Corporate Governance

BURNABY, B.C. — Best Buy Canada and its subsidiary Future Shop are taking the issue of online competition head on with revised price match and return policies in response to the changing nature of retail in Canada and commitment to customer service.

Lowe’s will begin carrying a line of outdoor sheds made of structural insulated panels (SIPS) at its 1,700 retail locations, as well as through its website. But unlike traditional SIPS – rigid foam insulation between two panels of oriented strand board (OSB) – the new product will be made with sheets of magnesium oxide, often referred to as MgO.

PITTSBURGH — GNC Holdings on Friday elected company president and CEO Joseph Fortunato to serve as chairman. The board also has appointed Michael Hines to serve as lead independent director.

Fortunato succeeds Norman Axelrod, who has resigned as chairman. Axelrod had been a member of the GNC board since March 2007.

CITY OF INDUSTRY, Calif. — Teen retailer Hot Topic has named Kate Horton as VP, general merchandise manager for itsTorrid division, which retails fashion apparel, lingerie and accessories for young women who wear sizes 12 and up.

Reporting to Hot Topic Inc. chairman and CEO Lisa Harper, Horton will drive the merchandising strategy for Torrid, leading a team of merchants to develop an assortment of fashion apparel that is reflective of the brand’s position, is enticing to consumers, and drives sales and profit margins.

RIDGEFIELD PARK, N.J. — Samsung Electronics America Inc.received the highest customer satisfaction ranking in three categories in the annual J.D. Power and Associates 2012 Kitchen and Laundry Appliance StudiesSM. The company was a winner in the refrigeration category for the seventh year out of the last eight years, the dryer category for the fifth consecutive year and the washer category for the fourth consecutive year.

NEW YORK — The Estée Lauder Cos, whose brand portfolio includes Bumble and Bumble, American Beauty, Aveda and La Mer, has appointed Tracey Travis as EVP and CFO.

She will jointly report to executive chairman William Lauder and Fabrizio Freda, president and CEO. Travis will assume her new position on Aug. 20.

MENOMONEE FALLS, Wis. — Kohl's has reached an agreement with the state of Wisconsin that will keep the retailer’s headquarters in Menomonee Falls, which is located about 20 miles northwest of Milwaukee. Kohl’s will receive up to $62.5 million in tax credits from the state over 12 years. The final amount of the tax credits is dependent on the number of employees the chain adds at its facility and the amount of money Kohl’s invests in developing its campus.

Teen retailer Five Below is looking to become a household name following a wildly successful public stock offering this week that could see the company expand its store base from the current 200 units to 2,000.

Safeway’s recently rolled out Just 4 U loyalty program has chairman and CEO Steve Burd optimistic about the grocer’s prospects for sales growth and market share gains. Read more in this special report.
 

BOISE, Idaho — Albertsons Market is implementing the Recall InfoLink product recall management platform into its pharmacy operation to help it streamline the process of managing recalls, the grocer confirmed on Friday.

Recall InfoLink is a patented, Web-based product recall management system designed to improve recall efficiency by providing standardized messages, automated communications, inventory tracking and reports for compliance efforts.