OPERATIONS

CEO of QVC U.S. operations resigns

BY Dan Berthiaume

West Chester, Pa. – Claire Watts has resigned from her role as CEO of QVC’s U.S. operations, effective Sept. 5, to pursue other opportunities.

With Watts’ departure, the senior U.S. leadership team, including Doug Howe, executive VP merchandising & planning, Mary Campbell, executive VP commerce platforms, and Rob Muller, senior VP U.S. strategic planning & analytics, will report to Mike George on an interim basis as QVC seeks to optimize its long-term management structure.

"While the decision to move on from QVC was not an easy one, I am proud of what the U.S. team has accomplished over the past six years," said Watts. "As I look forward to taking on new challenges, I know QVC has a strong and seasoned team in place to build upon the momentum that we have achieved in the U.S. business."

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FINANCE

Report: Abercrombie settles suit over CEO pay

BY Dan Berthiaume

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.

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OPERATIONS

Jos. A. Bank terminates Jim’s Formal Wear tux agreement

BY Dan Berthiaume

Fremont, Calif. – Jos. A. Bank has reached an early termination agreement with Jim’s Formal Wear, effective Dec. 31. The company will record a one-time charge of $4.5 million in its fiscal 2014 third quarter in connection with early termination of this contract to supply tuxedo rental inventory and logistics.

"We are pleased about the early termination of the Jim’s Formal Wear contract to supply tuxedo rental inventory to Jos. A. Bank,” said Doug Ewert, president and CEO of Jos. A. Bank parent company Men’s Wearhouse. “As of Jan. 1, 2015 we will be leveraging our internal tuxedo rental inventory and logistics to serve the Jos. A. Bank tuxedo operations."

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