Federated recruits Cosby for property development

Cincinnati -- Federated Department Stores has named Mark Cosby to the new position of senior vp for property development, reporting to Federated vice chairman Tom Cole. Cosby will oversee a range of corporate-level functions, including store design and construction, energy services, real estate and licensed operations.

Most recently, Cosby served as president of full-line stores for Sears Roebuck & Co., where his responsibilities included merchandising, store operations and supply chain management. Previously, he was coo of KFC and chief development officer of Yum Brands, the branded restaurants company spun off from PepsiCo. He began his career as a financial analyst for General Foods Corporation.

In other news, the board of directors of the $27 billion retailer authorized a new $2 billion common share buyback. This stock repurchase program is in addition to the existing one, which had about

$383 million of authorization remaining.

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