Walmart names Greg Penner vice chairman
BENTONVILLE, Ark. — Wal-Mart Stores chairman Rob Walton announced the appointment of Greg Penner as vice chairman at the company’s shareholders’ meeting Friday morning, a move that positions Penner, Walton ‘s son-in-law, as his successor.
“One of the board’s most important responsibilities is long-term succession planning, and the company spends considerable time planning for stability and continuity, both at the board and management level,” said Walton, who will remain chairman of the board of directors. “In keeping with this commitment, I’m pleased with Greg’s appointment. Walmart has benefited from his broad expertise in strategic planning, finance and investment matters. I’m excited about Greg working closely with me, the Board and the management team in guiding Walmart into the future.”
Penner has served on Walmart’s board since 2008. He is chair of the Technology and eCommerce Committee and also serves on the Global Compensation and Strategic Planning and Finance Committees.
“I am committed to the long-term success of Walmart,” said Penner. “My first Walmart experience was in 1994 and over the years I’ve developed a deep appreciation for our associates and their service to our customers. I look forward to contributing to a stronger Walmart in any way possible including how we develop new digital capabilities to add to our store offering. This is an exciting time to be part of Walmart.”
Penner has been a general partner of investment management firm Madrone Capital Partners since 2005. From 2002 to 2005, he served as Walmart’s SVP and CFO, Japan. Prior to that role, he was SVP of finance and strategy for Walmart.com. Before joining Walmart, Penner was a general partner at Peninsula Capital, an early stage venture capital fund, and a financial analyst for Goldman Sachs & Co.
FIT’s beauty think-tank research predicts dramatic shifts in beauty landscape
NEW YORK — In partnership with Unilever, graduating students in the Fashion Institute of Technology’s Cosmetics and Fragrance Marketing and Management Master of Professional Studies program revealed insights into future beauty consumers and the methodologies that beauty companies should adopt to remain competitive.
The Capstone Research Presentation for the 2014 Unilever-sponsored FIT’s Cosmetics and Fragrance Marketing and Management Master’s Program was held Wednesday evening in New York City at FIT in the Haft Auditorium.
"At Unilever we deliver world class innovation based on rich insights that create meaningful connections with our consumers, and we know that what’s relevant today may not be tomorrow as demographics continue to evolve," stated David Rubin, marketing VP Unilever Hair U.S. "The dynamic and intelligent graduate students of FIT’s Cosmetics and Fragrance Marketing and Management Master’s Program have come together to take on imminent challenges of the business, such as ‘The Changing Face of the Beauty Consumer.’ We at Unilever are honored to partner with FIT to help foster the growth of these prospective industry leaders."
Each year the graduating class presents forward-thinking capstone research along with industry predictions and proposals for beauty companies. This year’s CFMM capstone research focused on the evolution of the beauty landscape, exploring "The Changing Face of the Beauty Consumer" across three key areas — accessible beauty, the new beauty consumer and men’s beauty and grooming.
Accessible beauty: introduces a new name for a growing consumer group: progressive rationalists. This group regularly trades up and down, necessitating a different approach for reaching them. Key findings include:
- By 2030, there will be a 50% decline in global poverty, leading to strong middle class consumerism.
- Asia will surpass the United States and Europe in GOP, population, military spending, and technology investment; and
- Global migration will increase due to an aging population in developed countries.
- The industry should adopt a new model called Progressive Consumption Equation: [function + higher order need] + performance = purchase; and
- Brands must focus on three higher order needs: convenience — brands need to be hyper accessible by empowering local consumers to become points of distribution, utilizing the franchise method of "buying in"; clarity — brands need to leverage radical transparency, from philanthropy to profits to resources; and cash — brands must help consumers save money by developing the next generation of private-label products everywhere consumers shop, without risking brand image.
Engaging the new beauty consumer presents a new strategy that leverages total consumer identity. This new strategy moves beyond the traditional segmentation model of race, sex, age and geography. Key findings include:
- By 2030, race will transform into cultural values. The United States will no longer be a melting pot, but a mosaic of mixed ethnicity creating individual ethnicities;
- The range of gender identities will significantly broaden. Even today, Facebook offers 56 options for gender;
- Age will evolve into cross-generational passions. By 2050, people aged 65 and over will outnumber the young, and age will no longer define product need; and
- Geographic borders will no longer limit the definition of community. Instead, connections, intertwined with community, will define geography.
Recommendations: Brands must implement four key strategic initiatives:
- Exchange: Establish a cultural exchange between brand values and consumer values;
- Individual reality: Connect with consumers’ key personal moments throughout the year, not only on national holidays;
- Connectivity: Become part of a consumer’s unique community by leveraging technology and data to deliver a real and personalized experience; and
- Organizational Framework: Ensure that all marketing and sales teams have access to and responsibility for consumer insights.
Men’s Beauty and Grooming explores the increasing complexity that modern men encounter in today’s society. The research focuses on the changing economic and social attitudes toward masculinity that are impacting male grooming habits. The industry is at a tipping point where external drivers are altering men’s wants, needs and aspirations. Key findings include:
- Changing roles: 3-out-of-4 men agree that men and women no longer need to conform to traditional roles and behaviors;
- Changing views: 76% of men agree that males are under more pressure than past generations to present a polished image;
- Changing faces: Population growth for the older male segment, combined with millennial men being more accepting of women’s grooming products and routines, will positively impact product adoption and usage.
- If brands are able to increase men’s yearly product purchases from five to seven items, at an average of $10 each, the U.S. market could reach $10 billion by 2030, 30% higher than currently projected.
Recommendations: A four-gear approach is critical to men’s grooming, each one representing a network of interdependent action:
- Ignite: Identify authentic needs and genuine consequences by introducing credible, simple solutions;
- Steer: Leverage key influencers and focus on ease, accessibility and trust;
- Fuel: Utilize imagery and communications reflective of the dynamic state of masculinity; and
- Accelerate: Focus on one hero product at a time, building momentum, sophistication, trust and loyalty over time.
"Working with a world class consumer packaged goods company like Unilever as a partner, the faculty and class of 2014 were excited to explore the consumer of 2030, and how evolving cultural values, universalization, changing notions of life stage and gender, and the rapidly changing socio-economic landscape globally will impact on how brands innovate and communicate to connect with their consumers" stated professor Stephan Kanlian, chair of FIT’s graduate program. "We are truly at a tipping point, with the convergence of social conscience in the developed markets and the rising global middle class in the developing world, and these forces are sure to effect widespread changes in the consumer landscape of 2030."
Click here to access the full research white papers for "The Changing Face of the Beauty Consumer," along with white papers for past presentations
Dr. Smith’s Diaper Rash Ointment named a 2014 NPP Awards Gold winner
SAN ANTONIO — Dr. Smith’s Diaper Rash Ointment has been named a 2014 National Parenting Publications Awards Gold winner in the Health & Home category, Mission Pharmacal reported Wednesday.
"With so many products on the market, it’s sometimes hard for moms and dads to find time to separate the truly great from the rest of the pack," stated Julie Kertes, NAPPA general manager. "Our testers save them that legwork by carefully evaluating hundreds of products and awarding only the best of the best."
"We are honored that Dr. Smith’s Diaper Rash Ointment has been recognized as a Gold winner by the National Parenting Publication Awards," stated Neill Walsdorf, Jr., president of Mission Pharmacal, the maker of Dr. Smith’s. "We make this product so that moms and dads can spend less time worrying about diaper rash and more time with their happy babies."