Supervalu names Jerry Storch chairman, succeeds Robert Miller in that capacity
MINNEAPOLIS — Supervalu on Monday elected retail executive Jerry Storch as the company’s new chair of its board of directors. The appointment comes after Robert Miller, who served as chairman Supervalu since March 2013, announced he would resign his chairman position to focus on other demands.
“We are thrilled to have Jerry Storch as our new non-executive chairman of the Supervalu board of directors. Jerry’s tremendous experience in food and specialty retailing makes him especially well qualified for this role," stated Supervalu director Phil Francis. “At the same time, we are very grateful to Bob Miller, who is truly a giant in the retail grocery industry, for his service on the Supervalu board of directors. The board will continue to consult with Bob as a non-paid advisor to the board as we move forward, and we are both pleased and fortunate that Bob is willing to assist in this capacity.”
Storch is chairman and CEO of Storch Advisors, a senior management advisory and consulting firm that focuses primarily on retailing, e-commerce, consumer products and services, and consumer financial services. From 2006-2013, Storch was chairman and CEO of Toys “R” Us, where he helped grow the company into a $13 billion global retailer, including expanding the company’s e-commerce business and overseeing several large-scale mergers and acquisitions.
Prior to his tenure at Toys “R” Us, Storch served as vice chairman of Target, a $70 billion retailer. During more than a decade with Target, Storch led the retailer’s e-commerce site, target.com, the Target grocery business, and the Target Financial Services credit card business, and oversaw Marshall Field’s Department Stores. He currently serves as a member of the board of directors of Bristol Myers Squibb and Fanatics. Storch received a Master of Business Administration from Harvard Business School, a Juris Doctor from Harvard Law School and holds a Bachelor of Arts from Harvard College.
NYT: GE Capital getting into loyalty program business
NEW YORK — GE Capital and Kobie Marketing, a loyalty program service provider, are reportedly set to unveil a new product to help retailers establish and maintain loyalty programs that will create a unified profile for shoppers, according to a New York Times report.
The new product, which is expected to be announced this week, is reportedly called Integrated Multi-Tender Loyalty. With the new product, customers can sign up for a credit card that feeds into the program so retailers can devise reward programs. This means that shoppers can be monitored across any platform they may use, such as an app or Facebook, and their purchases can be integrated into their profile.
According to the New York Times, GE Capital already works with 175,000 retailers on branded credit cards and views loyalty programs as a high growth area.
McKesson unsuccessful in bid for Celesio
SAN FRANCISCO — McKesson on Monday announced that it was unsuccessful in reaching the 75% completion condition in its offer for the outstanding shares and convertible bonds of Celesio.
“While we are disappointed that we were not successful in completing our offers for Celesio, we have a track record of great performance, a strong balance sheet and demonstrated leadership and scale across our markets,” said John Hammergren, chairman and CEO, McKesson. “We are well positioned and will continue to explore and evaluate opportunities to further strengthen our businesses through our disciplined approach to capital allocation.”
In an effort to help close the deal last week, McKesson reached an agreement with Franz Haniel & Cie. GmbH, currently representing a 50.01% stake in Celesio, to sweeten the purchase price for its shareholding in Celesio to EUR 23.50 per share (US$32.07 per share).
Accordingly, the price McKesson was offering to all shareholders of Celesio by way of a voluntary public takeover offer increased to EUR 23.50 per share.
The operations of Celesio was to have been part of McKesson’s Distribution Solutions segment. The combined group was expected to have annual revenues in excess of $150 billion, approximately 81,500 employees worldwide and operations in more than 20 countries. McKesson and Celesio combined deliver to approximately 120,000 pharmacy and hospital locations on a daily basis in the United States, Canada, Europe and Brazil, including more than 11,000 pharmacies that are either owned or are part of a strategic banner or franchise network of community pharmacies.