Corporate Governance

New York -- J.C. Penney Co. on Wednesday said that CFO Michael Dastugue will depart the company, effective April 13. Dastugue, 47, has been at J.C. Penney since 1991. He was named CFO in January 2011. His departure is the latest shake-up in management as new CEO Ron Johnson works to transform the chain.

Mike Kramer, COO, will assume the CFO duties on an interim basis while a search for a replacement is conducted. Kramer joined J.C. Penney in December, shortly after his former boss at Apple Inc., Ron Johnson, became J.C. Penney's CEO.

Mooresville, N.C. -- Lowe's Cos. announced that Michael K. Brown, executive VP and CIO, will retire after almost 28 years with the company. The company has begun a search for a replacement. Brown will continue to serve in his present role for a period of time to assist with the transition.

Brown was named CIO in 2011 after a 26-year career in store operations and merchandising. He joined the company in 1984.

Bentonville, Ark. -- Walmart announced six SolarCity projects on stores in Colorado, marking the company's 100th solar power installation in the United States and moving it closer to its long-term goal of using 100% renewable energy for all its retail and distribution facilities.

New York -- Private equity firm Oak Hill Capital Partners has acquired an 80% ownership stake in the 25-store natural food chain Earth Fare. The deal values the company at $300 million.

New York -- Modell’s Sporting Goods announced the promotions of two members on the company’s executive team.

Charles Castaneda has been promoted to executive VP -- planning, allocation, replenishment and e-ccommerce merchandising. Castaneda joined Modell’s in December of 2010 as senior VP – planning, allocation and replenishment.

Todd Smyth has been promoted to VP/GMM of the licensed product division. He has been with Modell’s for the past 12 years.
 

Indianapolis -- Specialty retailer and team dealer Lids Sports Group said Wednesday it has teamed with Internet sports media destination Bleacher Report to launch a Bleacher Report Store site in connection with BleacherReport.com.

Indianapolis -- Simon Property Group said Wednesday that, in partnership with Mitsubishi Estate Co., it began construction of Shisui Premium Outlets (Shisui Town, Inba District, Chiba Prefecture), the ninth Premium Outlet Center in Japan.

Phase I, comprising 234,000 sq. ft. of GLA, is scheduled to open in spring 2013 with approximately 100 stores, including international brands, Japanese brands and restaurants. Simon owns a 40% interest in the project.
 

Minneapolis -- Best Buy’s announcement on Tuesday morning that its CEO Brian Dunn had resigned the company by mutual agreement has been updated with information that a review is being conducted concerning the former chief executive’s personal conduct.

Best Buy initially said that there were no disagreements or specific problems related to the retailer’s operations, financial controls or procedures. But later in the day on Tuesday it said the company was conducting an internal investigation into his “personal conduct.”

MINNEAPOLIS  — Costs related to workforce reduction contributed to $424 million, or $2 per diluted share loss, at Supervalu for its fourth quarter of fiscal 2012. For the quarter, net sales were $8.2 billion. For the fourth quarter of fiscal 2011, the company reported net sales of $8.7 billion and net earnings of $95 million or 44 cents per diluted share.

MATTHEWS, N.C. — Family Dollar Stores has named Mary Winston to the position of EVP and CFO. Winston will report to Howard Levine, chairman and CEO, and will have executive responsibility for Family Dollar’s financial operations, including accounting, treasury, tax, financial planning, investor relations, and internal audit.