Finance & Capital Management

Toys “R” Us is preparing for the holiday season with plans to hire 45,000 employees to staff its stores and distribution centers nationwide. This number is basically flat from last year’s holiday staffing totals.

Tiffany & Co.’s board of directors has promoted Frederic Cumenal to the position of president and appointed him to a newly created seat on the board. 

Cumenal, who has been with Tiffany in a regional executive role since March 2011, will retain his regional responsibilities and will assume responsibility for the design, merchandising and marketing functions.

Sears Canada CEO Calvin McDonald has resigned from his position and the company’s board of directors to pursue an opportunity with an international company. Taking his place will be current EVP and chief operating officer Douglas C. Campbell. 

Campbell joined Sears Canada in March 2011 and was appointed EVP and chief operating officer Nov. 2012. He was responsible for retail store operations, logistics, replenishment, information technology, corporate procurement and international sourcing.  

Hormel Foods has announced the upcoming retirement of Dr. Phillip L. Minerich, VP of research and development, effective Dec. 31. Taking his place Oct. 28 will be Dr. Kevin L. Myers, who is currently director of product and process development, research and development.

Dunnhumby, a leading customer science company, has launched Dunnhumby Ventures, a seed-stage investment fund focusing on innovations in retail technology. 

Dunnhumby Ventures will serve as a support mechanism for innovators, helping to fund startup businesses that are embracing data for innovations along the consumer’s path to purchase. Dunnhumby Ventures will also provide strategic input and mentorship. Average initial investments will range from $100,000 to $500,000.

VeriFone Systems, a leading global secure electronic payments provider, has appointed Paul Galant as the company’s CEO and elected him to its board of directors, effective Oct. 1.

Prior to joining VeriFone, Galant served as the CEO of Citigroup Inc.’s Enterprise Payments business since 2010. Before that, from 2009, Galant served as CEO of Citi Cards, heading Citigroup’s North American and International Consumer Credit Cards business during a period of dramatic change in the industry. Prior to that, from 2007, he was CEO of Citi Transaction Services.

New York -- Shaky consumer confidence and increased efficiencies among retailers may put a damper on retailers’ holiday hiring plans, according to global outplacement consultancy Challenger, Gray & Christmas.

In its annual holiday hiring forecast, Challenger estimated that seasonal job gains will not see a significant decline from last year’s robust numbers, but they are likely to at best match the level of hiring that occurred in October, November, and December 2012.

Sunbury, Pa. -- Weis Markets announced that company president and CEO David J. Hepfinger has left the company to pursue other interests. Company vice chairman Jonathan H. Weis replaces him as interim CEO. Robert F. Weis remains as company chairman.

Hepfinger has also resigned from the company's board of directors. As part of the reorganization, Kurt Schertle, executive VP, sales and merchandising will report directly to Weis who will also oversee the company's real estate/store development, finance and human resources' teams.

Los Angeles -- Sport Chalet has engaged Cappello Capital Corp. as its exclusive financial advisor to assist in exploring a range of options including strategic partners, investors, alliances and joint ventures.

East Moriches, N.Y. -- Solutions Management, a leading national retail and corporate maintenance company, announced the appointment of Michael DiTaranto as its new senior operations manager.