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Corporate Governance

  • Safeway exits Canada, sells to Sobeys

    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.

  • Action Services Group names Fairley VP

    Aston, Pa. – National lighting, sign and electrical maintenance and service company Action Services Group has named Joe Fairley as VP of account solutions. Fairley will be responsible for Action Services Group’s national sales development and sales management of the account solutions team. He has more than 20 years of experience in facility services.

  • Royal Ahold, Nestlé CEOs to co-chair Consumer Goods Forum

    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.

  • Hudson’s Bay has profitable quarter

    Toronto -- Hudson’s Bay Company (HBC) had an overall successful first quarter of fiscal 2013 despite some sluggish performance at its Lord & Taylor banner.

    The company reported gross profit of $356 million for the quarter ended May 4, up 4% from $341 million a year earlier. Retail sales also grew 4%, from $848 million to $884 million. Consolidated same-store sales increased 4% as well.

  • New CIO for health supplement e-retailer

    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.”

  • Target increases dividend by 19.4%

    Minneapolis -- The Target board of directors demonstrated confidence 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.

  • Record attendance at Cabela’s annual shareholders meeting

    SIDNEY, Neb. — Cabela’s drew record attendance at its 2013 annual meeting of shareholders June 5 in Sidney, Neb., home of company headquarters.

    A crowd of more than 3,000 gathered June 4 to catch a performance by Cabela’s ambassador and Academy of Country Music Entertainer of the Year Luke Bryan, with fellow country star Jon Pardi, at the Cheyenne County Fairgrounds.

  • Report: EEOC sues Dollar General over background checks

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