FINANCE

Amazon to buy Kiva Systems for $775 million

BY Marianne Wilson

Seattle — Amazon.com on Monday announced it has agreed to buy Kiva Systems Inc. for $775 million in cash. Kiva is a manufacturer of automation technology for fulfillment centers, and is best known for its mobile- robotic technology and sophisticated control software. Kiva’s retail customers include The Gap, Staples, Saks 5th Avenue, Office Depot, Crate and Barrel and Walgreens.

“Amazon has long used automation in its fulfillment centers, and Kiva’s technology is another way to improve productivity by bringing the products directly to employees to pick, pack and stow,” said Dave Clark, VP global customer fulfillment, Amazon.com. “Kiva shares our passion for invention, and we look forward to supporting their continued growth.”

The acquisition, which has been approved by Kiva’s stockholders, is expected to close in the second quarter of 2012. Following the acquisition, Kiva headquarters will remain in North Reading, Mass.

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OPERATIONS

Sears CEO’s compensation valued at $9.9 million

BY Marianne Wilson

New York — The CEO of Sears Holdings Corp., Louis D’Ambrosio, received a compensation package in 2011 whose value was put at $9.9 million, according to a proxy statement filed with the Securities and Exchange Commission.

D’Ambrosio joined the company in February 2011. He received a base salary of $931,000. His stock awards totaled $8 million and his bonus was $150,000.

D’Ambrosio got another $852,037 in perks, including $803,856 for charter and commercial airfare and ground transportation to commute from greater Philadelphia, where he lives, to Sears’ headquarters in Hoffman Estates, Ill., according to the Associated Press. He received $29,985 for temporary housing in Hoffman Estates.

Sears paid part of the income taxes due on those benefits.

For its fiscal year that ended Jan. 28, Sears had a net loss of $3.14 billion on revenue of $41.5 billion.

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OPERATIONS

Blue Nile names retail veteran as CEO

BY Staff Writer

Seattle — Online diamond and fine jewelry retailer Blue Nile announced the appointment of Harvey Kanter as CEO and president, effective March 30. Kanter will also be appointed to Blue Nile’s board of directors, effective March 30.

Prior to joining Blue Nile, Kanter served as president and chief executive of Moosejaw Mountaineering and Backcountry Travel, a multichannel retailer of premium outdoor apparel and gear. Before Moosejaw, he served as executive VP and managing director of Michaels Stores.

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C.Floz says:
Nov-30-2012 11:08 am

Whew!!!That must be the
Whew!!!That must be the initial reaction of Blue Nile. Considering the massive layoffs everywhere, you are really truly blessed if you still have your job right now. - Markus Lattner

C.Floz says:
Nov-30-2012 11:08 am

Whew!!!That must be the initial reaction of Blue Nile. Considering the massive layoffs everywhere, you are really truly blessed if you still have your job right now. - Markus Lattner

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