Questrom Up For Wal-Mart Board Post
Last updated Saturday, May 26, 2007 2:55 PM CDT in News
By Anita French
The Morning News
Only one new name is up this year for election to the Wal-Mart Board of Directors, but it's created a buzz.
Allen I. Questrom, 67, the former chairman and CEO of J.C. Penney Co. who is credited with turning that company back into a money-making venture, has been nominated to the Wal-Mart board.
Questrom joined J.C. Penney in 2000, when the company's future was uncertain, and helped lead it out of a slump that threatened its survival, according to Women's Wear Daily.
"He's a first-class retailer," said George Whalin, president of a retail consulting firm in California. "I think he brings a pure retail perspective to the (Wal-Mart) board. He's a very talented, bright guy and knows the business."
Fund manager Patricia Edwards, of Wentworth, Hauser and Violich in Seattle, agreed.
"I think it's a bit of a coup on Wal-Mart's part. He has an excellent reputation," she said.
Questrom also served as chairman and CEO of Barney's New York Inc., a fashion retailer, and is previous chairman and CEO of The Neiman Marcus Group and Federated Department Stores. He currently serves on the board of Burt's Bees Inc., Sotheby's, Jones Apparel Group and is a partner with Lee Equity Partners.
Women's Wear Daily has called him "Retail's Mr. Fix-It," a talent that could help Wal-Mart, especially in its flagging apparel sales, Whalin said. "If he had been on the (Wal-Mart) board previously, what happened might not have happened."
Wal-Mart has encountered problems in its apparel sales lately, and the company admitted it misstepped by introducing its Metro 7 apparel too quickly and into too many stores. Recently, the company removed a new line of apparel by designer Marc Eisen from around 200 of its 3,000 stores.
In an interview with Women's Wear Daily, Questrom expressed his opinions about what needs to happen at the world's largest retail chain.
"They think they're not doing a good job with apparel and see that as an opportunity," he said in the interview. "They're never going to be a leader in fashion apparel. That's not their calling. But can they improve on that? Sure they can. Can they improve on other (methods) of presentation? They're not going to be seen as Target, nor is Target going to be seen as giving best prices because their margins are 10 points higher than Wal-Mart."
If elected, Questrom will bring the number of Wal-Mart directors to 15.
The other nominees already on the board are:
* Aida M. Alvarez, 57, chairwoman of the Latino Community Foundation of San Francisco and a director of UnionBanCal Corp. Member of the board since 2006.
* James W. Breyer, 45. Managing partner of Accel Partners, a venture capital firm. Also serves as director of RealNetworks, Marvel Entertainment and several private companies. Member since 2001.
* M. Michele Burns, 49. Chairman and CEO of Mercer Human Resource Consulting. Also serves as director of Cisco Systems. Member since 2003.
* James I. Cash, 59. Serves as director of The Chubb Corp., General Electric, Phase Forward Inc., ITM Software Corp., and Microsoft. Member since 2006.
* Roger C. Corbett, 64. Director of The Reserve Bank of Australia and Fairfax Media Limited. Also chairman of the board of ALH Group Pty Limited. Member since 2006.
* Douglas N. Daft, 64. Director of The McGraw-Hill Companies. Member since 2005.
* David D. Glass, 71. Former Wal-Mart President and CEO from January 1988 to January 2000. Member since 1977.
* Roland A. Hernandez, 49. Director of MGM Mirage, Lehman Brothers Holdings, The Ryland Grou and Vail Resorts. Member since 1998.
* H. Lee Scott Jr., 58. President and CEO of Wal-Mart. Member since 1999.
* Jack C. Shewmaker, 69. President of J-COM Inc., a consulting company, and a rancher. Also a former Wal-Mart executive who retired in 1988. Member since 1977.
* Jim C. Walton, 58. Son of founder Sam Walton. Chairman and CEO of Arvest Bank Group and chairman of Community Publishers. Member since 2005.
* S. Robson Walton, 62. Son of founder Sam Walton. Chairman of Wal-Mart and member since 1978.
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