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Possible Rite Aid divestiture leads to buyer speculation

BY DSN STAFF
If Rite Aid needs to shed some stores for antitrust reasons in the wake of a merger with Walgreens-Boots Alliance, many experts expect one well-known drug store to step forward. 
 
According to The Street, CVS could purchase a majority of the up to 500-1,000 Rite Aid Stores that could be divested. This would especially benefit CVS in markets where it has low market share. However, some observers predict a CVS purchase of Rite Aid stores could raise antitrust issues of its own.
 
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Supervalu’s Van Buskirk to depart

BY David Salazar
EDEN PRAIRIE, Minn. — A Supervalu executive will be departing the company, according to a recent Securities and Exchange Commission filing. The company’s EVP merchandising, marketing, retail and pharmacy Mark Van Buskirk’s employment will end effective July 16, the filing says. 
 
In the interim, the company is evaluating a succession plan and Van Buskirk’s functional areas will report to Supervalu EVP, COO and CFO Bruce Besanko. 
 
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Target names new chief legal officer and general counsel

BY Gina Acosta

MINNEAPOLIS — Target has selected a Xerox veteran to serve as the retailer's next executive vice president, chief legal officer and general counsel.

Don Liu will oversee all legal, corporate governance and government affairs matters for the company, efefctive Aug. 22. He will report to chairman and chief executive officer Brian Cornell and serve as a member of Target’s leadership team.

Liu replaces Tim Baer, who will be retiring in July 2017 after 23 years with the company. Baer joined Dayton Hudson as assistant general counsel in 1994. He will serve in an advisory role for the next 12 months, supporting Liu’s transition to Target and ensuring the process is seamless.

“Tim’s leadership has been integral to Target’s success and we are grateful for his years of service. In all his years with the company, Tim has been a true guardian of the Target brand, bringing a sharp legal mind and rock-solid judgement to every challenge. He was a trusted voice on our leadership team, managing and mitigating issues and influencing our business during a time of intense change. He also developed a strong team of in-house legal talent and was a respected advisor to our board of directors. On behalf of the entire team, I thank Tim for the tremendous contributions he made to our brand and our business,” said Cornell. “As Tim transitions to retirement, I look forward to welcoming Don to our team. His extensive legal expertise as well as his deep business acumen will help us continue to navigate the increasingly complex business environment with the highest standards of ethics and integrity. I know Don will be an excellent addition to our leadership team.”

Liu, 55, joins Target from Xerox Corporation where he has served as executive vice president, general counsel and corporate secretary since 2007. In that role, he was responsible for all of Xerox’s legal and government affairs matters. Prior to Xerox, Liu was senior vice president and chief compliance officer for Toll Brothers, Inc. and senior vice president and general counsel for Ikon Office Solutions. Liu has extensive professional affiliations, including being a member and former chairman of the board of directors for the Minority Corporate Counsel Association and former chair of the in-house counsel committee of the National Asian Pacific American Bar Association.

“I am privileged to join Target as general counsel. I have long admired Target and the legal team behind the brand. Joining the organization will provide me with an incredible opportunity to bring my passion for the law to one of the great retail companies in America. I look forward to building Target’s business and positively impacting its reputation,” said Liu.

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