Lynn Gust secures top job at Kroger division
Long time Fred Meyer executive Lynn Gust was named president of the 133 store Kroger division.
Gust, 59, joined Koriger in 1970 as a parcel clerk and most recently served as the company’s SVP of operations. Gust was appointed to that position in 2011 and prior to that he served as EVP of corporate merchandising and advertising. During his career Gust also served as vp of the Fred Meyer food group and SVP of store operations.
"Lynn’s long history with Fred Meyer and deep knowledge of our business will serve our customers well," said Rodney McMullen, president and COO of Kroger. "His passion for our employees and customers make him a great fit to carry on the Fred Meyer tradition."
The Fred Meyer tradition is that of a uniquely positioned retailer who large format multi-department stores defy neat classification although they bear the greatest resemblance to a Walmart supercenter. Stores range in size from 65,000-sq.-ft. to 250,000-sq.-ft. and offer roughly 250,000 products.
Fred Meyer’s headquarters are located in Portland and stores are located in Oregon, Washington, Idaho and Alaska. The company has 30,000 employees.
Gust was born and raised in Vancouver, Wash. He is a member of the Portland State University Food Industry Leadership Center Advisory Board; on the board of directors of the Western Association of Food Chains; and on the board of directors of the Northwest Grocery Association.
Co-inventor of bar code passes away
NEW YORK — Norman Woodland, co-inventor of the bar code which transformed global commerce in the 1970s, passed away Saturday at the age of 91 from complications related to Alzheimer’s, according to a Reuters report.
The advent of the bar code reshaped retail decision-making and supply chains and its impact continues to be felt today. Five billion products are scanned optically using the bar code every day, according to GS1 US, the American arm of the global UPC standards body.
Also called Universal Product Code, the handheld laser scanner facilitates consumer product inventories, speeds passengers through airline gates, tracks mail, encodes medical patient information and is in near universal use across transportation, industrial and shipping industries worldwide.
Reuters reported that Woodland is survived by his wife, Jacqueline Woodland, of New Jersey; daughters Susan Woodland and Betsy Karpenkopf; brother David Woodland and granddaughter Ella Karpenkopf, 16.
Retail CEOs named top wealth creators
Executives at Coach, Sherwin-Williams, Ross and TJX Companies were among the top wealth creators identified by Chief Executive magazine’s 5th annual Wealth Creation Index.
Lew Frankfort, CEO at Coach topped the list with Sherwin-Williams CEO Christopher Connor and AutoZone CEO William Rhodes, ranked 14th and 16th, respectively. Other top wealth creators included 27th ranked Ross Stores CEO Michael Balmuth and TJX CEO Carol Meyerowitz. Bed Bath & Beyond CEO Steven Temares was ranked 59th and Amazon.com CEO Jess Bezos was 75th.
The rankings are intended to show which CEOs have created the most value for shareholders during the three year period from July 2009 through June 2012. The rankings were limited to CEO’s at S&P 500 companies who had been in their jobs for at least three years. The rankings, created in collaboration with Great Numbers! and the Applied Finance Group, looked at four key measurements; operating cash flow in excess of its risk-adjusted cost of capital, prospects for continuing to make money, wise use of capital and market value of the company’s assets.
"CEOs are hired to create wealth for their shareholders as well as value for their customers and employees," saidJ.P. Donlon, Chief Executive editor-in-chief. "Chief Executive created the Wealth Creators Index to measure just how well or how poorly some CEOs are performing their jobs."
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