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.”
PDIS panel to address supply chain collaboration
A moderated discussion featuring representatives from ProBuild, the nation’s largest pro dealer, and Standard Pacific, a residential builder with operations in seven states, will take place on Oct. 14 at the ProDealer Industry Summit in Orlando, Fla.
Michael Mahre, senior VP corporate development for ProBuild, and Scott Hearty, VP national purchasing operations for Standard Pacific, will participate in an informal talk led by Luis Solis of Symbius Corp. The focus of the session — how to improve communications between suppliers, subcontractors and purchasing agents at the local and regional level — will drill down to topics such as partnerships, the role of technology, measurements and dashboards, and pricing/incentive mechanisms. A question and answer session will follow the panel discussion.
Mahre, the former CEO and president at BMHC’s SelectBuild, now oversees strategy, business development and acquisitions for Denver-based ProBuild. Hearty is a 26-year veteran at Standard Pacific, which has operations in California, Nevada, Arizona, Colorado, Texas, North Carolina and Florida.
Solis, president and managing partner of Symbius Corp., is a supply chain consulting firm to the residential construction industry.
Jointly sponsored by the National Lumber and Building Material Dealers Association (NLBMDA) and Home Channel News, the ProDealer Industry Summit will kick off in Orlando, Fla., on Wednesday, Oct. 13, with a keynote speech by former Senate Majority Leader Trent Lott. The conference ends on Oct. 15. All events will be held at the Hyatt Regency Grand Cypress.
Retailer hit with record fine for sale of pesticides
A federal judge has ordered City of Commerce, Calif.-based 99? Only Stores to pay $409,490 in penalties for the sale of illegal unregistered and misbranded pesticides contained in household products. The fine is the largest contested penalty ever ordered by an Environmental Protection Agency (EPA) administrative law judge against a product retailer under the Federal Insecticide, Fungicide, and Rodenticide Act, according to the EPA.
The case against 99? Only Stores concerned the sale of three cleaning and pest control products. Out of a total of 166 violations, 164 involved the sale of a household cleaner called “Bref Limpieza y Disinfeccion Total con Densicloro” (Bref Complete Cleaning and Disinfection with Bleach), which was not registered with the EPA, despite pesticidal claims on the label. The product was imported from Mexico and made statements in Spanish that it disinfects or sanitizes surfaces.
The other two products involved were “Farmer’s Secret Berry & Produce Cleaner,” an unregistered pesticide, and “PiC BORIC ACID Roach Killer III,” which was misbranded because EPA-approved labels were upside-down or inside out, making them hard to read.
“All pesticide distributors — discounters and high-end retailers alike — must comply with the law. This company’s disregard for state and federal law in its business practices has led to a penalty that reflects the seriousness of the violations,” said Jared Blumenfeld, EPA’s regional administrator for the Pacific Southwest.
FIFRA is a federal law that regulates the sale, distribution and use of pesticides. Before selling a pesticide in the United States, companies must register it with the EPA. Each producer, seller and distributor must also ensure that the registered pesticide is labeled according to agency requirements.
“Consumers who bring cleaning products into their homes expect them to be safe and effective, with clear labeling that gives them the facts,” said Kathy Taylor, associate director of the communities and ecosystems division in the EPA’s regional office. “This penalty should send a deterrent message to retailers that they must comply with the law regulating pesticides.”
99? Only Stores illegally sold at least 658 bottles of the “Bref” product at stores in California, Arizona and Nevada. The violations were discovered during multiple inspections by the California Department of Pesticide Regulation and the Nevada Department of Agriculture from 2004 to 2008, according to the EPA.