Corporate Governance

SEATTLE — Sally Jewell, CEO of REI, has been nominated as Secretary of the Interior. 

Sally has led REI as CEO since 2005 and during that time has provided steady leadership for the co-op and its thoughtful growth. During her tenure REI has increased sales from $1 billion to nearly $2 billion, added 71 stores, and greatly expanded its online business. Under Sally's leadership, the company has been named annually to Fortune Magazine's list of the Best Companies to Work For.

CITY OF COMMERCE, Calif. — 99 Cents Only Stores reported that net sales for the third quarter increased $35.6 million, or 8.8%, to $439.5 million for the third quarter of fiscal 2013 compared to $403.9 million for the third quarter of fiscal 2012. Same-store sales increased 4.3%.  

Indianapolis -- H.H. Gregg announced that it has launched a “Price Match Guarantee” to ensure that its customers receive the lowest advertised prices on merchandise both in stores and online, for up to 30 days after the date of purchase.

Bentonville, Ark. — Walmart and Mother Nature Network are inviting people to use Twitter to express their green ideas for the chance to win a $100 Walmart gift card.

By Gary Glick, partner, Cox, Castle & Nicholson LLP

Washington -- President Obama has selected Sally Jewell, president and CEO of Recreational Equipment Inc., to lead the Interior Department, White House officials said Wednesday.

Jewell, a former banker and Mobile Oil Corp. executive, is an outdoors enthusiast and conservation advocate. She joined the board of REI in 1996, and was appointed COO in 2000. In 2005, she was named CEO. The outdoor retailer expanded significantly under her leadership, and now generates some $2 billion in annual revenues.

New York -- Tata Starbucks Limited, the 50/50 joint venture between Starbucks Coffee Company and India’s Tata Global Beverages Limited, opened Starbucks’ first location in New Delhi. The store is designed to celebrate the heritage and history of the city.

Duluth, Ga. -- NCR announced it has completed its acquisition of Retalix Ltd., a leading global provider of retail software and services.

Atlanta -- The Home Depot plans to hire more than 80,000 temporary workers to help customers this spring, some 10,000 more than it hired last year.
   
The move comes as the housing rebound spurs spending on remodeling and landscaping.
 

New York -- CVS Caremark Corp. bought Drogaria Onofre, a 44-store drug store based in San Paulo, Brazil, last week, Reuters reported. It marks the first time CVS has expanded outside the United States.
 
"We view Brazil as an attractive market given that healthcare and pharmacy are expected to grow double digits for the next decade," CVS CEO Larry Merlo told Reuters. "It's still a highly-fragmented market, so we see nice opportunity to grow the business over time."