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Walgreens taps outsider to head finance, boosting Rudolphsen to risk management

BY Jim Frederick

DEERFIELD, Ill. Walgreens announced this afternoon it has named Wade Miquelon senior vice president and chief financial officer, effective June 16. He will replace William M. Rudolphsen, who has been named to the new role of senior vice president and chief risk officer.

Miquelon, 43, will report to chairman and chief executive officer Jeff Rein. One of the relatively few high-level Walgreens executives hired from outside the company instead of coming up through the ranks, the new chief financial officer comes from Springdale, Ark.-based Tyson Foods, Inc., the world’s largest processor and marketer of chicken, beef and pork, where he was an executive vice president and chief financial officer since 2006.

Prior to that, Miquelon spent 16 years with The Proctor & Gamble Company, the world’s largest consumer goods product company. At P&G, Miquelon was assigned to the company’s headquarters in Cincinnati and offices in Bangkok, Singapore and finally Geneva, Switzerland, where he was general manager and head of finance for Western Europe operations.

“Wade brings an excellent combination of financial knowledge, strategic thinking and operational experience, including mergers and acquisitions, that will serve us well,” said Rein. “He also has a strong background in consumer products and marketing, and is a solid leader with top communication skills. I’ve enjoyed getting to know Wade and believe he’ll be a good fit for us in this key role.”

As chief financial officer, Miquelon will oversee accounting, tax and treasury functions, including investor relations.

Rudolphsen, 53, becomes Walgreens’ first chief risk officer and will continue reporting to Rein. He will oversee the audit, loss prevention, compliance and enterprise risk management functions.

“Bill’s 31 years with Walgreens give him the deep knowledge of our company’s operations and financial sophistication needed for this position,” said Rein. “The CRO position is fast becoming a best practice among large companies.

“Given our size, complexity and the highly regulated industry in which we operate, separating the financial and audit functions and increasing our focus on risk identification and mitigation is a prudent move,” Rein added. “We’re glad to have a person of Bill’s caliber and integrity in such a role.”

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Gift cards and cash top graduate gift survey

BY Doug Desjardins

WASHINGTON The National Retail Federation says that gift cards and cash are going to remain the most popular gifts for graduates this June.

According to the 2008 Graduation Consumer Intentions and Actions Survey, cash is the most popular gift item again this year with 56.8 percent of respondents saying that will be their gift of choice. Gift cards are next with 35.6 percent of respondents intending to take that route followed by electronics (11.6 percent) and apparel (10.8 percent).

Total spending on graduation gifts is expected to reach $4.4 billion next month with nearly one-third of Americans planning to buy at least one gift and spend an average of $52.12 on each present.

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CVS promotes special Mother’s Day offerings

BY Antoinette Alexander

WOONSOCKET, R.I. CVS is gearing up for Mother’s Day on May 11 by promoting its gift offerings and convenient locations.

“With gas prices and other economic concerns on people’s minds, shoppers can save time and money this Mother’s Day by choosing from an assortment of department store-quality gifts available at any CVS/pharmacy location,” stated Larry Merlo, president of CVS/pharmacy. “Half of the U.S. population lives within two miles of a CVS/pharmacy, providing customers a convenient shopping destination with a broad range of offerings.”

Some beauty gift ideas include products from the 24.7, Skin Effects and Lumene beauty lines, Life Fitness massagers for at-home spa retreats and fragrances.

The retailer also is promoting its photo department by suggesting a CVS/pharmacy Photo Book or photo collage. Or for the mom who has everything, the retailer suggests consumers consider one of its 220-plus gift cards to such retailers as Starbucks, Spa Finder and Pier 1 Imports.

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