FINANCE

Tuesday Morning swings to loss in Q4

BY Staff Writer

Dallas — Tuesday Morning Corp. reported Monday that it swung to a loss of $1.4 million in the quarter ended June 30, compared with a profit of $1.3 million in the year-ago period.

Revenue fell 3% to $194.8 million, from $200.8 million last year. Same-store sales declined 4.5%.

For the year, net income fell 11% to $9.6 million. Revenue dipped nearly 1% to $821.2 million.

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News

Walgreens names new general counsel

BY CSA STAFF

DEERFIELD, Ill. — Walgreens on Monday named Thomas Sabatino Jr. EVP, general counsel and corporate secretary, effective Sept. 12.

Sabatino replaces Dana Green, who is retiring after 37 years with the company, Walgreens stated.

"The clear legal counsel and advice, as well as strong ethical foundation and support for team members that Dana provided to the company throughout her career contributed greatly to Walgreens’ growth and success during each year she was with the company," stated Walgreens president and CEO Greg Wasson. "Each member of the management team at Walgreens can thank her for the guidance and support she provided to them at some point in their career. All of us in the Walgreens family wish Dana and her family the best in her retirement."

Green, 61, joined the company in 1974 as an attorney in employee relations. She became director of that department before being promoted to divisional VP employee relations in 1998. She was named corporate VP human resources in 2000 and promoted to SVP, general counsel and corporate secretary in 2004. In 2010, she was named an EVP.

Sabatino, 52, joins Walgreens having held general counsel roles with United Airlines, Schering-Plough, Baxter International and American Medical International. "With each of these companies, Thomas acted as a close adviser to the CEO on central issues each organization faced," Wasson said. "His extensive background in health care and extraordinary legal experience make him a perfect fit for the organization as we move forward with our core strategies."

After beginning his career with a law firm and then moving into corporate law, Sabatino was named president and CEO in 1990 of privately held medical products manufacturer and distributor Secure Medical. In 1992, he joined American Medical International, a Dallas-based for-profit hospital chain with 40 acute care hospitals. Three years later he joined Baxter International and was named SVP and general counsel for the company in 1997.

Sabatino moved to Schering-Plough in 2004 as EVP and general counsel for global law and public affairs. He left Schering-Plough in November 2009 after its merger with Merck. In March 2010, he was appointed general counsel of United Airlines and immediately took a leading role in its merger negotiations with Continental Airlines. He departed United Continental Holdings earlier this year after completion of the merger.

Sabatino earned a bachelor of arts degree from Wesleyan University in 1980 and his law degree from the University of Pennsylvania in Philadelphia in 1983. He is a member of the bar in Massachusetts, Illinois, California and New Jersey. He serves on the board of directors and the executive committee of the Association of Corporate Counsel; is a member of the leadership board of the U.S. Chamber Global Intellectual Property Council; and is on the general counsel committee of the American Bar Association.

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OPERATIONS

Sports Authority CEO resigns, replaced on interim basis by Jo-Ann Stores CEO

BY Marianne Wilson

New York City — David Campisi, CEO and president of Sports Authority has suddenly resigned after just 17 months in the position, according to The Denver Post and other newspapers. Campisi joined Sports Authority in 2004 and served in various executive roles prior to being named chief executive and president in 2010. No reason has been given for the departure.

The Englewood, Colo.-based sporting goods retailer, which is owned by the private equity firm Leonard Green & Partners, has named Darrell Webb, currently chairman and CEO of Jo-Ann Stores, as interim CEO. Webb will retain the post of chairman at Jo-Ann, but will be replaced as CEO by Travis Smith, president of the chain. Jo-Ann is also owned by Leonard Green.

“I wish the company and its employees all the best as I pursue a new chapter in my career,” Campisi said in a statement. He came to Sports Authority from Kohl’s, where he was executive VP merchandising.

Sports Authority operates more than 460 stores in 45 states.

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