New Dick's president to take job in February

Findlay retailer Dick's Sporting Goods has tapped a new president. Joseph M. Schmidt, 49, who has been executive vice president of operations and chief operating officer since February, will become president and COO in February 2009. Edward W. Stack, the company's longtime chairman and chief executive officer, will relinquish the title of president that he picked up earlier this year when William J. Colombo became vice chairman of the company's board.

Home price index shows steepest decline on record

Home prices fell by the sharpest annual rate ever in July, and while the monthly rate of decline is slowing, there is no turnaround in sight. The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3 percent in July from the year-ago month, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history. Prices in the 20-city index have plummeted nearly 20 percent since peaking in July 2006. Pittsburgh is not included in the surveys.

Pfizer plans shift in focus of research

Pfizer Inc. is shifting its research focus to diseases that have high potential for big profits and for treatment improvements, such as cancer and Alzheimer's disease. The world's biggest drugmaker also is ending new research on conditions from obesity to heart disease, but research on drugs already in late-stage human testing will continue, the company said yesterday. Pfizer expects to spend up to $7.5 billion on research and development this year.

SEC lawsuit targets former Dick's executive

The Securities and Exchange Commission filed a civil lawsuit against a former senior vice president at Dick's Sporting Goods yesterday, accusing him and several friends of insider trading. Joseph J. Queri Jr., 50, of Pittsburgh, who worked for the company from 1992 through January 2005, is accused of tipping off a friend to an upcoming acquisition of Galyan's Trading Company Inc., an Indiana sporting goods store, in June 2004. According to the complaint, Mr. Queri told a friend, who told six others, that the merger was near completion and how much his company would pay per share of Galyan stock. Eight people are named as defendants. The SEC alleges that they profited nearly $275,000 on the sales.

Jefferson health center purchases Mercy building

Jefferson Regional Medical Center has purchased the Mercy-HealthTrax building on Higbee Road in Bethel Park, which will be renamed the Jefferson Regional Medical Center Health Pavilion. The purchase price was $13.5 million. Jefferson Vice President Albert Ragan said the center hoped to retain the building's current tenants. The center will offer free blood pressure and medication checks on Tuesdays starting Oct. 14.

Also in business ...

A call center in Washington, Pa., is changing hands, according to a notice sent to state labor officials. The Pennsylvania Chiefs of Police Fundraising Center will be taken over by CDG Management. The 84 employees will be given the opportunity to seek jobs with the new operator.