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Steinhafel out, Target seeks new CEO
The search is under way for a new CEO at Target following the revelation Monday morning that Gregg Steinhafel was no longer chairman president and CEO effective immediately.
On an interim basis, Target CFO John Mulligan will serve as president and CEO and current board member Roxanne S. Austin will serve as non-executive board chair. To advise the board on its search for a new CEO the firm of Korn Ferry was retained.
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Alco stays focused following Q4 results
Expenses associated with a rejected merger with Argonne Capital Group and the planned closing of more than a dozen stores took a chunk out of broad-line retailer Alco’s fourth quarter results.
Net sales from continuing operations during the quarter decreased 8.9% to $130.9 million, compared to $143.6 million in the fourth quarter of fiscal 2013, which had an additional week. Excluding the 14th week of the fiscal 2013 quarter, net sales from continuing operations decreased 4.7%.