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Mergers & Acquisitions

  • End of an era: Rob Walton cedes chairman title

    Rob Walton relinquished the position of chairman of the board of directors of Wal-Mart Stores, Inc., to his son-in-law, Greg Penner, at the company annual meeting on June 5.

    The move to elevate Penner to the new role didn’t come as huge shock since the stage had been set for the move at Walmart’s annual meeting last year when Walton, 70, announced Penner had been named the board’s vice chairman. Walton has served as chairman of the board since 1992 the same year that his father and company founder Sam Walton died. He will continue to serve on the board.

  • New Zealand approves Staples-Office Depot merger

    Framingham, Mass. – The proposed $6.3 billion merger of Staples Inc. and Office Depot Inc. has cleared a global regulatory hurdle. Staples has received clearance from the Commerce Commission of New Zealand to acquire all the outstanding shares of Office Depot, which trades in New Zealand as OfficeMax.

  • Robert Almond, Jr., named CEO of Nest

    Gloucester City, N.J. — The board of directors of Nest announced that Robert Almond, Jr. will take over as CEO of Nest, a 20-year-old multi-facility business advisor specializing in consulting, technology and financial solutions.

  • What to Do When Activists Attack

    Today, CEOs and corporate board members of retail chains must run simply to stand still. Executives of publicly traded retailers face intensive pressure from activist investors to quickly and decisively increase shareholder value. Activists are known to secretly accumulate a significant stake in a company and without notice blind side the CEO with risky restructuring plans, force firms into unwanted mergers to removing board members and CEOs that disagree with their speculative strategy.

  • Kroger shuffles Harris Teeter executives

    The Kroger Co. has named Fred Morganthall, currently president of Harris Teeter Supermarkets, as senior vice president of retail divisions for the Kroger Co.

    Rod Antolock, currently Harris Teeter's executive vice president, has been named president of Harris Teeter.

  • Dick’s Sporting Goods appoints Kraft finance head as CFO

    Pittsburgh – Dick’s Sporting Goods Inc. has appointed Teri L. List-Stoll as executive VP/CFO, effective August 2015.

     List-Stoll joins Dick’s with 30 years of experience. Prior to joining the company, she was employed by Kraft Foods Group from September 2013 to May 2015, serving as executive VP and CFO from December 2013 to February 2015. Before her role as CFO of Kraft, she served as senior VP of finance from September to December 2013.

  • Five Below profit rises in Q1; plans 155 new stores

    Philadelphia – Five Below Inc. reported healthy profit and sales gains in the first quarter of fiscal 2015 and is planning to open 155 stores in the next two fiscal years. The retailer’s net income totaled $4.28 million, up 39% from $3.08 million a year earlier.

    Higher gross profit and the elimination of debt extinguishment loss helped Five Below reach above in net income. Five Below plans to open 70 stores and enter six new states in 2015, and plans 85 openings for 2016.

  • Report: Target lays off 180 Indian workers

    Minneapolis – The corporate restructuring that has led Target Corp. to lay off 17.600 Canadian workers and 2,200 U.S. workers has reportedly hit the retailer’s Indian operation. According to the Minneapolis/St. Paul Business Journal, Target has laid off 180 Indian employees and closed 125 open positons in India this week.

    Target has pledged to eliminate several thousand positions, many from its corporate headquarters in Minneapolis, as part of a $2 billion restructuring plan instituted by CEO Brian Cornell.

     

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