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VOL. 124 | NO. 48 | Wednesday, March 11, 2009

Wal-Mart's Sam's Club Names New CEO

By ANNE D'INNOCENZIO | AP Retail Writer

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NEW YORK (AP) - Wal-Mart Stores Inc. announced Monday that Brian C. Cornell, most recently chief executive at arts and crafts chain Michaels Stores Inc., will be the new president and CEO of its Sam's Club warehouse division.

Cornell, 50, is succeeding Doug McMillon, who became president and CEO of Wal-Mart International on Feb. 1.

At Irving, Tex.-based Michaels, Cornell will be replaced in early to mid-April by John Menzer, who retired as vice chairman of Wal-Mart, the world's largest retailer, in January 2008.

Sam's Club operates more than 600 stores in the U.S. and the company plans to add 15 to 20 clubs during the current fiscal year. The division ended its fiscal year with $46.8 billion in sales, a 5.6 percent increase in revenue over the year-ago period.

"If you look at the performance of the three biggest warehouse clubs over the past year, it's clear that the club business is among the fastest-growing retail segments," said Wal-Mart President and CEO Mike Duke, who succeeded Lee Scott as chief executive in February. "There has never been a time of greater opportunity for Sam's Club and its continued growth is an integral part of our company's overall business plan."

He said Cornell's "unique talent and experience" will help build on the momentum at Sam's Club.

Cornell has more than 20 years of retail experience, He was CEO of Michaels since June 2007 and before that, was executive vice president and chief marketing officer for Safeway. There he was responsible for the company's marketing, merchandising and distribution operations as well as its online home delivery business.

Cornell was also president of Pepsi-Cola North America's Food Services Division and president of Tropicana International.

As for Menzer, he joined Wal-Mart in 1995 as chief financial officer and became international division chief in 1999. He was promoted to vice chairman at Wal-Mart in 2005. Before joining Wal-Mart, Menzer served as president of Ben Franklin Retail Stores, an arts and crafts wholesaler and retailer.

Michaels Stores is controlled by private equity firms Bain Capital and The Blackstone Group.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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PROPERTY SALES 78 78 13,921
MORTGAGES 93 93 16,098
FORECLOSURE NOTICES 5 5 2,207
BUILDING PERMITS 242 242 28,995
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BUSINESS LICENSES 29 29 4,730
UTILITY CONNECTIONS 37 37 5,570
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