks the last three years and that it had fiber in 175,000 Louisville-area homes and small businesses.
Fiber is one thing, but AT&T officials are excited about the next new thing: 5G. Joe Burgan, a spokesman, said the company’s fiber footprint made it possible for Louisville to be one of just 12 cities to launch standards-based mobile 5G last December. —Mickey Meece
Chicago-based event management firm expands to Louisville
Citing the growth in Louisville and the city’s expanding array of events and destinations, the event management company, PRA of Chicago, said it was opening PRA Louisville to offer event design, transportation, entertainment, and interactive activities and experiences unique to the region.
In a statement, Tony Lorenz, PRA’s chief executive said, “Louisville, a city rich in culture, authenticity, and favorable trajectory, is a market we readily embrace as part of our broader growth story underway.” —Mickey Meece
Retail In Brief
6 pm Outlet is opening in Louisville at 9101 Minor Lane on April 12, according to its owner, Zappos; a representative for Apple Oxmoor declined to confirm a report of a move and expansion; Heine Brothers’ Coffee opened at 3541 Outer Loop, just off I-65 in the Okolona neighborhood, and will have a ribbon-cutting ceremony at 9 a.m. on March 14; and the Southwest Louisville-focused South Points Scenic Area released its 2019 map.