Dayton Hudson Names Allbright
Retailer Dayton Hudson, operating under the cloud of a $6-billion takeover threat, on Monday named as president Bruce G. Allbright, now chairman of its successful Target discount division.
He replaces Boake A. Sells, who resigned last week to head a large retailer that has not been identified. The appointment of Allbright, who also was named a director, is effective Thursday.
A former resident of San Pedro and North Hollywood, Allbright, 58, will oversee the Minneapolis-based Target unit as well as the Dayton and Hudson department stores, Lechmere and Branden’s. He will report to Chairman Kenneth A. Macke, to whom Allbright was second-in-command at Target from 1977 to 1981 during a period of fast growth.
Allbright, always quick with a chuckle, described himself in a telephone interview Monday as a manager who likes “to get lots of people contributing to solutions.”
“I don’t have a majority vote when it comes to issues,” he said. “I think I have a lot of empathy. I went through all the chairs, as assistant buyer, buyer, merchandise manager, general merchandise manager and finally CEO.”
He assumes the president’s post just as Dayton Hudson has formally rejected an unwanted $65-a-share offer from Dart Group, a specialty retailer controlled by Herbert and Robert Haft.
In addition to the possibility of a hostile tender offer, Dayton Hudson also must contend with three shareholder suits seeking to force the board to negotiate in good faith with the Hafts. The company’s shares closed down 75 cents at $58.25 in composite trading on the New York Stock Exchange on Monday.
An early riser, Allbright said he is generally at his Minneapolis office by 7:15 a.m. But in contrast with many in the retailing industry, Allbright has for the most part given up six-day workweeks in favor of more spare time.
Sol Price of San Diego, a co-founder of the Price Club warehouse stores who has known Allbright for many years, describes him as “a cool head and a well-organized guy (who) understands mass merchandising.”
Price was impressed with Allbright’s negotiating skills several years ago when Allbright, as head of F. W. Woolworth Co.’s Woolco unit, attempted to effect a merger with Price Co. But it was to no avail, Price recalled.
“He had his superstructure to fight at the time,” Price said. “Shortly after that, he left Woolco.”
Allbright first joined Dayton Hudson in 1971 after having worked 23 years at Genesco Inc., a Nashville, Tenn., apparel maker, where he started while an economics student at Vanderbilt University.
For three years, he was president of B. Dalton Bookseller (sold last year to Barnes & Noble Bookstores) before being named a vice president of Dayton Hudson. He became senior vice president-specialty stores in May, 1976.
Five years later, he joined F. W. Woolworth Co. as chairman and chief executive of the U.S. Woolworth-Woolco unit but returned to Dayton Hudson in 1982 as Target’s vice chairman.
Two years later, he took the top post at Target, overseeing a doubling of the chain that this year will include the openings of stores in 51 former Gemco locations in California. By year-end, the unit will have 317 stores in 24 states, up from 151 in 17 states in 1982. With $4.3 billion in revenue last year, it accounted for 47% of the parent company’s sales.
Replacing Allbright as Target chairman is Robert J. Ulrich, 44, now president and chief operating officer.
