Bi-Lo, Winn-Dixie announce completion of merger
JACKSONVILLE, Fla. — Bi-Lo has announced that it has successfully completed its merger with Winn-Dixie Stores. The two banners now will be subsidiaries of privately held parent company Bi-Lo Holding. Bi-Lo and Winn-Dixie will continue to operate under the same banners, and the company does not expect any store closures as a result of the merger.
All Winn-Dixie stockholders will be eligible to receive $9.50 per share in cash for each share of common stock held, for a total purchase price of $560 million.
“With the merger of Bi-Lo and Winn-Dixie now complete, we can begin delivering on this exciting combination for the benefit of our customers, team members and communities,” said Randall Onstead, CEO and president of Bi-Lo Holding. “Together, we are a stronger company that will be focused on meeting and exceeding our customers’ expectations by offering even greater value with the service and shopping experience that they have come to expect.”
The company eventually will be headquartered in Jacksonville, which is centrally located within its eight-state operating area.
On Dec. 19, 2011, Bi-Lo and Winn-Dixie announced that the companies had entered into a definitive agreement under which Bi-Lo would acquire all of the outstanding shares of Winn-Dixie stock at a price of $9.50 per share. As a result of the completion of the merger, Winn-Dixie’s common stock has been delisted from NASDAQ.
Former Sam’s CEO Cornell lands at PepsiCo
PURCHASE, N.Y. — Less than two months after resigning as president and CEO of Sam’s Club, Brian Cornell has landed at Purchase, N.Y.-based PepsiCo where he will serve as CEO of the company’s North American food division reporting to chairman and CEO Indra Nooyi.
Cornell will be responsible for Frito-Lay North America, Quaker Foods & Snacks North America, PepsiCo Mexico, South America Foods, PepsiCo customer teams and all of PepsiCo’s Power of One activities within the Americas.
Cornell fills a position vacated by John Compton who was named to a new position as president of PepsiCo as part of a move to become a more fully integrated, global food and beverage company.
“John and Brian are superb executives and will both contribute enormously in their new roles to ensure that we compete effectively and efficiently in the global marketplace,” Nooyi said.
“I could not be happier about my decision to return to PepsiCo and to join Indra’s management team,” Cornell said. “The passion PepsiCo’s people have for the brands and the company is truly special. I look forward to leveraging my retail operating experience to meet the future needs of PepsiCo’s consumers, customers and shareholders. I’m also pleased to be coming back to Purchase, my family and friends in the northeast and a portfolio of brands that have been an important part of my career.”
Cornell expressed a desire to return to the northeast when his departure from Sam’s Club was announced on Jan. 20. At the time, he indicated that it was time to put his family first after 30 years of asking them to follow him all around the globe.
“My wife and I want to put down roots in the northeast and live in the same ZIP code as our children – not just occasionally seeing them in hotels and restaurants,” Cornell said in the press release announcing his departure from Sam’s.
Cornell has more than 30 years of experience in consumer products marketing and general management. Prior to Sam’s Club, he was president and CEO of Michaels Stores and before that he was EVP and chief marketing officer with Safeway. Earlier in his career, Cornell held general management positions at PepsiCo, including president of Tropicana, president of PepsiCo beverages for Europe and Africa, and president of PepsiCo North America Foodservice.
Fancy Feast to give away free samples of new entrée on Facebook
Fancy Feast is giving some lucky cats the first taste of its new Yellowfin Tuna & Shrimp Recipe with Wild Rice in Gravy months before it hits the shelf.
The cat food brand is giving away 17,500 free samples, while supplies last, of the new entrée — inspired by Joan Spector’s winning entry in the 2011 Fancy Feast TasteMakers contest — starting March 13 at noon on Fancy Feast’s Facebook page, Facebook.com/FancyFeast.
Consumers and guest judge Carla Hall — co-host of ABC’s “The Chew” and a finalist on Bravo’s “Top Chef” — selected Spector’s entry, titled “Purrrfect Sushi” as the winner of the contest and awarded her with $10,000 and a one-year supply of Fancy Feast Elegant Medleys cat food.
“My cats — Ginger and Wasabi — go crazy for tuna and shrimp, so I used that as inspiration to create the perfect recipe,” Spector said.
The new entrée will be available in stores nationwide beginning in June.