OPERATIONS

Judge reduces prison sentence for ex-Rite Aid exec

BY CSA STAFF

Harrisburg, Pa. A federal judge has cut 30 months from the prison sentence for former Rite Aid executive Franklin Brown, convicted of conspiracy, obstruction, lying to federal regulators and witness tampering.

The former Rite Aid Corp. chief counsel will return to federal prison after the re-sentencing.

U.S. Middle District Judge Sylvia Rambo on Wednesday imposed a 7 1/2-year sentence on Brown. He has been free since mid-August, when he was released on bail pending sentencing. He’s due to return to jail on Oct. 18.

Brown has already served about 5 1/2 years of his original 10-year sentence. Former chairman and CEO Martin Grass pleaded guilty in the case and completed his sentence in January.

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Holley named Walmart CFO

BY CSA STAFF

BENTONVILLE, Ark. – Veteran finance executive Charles Holley was named to replace Tom Schoewe as CFO of Wal-Mart Stores Inc., the company announced late Wednesday. Holley joined Walmart in 1994 and most recently served as EVP finance and treasurer. Schoewe joined Walmart in 2000 as CFO.

Walmart CEO Mike Duke called Holley a talented strategist who thoroughly understands the details of Walmart’s business and the financial markets.

“As treasurer, he has helped drive the strategy behind the company’s strong financial position and has made every organization he has led stronger,” Duke said.

The change will take effect on Nov. 30, and Schoewe will remain with the company until Jan. 31, 2011.

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Beyonce’s mom gets exclusive line at Walmart

BY CSA STAFF

NEW YORK – Tina Knowles announced the introduction of her Miss Tina by Tina Knowles line exclusively at Walmart in October.

The collection will feature denim, graphic t-shirts, embellished tops, day dresses, tunics, jackets, leggings and track suits, with each item retailing for $20 or less.

Tina Knowles is the co-creative director and co-founder of the House of Dereon, Dereon, and Miss Tina fashion collections produced by Beyond Productions, a partnership with daughter Beyonce.

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