Family Dollar announces shareholder rights plan
MATTHEWS, N.C. — Family Dollar has adopted a one-year shareholder rights plan to prevent investors from gaining sizable control of the company. The move follows the disclosure on Friday that activist investor Carl Icahn has amassed a 9.39% stake in the retailer over the past two months, making him its largest shareholder.
In the filing on Friday, Icahn said he plans to push Family Dollar management to explore strategic changes, and that he might also seek board seats.
All of the company’s directors voted in favor of the adoption of the rights plan, other than Edward Garden who voted against it.
The plan, which has a 10% trigger, is not designed to prevent an offer to acquire the retailer, but to allow its board "adequate time to consider any and all alternatives," the company stated on Monday.
“We are committed to driving value for all Family Dollar shareholders and will continue to take actions to achieve this important objective,” the company said. lcahn told Reuters on Monday that the poison pill is a ‘quintessential example’ of attorneys ‘simply earning fees.’ He added that the poison pill ‘puts a damper’ on prospects for a ‘friendly dialogue’ with Family Dollar executives.
McKesson Canada names new president
SAINT-LAURENT, Quebec – McKesson Canada on Monday announced the appointment of its new president, Alain Champagne. Champagne was previously McKesson Canada's SVP pharmaceutical distribution and operations since joining the company in 2010. In this capacity, he was responsible for all sales and marketing activities of distribution solutions and services. Under his leadership, McKesson Canada has made significant strides in pushing forward the automation of its distribution network while increasing productivity, McKesson Canada reported.
"Alain brings a deep knowledge of McKesson Canada's business and customers to his new role and will focus on continuing to bring value and growth opportunities to all the company's partners," stated Paul Julian, McKesson EVP and group president.
Champagne assumes the position from Nick Loporcaro, who has been appointed as president for McKesson Specialty Health, one of McKesson Corporation's key growing businesses.
In addition, Paula Keays, McKesson Canada's current CFO will become SVP pharmaceutical distribution and operations, succeeding Champagne. Since joining McKesson Canada in 2000, Keays has been in charge of McKesson Canada's overall financial plans and policies, along with overseeing all Six Sigma operations.
Target names SVP, chief information security officer
MINNEAPOLIS — Target has hired former General Motors executive Brad Maiorino to serve as SVP, chief information security officer, effective June 16.
Maiorino will be responsible for Target’s information security and technology risk strategy, helping to ensure that the company, its guests and team members are protected from internal and external information security threats. He will report to Bob DeRodes, EVP and CIO.
Maiorino comes to Target from General Motors where he was the company’s chief information security and information technology risk officer. There he was responsible for leading the transformation of the company’s global information security and IT risk organization. Prior to General Motors, he was the chief information security officer at General Electric.
“Having led this critical function at two of the country’s largest companies, Brad is widely recognized as one of the nation’s top leaders in the complex, evolving areas of information security and risk,” DeRodes stated. “As an organization, we have made a commitment to our guests and our team that Target will be a retail leader in information security and protection. We believe Brad is the right person to lead that charge.”
In the months following the 2013 data breach at Target, the company detailed steps that it took to enhance its information security systems and processes while transforming its security and compliance structure and practices. Examples of this included enhancing monitoring, segmentation, logging, and security of accounts and installation of application whitelisting on point-of-sale systems.
"I am looking forward to joining the Target team and helping them continue the progress they have made to be a retail leader in information security and protection,” Maiorino said. “I am confident that the combination of a strong team and the leadership commitment will enable us to achieve that objective.”