Thursday Tipsheet: Target Picks CEO (Former Sam’s Boss at HQ Today) | CEO Iviews: F.Dol & B.Buy | Whole Foods Crash
“Target Picks Pepsi Veteran as New CEO (starts Aug. 12th / at HQ today)” by Paul Ziobro & Joann S. Lublin at WSJ. “Target Corp. is bringing in PepsiCo Inc. executive Brian Cornell as its new chief executive, turning to an outsider for the first time in its history to repair a battered corporate culture and navigate a sea change in Americans’ shopping habits…Mr. Cornell, who has long sought to run a public company, begins his new job Aug. 12. He first started talking with Target several weeks ago after people in the Minneapolis business community mentioned him as an attractive candidate for the job. He has ties to the city as a director at recreational vehicle maker Polaris Industries Inc.” Read more
…New Target Chief was CEO at both Sam’s Club & Michael’s at Star-Tribune. “In replacing Steinhafel, Target’s board said it had hired a search firm to find the new CEO, only the company’s fourth since 1984. Cornell is the first Target chief executive from outside the company.” Read more
Target’s ‘A Bullseye View’: “Introducing Target’s New Chairman and CEO Brian Cornell” “When I told my daughter I was leaving PepsiCo, her reaction really solidified things for me. She’s 28 and has grown up in a household that loves Pepsi. She was so disappointed to hear I was leaving until she asked where I was going. When I shared the answer, she simply said, “Dad, I love Target!” Read more
“Best Buy CEO Says Tablet Sales Are “Crashing,” Sees Hope for PCs” by Walt Mossberg at CNBC via Re/code. “The tablets boomed and now are crashing. The volume has really gone down in the last several months. But I think the laptop has something of a revival because it’s becoming more versatile. So, with the two-in-ones, you have the opportunity to have both a tablet and laptop, and that’s appealing to students in particular. So you have an evolution. The boundaries are not as well defined as they used to be.” Read the CEO interview
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Interview: Family Dollar’s CEO Howard Levine (Dollar Tree Approached Family Dollar in March) by Ely Portillo at Charlotte Observer. “Levine, 55, acknowledged the spotlight has been “very uncomfortable.” “If you were in my shoes, it doesn’t make you feel very good,” he said of Icahn’s comments. “I’m still not really going to respond to what he did.” Levine stressed that the Dollar Tree deal was in the works before Icahn began demanding the company’s sale in June. “Some of the slant has made it feel like Carl drove this,” Levine said of news coverage. “The process our board went through started way before Carl got into the middle.” Read more
“Whole Foods Q3 Comp Sales Up 3.9% vs. Street Expectations of 4.8%” by Karma Allen at CNBC. “Whole Foods Market reported earnings that beat analysts’ expectations on Wednesday, but shares plunged as quarterly revenue and comparable store sales trailed Wall Street estimates. ” Read more
“Whole Foods plans major marketing push” by Candice Choi at AP via Yahoo. “The company will partner with third parties to offer home delivery in 12 to 15 major markets, with plans for a wider rollout over time. Whole Foods declined to give details about which cities will get home delivery, but it already offers delivery in select markets, including New York City. Other major players such as Wal-Mart are testing delivery as well.” Read more
“Amazon quickens push into tough local services market” by Deepa Seetharaman at Reuters via Chicago Tribune. “Amazon’s experiment with services goes back to at least mid-2012 in its hometown of Seattle. It’s now expanded the tests to New York and Los Angeles, six service providers who worked and talked with the company told Reuters. More locations and services are coming soon. As soon as mid-August, Amazon will take as much as a 20-percent cut from services booked through its website.” Read more
“Amazon ships first order from New Jersey DC” at WSJ. “The Interplak All-In-One Sonic Water Jet was sent from Robbinsville to an Amazon customer in New York.” Read more
San Diego: “Plane Hits Roof of Target Store then Slams into Costco Parking Lot” by John Soderman at KUSI News. “One woman is killed, another is injured after a single-engine plane crashes in Kearny Mesa Wednesday. After taking off from nearby Montgomery Field, the female pilot radios in that the Mooney M20 has lost power and is going down.” Read more
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