J. C. Penney Announces Management Changes
Plano, Texas J. C. Penney Co. announced the retirement of William Alcorn, senior VP, controller and chief procurement officer for non-resale goods and services, effective June 3.
Alcorn joined the company in 1971, and has held several positions of increasing responsibility in the company’s auditing, credit and controller’s departments.
The company also announced several other changes within its finance organization. Dennis Miller has been promoted to senior VP, controller, succeeding Alcorn in his controller responsibilities. Miller joined J. C. Penney in 1974, and has served in various senior executive positions in the company’s auditing, controller’s and procurement departments.
Bruce Kilkowski has been named VP and director of procurement, succeeding Miller in his procurement responsibilities. Kilkowski joins J. C. Penney from Bank of America where he served most recently as VP, procurement.
Robert Johnson has been named VP and director of planning, budgeting and forecasting. Johnson currently serves as VP and director of investor relations, a position he has held since 2005.
Phillip Sanchez has been promoted to VP and director of investor relations, responsible for leading the company’s investor relations functions as the principal company interface with the financial community.
Sanchez recently served as a divisional VP, associate director of investor relations, a position he has held since September 2007.
Earnings to face extra scrutiny
Look for first-quarter financial results due out tomorrow from Target to be scrutinized even more closely than normal, as undecided investors in the company’s proxy contest get a new set of numbers on which to base their vote.
Swing voters may be disappointed, however, as the company already revealed it would beat analysts’ estimates of earnings per share of 52 cents that were in place at the time the company reported a slight uptick in April same-store sales. Analysts’ now project the company will earn 59 cents a share. The company’s top line challenges are well documented, as such discretionary categories as home and apparel remain under pressure, and monthly results for the quarter have already been reported. Improvements in profitability therefore will come largely as a result of expense control. That’s not as good as driving profits through sales, but it could be enough to persuade swing voters to side with the company’s existing slate of directors.
Court approves sale of Sharper Image
SAN FRANCISCO The United States Bankruptcy Court for the District of Delaware has approved the sale of Sharper Image. The court agreed to allow the company to sell all or part of its assets at an auction to be held on May 28.
In connection with those procedures, the court also authorized the company’s entry into an asset purchase agreement and an agency agreement, each dated May 13, with a joint venture of Gordon Brothers Retail Partners, GB Brands, Hilco Merchant Resources, and Hilco Consumer Capital. Hilco/GB Joint Venture will serve as a stalking horse bidder for the purposes of the auction.
On April 24, Sharper Image reported that it has decided to pursue a sale of its business and assets pursuant to the provisions of the bankruptcy code and will solicit indications of interest from potential acquirers.