Dollar General names key execs to new roles
Top row, from left: Jeff Harpole, VP, transportation; Mike Kindy, SVP, global supply chain; Steve Jacobson, SVP, global sourcing options
Bottom row, from left: Cindy Long, SVP, general merchandise manager; Carol Nakauchi, VP, division merchandise manager.
GOODLETTSVILLE, Tenn. — On the heels of opening its 12,000th store, Dollar General has named five executives to key leadership positions within its merchandising and supply chain organizations.
The company announced internal promotions in both its merchandising and global supply chain functions as the company enhances its management team. The following promotions are effective immediately:
- Cindy Long has been promoted to SVP, general merchandise manager with responsibility for the Apparel and Home categories. Long has been with Dollar General since 2011. Prior to joining Dollar General, Long served in leadership roles with Sears, Burlington Coat Factory, Gabriel Brothers and Family Dollar. She graduated from West Virginia University with a bachelor’s degree in textiles and clothing.
- Carol Nakauchi has been promoted to VP, division merchandise manager, responsible for Home, which includes domestics, housewares and home décor. Nakauchi has been with Dollar General since 2010. Her experience prior to Dollar General includes roles of increasing responsibility with Longs, Britanne, Cost Plus World Market, Discovery Channel Retail, Natural Wonders and Gymboree. She graduated from the University of Southern California with a bachelor’s degree in marketing.
- Steve Jacobson has been promoted to SVP, global sourcing operations, with responsibility for enhancing the company’s global sourcing footprint. Jacobsen has been with Dollar General since 2009. Prior to joining Dollar General, he served in leadership roles with Outdoor Living Plus, K-Mart, Rite-Aid and Big V.
- Mike Kindy has been promoted to SVP, global supply chain with responsibility for Transportation as well as Inventory and Demand Management, Demand Planning and Supply Chain Solutions. Kindy has been with Dollar General since 2007. Prior to joining Dollar General he held supply chain management positions with Conagra, Safeway and PricewaterhouseCoopers. Kindy holds a bachelor’s degree in Economics from the University of Washington.
- Jeff Harpole has been promoted to VP, Transportation with responsibility for trucking and global supply chain logistics. Harpole has been with Dollar General since 2007. Prior to joining Dollar General, Harpole served in transportation and client management roles for Schneider National.
With more than 12,000 stores in 43 states, Dollar General has more retail locations than any retailer in America.
Abbott pledges backing for Mylan’s Perrigo bid
ABBOTT PARK, Ill. — Mylan’s largest shareholder has promised to back the company’s bid to buy Perrigo, which would help fend off Teva’s $40 billion takeover offer. Abbott Laboratories, which owns a 14.5% share, pledged Tuesday to vote its shares in favor of Mylan’s $32 billion offer to buy Perrigo.
Though Perrigo has rejected Mylan’s bid, Abbott’s backing will help Mylan fight off Teva’s $40 billion acquisition offer, as Teva has said its takeover would be contingent on Mylan dropping the Perrigo bid. Mylan has rejected Teva’s offer and has said that a deal between the two would violate U.S. antitrust laws. Abbott’s backing might ensure that Mylan won’t drop its bid for Perrigo.
“As both Mylan's largest shareholder and its partner through our continued manufacturing relationships, Abbott has considered the entire situation and we believe Mylan's standalone strategy and acquisition of Perrigo will further enhance its platform, is strategically compelling, value enhancing for shareholders, and offers a clear path to completion,” Abbott’s CEO and chairman Miles White, said. “In light of these factors, we will be voting in favor of the Perrigo transaction.”
CNBC’s Jim Cramer chats with CVS Health’s Merlo, Target’s Cornell about ‘win-win’ deal
NEW YORK — As the industry reeled from the groundbreaking news that CVS Health will acquire Target’s pharmacy business, “Mad Money” host Jim Cramer spoke with both CVS Health president and CEO Larry Merlo and Target chairman and CEO Brian Cornell to get some additional insight into the deal that Cornell described as a “unique, one-off opportunity.”
“I keep telling you about the looming consolidation in the healthcare space. And look, not only did we hear about Anthem potentially bidding for Cigna today, but we also learned that Cramer-fave CVS Health, one of the dozen stocks on my healthcare hot list, is paying $1.9 billion to buy and run all of Target’s in-store pharmacies and clinics,” Cramer said. “… I think it is a win-win.”
During the segment, Merlo explained that the deal not only aligns with CVS Health’s broader healthcare focus and is an appreciation of the retailization of healthcare, but it also enables CVS Health to expand its presence into new markets and will be at least 12 cents accretive in 2018 and beyond.
For Target, Cornell said the deal will, “Continue to strengthen our position in the wellness space because we now have an expert in the space, one that brings scale, experience and capabilities that, we think, will continue to bring a new level experience to our target guests”
Despite some speculation that this partnership marks the beginning of a trend for Target as it works to place a greater focus on its signature categories, Cornell was quick to set the record straight.
“It is absolutely a unique, one-off opportunity. The chance for us to partner with someone who brings scale, experience and expertise into the space and help us fulfill our commitment to wellness with the guest,” Cornell told Cramer. “But you should not expect to see this happen in other places.”