David Cheesewright named Walmart International chief
Currently president and CEO of Walmart’s Europe, Middle East and Africa (EMEA) and Canada region, David Cheesewright has been promoted to president and CEO of Walmart International, the company’s second-largest operating segment.
Cheesewright will report to Doug McMillon, who was tapped to succeed Mike Duke as the company’s president and CEO. Both assume their new roles Feb. 1, 2014. Cheesewright’s successor will be named at a later date.
"David will lead the division at an exciting time," said McMillon. "We have strengthened our business and gained market share in the majority of our international markets, and he had a key role in that success. He brings a wealth of experience and a proven track record of innovation and governance. With his deep knowledge of the company, our customers, and our purpose, he is the ideal person to steer our next chapter of continued, long-term growth. David’s passion for sustainability will drive change that will help improve our world."
"I’m honored to be named to lead our international business at a time when our customers around the world need us more than ever," said Cheesewright. "A tremendous opportunity lies ahead for our company. Our success is dependent on our associates, and I’m committed to investing in them. Together, we will find innovative and sustainable ways to serve our customers and provide them with the quality, affordable products they expect from us. Through strong capital discipline, we will continue to invest in new stores and e-commerce growth, as well as productivity improvements that drive profitable growth and returns."
Cheesewright’s career spans more than 25 years across the international retail and manufacturing sectors. His Walmart career began in 1999 at Asda, the company’s U.K. operation, where he held leadership positions in operations, merchandising, logistics, strategy and format development. He was the COO for both Walmart Canada and Asda before being named CEO of Walmart Canada. While there, Cheesewright is credited with leading the growth of the company’s Canadian operations, including bringing Walmart’s highly successful supercenter format to the Canadian market and expanding the company’s e-commerce capabilities.
In 2011, he was named to his current position as president and CEO of Walmart’s EMEA and Canada region, where he oversaw the integration of the Massmart acquisition in Sub-Saharan Africa and more aggressive growth in the U.K. through the Netto stores acquisition. He helped develop and expand Asda’s online grocery delivery program and serves on the board of Walmart’s China e-commerce business, Yihaodian. Before his career with Walmart, Cheesewright held leadership positions in the United Kingdom with Mars Confectionery. He holds a first-class honors joint degree in sports science and mathematics from Loughborough University, England.
Walmart’s International division generates nearly 30% of the company’s revenue, serving more than 109 million customers every week in more than 6,200 retail units under 64 banners in 26 countries outside the U.S. In the third quarter 2013, Walmart International grew net sales to $33.1 billion. On a constant currency basis, net sales increased 4.1% to $34.4 billion.
CVS Caremark, Cardinal Health form largest generic sourcing entity in U.S.
DUBLIN, Ohio and WOONSOCKET, R.I. — CVS Caremark and Cardinal Health announced on Tuesday the signing of an agreement to form the largest generic sourcing entity in the United States.
Both companies are contributing their sourcing and supply chain expertise to this 50/50 joint venture and are committing to source generic drugs through it. The companies separately announced a three-year extension through June 2019 of Cardinal Health’s existing pharmaceutical distribution agreements with CVS Caremark.
"Cardinal Health has been an outstanding strategic partner over many years, and we are excited to form this new venture with them," stated Larry Merlo, president and CEO of CVS Caremark. "This partnership will enable us to maintain our leadership role in navigating the dynamic U.S. generics market. With its combined volume and capabilities, the joint venture will develop innovative purchasing strategies with generic manufacturers and enhance supply chain efficiencies."
The U.S.-based joint venture, which is subject to customary closing conditions, is expected to be operational as soon as July 1, 2014, and will have an initial term of 10 years. Under the arrangement, the joint venture will source and negotiate generic supply contracts for both Cardinal Health and CVS Caremark. In order to reflect an equitable 50/50 joint venture, the agreement includes a quarterly payment of $25 million over the life of the agreement from Cardinal Health to CVS Caremark, the companies stated. The payments have an estimated after-tax present value of $435 million.
Last year, CVS Caremark filled more than a billion prescriptions through its retail and mail order pharmacies. Cardinal Health provides pharmaceuticals and medical products to more than 100,000 provider and pharmacy locations each day.
"We are excited to see our long-standing relationship with CVS Caremark expand to include this joint venture, which further enables both companies to focus on improving the cost-effectiveness of health care," said George Barrett, chairman and CEO of Cardinal Health. "This venture is an extremely compelling combination where volume and efficiency matter. All customers will benefit from the enhanced volume and sourcing capabilities created by this partnership."
Shopko Hometown Foundation to donate up to $2,000 per store to school districts
NEW YORK — A philanthropic arm of mass merchandiser Shopko is planning to donate up to $360,000 to school districts across the country.
The Shopko Hometown Foundation, part of the Shopko Hometown division, which runs 181 small-format stores across the country, said it would donate $1 for each signature it receives from customers, for up to $2,000 per store.
The campaign, called Help Us Give Back, lasts through Dec. 24. Customers can sign their names once per day, every day through the campaign.