Leadership change at Nordstrom’s HauteLook
Seattle — HauteLook, an online flash sale retailer owned by Nordstrom, announced that founder Adam Bernhard is stepping out of the CEO role and day-to-day operations of the business, but will remain with HauteLook in an advisory capacity. Terry Boyle will remain as president, reporting to Jamie Nordstrom, president of Nordstrom Direct. With HauteLook fully operating as a division of Nordstrom, no CEO will be appointed in Bernhard’s place
Since Nordstrom purchased HauteLook nearly three years ago, Bernhard helped take the business from just over four million members to more than 14 million, while achieving impressive sales growth.
"Since Adam started this business in 2007, he has worked tirelessly to build a great team and bring a compelling shopping experience to his customers," said Jamie Nordstrom. "Even after selling the business to us, his commitment to scaling the business and bringing it to profitability never wavered. Adam and his team have more than held up their end of the bargain, and we are thrilled to be in a position where he can pass the reins to Terry and focus on some new opportunities for us."
Stater Bros. VP of real estate passes away
San Bernardino, Calif. — Stater Bros. Markets announced that its VP of real estate, Mike Slaton, died suddenly on Sept. 28.
As a tribute to Slaton, the new 44,000 sq. ft. Stater Bros. supermarket, which opened last week in Redlands, Calif., will be dedicated in his honor.
“Mike was a very loyal and committed member of the Stater Bros. Family and started his career with Stater Bros. as a Courtesy Clerk in Redlands, California when he was 16 years old. His contributions to our company were immeasurable and he will be deeply missed by all who knew him,” stated Chairman and CEO Jack H. Brown.
The family has requested donations in Slaton’s honor be made to Stater Bros. Charities and a scholarship fund will be set up in his name at California State University, San Bernardino, his alma mater. Please send checks to Stater Bros. Charities, P. O. Box 150, San Bernardino, California, 92402.
Clorox builds upon strategic growth plan
The Clorox Company has updated its strategic growth plan. Called the 2020 Strategy, it focuses on delivering long-term, profitable growth through the year 2020 and builds upon the company’s recently completed centennial strategy.
"Our centennial strategy guided the company during one of the toughest economic recessions the world has experienced since World War II," said chairman and CEO Don Knauss. "Despite that, during the past five years, our strong brands, experienced management team and top-tier capabilities have enabled us to deliver total stockholder returns in the top third of our peer group."
In the past five fiscal years — from July 1, 2008 through June 30, 2013 — Clorox delivered total stockholder returns of 88%, compared to an average of 82% for its peer group and an average of 40% for the S&P 500. Clorox’s strong cash flow enabled the company to raise its dividend from $1.60 to $2.56, an increase of 60%. Between share repurchases and total annual dividends paid to stockholders, Clorox returned more than $2 billion in cash to its stockholders in this five-year period.
"Building on this foundation, our sights are set on 2020, with a strategy that focuses the company on the highest-value opportunities to deliver sustainable, profitable growth," said Knauss.
The 2020 Strategy aims to continue delivering total stockholder returns in the top third of Clorox’s peer group by driving economic profit.
In addition, the company’s long-term financial goals include:
• Growing net sales 3-5% annually
• Expanding earnings before interest and income taxes margin 25-50 basis points annually
• Generating free cash flow of 10 percent to 12 percent of sales annually
"Our 2020 Strategy sets clear goals and aspirations for the company’s next set of milestones,” said Benno Dorer, EVP and chief operating officer of cleaning, international and corporate strategy. “Key to achieving our goals is balancing our resources against sustaining a healthy core, anchored in our U.S. retail business, while seeking growth opportunities in profitable, margin-accretive areas adjacent to our core businesses."
To accomplish its 2020 goals, Clorox has chosen to focus on the following four strategies:
1. Engage its people as business owners.
2. Increase its brand investment behind superior products and more targeted 3-D plans.
3. Grow into profitable new categories, channels and countries.
4. Fund growth by reducing waste in its work, products and supply chain.