OPERATIONS

Lowe’s names insurance exec to board

BY Dan Berthiaume

Mooresville, N.C. — Angela F. Braly, 52, has been named to the Lowe’s board of directors, with a term expiring at Lowe’s 2014 annual meeting of shareholders. This brings Lowe’s board of directors to 12 members, 11 of whom are independent.

Braly is former chair, president and CEO of WellPoint, Inc., one of the nation’s largest health benefits companies. She served as WellPoint’s president and CEO from 2007 until 2012, and was also chair of the board from 2010 until 2012. She was president and CEO of Blue Cross Blue Shield of Missouri from 2003 to 2005. In addition to her new role on the Lowe’s board of directors, Braly also serves on the board of The Procter & Gamble Company.

Braly will serve on the audit and governance committees of the board.

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S.Matthew says:
Nov-25-2013 09:41 am

Angela wish you all the luck.
Angela wish you all the luck.

S.Matthew says:
Nov-25-2013 09:41 am

Angela wish you all the luck.

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OPERATIONS

ARCP hires retail real estate vet

BY Dan Berthiaume

New York — American Retail Capital Properties (ARCP) has appointed Glenn Kindred as executive VP of its restaurants division. Kindred will join Nicholas S. Schorsch, executive chairman and CEO, Lisa Beeson, COO, Brian S. Block, CFO, and Lisa Pavelka McAlister, chief accounting officer, as part of ARCP’s self-managed executive team. Joining ARCP from GE Capital, Mr. Kindred will oversee ARCP’s growing portfolio of restaurant and quick service assets.

Prior to joining ARCP, Kindred held the position of managing director of GE Capital’s Property Franchise Real Estate Equity Division, where he helped to integrate the restaurant properties GE Capital acquired as a result of the purchase of Trustreet Properties, Inc., a publicly-traded real estate investment trust that specialized in net leased restaurant properties. Kindred had been a senior real estate executive of Trustreet before joining GE Capital. In addition, while acting as senior VP at CNL Financial Group, Mr. Kindred played a key role in the reverse merger between U.S. Restaurant Properties, Inc., CNL Restaurant Properties, Inc. and 18 CNL Income Funds that formed Trustreet. Kindred has 15 years’ experience in executive roles in the real estate industry.

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FINANCE

Class action suit filed against Tile Shop

BY Dan Berthiaume

Plymouth, Minn. — The Shareholders Foundation, Inc. has filed a lawsuit on behalf of certain purchasers of Tile Shop common stock over alleged violations of federal securities laws in connection with certain allegedly false and misleading statements made between August 22, 2012 and November 13, 2013. The plaintiff alleges that the defendants failed to disclose that one of its largest suppliers, Beijing Pingxiu, is an undisclosed related company secretly controlled by Fumitake Nishi, the brother-in-law of the company’s CEO and a Tile Shop employee.

On November 14, 2013, a report was published that alleged that Tile Shop has greatly exaggerated its true financial performance, failed to disclose Beijing Pingxiu as a material related party supplier, uses Beijing Pingxiu to overstate inventories, understate cost of sales and overstate gross profits, purchases goods from Beijing Pingxiu at or near cost to achieve an artificial cost advantage, and overstates earnings.

Shareholders who purchased a significant amount of shares of Tile Shop parent company Tile Shop Hldgs, Inc. between August 22, 2012 and November 13, 2013, and/or purchased shares in 2012 or earlier and currently hold any of those shares may be eligible to join the suit.

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