Client News Release
Ho-Ho-Horrible: The Moment of Truth Comes for Retailers (at CNBC) and New Wal-Mart CEO's international experience key (AP)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/25/2008 - Department Stores industry news provided by Financial News USA (OTC: FNWU). NEW YORK (AP) -- With a solid retail background and experience wrangling costs in Wal-Mart's international division, analysts say Mike Duke has the chops to take on the top post at the world's largest retailer as it increasingly focuses on emerging markets. Duke, 58, has headed Wal-Mart Stores Inc.'s international division since 2005, making key moves including pulling out of some countries and expanding in others, such as Brazil and India. Before that, he held various senior logistics, distribution and administration posts since he joined the company in 1995.That makes Duke a "capable" executive who knows the company "inside and out," Goldman Sachs analyst Adrianne Shapira said.Duke became chief executive and president of the Wal-Mart Stores U.S. [Read the full article]
CHICAGO (Reuters) - J.C. Penney Co Inc (NYSE: JCP) said on Friday that Jeffrey Rein will not join its board of directors next month because he has left his post as chief executive of Walgreen Co (NYSE: WAG). On October 6, J.C. Penney said that Rein was set to join its board on December 9. Then, on October 10, Rein left his position at Walgreen after 26 years at the drugstore chain.J.C. Penney, the department store chain, said Rein told the company on November 17 that while he remains interested in corporate board service, he was withdrawing his acceptance of a position on the board "in light of the recent change in his employment status."J.C. Penney's board had 12 members when the retailer announced that Rein was going to join. A J.C. Penney representative could not immediately be reached to comment on whether the company would add someone else to the board.(Reporting by Jessica Wohl, editing by Leslie Gevirtz) [Read the full article]
NEW YORK--(BUSINESS WIRE)--Shopping at Macy's (NYSE: M) at Christmas is an experience steeped in tradition. The home of beloved holiday events across the country, Macy's will be celebrating the season with such favorites as Macy's Santaland, animated holiday windows, tree lightings, fireworks and parades. Every Christmas at Macy's just seems to get bigger and better. With distinctive, desired merchandise and festive store events, we are so pleased to play a part in continuing the traditions of the season for our customers and communities," said Terry J. Lundgren, chairman, president and CEO of Macy's, Inc. [Read the full article]
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