Strategy

Ascena Retail Group began a search for a new CFO after its current EVP and CFO, Dirk Montgomery, resigned this week. As the company reviews potential new CFOs, Ascena board member and audit committee chair Randy Pearce, will have more involvement with the company’s finances.

Montgomery is expected to stay in his position until the fall, when he will move on to a Florida-based healthcare company, where he recently accepted an offer to be closer to his family.

The Home Depot elevated 14-year veteran Ted Decker to the role of EVP of merchandising to oversee all aspects of merchandising strategy and operations.

Decker had previously served as SVP of retail finance, pricing analytics and assortment planning. He assumes his new role August 4 and will report to Craig Menear, Home Depot’s president of U.S. retail.

New York -- Footwear maker Crocs Inc., best known for its colorful plastic clogs, announced a major restructuring that includes closing stores and job cutbacks.

The plan comes on the heels of the company's disappointing second-quarter earnings results. Earlier this month, Crocs reported that second-quarter profit fell 44% to $19.7 million.

The revelation that IBM and Apple would be working together on a new range of mobile solutions is a huge development in its own right, but the landmark deal also promises to have a wide-ranging impact on the retail industry.

Dollar Tree said it would acquire Family Dollar in a transformational cash and stock deal valued at $8.5 billion to create a company with more than 13,000 stores and annual sales of $18 billion.

The deal was unanimously approved by the boards of both companies and involves Dollar Tree paying Family Dollar shareholders $59.60 in cash and $14.90 in equivalent Dollar Tree shares.

Columbus, Ohio -- Michael Weiss, who started with Express when it was an eight-store operation, will retire as CEO of the 600 plus-store specialty apparel company when its fiscal year ends on January 30, 2015.

He will be succeeded by David Kornberg, 46, president, who will assume the added role of chief executive. Weiss, 73, will remain with Express as nonexecutive chairman of the board.

Lowe's plans to build a customer support center in Indianapolis, a move that will create up to 1,000 new jobs by 2016.

Indianapolis - Julie Lyle, chief marketing officer of Hhgregg, has been named the 2015 chairperson for the Global Retail Marketing Association (GRMA) Advisory Board, an association for C-level executives from global retailers. As chairperson, Lyle will lead the GRMA Advisory Board and play a key role in the development of the organization’s strategic initiatives and thought leadership.