Finance & Capital Management

Strong performance of the fresh department at Sam’s Club and exceptional leadership earned SVP Shawn Baldwin the highest honor Walmart can bestow on one of its employees.

Deerfield, Ill. -- Pharmacy benefits manager Express Scripts and Walgreens said Friday they are ending a legal dispute. However, the decision has no impact on their ability to agree to business terms.

Walgreens said last June that it would stop filling prescriptions for Express Scripts Holding Co. members when a contract between the companies expired. It said Express Scripts was not paying it enough money.

Bentonville, Ark. -- Wal-Mart Stores on Monday released the tally of its shareholder vote on Friday in which all directors of its board reelected. The voting showed some dissent against key executives and board members, including CEO Mike Duke, in the wake of allegations of bribery in Mexico.

According to the tally, CEO Mike Duke received 87% of votes in favor of his re-election. In other results, Chairman Robson Walton, son of Sam Walton received 87% in favor of re-election, and former CEO Lee Scott received 84%.

Mahwah, N.J. -- Furnitureland South, in Jamestown, N.C., has selected TD Retail Card Services to develop and administer its new private label credit card.
 

Walmart’s strategy of every day low prices underpinned by an every day low cost operating model will work everywhere in the world, according to international division president and CEO Doug McMillon.

Responding to a question about improving international financial returns, McMillon weighed in on the need to deliver on the strategy of every day low prices on a broad assortment and how that is the right approach internationally in large format stores.

See what Walmart president and CEO Mike Duke had to say about the company’s growth prospects. For a transcript of his comments, click here.



 

New York -- Nike Inc. is trimming its portfolio. The company announced it will sell its Cole Haan and Umbro brands to cut costs and focus on its core namesake brand.

Nike acquired Cole Haan, which specializes in casual and dress shoes, handbags and accessories, in 1988 for $80 million, plus the assumption of $15 million in debt. Cole Haan operates more than 180 stores throughout the United States, Canada, the Middle East and Asia.

Nike bought the soccer gear and apparel company Umbro in 2008 for $565 million.

PITTSBURGH — American Eagle Outfitters has named Mary Boland as EVP, chief financial and administrative officer, effective July 9. Boland’s responsibilities will include finance, investor relations, merchandise planning and allocation, strategy planning, and other administrative functions.