Consumer Affairs & Relations

Stockholm, Sweden -- Ikea said Monday that its CEO Mikael Ohlsson will step down effective Sept. 1, 2013, and will be succeeded by Peter Agnefjall, current country manager of Ikea Sweden.

To prepare Agnefjall for his new role, Ikea said that he will serve as VP of the company beginning in 2013 until his September transition.

Orchids Paper Products Company was recognized as Dollar General’s private label vendor of the year at the retailer’s annual vendor summit.

Orchids said it received the award in recognition of its innovation, dependability and excellence in its partnership with Dollar General.　

Atlanta -- The “True Cost of Fraud” study by LexisNexis found that retailers incurred $2.70 in costs for every dollar in fraudulent transactions. The cost incorporates charge backs for merchandise, the fees and interest to financial institutions and payment processors as well as any replacement, redistribution or restocking fees incurred by a merchant.  

Woonsocket, R.I. -- CVS Caremark said Monday it has named Thomas M. Moriarty as executive VP and general counsel for the company.  

Moriarty most recently served as general counsel at the Celgene Corp., a biopharmaceutical company.

Moriarty succeeds Douglas Sgarro who retired in May after more than 14 years with the company.

Morrisville, N.C. -- Lowe’s Cos. Inc. said Monday it has withdrawn its bid to purchase Canadian home-improvement retailer Rona Inc.

The $1.86 billion unsolicited acquisition proposal had earlier been rejected by Quebec-based Rona, which said the offer was not the best deal for its shareholders. The proposal generated discord among Rona’s dealer companies, many of whom threatened to sever their ties with Rona should Lowe’s succeed in its acquisition attempt.

Delray Beach, Fla. -- Starboard Value disclosed on Monday that it has taken a 13.3% stake in Office Depot. According to a report by Reuters, the activist hedge fund now becomes the office supply retailer’s biggest shareholder.

In a letter to Office Depot CEO Neil Austrian, Starboard CEO Jeffrey Smith called for lowering expenses to improve performance.

Bentonville, Ark. -- Despite its interest in making a New York City debut in a new Brooklyn neighborhood shopping center, Wal-Mart Stores Inc. said Friday it was unable to agree to economic terms for a new store. Instead, developer Related Cos. struck a deal with ShopRite to open a new grocery store at the 630,000-sq.-ft. Gateway II shopping center planned for Brooklyn.

Minneapolis -- A filing with the Securities and Exchange Commission revealed that Best Buy Inc. CEO Hubert Joly has sold $1.19 million worth of shares of common stock of the company.
 
Joly sold 65,796 shares at a price of $18.02 per share, according to the SEC filing. According to Best Buy, the stock sale was made to cover taxes associated with stock grants.