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Target names Brian Cornell chairman and CEO

BY Mike Troy

MINNEAPOLIS — Retail and consumer products veteran Brian Cornell was named chairman and CEO at Target to fill 2-of-the-3 roles previously held by the company’s former top executive, Gregg Steinhafel.

Cornell will assume his new responsibilities at Target on August 12 after most recently serving as CEO of PepsiCo Americas Foods for two years. He brings a well-rounded background in retail and CPG to Target. Prior to PepsiCo, Cornell served as president and CEO of Walmart’s Sam’s Club division for roughly three years. He came to Sam’s Club after serving as CEO of Michaels Stores and also held the role of chief marketing officer at Safeway. Earlier in his career, Cornell held general management positions at PepsiCo, including president of Tropicana, president of PepsiCo beverages for Europe and Africa, and president of PepsiCo North America Foodservice.

In a brief statement announcing his appointment, Target said Cornell’s top priorities would be to accelerate the company’s performance and advance its omnichannel evolution.

“As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target’s transformation,” said Roxanne S. Austin, the interim non-executive chair of the Target board who led the search for Steinhafel’s replacement. Steinhafel, who also held the title of president, stepped down in early May and his responsibilities were filled on an interim basis by CFO John Mulligan.

“The board is confident that Brian’s diverse and broad experience in retail and consumer products as well as his passion for leading high performing teams will propel Target forward.”

Cornell said he was honored and humbled to join Target as the first CEO hired from outside the company.

“I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand,” Cornell said. “As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation.”

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McKesson’s Q1 up 37% to $44.1 billion

BY Michael Johnsen

SAN FRANCISCO — McKesson on Thursday reported revenues of $44.1 billion for the first quarter ended June 30, up 37%. 
 
“McKesson fiscal first quarter results represent a strong start to the year with solid execution across our business and particularly strong growth in our Distribution Solutions segment,” stated John Hammergren, chairman and CEO. “Based on the strength of our Distribution Solutions results in the first quarter and our confidence in the full year, we are raising our previous outlook and now expect adjusted earnings per diluted share from continuing operations of $10.50 to $10.90 for the fiscal year ending March 31, 2015.”
 
First-quarter adjusted earnings per diluted share from continuing operations was $2.49, up 18% compared to $2.11 a year ago.
 
Distribution Solutions revenues were $43.3 billion, up 38% for the quarter on a constant currency basis, mainly driven by the contribution from the acquisition of Celesio and market growth.
 
Specifically, North America pharmaceutical distribution and services revenues of $34.3 billion, which include results from U.S. Pharmaceutical, McKesson Canada and McKesson Specialty Health, were up 15% for the quarter on a constant currency basis, primarily reflecting market growth.
 
International pharmaceutical distribution and services revenues were $7.6 billion, an increase of 3% on the underlying results of Celesio, as reported, on a constant currency basis.
 
Medical-Surgical distribution and services revenues of $1.4 billion were up 2% for the quarter, driven by market growth.
 
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Medipro named Best New Product at ECRM Health Care

BY Ryan Chavis

ORLANDO, Fla. — ECRM announced winners of the ECRM Health Care Vendor awards. Recipients included:

  • Best New Product: Me4Kidz for Medipro First Aid Pods;
  • Most Prepared: Schwabe North America – Enzymatic Therapy & Nature’s Way; and
  • Best Room: Medline Industries

The Medipro first aid pod is the first of its kind in the healthcare category, according to the company. It features a slim design and customizable pods — big enough for basic first aid necessities and sizes down on the go. Medipro takes up limited shelf space and has a manufacturer's suggested retail price of $9.99.

ECRM Health Care took place July 27 through July 30 in Orlando, Fla.

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