ARCA president retires
Minneapolis – Edward R. (Jack) Cameron, 74, is retiring as president and CEO of Appliance Recycling Centers of America Inc. (ARCA). Mark Eisenschenk, who has served as COO since July 2013, has been promoted to the position of president and CEO.
Cameron founded the company in 1976 and served as president, CEO and chairman of the board until announcing his retirement; he will remain with the company and continue to serve as chairman of the five-member board of directors. Cameron will work closely with Eisenschenk to ensure a smooth transition of executive leadership.
Darden retains Russell Reynolds in CEO search
Orlando, Fla. – Darden Restaurants Inc. has retained global executive search firm Russell Reynolds Associates to assist the company with the recruitment of its next CEO. As previously announced, Clarence Otis is stepping down as chairman and CEO of Darden.
To ensure a smooth transition, Charles A. Ledsinger Jr. has been appointed independent non-executive chairman of the board, and Mr. Otis has agreed to continue serving as CEO of Darden until the earlier of the appointment of his successor or Dec. 31, 2014.
Ledsinger is leading the search along with the board’s nominating and governance committee, which consists solely of independent directors. Russell Reynolds Associates will work closely with the committee and the Darden board.
Study: Department stores have best growth opportunity in Canada
Los Angeles – The Canadian market offers an opportunity for U.S. retailers to expand and to gain experience operating in an international market. According to a new study from market research firm IbisWorld, the U.S. retail segment best suited for expansion into Canada is department stores, followed by men’s clothing stores.
In order, the remainder of the top five U.S. retail categories primed for expansion into Canada are shoe stores, auto parts stores, and lingerie, swim and bridal stores. According to IbisWorld analysis, U.S. industries best suited to expand into Canada are characterized by slow growth and a high level of market share concentration, with few dominant major players generating the majority of industry revenue. In contrast, Canadian industries primed for entry tend to be fragmented and exhibit low levels of market share concentration; these industries are especially appealing if they consistently post revenue growth.
IbisWorld also advises that the Canadian retail sector has exhibited rapid growth in the past five years. Consumers have remained financially confident, with plenty of cash on hand for discretionary purchases. Most are familiar with U.S. stores and frequently cross the border to shop for a broader selection of brands. Furthermore, the Canadian retail sector is a less-crowded field with fewer dominant players.