Finance & Capital Management

PPG Industries, a leading coatings and specialty materials company, has elevated EVP Michael H. McGarry to chief operating officer, effective Aug. 1. He will remain based at PPG’s global headquarters in Pittsburgh and continue to report to chairman and CEO Charles E. Bunch.

McGarry will have executive oversight responsibility for all of PPG’s strategic business units and operating regions and for the information technology (IT), environment, health and safety (EH&S) and purchasing functions.

Los Angeles – New York-based investment firm Standard General, which owns a roughly 44% stake in troubled apparel retailer American Apparel Inc, is reportedly preparing recovery plans that both include and do not include controversial former CEO and founder Dov Charney. According to Reuters, Standard General is leaving the decision of whether to allow Charney to return to the company up to the American Apparel board, following a third-party investigation by FTI Consulting.

Williams-Sonoma has appointed Ronald R. Young SVP, global, as part of its strategy to grow the brand outside the United States.

“Global expansion is one of our most important initiatives, and I’m pleased to have Ron Young, with his more than 30 years of experience in global markets, leading our continued growth,” said president and CEO Laura Alber. “Ron’s deep understanding of the global retail landscape, and his financial discipline are the ideal combination of skills and experience to lead our global strategy.”

New York -- Sycamore Partners is in early discussion with Fred’s about a potential takeover, Reuters reported.

In January, Fred's disclosed it had hired Bank of America Corp. and Peter J. Solomon Co to explore strategic alternatives after disappointing holiday sales.

According to the report, at least one other party in also in talks with Fred's.

Loblaw’s board of directors has named executive chairman Galen G. Weston as president, effective immediately. Thomas O'Neill, lead independent director, confirmed the appointment as part of a series of management changes at the company.

As executive chairman, Weston is responsible for setting the strategic direction of the company and leading the board. In assuming the role of president, Weston will also be responsible for the execution of the company's strategy, leadership of the management team and its overall business performance.

San Francisco -- Williams-Sonoma announced the hiring of Ronald R. Young as senior VP global. Young will grow the portfolio of Williams-Sonoma brands outside the United States.

Cleveland – Higher pretax income and gross profit helped push net income at The Sherwin-Williams Company up 13% in the second quarter of fiscal 2014 to $291 million, from $257 million in the year-ago period.

Net sales rose 12% to $3.04 billion from $2.7 billion, primarily due to higher paint sales volume in the paint stores group and acquisitions.