OPERATIONS

Former Walmart.com CEO to sit on Staples board

BY Katherine Boccaccio

New York — Staples named former Walmart.com CEO Raul Vazquez to serve on its board of directors.

Vazquez currently serves as CEO and a director of Progreso Financiero, financial services firm focused on serving the needs of "under-banked" Hispanic customers. The election of directors at Staples will take place at the company’s annual meeting on June 3.

Staples chairman and CEO Ron Sargent said: "Raul would be an outstanding addition to our board. He is a multichannel veteran with deep digital expertise and leadership experience in retail, marketing and operations. His global e-commerce perspective would be particularly valuable as we focus on rapidly increasing online sales as part of our strategic reinvention."

Vazquez joined Progreso Financiero last year after previously serving as CEO of Walmart.com and holding a variety of other roles at the retailer. He also served as EVP and president of operations for Walmart’s business unit in western states.

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Cache appoints Burberry exec as chief merchandise officer

BY Staff Writer

New York — Cache announced that Daphne Pappas has joined the company as EVP, chief merchandise officer. For the past 10 years, she served as VP general merchandising manager for Burberry America’s where she led the company’s women’s business.

Prior to Burberry, Pappas was the divisional merchandise manager of juniors sportswear at Macy’s East.

Jay Margolis, chairman and CEO, commented: “We are excited to attract Daphne to our leadership team as chief merchandising officer given her strong understanding of the Cache brand and business model, as well as her unique perspective to deliver a balanced mix of price points and promotions, and her history of creating a vision to substantially grow retail businesses.”

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SEC: Companies can use social media to put out information

BY Marianne Wilson

New York — The Securities and Exchange Commission on Tuesday said that companies can social media platforms such as Twitter and Facebook to make significant announcements as long as they alert investors about which sites they plan to use for the disclosures.

"Most social media are perfectly suitable methods for communicating with investors, but not if the access is restricted or if investors don’t know that’s where they need to turn to get the latest news," said George Canellos, acting director of the SEC’s division of enforcement, in a statement.

The announcement was triggered by a probe stemming from a post last summer on the personal Facebook page of Netflex CEO Reed Hastings that stated Netflix’s monthly online viewing had exceeded one billion hours for the first time. The SEC said the information had not been revealed through more traditional means. The SEC said it did not initiate an enforcement action or allege wrongdoing in that case.

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