Finance & Capital Management

The board of directors of Stanley Black & Decker has announced that CEO John Lundgren has been elected to serve in the additional capacity as chairman of the board, effective March 13, following the expiration of Nolan Archibald’s term as executive chairman of the board.

Archibald’s employment agreement with the company expires on March 12, at which time he will retire as executive chairman of the board and as an executive of the company.

Delhi, India -- A Monday report by Bloomberg said that Ikea has received the go-ahead from the Indian government to open outlets in the country, making it perhaps the first major foreign retailer to set up its own stores in the region.

The Swedish furniture retailer was cleared by the Foreign Investment Promotion Board, according to a statement by Commerce Minister Anand Sharma. The approval is a turnaround for the Indian government which last year barred Ikea from operating cafes and limited retail wares it could sell in stores.

New York -- Macy’s January announcement that it would close some stores in 2013 seems to have generated a disproportionate amount of scrutiny. Is it business as usual for the department store retailer, or is the news representative of something more far-reaching?  

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By Jonathan Lapat and Jason Baker, [email protected], [email protected]

San Jose, Calif. -- Sandwich chain Togo's Eateries Inc. announced Monday it is in development on 30 new Togo’s units, as the company executed as many franchise agreements in 2012 in order to add to its West Coast presence.

Amsterdam -- Ahold reported Friday that sales for the fourth quarter rose 7.5% to $10.4 billion, boosted largely by its ability to keep U.S. stores open during Hurricane Sandy, said the company. Same-store sales advanced 2.8%.

Its U.S. business includes the Stop & Shop, Giant-Landover and Giant-Carlisle supermarket banners and the Peapod online grocery service. Ahold posted fourth quarter sales of $6.1 billion in the U.S., marking a 4.3% rise over the year-ago period.

For the full fiscal year, sales increased 8.5% to $43.6 billion.

Boucherville, Quebec -- A Monday report by Reuters said that Canadian home-improvement chain Rona Inc. has appointed a new executive chairman and has again shuffled its board in response to mounting investor pressure to make measurable changes.

Rona successfully fought a takeover by Lowe’s Cos. late last year, as the U.S. company offered $1.86 billion to acquire Rona.

TTi Floor care, manufacturing of Hoover and Dirt Devil floor care products, is investing in American innovation.

The Glenwillow, Ohio-based company said it would hire more than 200 new electrical engineers, mechanical engineers, technicians and industrial designers nationwide over the next three years. The increased investment in engineering, innovation and design is part of the company’s strategy to stay at the forefront of its industry.

Family Dollar’s annual dividend now exceeds a dollar following a 24% increase on Friday.

The annual payout now totals $1.04 following a decision by the Family Dollar board to elevate the quarterly dividend to 26 cents a share from 21 cents a share. In addition, the board authorized the repurchase of an additional $300 million in stock under an existing program that had only $94 million in authorization remaining.

MOUNTAIN VIEW, Calif. — Appcelerator, a leading mobile development platform, has Gamiel Gran as VP of business development and Neeraj Gupta as VP of engineering.