Amazon CFO transition
New York — Amazon said that senior VP and CFO Thomas J. Szkutak plans to retire in June 2015. Brian T. Olsavsky, VP finance for Amazon’s global consumer business, will succeed Szkutak. Szkutak and Olsavsky will work together during the next 10 months as part of the transition.
Szkutak joined Amazon in 2002 as CFO, and oversees the controller, treasury, investor relations, tax, internal audit and facilities functions as well as financial management of the company’s business units.
“Under Tom’s stewardship, customers have benefitted from category expansion and geographical expansion, along with amazing new businesses like AWS and Kindle,” said Bezos. “The day Tom joined the company was a very lucky one for Amazon’s shareowners and customers and for all of us who’ve had the pleasure and fun of getting to work with him. We wish Tom and his family all the best in their next round of adventures.”
Olsavsky joined Amazon in April 2002 as VP finance. He has held numerous financial leadership roles across Amazon with global responsibility.
Prior to joining Amazon, he was employed by Fisher Scientific International for seven years in a variety of financial and business management roles.
Report: Abercrombie settles suit over CEO pay
New Albany, Ohio – Abercrombie & Fitch has reportedly settled a shareholder lawsuit filed in the U.S. District Court of Columbus, Ohio, regarding its pay of CEO Michael Jeffries, who has received more than $140 million in compensation since 2007. According to Reuters, the settlement with City of Plantation Police Officers’ Employees’ Retirement System involves no payment to the plaintiff.
However, under terms of the settlement, Abercrombie will create a chief ethics and compliance officer position, tie executive pay more closely to performance, perform more extensive anti-corruption training, and limit access to non-public company data. The settlement, which still must be approved by the court, was reached less than an hour after the suit was filed on Sept. 2. Abercrombie denied any wrongdoing as part of the terms.
Kohl’s partners with AwesomenessTV in omnichannel promotion
Menomonee Falls, Wis. – Kohl’s Department Stores and multiplatform media company AwesomenessTV have launched a partnership to launch S.o. R.a.d., a seven capsule limited-edition junior’s fashion line and “Life’s S.o. R.a.d.,” an original four-season YouTube series featuring top teen influencers. The first S.o. R.a.d. junior’s capsule will launch at Kohl’s and Kohls.com on Sept. 22.
“We are thrilled to partner with a cutting-edge company like AwesomenessTV and leverage the power of their new frontier of YouTube influencers to bring amazing product to our junior’s shoppers,” said Will Setliff, executive VP of marketing at Kohl’s. “We recognize the growing value of digital content creation and social media consumption, and are confident this new platform will create genuine, organic conversation among our teen demographic.”
“Life’s S.o. R.a.d.,” the multi-part original scripted AwesomenessTV series, will debut on Sept. 19. Each episode will engage viewers in an authentic social conversation using #sorad on Twitter and Instagram to drive excitement about the new fashion line. Each of the series’ seasons will feature a different pair of influencers and completely unique storylines.
The series will air on the AwesomenessTV YouTube channel and be promoted across the AwesomenessTV multichannel network. The campaign will also be supported by videos by “Life’s S.o. R.a.d.” stars Amanda Steele and Lia Marie Johnson, which will air on their own YouTube channels.
The launch of the S.o. R.a.d. junior’s collection is supported by Kohl’s and AwesomenessTV with an integrated advertising and marketing campaign that spans print and digital media. Kohl’s is showcasing the collection with content across all social channels, including Facebook, Twitter, Instagram, Pinterest, Google+ and YouTube. Kohl’s will also have interactive graphics linking to the episodes in most stores.