Mergers & Acquisitions

By Rafi Musher, [email protected]

New York -- A Wednesday report by Women’s Wear Daily quoted activist investor Bill Ackman, whose Pershing Square Capital Management is the largest shareholder of J.C. Penney Co., as saying that he won’t abandon the retailer following this week’s CEO shake-up.

"We are not going anywhere," Ackman told WWD in his first public comments since Ron Johnson was fired as CEO on Monday. "In fact, we're going the other direction. We're digging in."

ABILENE, Kan. — Alco Stores announced that the company will move its corporate headquarters from Abilene, Kansas, to Coppell, Texas, a suburb of Dallas.

In making the announcement, CEO Rich Wilson said, "Today's challenging business climate and highly competitive retail landscape require that we locate our headquarters in a metropolitan center. The Dallas location provides easy access to many of our stores, other major retailers and transportation for our employees and business partners."

New York -- Caribou Coffee will close some 80 stores nationwide and turn 88 other locations into Peet's over the next 12 to 18 months, the Chicago Tribune reported.

Caribou, which is based in Minneapolis, went private this year in a $340 million deal with German investment firm Joh. A. Benckiser Group (JAB), which also owns Peet’s.  

NEW YORK — Myron E. (Mike) Ullman has rejoined Penney as CEO, effective immediately, replacing Ron Johnson, who is leaving the company. Ullman, who served as CEO of Penney until late 2011, has also been elected to the board of directors.

Johnson’s departure was not all that unexpected given the chain’s mounting losses and sales declines. But it was still a stunning reversal of fortune for the former golden boy of Apple, who left the tech giant amid great fanfare for the top job at Penney.

By Robert Passikoff, president, Brand Keys

In 2000, the average tenure of a CEO was 10 years. In 2008, it was down to eight and half, signaling a slightly higher degree of corporate and brand accountability by boards and shareholders. Ron Johnson, the now former-CEO of J.C. Penney, only lasted 17 months.

NAPERVILLE, Ill. & BOCA RATON, Fla. — OfficeMax and Office Depot have announced the committee members tasked with overseeing the process to select a CEO for the combined company and selection of the executives who will help to manage the integration planning process. 

New York -- OfficeMax and Office Depot on Tuesday announced they have formed a search committee to select a CEO for the combined company. They also said they have received a request for more information from the Federal Trade Communication about their planned merger.