Corporate Governance

Vancouver, Wash. – Papa Murphy’s Holdings Inc. has appointed Jean M. Birch, Rob Weisberg and Jeffrey B. Welch as independent members of its board of directors, effective April 15, 2015. The appointments replace both Thomas H. Lee and Achi Yaffe, who have resigned from the board, as well as increase the board size by one seat.

Sidney, Neb. - Cabela’s Inc. has appointed James F. Wright to its board of directors. Wright served as executive chairman of Tractor Supply Co. a farm and ranch supply retailer, from January 2013 through December 2013.  

Canton, Mass. – Dunkin’ Donuts has signed a multi-unit store development agreement with new franchise group Legacy Concepts LLC to develop 10 new restaurants in Minneapolis and the surrounding areas of Bloomington, Edina, Eden Prairie and the communities west of the metro area. The first restaurant is planned to open by the end of 2015.

Mooresville, N.C. – Reduced stock awards and incentives resulted in a roughly 24% pay cut for Robert Niblock, president, chairman and CEO of Lowe’s Companies Inc., in 2014. In an SEC filing, Lowe’s reported that Niblock’s total compensation in 2014 came to $14.3 million, compared to $18.7 million in 2013.
  Niblock’s base salary grew 5% to $1.3 million from $1.2 million. However, Niblock’s stock awards fell to $5.8 million from $9.8 million, and other incentives decreased, as well.

Former Walmart President and CEO Mike Duke talks with First Lady Michelle Obama at the quarterly meeting of member CEOs of the Business Roundtable on March 13, 2013. Photo credit: Walmart.

Washington, D.C. – Mike Duke, former president and CEO of Wal-Mart Stores, has joined global alternative asset manager The Carlyle Group. Mike Duke as an operating executive in the Global Consumer & Retail group. He began his duties in mid-April.

New York - Saks Fifth Avenue has named Tracy Margolies as chief merchant, effective May 11, 2015. Margolies will drive the strategic direction and performance of all buying activities for Saks, and will report to Marc Metrick, president of Saks Fifth Avenue.

Margolies rejoins Saks Fifth Avenue after serving as senior VP and general merchandise manager, beauty, contemporary 5F, footwear and handbags at Bergdorf Goodman. Previously, Margolies spent seven years at Saks as VP, division merchandise manager, women's footwear.

Minneapolis – Target Corp. has entered into a settlement agreement with MasterCard International Inc.to resolve losses from the data breach that Target experienced during the fourth quarter of 2013. Under the agreement, alternative recovery offers will be made by MasterCard to eligible MasterCard issuers worldwide that claimed to have been affected by the data breach. 
 

Cleveland – Increased gross profit resulting from a slowing pace in the cost of goods sold helped boost net income at The Sherwin-Williams Co. during the first quarter of fiscal 2015. Net income totaled $131.4 million, up 14% from $115.46 million the same quarter a year earlier.

Net sales grew 3% to $2.45 billion from $2.37 billion, due primarily to higher paint sales volume in the retailer’s Paint Stores and Consumer groups.

City of Commerce, Calif. – 99 Cents Only Stores Inc. shrank its net loss to $2.3 million in the fourth quarter of fiscal 2015, compared to net loss of $14.7 million for the fourth quarter of fiscal 2014.  Net loss decreased primarily due to a previously disclosed workers' compensation charge in the previous fourth quarter.
  Net sales slightly rose 1% to $512.6 million from $505.7 million. Same-store sales climbed 2.8%. 
 

Deerfield, Ill. - Walgreens Boots Alliance is ahead of schedule in its synergy efforts since Walgreens and Boots officially merged in December 2014. At its 2015 Analyst Day in New York City, the retailer’s leadership team outlined plans to support the customer experience in its Retail Pharmacy USA division with investments in key operational efficiencies such as IT systems, modernizing pharmacies and investing in customer care.