AlixPartners awarded for implementation of Solo Cup Co. industrial turnaround
HIGHLAND PARK, Ill. The M&A Advisor recently granted its “Industrial Turnaround of the Year” award to the Solo Cup Co., which utilized the company’s Performance Improvement Program to improve gross margins, operating income and overall profitability through increased efficiency and cost reduction, Solo reported.
Solo, working with Alix Partners, reduced its total debt by more than $360 million as of the end of the third quarter 2007. “We made a tremendous investment in making the business profitable during 2007. Our employees took on the challenge and, working with AlixPartners, they built the internal capability to continue this approach to improvement on an ongoing basis,” said Robert Korzenski, president and chief executive officer of the Solo Cup Co. “We are gratified to receive this recognition and we congratulate our partners at AlixPartners on their achievements.”
The M&A Advisor, a leading information and publishing company serving the investment banking, private equity and professional services industry, presented the awards at its annual conference, held on Feb. 24th and 25th in Palm Beach, Fla.
“AlixPartners is honored to have played a key role in the turnaround of Solo Cup Co.,” said David Garfield, managing director of AlixPartners. “Bob Korzenski and his team made it possible for us to help the company truly change its outcome.”
Rite Aid promotes Robert Thompson to Northeast svp
CAMP HILL, Pa. Rite Aid on Thursday announced that Robert Thompson, formerly Rite Aid vice president, pharmacy business development, has been promoted to senior vice president of the Northeast division where he will supervise operations of more than 1,000 stores.
“We are fortunate to have Robert in this new position because he brings a breadth of experience to the job with his background in pharmacy, store operations and new business development,” Brian Fiala, Rite Aid executive vice president of store operations, stated. “His recent experience integrating our newly acquired stores will be particularly valuable since so many of them are located in the Northeast.”
Thompson, 54, joined Rite Aid in 2004 and has been integrally involved in planning and implementing Rite Aid’s integration of the recently purchased Brooks and Eckerd drugstore chains.
Thompson will report to Fiala.
Thompson started his chain drug career in 1978 as a practicing pharmacist with Revco, a former drug store chain operating 2,600 stores. He climbed the ranks to store manager, district manager, director of store operations and regional director of pharmacy operations. In 1995, he was named vice president, pharmacy operations for Revco.
Kroger ratifies contract with Memphis union
MEMPHIS, Tenn. Kroger announced today that it has ratified a new contract with the members of UFCW Local 1529 in Memphis. The union represents more than 7,500 associates who work in 72 Kroger stores in Memphis and parts of Arkansas, Kentucky, Mississippi and Tennessee.
“We appreciate that our associates stayed focus on serving our customers during this process. This agreement provides wage increases and affordable quality health care benefits for our employees and their families and keeps Kroger competitive in the marketplace,” said Mark Prestidge, president of Kroger’s Delta division.
The four-year contract goes into effect immediately.