Personnel Updates:
Best Buy announced last week that it promoted Laura Bishop, its Senior Director, Government Relations, to Vice President, Government Relations.
Brookstone, Inc. accepted the resignation of Ron Boire, its President and CEO and a member of the company’s Board of Directors. He is joining Sears Holdings Corporation as its new Exec VP, Chief Merchandising Officer and President for the Sears and Kmart Formats. Mr. Boire joined Brookstone in 2009.
Conn’s Inc. announced that it made Theodore M. Wright its permanent President and CEO. He had been the company’s interim President and CEO since February 2011.
Costco co-founder Jim Sinegal, and since 1983 the CEO of the company, stepped down from the job on January 1, and was succeeded by Craig Jelinek, Costco’s now former President, COO. Sinegal said he plans to remain on the board through January 2013 to help with the transition.
Dollar General Corp. announced that Kathleen Guion, Division President of Store Operations and Store Development has begun to step away from many of her duties while transitioning to her retirement from the company effective July 31, 2012. From January 1, 2012 to her retirement, she will be responsible for transitioning her real estate growth and development responsibilities and for assisting the Company in its strategic planning. Dollar General has promoted two division managers to Senior VP of Store Operations; Jeff Owen and Karen Sensabaugh The promotions of Owen and Sensabaugh essentially sets up a head-to-head contest to succeed Guion.
Family Dollar Stores named Paul White to the position of Exec VP and Chief Merchandising Officer.
Nebraska Book Company announced that it has hired Alexi Wellman as the company’s CFO.
QVC announced that Beth Rubino has been promoted to Exec VP Human Resources.
In addition to her global human resources role, Rubino will continue to oversee QVC’s corporate communications, as well as its community affairs programs and corporate social responsibility efforts.
QVC Inc. announced that Linda Dillman, who ran Walmart’s supply chain business has been named CIO.
Staples announced the appointment of Cynthia Pevehouse to Senior VP, General Counsel.
Mergers and Acquisitions:
A.C. Moore Arts & Crafts, Inc. and Sbar’s, Inc. announced the successful completion of the tender offer by Sbar’s Acquisition Corporation for all of the outstanding shares of common stock of A.C. Moore. A.C. Moore had agreed to be acquired by the affiliate of arts and crafts distributor Sbar’s Inc. after the company had formed a committee to review strategic alternatives last January, including a potential sale.
Industry Insight:
Dollar General announced that it will open 625 new stores, create 6,000 new jobs and launch its first locations in California and Massachusettsthis year. The discount chain said it also plans to remodel or relocate 550 existing stores.
Nebraska Book Co., has announced plans to close seven “underperforming” off-campus bookstores outside Nebraska, in the midst of a negotiated Chapter 11 reorganization. The stores will remain open for the back-to-school rush this month but close in mid- to late February 2012.
