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Target shareholders re-elect four directors to the board

BY Michael Johnsen

WAUKESHA, Wis. A huge sigh of relief whispered through an unfinished Target store in Waukesha, Wis., home to the chain’s annual meeting and battleground between Target’s current board of directors and a proxy challenge from Pershing Square Capital Management led by William Ackman, as the majority of shareholders expressed confidence in Target’s current direction by re-electing four incumbent directors to the board, judging by preliminary counts.

“On behalf of Target’s board of directors and management team, we thank our shareholders for their overwhelming support throughout this process,” stated Gregg Steinhafel, Target’s chairman, president and CEO. “Today’s outcome demonstrates the confidence Target shareholders have in our board’s qualifications, diversity and experience to provide effective and independent oversight and direction to the company, contributing to the creation of one of the most recognized brands in the United States. We remain dedicated to serving the interests of all shareholders by sustaining Target’s competitive advantage, driving continued profitable growth and generating substantial shareholder value over time.”

Resuming their seats on Target’s board of directors: Mary Dillon, McDonald’s chief marketing officer; Richard Kovacevich, chairman Wells Fargo & Co.; George Tamke, a partner with Clayton, Dubilier & Rice, Inc.; and Solomon Trujillo CEO of Telstra Corp.

Shareholders also sided with the company in approving a measure that sets the board’s size at 12 members, according to published reports.

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Robert E. Rich Jr., Jeff Noddle honored with GMA Hall of Achievment Award

BY Drug Store News Team

WASHINGTON The Grocery Manufacturers Association announced Wednesday that Robert E. Rich Jr., chairman of Rich Products Corp., and Jeff Noddle, executive chairman of Supervalu, were chosen as beneficiaries of the GMA 2009 Hall of Achievement Award.

According to Pamela G. Bailey, president and CEO of GMA, “The Hall of Achievement Award is GMA’s most prestigious honor. It is given to those individuals who have demonstrated life-long commitment to, and achievement within, the food, beverage and consumer packaged goods industry.”

Rich was a long-time member of the GMA board of directors and served as chairman from 1999 to 2001. He is involved with several corporate boards and organizations. Noddle is executive chairman of Supervalu, the third largest grocery retail company and leading food distributor in the U.S.

“Both of these individuals have a strong legacy of leadership and success within our industry,” said Bailey.

The award will be presented on Aug. 30 at the GMA Executive Conference.

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Family Dollar names SVP global sourcing

BY Michael Johnsen

MATTHEWS, N.C. Family Dollar Stores on Tuesday named Kevin Boyanowski to the position of SVP global sourcing.

“Providing customers with quality products at good prices is a key component of our value proposition,” stated Robert George, EVP and chief merchandising officer. “In addition to offering an assortment of nationally recognized brands, we also develop and source goods from a variety of countries around the world. In support of these efforts, we have invested significantly to improve our global procurement capabilities to include enhanced quality control processes and stronger global relationships.”

Prior to joining Family Dollar, Boyanowski served as a partner and solution lead for IBM’s Global Business Services. Additional retail experience includes consulting work with KPMG, as well as various positions with Fisher Big Wheel Stores and Rose’s Stores. Boyanowski earned a Bachelor of Arts degree in political science from Wake Forest University.

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