Industry News: Home Center and Hardware Chains
Do it Best Corp. announced that Mike Post has been promoted to the position of merchandise manager in the home decor category.
Home Depot’s former executive Michael Esposito has joined HoneyBaked as its new VP, Human Resources, a newly created position. Esposito previously served as Director of Associate Relations for the Home Depot’s Northern Division.
Lowe’s has announced the appointment of Marise Kumar as Senior VP Strategy and Modeling. In this newly created role, Kumar is responsible for identifying opportunities that will positively impact the customer experience. She will work closely with leaders in the Customer Experience unit and across the organization to ensure these opportunities are practical, financially valid and create a compelling experience for customers across all channels. Kumar joins Lowe’s, having served most recently as Chief Customer Experience Officer and Chief Marketing Officer for Best Buy.
RONA announced that President and CEO Robert Dutton is stepping down after 20 years with the company.. No reason was given for Dutton’s departure. Dominique Boies, Exec VP and CFO, has been appointed as acting CEO until a replacement can be found. The RONA board of directors has hired Korn/Ferry International to find a successor to Dutton.
Beacon Roofing Supply announced fiscal year-end total sales increased 12.5% to $2.04 billion in 2012 from $1.82 billion in 2011.
Mergers and Acquisitions:
Sherwin-Williams Co. agreed to acquire Consorcio Comex, S.A. de C.V., a leader in the paint and coatings market including retailing in Mexico as well as in the US, with headquarters in Mexico City. Completion of the acquisition is dependent on stockholder approval and government oversight by federal authorities of both the US and Mexico.
City Mill Company the 113-year old Hawaii-based home improvement retailer announced the opening of another City Mill store to be located in Ewa Beach. The Ewa Beach store brings the chain’s store count to nine.
Finco Inc’s. Finger Furniture closed a Houston, TX location. The 200,000-square-foot store was Finger Furniture’s massive Gulf Freeway store.
Orchard Supply Hardware Stores will open its first two Oregon stores in Portland and Tigard. Construction began recently and the build-out is expected to be completed during the first half of 2013.
Rocky’s Ace Hardware opened a new store in Fairhaven, MA.