Baker joins Advent as operating partner
LONDON Advent International, the global private equity firm, announced that Richard Baker has joined Advent as an operating partner to advise the firm on investment opportunities across the retail and consumer sectors.
Baker previously held the role of group chief executive at Alliance Boots, having been CEO of Boots for three years before its successful merger with Alliance Unichem in 2006. Prior to that, he spent nine years at Asda Stores in a variety of positions, becoming COO in 2002. He began his career at Mars Confectionery where he worked for nine years.
GameStop names new CFO
GRAPEVINE, Texas GameStop announced that Catherine Smith has joined the company as EVP and CFO. The company announced also that David Carlson, GameStop’s founding EVP and CFO, who will retire effective March 1, 2010.
Most recently Smith served as EVP and CFO of Dallas-based Centex Corp. Smith has also served as CFO of Kennametal, a global supplier of tooling, engineering components and advanced materials; Bell Systems, a business segment of Textron; and the Intelligence and Information Systems Business of Raytheon Company.
Designs on drug business yield sales
A bunch of new designers are set to hit Target stores this fall with new lines from Anna Sheffield, Jay Hersh, Anna Sui and Carlo Falchi infusing the shopping experience with excitement. But an even more meaningful impact on the business is likely to come from what EVP merchandising Kathy Tesija is calling, “an unprecedented integrated marketing campaign to drive even greater awareness for our pharmacy services and convert more Target guests into Target pharmacy guests.”
Much of the awareness is expected to result from the retailer’s first ever television ads for pharmacy, but there will also be extensive online advertising and an online component that features pharmacists answering common questions.
“These efforts will help contributed to store wide sales growth as loyal pharmacy guest are some of our best guest in terms of frequency and basket size,” Tesija said.
Target has already benefitted from an emphasis on pharmacy and the retail contends it is gaining market share from other channels and seeing big increases in prescription volume as a result of it $4 and $10 generic drug programs.