Target names new board member
Minneapolis Target Corp. announced that chairman, president and CEO John Stumpf of Wells Fargo & Co. has been appointed to its board of directors, effective immediately. Stumpf will replace George Tamke, who retired from the board on March 9.
Stumpf is a 28-year veteran at Wells Fargo, having joined the former Norwest Corp. (predecessor of Wells Fargo) in 1982. He was named CEO in June 2007, elected to Wells Fargo’s board of directors in June 2006, and has been president since August 2005.
George Tamke has served on Target’s board since 1999. He is a partner at Clayton, Dubilier, & Rice, a private investment firm.
Target also announced today that Richard Kovacevich, former chairman and CEO of Wells Fargo & Co., intends to retire from Target’s board of directors on Dec. 31. Kovacevich has served on Target’s board since 1996.
Acme president announces her resignation
Philadelphia Acme Markets announced that its president Judith A. Spires is resigning and will leave her post on Friday, according to the Philadelphia Inquirer. She is leaving “to pursue a new career opportunity” with an unidentified employer.
Acme’s parent company Supervalu said a successor would be announced at a later date.
Spires, who has run the Acme division since 2006, had previously been president of the Dallas/Fort Worth division of Albertsons, the supermarket corporation that also owned Acme Markets until Supervalu purchased Albertsons in 2006.
She began her career at Acme over forty years ago while working at as a checkout employee in a South Jersey location.
RILA: Economy not adding jobs despite signs of recovery
Arlington, Va. Information released Friday by the U.S. Department of Labor indicate that job losses have slowed significantly from a year ago, but the still-high unemployment rate means continued struggles to find work, according to the Retail Industry Leaders Association.
The U.S. unemployment rate held steady at 9.7% in February with 36,000 jobs lost. Following a month where the retail industry added 41,800 jobs in January, retail employment was virtually unchanged, shedding only 400 jobs in February.
Building materials retailers and furniture stores both added jobs for the fourth straight month, and department stores, clothing retailers and sporting goods stores showed new hiring. Gains were offset by modest payroll reductions at grocery stores, pharmacies and auto dealers.
RILA suggested February’s severe storms likely had an impact in reducing the number of hours worked during the month and delaying some hiring (which will likely show up in next month’s data). Hourly wages rose slightly and the use of temporary workers rose in February; these both suggest continued improvement in the underlying labor market. Even so, the overall job market remains weak, with 8.4 million jobs lost since the start of the recession in December 2007.
“February’s job figures are consistent with the trends we’ve seen in recent months,” said Sandy Kennedy, president of RILA. “Slowed job losses are a welcomed sign that the economy is improving, however the lack of job growth reminds us that we are not out of the woods yet.”