Facebook to buy Instagram for $1 billion
New York — Facebook will purchase the photo-sharing application Instagram for about $1 billion in cash and stock, company CEO Mark Zuckerberg said Monday. The deal, which is the social-networking company’s largest acquisition to date, is expected to close later this quarter.
Instagram was named iPhone app of the year in 2011.
Facebook will acquire Instagram’s entire team as part of the deal.
“This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users,” Zuckerberg said in a blog post. “We don’t plan on doing many more of these, if any at all.”
Safeway names new president
PLEASANTON, Calif. — Safeway has named Robert Edwards president of the company. Edwards has served as Safeway’s EVP and CFO since 2004.
Edwards, 56, will have overall responsibility for the company’s retail operations, marketing, merchandising, corporate brands, manufacturing, distribution and finance functions. He will continue as CFO until a successor is named to the position.
"Robert is one of those unusual executives with a strong command of both the financial and operational sides of our business," said Safeway chairman and CEO, Steve Burd. "His deep engagement with our operations and marketing units while he has been CFO will make for a seamless transition to Robert’s new role. His assumption of these new duties provides me an opportunity to concentrate more of my time on innovation and a range of strategic initiatives that will drive core and non-core business growth in the long term."
The company also announced that Larree Renda, 53, EVP, will assume additional responsibilities for real estate (including property development centers) and information technology, which adds to her current duties managing human resources and labor relations, strategic initiatives, corporate social responsibility, government relations, public affairs and Safeway health.
Before joining Safeway, Edwards served as EVP and CFO at Maxtor Corp., and was SVP, CFO and CAO at Imation Corporation. Prior to that, he had a 20-year career at Santa Fe Southern Pacific Corporation and its affiliates. He currently serves on the Boards of Blackhawk Network Holdings, Inc., Casa Ley, S.A. de C.V., Safeway’s joint venture in Mexico, and KKR Financial Holdings LLC.
Renda began her career at retail with Safeway in 1974. After progressing through the store ranks, she joined the corporate team in 1991 as VP retail and advanced through a succession of more senior leadership roles to her current position as EVP. Renda chairs the Safeway foundation board of directors and serves on the board of Casa Ley. She is also on the board of HSBC finance corporation and HSBC North America Holdings Inc. Renda is a trustee on the national joint labor management committee.
Family Dollar adds to legal team
MATTHEWS, N.C. —Family Dollar Stores has named Jon Broz to the position of VP and assistant general counsel, litigation. Broz will report to James Snyder, Jr., SVP general counsel and secretary.
“We are excited to have someone with Jon’s breadth of retail litigation experience join our team,” said Snyder. “Jon has a strong reputation for working closely with his clients and seeking creative solutions to resolve disputes quickly and cost effectively.”
Broz comes to Family Dollar from Lowe’s, where he served most recently as VP and assistant general counsel for litigation. Prior to joining Lowe’s, Broz worked for Collective Brands Inc., and previous to that, he was a Litigation Partner at Husch & Eppenberger (now Husch Blackwell Sanders) in Kansas City, Mo. Broz earned a Bachelor of Arts degree in Economics and his Juris Doctor from the University of Kansas. He was also a member of the University of Kansas Law Review.