Hudson Group Acquired
East Rutherford, N.J., The Hudson Group has signed a definitive agreement to be acquired by global private-equity firm Advent International Corp.
Hudson Group, which operates more than 550 airport-based newsstands and bookstores in the United States and Canada, has been privately held since its inception in 1987. The company’s owners, James and Robert Cohen, will retain a minority stake.
Hudson is Advent International’s 10th investment in travel-related businesses with activities spanning food and beverage, duty-free retail and airport concessions.
The transaction is subject to certain approvals and customary closing conditions. Terms of the agreement were not disclosed. “We believe we are profitably growing our market share,” president Brian Dunn said in a statement.
AutoZone names new cio, chief merchant
MEMPHIS, Tenn. AutoZone today announced that, effective immediately, Jon Bascom, vp of Information Technology, has been promoted to senior vp of Information Technology and cio. Additionally, Mark Finestone, vp of merchandising, has been promoted to senior vp of merchandising, effective immediately.
“With these promotions, we continue to strengthen our senior leadership team with seasoned and accomplished AutoZoners,” said Bill Rhodes, chairman, president and ceo. “Jon and Mark have proven leadership abilities and their experiences will serve this company at a very high level for many years to come.”
The company also announced Ken Brame, vp of Information Technology and cio will retire from the company effective Jan. 11, 2008.
Report: Mason not take helm at Tesco, job to go to younger candidate
LONDON Tim Mason, ceo of Tesco’s Fresh & Easy stores in the United States, is not looking to succeed Sir Terry Leahy as head of Tesco, according to reports.
As reported by the Financial Times, Mason said in a visit to some of the Fresh & Easy stores that he would not being following in Leahy’s footsteps and that the position would go to a younger candidate. Mason is 50 years old.
Among the officers vying for the top spot are Phil Clarke (47), international director, and Richard Brasher (45), trading director, both want the top job, the Times reported. However, they may be passed over for younger executives.