Burlington Stores CEO elected chairman
Burlington, N.J. — Burlington Stores announced that Thomas A. Kingsbury, the company’s CEO and president, has been unanimously elected as chairman of the board.
“We are excited to elect Tom to chair the board of directors of Burlington Stores,” the board said in a statement. “He has done an outstanding job as CEO since he joined the company in 2008. The growth of the business has been impressive under Tom’s leadership and we look forward to this continuing under Tom’s expanded role as chairman and CEO.”
The role of chairman of the board at Burlington has been vacant since April 2006 when the chain was taken private by Bain Capital.
The company also announced the formation of a nominating and corporate governance committee of the board of directors, which will be responsible for, among other things, identifying individuals qualified to become board members.
Suit alleges Tiffany discrimination
New York – A group director for two Tiffany & Co. stores in Houston has filed a lawsuit alleging the retailer discriminates against African-Americans in hiring and promotions for management and executive-level jobs. A complaint filed by Michael McClure in federal court in New York on May 29 says that McClure is the only African-American holding one of 200 U.S. management-level positions at Tiffany, and that there are no African-American executives in the company.
McClure’s suit also claims that he unfairly received an unfair performance review and warning, and that he received an unsigned letter stating Anthony Ledru, Tiffany senior VP North America, had told other Tiffany employees he was surprised to see a black man representing the Tiffany brand. Media reports indicate Tiffany is denying all of McClure’s allegations.
Former Macy’s CEO Finkelstein dies
New York – Edward H. Finkelstein, former chairman and CEO of the company now known as Macy’s Inc., died of natural causes at his home in Thousand Oaks, California, on May 31. He was 89.
Finkelstein led Macy’s in the 1970s and 1980s and launched concepts including the Aeropostale apparel chain, which was later sold off, as well as several private brands. Finkelstein left the company in 1992 after 44 years, following a bankruptcy filing.
"Ed Finkelstein was an innovator who shall be remembered for his many important contributions in building the Macy’s brand over the decades,” said Terry Lundgren, Chairman and CEO of Macy’s Inc., in a statement. “His career was remarkable. The Macy’s Inc. team extends our heartfelt sympathies to the Finkelstein family.”