Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Jeffrey Jones II previously worked at the Gap and Coca-Cola Co.
Target Corp. today named Jeffrey Jones II executive vice president and chief marketing officer. Jones will oversee the retailer’s online and offline marketing efforts.
"Target is a brand I've studied and admired as a marketer for more than a decade, and one my family shops almost daily,” Jones says. “I am ecstatic to lead the marketing team and help shape the future of one of the world's most loved and iconic brands. There has never been a more dynamic time in retailing and the possibilities for where the guest experience, technology and Target's positioning converge are boundless."
While that convergence presents opportunities, it also presents challenges, particularly when smartphone-wielding shoppers use Target stores as showrooms to view products before buying them for less money online. To combat that trend, the retailer sent a letter to its suppliers earlier this year asking them to renegotiate their agreements to let Target lower prices and compete more effectively without hurting its profit margins. The retailer also asked the suppliers to offer Target products not available from its online competitors.
Jones previously was president and partner at Durham, NC-based advertising agency McKinney. He has also worked at retail chain Gap Inc., where he held several positions, including executive vice president and chief marketing officer, as well as at Coca-Cola Co. and Leo Burnett Worldwide advertising agency.
“Not only does Jeff have a proven track record of success in both the development and execution of countless marketing campaigns but Jeff is also a passionate, dedicated leader who understands the importance of working as a team,” says Gregg Steinhafel, president and chief executive officer of Target, No. 22 in the Internet Retailer Top 500 Guide. “Marketing is a key differentiator for Target and I am confident that under Jeff’s stewardship, we will continue to build on our long history of surprising and delighting our guests.”
The theme of this year’s Internet Retailer Conference & Exhibition in Chicago this June is “Connecting with the 21st Century Consumer.” Among the sessions will be the keynote address by William Lynch Jr., CEO of Barnes & Noble, entitled “How the web has become the engine that drives retailing.”