John Glasgow to Dillard's: ‘Call Off the Dogs'

by Gwen Moritz  on Monday, Mar. 31, 2014 12:00 am  

Late in 1995, John would be named CFO of CDI after he helped uncover a seven-figure embezzlement by the previous CFO, Kevin Wheeler.

Ownership Change

CDI’s annual revenue was $243 million in 1995, when Glasgow became CFO. It would reach a record of $580 million in 2007, despite its founder’s death. Bill Clark’s half-interest in CDI passed to his widow, Margaret; his son, William Clark, was elevated to CEO.

Glasgow was very well compensated, but his brother said the $300,000 bonus he received in January was unusually large. The money, like his regular paychecks, was direct-deposited into a joint checking account he shared with Melinda, Roger Glasgow said.

A plan to disburse Clark’s share of the company was in the works; in fact, Arkansas Business published a Whispers item about it in the issue dated Jan. 28, the day Glasgow went missing.

In their joint response, Dillard’s and CDI said an agreement dating from the inception of the construction firm “gives Dillard’s the right to purchase Bill Clark’s interest from his estate following his death. However, Dillard’s and some of the officers and employees of CDI are discussing an arrangement whereby Dillard’s would permit these individuals to purchase Bill Clark’s interest from the estate and, thus, continue in the partnership with Dillard’s.”

The plan that was emerging, according to Roger Glasgow, called for William Clark to receive roughly half of the Clark shares while John Glasgow and a number of other CDI employees would each buy much smaller shares.

John was deeply involved in CDI’s routine year-end audit as well as the valuation of the company, according to his brother, and he represented his fellow executives in talks with Simmons First National Bank for loans to buy shares from the Clark estate.

John fully intended to spend the rest of his working life with CDI, but on “the worst day of his life,” they took comfort in the knowledge that they would be fine even if his job there ended.

“He was committed to that company, but he knew on an intellectual level that he didn’t have to be,” Melinda Glasgow said.

Dillard’s and CDI, in their joint response, said it was “simply not true” that Glasgow’s position as CFO was threatened by the change in ownership.

Last Known Movements



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