Industry News: Home Center and Hardware Chains – April 2014
ABC Supply Co. promoted Todd Buehl to the position of CFO and Treasurer. Buehl, who joined ABC Supply as VP and CAO in 2012, succeeds Kendra Story, who is retiring as CFO and Treasurer after nearly 32 years with the company. Story has been the only CFO in the company’s existence.
Do it Best Corp. announced that Tim Miller has replaced John Snider as VP Retail Logistics. Snider’s retirement date set for June 30.
Do it Best Corp. promoted Rich Lynch to the position of VP Marketing. Lynch will replace Tim Miller, who as previously announced replaced John Snider as VP Retail Logistics.
Do it Best Corp. hired Eric Knox as Regional Sales and Business Development Manager. He will work to strengthen existing relationships between Do it Best Corp. and its member-owners through improvements in retail performance and dedicated personal service, as well as cultivating relationships with new members within his region.
Lowe’s has named Paul Ramsay Chief Information Officer following the departure of Kevin Summers earlier this month. In his new role, Ramsay will be responsible for the company’s IT operations and the development of Lowe’s technology platforms.
Mattress Firm Holding Corp., announced a series of personnel changes designed to support the organization’s high-growth and results-oriented business model. The personnel promotions are as follows:
- Ken Murphy has been appointed to the previously vacant role of COO overseeing sales and operations, marketing, merchandising, information technology, business development and supply chain.
- Succeeding Murphy as Senior VP of Sales and Operations is Sam Woods.
- Kindel Elam, previously VP and General Counsel, has been promoted to Exec VP and General Counsel.
PPG Industries has named Dave Cole VP Packagings Coatings and Anup Jain VP Specialty Coatings and Materials. Additionally, Rick Elias, previously Senior VP Optical and Specialty Materials, has retired.
Restoration Hardware Holdings, Inc. announced that Doug Diemoz has joined the Company as Chief Development Officer. In this newly created position, Mr. Diemoz will be responsible for developing and leading the Company’s future international growth and global expansion efforts. In addition, Mr. Diemoz will also be responsible for the development and management of emerging new businesses.
Mattress Firm Holding Corp. announced its financial results for the full fiscal year (52 weeks) ended January 28, 2014. Net sales for the full fiscal year increased 20.8% to over $1.2 billion and comparable-store sales grew 1.3%.
Mergers and Acquisitions:
Sherwin-Williams has terminated its bid for Comex Mexico, effective immediately. This, after a long, drawn-out series of events and after months of regulatory delays. Initially dated Sept. 16, 2013, the amended and restated stock purchase agreement was officially terminated by Sherwin-Williams after it sent a notice to the sellers on April 3. The agreement had stipulated that either party may terminate the deal in the event that the closing of the acquisition did not occur on or prior to March 31, 2014. Sherwin-Williams was turned down by Mexican regulators in its appeal over the purchase of paint company Consorcio Comex, which it had purchased in September but failed to secure the necessary regulatory approval from the Federal Competition Commission of Mexico.