TAUBMAN’S NO TO SIMON: Taubman Centers Inc. late Tuesday told Simon Property Group and Westfield America what it thought about their intention to propose four nominees for election to Taubman’s board: It is “solely to advance their own agenda.” Taubman further said in a statement, “Our shareholders are entitled to a board that is fully committed to acting in their best interests — and not for the purpose of benefiting Simon and Westfield.” As reported, Taubman has been locked in a takeover battle attempt by Simon and Westfield America. Earlier Tuesday, Simon sent a letter to Taubman’s shareholders setting forth its proposal, which said, in part, “The dismissive nature of your elected representatives’ rejection makes it abundantly clear that the TCO board is continuing to listen only to management and turning a deaf ear to the public shareholders.”
BROTHER TO BROTHER: Maurice Marciano, co-chairman and co-chief executive of Guess Inc., bought 1 million shares of Guess stock for $4 a share last week, boosting his stake in the firm to 39.2 percent, based on 43.5 million shares outstanding as of the end of last year. The seller was his brother Armand Marciano, senior executive vice president of the firm, whose stake was cut to 11.6 percent. With the transactions, Maurice and Armand directly or indirectly hold 17 million and 5 million shares of the firm, respectively, according to the Form 4 documents filed with the Securities and Exchange Commission this week. As of last September, their brother, Paul Marciano, co-chairman and co-ceo, held 13 million shares of Guess, or about 29.9 percent of those outstanding.
BON-TON TOP GUY: Frank Tworecke has been promoted to president and chief operating officer of The Bon-Ton Stores, the York, Pa.-based department store group. Tworecke has been with the store since 1999, most recently as vice chairman and chief merchandising officer. He succeeds Heywood Wilanski, who has joined Filene’s Basement. Tworecke previously was president and chief operating officer of Jos. A. Bank Clothiers and president of Merry-Go-Round Stores. Jim Baireuther, vice chairman and chief administrative officer, will now report to Tworecke, who reports to Tim Grumbacher, chairman and chief executive of Bon-Ton, which operates 72 stores in nine states.
This story first appeared in the March 19, 2003 issue of WWD. Subscribe Today.