Corporate Governance

ROCHESTER, N.Y. — Ray Cook Golf, a leading golf manufacturer, has appointed John Holst as director of sales. In this role, Holst will oversee sales strategy and partner programs while building the Ray Cook brand.

He will also be charged with building the company's other brands, including Solus Golf, under parent company TGIB Marketing Inc.

GRAND RAPIDS, Mich. — Meijer is opening two 190,000-sq.-ft. supercenters in Portage and Warsaw, in northern Indiana, creating more than 500 new jobs.

The family-owned retailer, which already has 32 stores throughout Indiana, built the new locations to LEED standards. The two supercenters are the latest in a $200 million investment this year that includes the construction of six new Meijer supercenters, extensive remodel projects for five additional stores in Michigan and Illinois and major upgrades to two distribution complexes.

MIAMI — PureFormulas, a growing e-retailer that offers natural health supplements, has appointed William Perez as its CIO. Perez is a 17-year veteran in the technology world with 13 years of experience in the Internet operation space.

“We’re excited to welcome Willy to the team,” said CEO José Prendes. “He will be instrumental in our continued growth strategy and will help take our entire interactive operation and customer experience to the next level.”

PURCHASE, N.Y. — PepsiCo has chosen three schools as the grand prize winners of the 2012-13 PepsiCo Dream Machine Recycle Rally, a national recycling program and contest designed to encourage students to recycle every day.  

Royal Ahold CEO Dick Boer and Nestlé CEO Paul Bulcke are the new co-chairs of global packaged goods organization the Consumer Goods Forum.
 
The selection of Boer and Bulcke was announced in conjunction with the CGF’s Global Summit in Tokyo. The pair replace outgoing co-chairs Muhtar Kent of the Coca-Cola Company and Gareth Ackerman of Pick n Pay. Ackerman and Denise Morrison, CEO of Campbell Soup Company, were appointed vice co-chairs of the forum.

The Target board of directors demonstrated its faith in the company’s cash generating capabilities on Wednesday and agreed to up the company’s quarterly dividend 19% to 43 cents a share.
 
The hefty increase ups the annual payout to $1.72 and moves the company closer to a long-term commitment to increase the full-year dividend amount to $3 by 2017. In addition, the company has established a target of growing earnings per share to $8 over the same time frame, up from $4.26 last year.

The Canadian retail landscape shifted again late Wednesday when Safeway announced the sale of its operations there to Sobeys Inc. for $5.8 billion.

The all cash deal will result in net proceeds to Safeway of about $2 billion which will be used to pay down debt. Sobey’s is a Canadian food retailer and a wholly owned subsidiary of Empire Company Limited. It is acquiring Safeway’s 223 store operation and 12 manufacturing facilities that last year generated sales of $6.7 billion in Canadian dollars and a $428 million operating profit.

Sycamore Partners has acquired mall- and Web-based specialty retailer Hot Topic and its Hot Topic, Torrid and Blackheart concepts for approximately $600 million.

"Hot Topic and Torrid are both leaders in their categories, and we are excited to have both brands as part of our portfolio," said Stefan Kaluzny, managing director of Sycamore Partners. "Sycamore Partners is very pleased to have the opportunity to partner with Lisa Harper and her team to invest in the continued development of both the Hot Topic and Torrid retail brands."

New York -- Fixtures Living, which specializes in high-end kitchen, bath, outdoor and lifestyle appliances, will open its first East Coast location at Lenox Marketplace in Atlanta. Additional stores are scheduled to open in Glendale, Calif., Chicago and Dallas

The emerging retailer, whose stores average 27,000 sq. ft., currently has three locations in California, in Costa Mesa, Rancho Mirage and San Diego.  

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