FINANCE

Reuters: Ron Johnson knew Martha Stewart deal was in conflict with Macy’s

BY Katherine Boccaccio

New York — A Friday report by Reuters revealed that J.C. Penney CEO Ron Johnson was well aware that the retailer’s deal with Martha Stewart would step on Macy’s toes, but testified in court that the company decided to move forward anyway.

Attorneys for Macy’s in New York state court on Friday presented Johnson with an email he sent to a Penney board member saying that Stewart would have to break her agreement with Macy’s if Johnson was going to “pull off” a deal with her.

The testimony was part of the suit brought by Macy’s against Penney and Martha Stewart Living Omnimedia Inc., claiming that the pair’s deal to launch Martha Stewart boutiques in Penney stores breached Macy’s own exclusive contract with Stewart to sell products at Macy’s.

The email under fire was one written by Johnson to Penney board member Steven Roth of Vornado Realty, which is Penney’s second-largest shareholder.

In court, Johnson denied that he meant to break the contract. He claimed that he was advised by counsel that there was wiggle room in the Macy’s contract to allow Penney to open in-store Martha Stewart boutiques.

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FINANCE

Obama names Walmart Foundation president to budget post

BY Katherine Boccaccio

Washington, D.C. — According to published reports, President Obama will nominate Walmart Foundation president Sylvia Mathews Burwell as director of the Office of Management and Budget.

The nomination is expected to become official at a White House ceremony on Monday morning. Obama had announced late last year that he would appoint Burwell to the post. Her experience includes various leadership roles with the Bill and Melinda Gates Foundation, as well as government posts including deputy director of the Office of Management and Budget, deputy chief of staff to President Bill Clinton and chief of staff to Treasury Secretary Robert Rubin.

As head of the Office of Management and Budget, Burwell will be responsible for preparing the president’s annual budget.

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Mar-27-2013 02:32 am

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M.Jackson says:
Mar-27-2013 02:32 am

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buangsila001 says:
Mar-13-2013 05:39 am

Fomerly the president of the
Fomerly the president of the Global Development Program of the Bill and Melinda Gates Foundation, appointed and assumed the leadership of Walmart Foundation,in January 2012. Shereceived a bachelor’s degree in government, cum laude, from Harvard University in 1987. - J. Kale Flagg

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OPERATIONS

Supervalu announces divisional leadership changes

BY Katherine Boccaccio

Minneapolis — Supervalu announced Monday that it will make sweeping changes among its executive ranks as part of a previously announced right-sizing program.

Newly minted president and CEO Sam Duncan has named former Kroger VP Mark Van Buskirk as EVP merchandising and marketing for Supervalu, charged with oversight of retail merchandising and marketing.

Former Albertsons executive Rob Woseth has been named EVP chief strategy officer, overseeing real estate and corporate development, as well as strategic growth opportunities.

Former Fred Meyer procurement executive Steve Fox has been named SVP food merchandising.

Among its other banners, Supervalu has named Ritchie Casteel as president and CEO of Save-A-Lot. Casteel spent 30 years in leadership positions with Albertsons Inc. Other appointments include: Eric Hymas has been named president of Shop ‘N Save, replacing Marlene Gebhard; Bill Parker has been named president, Farm Fresh, after serving for the past seven months in the role of interim president; Brian Audette will continue as president of CUB Foods; Matt Leiseth will continue as president of Hornbacher’s; and Bob Bly will continue as president of Shoppers.

Departing the company, according to Duncan, are Kevin Holt, president of Supervalu Retail; Tim Lowe, EVP merchandising; and Michael Moore, EVP and chief marketing officer.

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