True Temper sale completed
“Our five-year plan for Ames True Temper Inc. was to expand the business, increase market share in the U.S., create international exposure and broaden product lines for distribution through our pipeline. We have done that and are pleased with the results. We wish the company continued success as part of the Griffon family,” said Castle Harlan co-president William Pruellage.
RILA applauds passage of organized retail theft bill
The Retail Industry Leaders Association (RILA) applauded the Sept. 29 passage in the U.S. House of Representatives of legislation that will create a unit inside the Department of Justice to investigate and prosecute organized retail crime (ORC) and assist state and local law enforcement and prosecuting agencies.
“Through passage of this legislation a critical first step has been taken toward combating organized retail crime, and we commend Congress for their leadership and bipartisan support,” said John Emling, senior VP government affairs, RILA.
The Organized Retail Theft Investigation and Prosecution Act of 2010 was introduced by House Judiciary, Subcommittee on Crime, Terrorism and Homeland Security Chairman Bobby Scott (D-Va.) and co-sponsored by Judiciary Chairman John Conyers (D-Mich.), Ranking Member Lamar Smith (R-Texas) and Congressman Bob Goodlatte (R-Va.).
This bipartisan legislation directs the U.S. Attorney General to establish an Organized Retail Theft and Investigation Unit tasked with investigating and prosecuting ORC, assisting state and local law enforcement’s pursuit of organized retail thieves, and working with victims of the growing criminal activity.
Walmart names new CFO
Bentonville, Ark.-based Walmart announced its board of directors has elected Charles Holley, 54, as chief financial officer, effective Nov. 30.
Holley, currently EVP finance and treasure, will succeed Tom Schoewe who agreed to stay on until Jan. 31 to help with the transition, the company said.
“Charles has great experience both inside Walmart and externally,” said CEO Mike Duke. “He is a talented strategist who also thoroughly understands the details of our business and the financial markets. As treasurer, he has helped drive the strategy behind the company’s strong financial position and has made every organization he has led stronger.
“Charles has also played a strong role in pioneering the company’s international expansion. He is respected within the company as well as by the investment community, and has been a key part of our strategic discussions for a number of years.”
Holley joined Walmart in 1994. Previous to that, he worked for Tandy Corporation (now Radio Shack) as managing director for its European Memorex division and served as director of finance for its international operations. He also spent more than 10 years with Ernst & Young.
Schoewe, 57, joined Walmart in 2000, and was previously with Black & Decker for 14 years, most recently as CFO.
“Tom has been a key member of Walmart’s strategic team for the past decade and has overseen our financial functions during a period of tremendous growth and international expansion,” said Duke. “During that time he played a leading role in strengthening our balance sheet and our financial controls, and in establishing the financial priorities of growth, leverage and returns that guide our business.
“One of Tom’s greatest strengths is his focus on talent development, and he has built a strong and deep team across all our operations,” said Duke. “Under his leadership, the company has continued to increase its returns to shareholders, and through the first half of this fiscal year gave back $9.4 billion through dividends and share repurchase.”