Westfield Group to Invest in World Trade Center Retail
New York City Shopping center developer The Westfield Group announced in a letter to The Port Authority of New York and New Jersey that it expressed interest in a reacquiring a stake in the retail premises at the World Trade Center site.
Under the terms of the transaction, Westfield and the Port Authority will form a joint venture to own the retail facilities, with Westfield responsible for management and leasing for the joint venture. Westfield plans to invest up to $625 million in development costs.
The transaction is subject to completion of legal documentation, due diligence and required approvals.
Weis Markets names new CEO
SUNBURY, Pa. Weis Markets has named David Hepfinger as the company’s new president and CEO, succeeding former CEO Norman Rich, who has retired.
Prior to becoming CEO, Hepfinger was the company’s president and COO.
Prior to joining Weis Markets in March, Hepfinger was SVP of retailing and administration at Price Chopper, a 116 store supermarket company based in Rotterdam, New York. In this position, he oversaw Price Chopper’s warehouse, distribution, procurement and store operations.
New CEO tasked with Borders turnaround
ANN ARBOR, Mich. Borders Group announced that Ron Marshall, who most recently was Principal of Wildridge Capital Management, a private equity firm he founded approximately three years ago, has been appointed president and CEO and will serve as a director. Marshall, replaces George Jones who served in that same capacity since July 2006.
Prior to founding Wildridge Capital, Marsahall was CEO for eight years with Nash Finch Company, a $5 billion food distribution and retail organization, where Marshall was responsible for a turnaround that included the quadrupling of earnings over a six-year period as well as a 40% improvement in EBITDA over the same period.
“Borders is a powerful brand with millions of loyal customers who love to shop in the stores,” said Marshall. “These are tremendous assets that can be built upon once the balance sheet is strengthened and the company is on more solid financial footing. I’ve led turnarounds at other retail organizations and look forward to leading a new management team at Borders to drive profitability and help ensure lasting success for this great name in retail.”
In addition to Marshall’s appointment as CEO, other management changes were announced. Mark Bierley has been named CFO and EVP of finance. Anne Kubek has been appointed EVP of merchandising and marketing. Additionally, Dan Smith has been named to the new position of chief administrative officer.