Finance & Capital Management

NEW YORK — ESL Investments has appointed G. Mike Mikan as its new president. Mikan will report to Edward S. Lampert, founder, chairman and CEO of ESL Investments.

Mikan held various executive positions throughout a 14-year period at UnitedHealth Group, including serving as EVP and CFO, as well as CEO of its Optum subsidiary. Mikan has served on the board of directors of Best Buy Co. since 2008. He was appointed Best Buy’s interim chief executive in April 2012, and served until September 2012.

New York -- Two directors of Best Buy Co.  have resigned from the board of the retailer, the company disclosed in a regulatory filing Monday, the Wall Street Journal reported.

G. "Mike" Mikan, who served as Best Buy's interim CEO in the wake of CEO Brian Dunn’s resignation last April, has left the board to become president of ESL Investments Inc., the hedge fund run by Sears’ Edward Lampert. Mikan, whose appointment is effective Jan. 1, will report to Lampert, the firm said today in a statement.

SALT LAKE CITY — Former KPMG technology consultant Bhargav Shah is Overstock.com’s new SVP of technology. Shah replaces Sam Peterson, who will remain with the company for a transition period.

Shah will spearhead development as well as the implementation of information technology initiatives within the organization. He will also influence business strategy through innovative use of technology.

WASHINGTON -- The National Retail Federation on Wednesday welcomed an agreement reached between the White House and Congress on a plan to avoid the fiscal cliff. The agreement was approved by the Senate early this morning and could be considered by the House as soon as today.


GARNER, N.C. — Butterball has moved to diversify its product portfolio with the acquisition of family-owned and operated Gusto Packing Co., located in Montgomery, Ill.

Gusto Packing Co. offers six basic product lines: Hickory & Apple Wood Smoked Bacon, Bone-In Smoked Pork & Turkey Products, Smoked Boneless Hams, Cooked Hams, Pork & Turkey Deli Meats and Spiral Sliced Hams.

New York -- Starbucks Coffee Co. is one of seven bidders for Tully's Coffee, according to The Seattle Times. The bids were filed on Thursday as part of an auction process for Tully's, which filed for bankruptcy protection in October.

The report said that Starbucks’ offer is for about half of the Tully’s stores. Tully's currently has 47 company-operated stores.
 

CHESAPEAKE, Va. — Dollar Tree intends to expand its 603,000-sq.-ft. distribution center in Marietta, Oklahoma by an additional 400,000 sq. ft.

The leading operator of discount variety stores in North America which sells everything for no more than $1 will create more than 100 new full-time positions as a result of the expansion.

NEW YORK & LONDON — Nook Media, a subsidiary of Barnes & Noble, has teamed up with Pearson, a leading global learning company, to accelerate customer access to digital content.