Corporate Governance

Coach Inc. is appointing Wendy Kahn, as CEO and brand president – Stuart Weitzman, effective Sept. 13, 2016.   Kahn will succeed Wayne Kulkin, the brand’s current CEO, who will become a consultant to Coach. She joins the luxury retailer from Valentino Fashion Group, where she currently holds the position of CEO – Valentino, USA and V.F.G., USA & Canada. Previously, Kahn served as senior VP of sales, marketing & retail for Valentino from 2006-2008.  

Toronto-based general merchandise retailer Canadian Tire Corp. has made a sudden shift at the top of the company’s executive structure.   Stephen Wetmore, who previously served as CEO of Canadian Tire from 2009-2014, has been named president and CEO of the company, effective immediately. Wetmore, who has remained on the board of directors after leaving the CEO post, will remain a director of the company but step down as deputy chairman of the board.  

A Victorian-era psychiatric hospital in Poughkeepsie, New York, that’s been out of commission for 15 years will be the site of a mixed-use community of 750 residential units and 350,000 sq. ft. of retail space.   The old Hudson River State Hospital will make way for Hudson Heritage, a $250 million redevelopment project that will preserve key structures of the classic building in an attempt to create a thriving new community on the long-abandoned 156 acres.  

If Rite Aid needs to shed some stores for antitrust reasons in the wake of a merger with Walgreens-Boots Alliance, many experts expect one well-known drug store to step forward. 

Target Corp. has named Don Liu as executive VP, chief legal officer and general counsel, effective Aug. 22, 2016.   Liu will oversee all legal, corporate governance and government affairs matters for the company. He will report to chairman and CEO Brian Cornell and serve as a member of Target’s leadership team.  

Durham, North Carolina-based conglomerate The Guess Corp. is seeking to acquire at least 1,000 U.S. convenience store/ gas station units in the next 12 months.   Working through a subsidiary, the company is looking to acquire an average of 100 branded and unbranded units per month. Upon completion of the purchases, Guess Corp. intends to re-brand and renovate the properties with innovative and sleek designs and provide enhanced CRM technology. The company has invited brokers to provide buyer representation with higher commissions.

Specialty apparel retailer The Children’s Place Inc. is partnering with marketing and loyalty solutions provider Alliance Data Systems Corp. to launch a new private label credit card.  

As their merger enters the home stretch, Delhaize Group and Ahold have reached agreements with buyers to divest 86 U.S. stores.   The two international companies announced their intent to combine forces back in June 20115. The merger is set for completion at the end of July, pending final approval by the Federal Trade Commission.  

Ikea is expanding its renewable energy portfolio with state-of-the-art fuel cell technology.   Based on the success of its pilot installation, Ikea said it plans to install biogas-powered fuel cell systems at four more stores in California.  

The $11 billion purchase of Belgium-based supermarket operator Delhaize Group by Netherlands-based grocery conglomerate Ahold is coming closer.   The two companies both announced they expect the deal, approved by the shareholders of both companies in March 2016, to go through before the end of July 2016, subject to regulatory approval by the U.S. Federal Trade Commission (FTC).